New working group to develop Philippines Islamic finance regulations after law signed on Aug 22
A working group has been formed to develop a regulatory framework for Islamic banking and finance in the Philippines after President Rodrigo Duterte signed the Islamic banking act into law on August 22.
The agency comprises officials from Bangko Sentral ng Pilipinas (BSP), Asian Development Bank, Bureau of the Treasury, Department of Finance, Securities and Exchange Commission, Philippine Deposit Insurance Corporation, Insurance Commission, Bureau of Internal Revenue, Financial Reporting Standards Council, and National Commission on Muslim Filipinos.
The internal revenue office has already completed its draft regulation to implement the provision on tax neutrality under the law, said the central bank in a statement on Friday.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
