Two Philippine banks receive approval to operate Islamic banking window

Two Philippine-based banks have received approval to operate an Islamic banking window to broaden the scope of financial solutions offered to Muslims. 

The Bangko Sentral ng Pilipinas (BSP) has approved the application of two banks, Maybank Philippines being one of them, local news agency BusinessMirror reported. 

The two lenders will have an Islamic banking window where it could be a dedicated branch offering Islamic banking products and services.

Maybank Philippines is a member of the Maybank Group, the largest bank in Malaysia in terms of assets. 

“Those two [banks] have been licensed and I think they’ll soon be starting their operation[s],” BSP deputy governor Chuchi G. Fonacier said. He did not name the second lender. 

According to BSP governor Eli M. Remolona, 92% of those in the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) are unbanked.