Philippines seeks to promote Islamic banking, finance

The Philippine government has taken another step to promote Islamic banking and finance in the country with the signing of a memorandum of agreement for the establishment of the Shariah Supervisory Board (SSB). The SSB can shape the Shariah governance oversight on Islamic banking and finance and complement existing conventional governance frameworks. The MOA was signed by BSP Governor Benjamin Diokno, Finance Undersecretary Bayani Agabin, Bangsamoro Autonomous Region in Muslim Mindanao Minister Mohammad Yacob, and National Commission on Muslim Filipinos Commissioner Yusoph Mando. Diokno said the SSB will serve as a “strong arm” in reinforcing BSP's commitment to financial stability grounded on sound corporate governance in the delivery of financial products and services in the country.