BSP Assistant Governor Arifa Ala said there are two possible applicants wanting to set up Islamic banking units in the country, one of them being Maybank Philippines Inc.MANILA, Philippines — There are at least two financial institutions that are looking to set up Islamic banking operations in the Philippines, officials of the Bangko Sentral ng Pilipinas said yesterday.
“What we want to do is create an inclusive banking system, a sustainable and vibrant Islamic finance ecosystem within the country to complement the banking system we already have,” Remolona said. The guidelines allow conventional commercial banks or subsidiary banks of a universal bank that meet the minimum capital requirement for their respective banking category to operate an Islamic banking unit within a transitory period not exceeding five years.
She added that the Philippines could generate more investments for various infrastructure projects by promoting Islamic banking and finance. Ayala Corp., the country’s oldest conglomerate, has streamlined its logistics business with the integration of Entrego into the AIR21 Group.