Lawmaker hopeful Senate will pass bill on Islamic banks 0 SHARES Share it! “I see no problem with House Bill 8281 getting merged with Senate Bill 668. Under the bill, the Monetary Board (MB) may authorize the establishment of Islamic banks and allows conventional banks to engage in Islamic banking, provided that these banks create a system that will separate their Islamic banking transactions from their regular business. The Islamic banks shall be licensed and regulated in the same manner as a universal bank and the BSP shall issue the necessary rules and regulations governing Islamic banking, the measure provides. HB 8281 allows Islamic banks to perform banking services, such as accepting or creating current, savings accounts and investment accounts, accept foreign currency deposits, and acts as correspondent banks and institutions among others.

Source: Manila Bulletin November 22, 2018 06:33 UTC