Gloria Macapagal Arroyo

Panel okays Sharia banks

The #Philippines' House committee on banks and financial intermediaries has approved the measures that would pave the way for the expansion of Islamic banking in the country. The new House Bill amends the Philippine’s lone Islamic bank, the Al-Amanah Islamic Investment Bank to regulate and organize an expanded Islamic banking system in the Philippines. Former president Gloria Macapagal Arroyo said the enactment of the measure was very timely as this would help the country’ growth inclusive and sustainable. The consolidated proposal will make the Al-Amanah independent from the Development Bank of the Philippines, be a universal bank with initial paid up capitalization of P10 billion and will be the first in the country to fully engage in Islamic banking that can issue sukuk.

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