BSP urges passage of Islamic banking bill

The central bank is pushing for legislation of an Islamic banking system that would promote financial inclusion and trigger inflows of foreign investments for Muslims all over the Philippines, the Bangko Sentral ng Pilipinas (BSP) said.

In a speech during the recently concluded Summit on Bangsamoro Economic Development, BSP Deputy Governor Diwa Guinigundo said the country’s monetary authority has collaborated with partners in both Houses of Congress to institute a legal framework for the conduct of Islamic banking in the country.