Bill to promote Islamic banking sector pushed 0 SHARES Share it! Share TweetBy Hannah TorregozaSenator Sherwin Gatchalian is batting for the passage of a measure that will develop the Philippine Islamic banking sector. 2105, or An Act Providing for the Regulation and Organization of Islamic Banks, Gatchalian emphasized the role of Islamic banking and finance in creating opportunities for the country’s underserved Muslim population and in expanding the funding base for micro, small, and medium-sized enterprises (MSMEs). At present, the lawmaker noted that there is only one bank in the Philippines authorized to offer Islamic banking services. This is the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), created through R.A. 6848 or the Charter of the Al-Amanah Islamic Bank of the Philippines of 1990.

Source: Manila Bulletin November 29, 2018 09:56 UTC