Islamic Finance in the Philippines - Revision history

Nashrahc at 19:30, 9 February 2023

2023-02-09T19:30:59Z

Nashrahc at 20:29, 7 February 2023

2023-02-07T20:29:40Z

Nashrahc at 11:23, 7 February 2023

2023-02-07T11:23:15Z

Nashrahc at 13:26, 5 February 2023

2023-02-05T13:26:42Z

Nashrahc at 13:10, 5 February 2023

2023-02-05T13:10:22Z

Nashrahc at 11:59, 5 February 2023

2023-02-05T11:59:35Z

Nashrahc at 08:55, 5 February 2023

2023-02-05T08:55:49Z

Nashrahc at 08:50, 5 February 2023

2023-02-05T08:50:50Z

Nashrahc at 07:40, 5 February 2023

2023-02-05T07:40:11Z

Nashrahc at 07:00, 5 February 2023

2023-02-05T07:00:16Z

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 ====Creation of the Bank====
-The AlIB, then having the corporate name "Al-Amanah Islamic Bank," was created in 1973 by virtue of [[Presidential Decree No. 264]].
+The AAlIB, then having the corporate name "Al-Amanah Islamic Bank," was created in 1973 by virtue of [[Presidential Decree No. 264]].
 ====Amendment of the Bank Charter====
@@ Line 15: / Line 15: @@
 ====Re-Chartering of the Bank====
-AIIB was re-chartered in 1989 by virtue of [[Republic Act No. 6848]].
+AAIIB was re-chartered in 1989 by virtue of [[Republic Act No. 6848]], providing the legal framework for its operation as an '''investment bank'''.
 ===The Islamic Banking Act===

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 =====Bangko Sentral ng Pilipinas=====
-The [[Bangko Sentral ng Pilipinas]] has issued various [[implementing circulars]] such as the '''[[Guidelines on the Establishment of IBs and IBUs]]'''; '''[[Shari'ah Governance Framework]]'''; '''[[Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements]]'''; and the '''[[Management of Liquidity Risk by IBs and IBUs]]'''. The BSP has entered into a Memorandum of Agreement with the '''[[Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI)]]''' to cover the possible adoption of relevant '''[[AAOIFI standards]]''' by the local Islamic banking and finance industry, and cooperation in the areas of capacity building and technical assistance.
+The [[Bangko Sentral ng Pilipinas]] (abbreviated as "BSP") has issued various [[implementing circulars]] such as the '''[[Guidelines on the Establishment of IBs and IBUs]]'''; '''[[Shari'ah Governance Framework]]'''; '''[[Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements]]'''; and the '''[[Management of Liquidity Risk by IBs and IBUs]]'''. The BSP has entered into a Memorandum of Agreement with the '''[[Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI)]]''' to cover the possible adoption of relevant '''[[AAOIFI standards]]''' by the local Islamic banking and finance industry, and cooperation in the areas of capacity building and technical assistance. The BSP has also issued a memorandum to address Frequently Asked Questions on Islamic Banking in the Philippines.
 =====Bureau of Internal Revenue=====
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 * [https://www.bsp.gov.ph/Regulations/Issuances/2022/1139.pdf Published Copy of BSP Circular No. 1139]
 * [https://www.bsp.gov.ph/Regulations/Issuances/2021/1116.pdf Published Copy of BSP Circular No. 1116]
 * [https://bir.gov.ph/ Official Website of the Bureau of Internal Revenue]
 * [https://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202020/RR%20No.%2017-2020.pdf Published Copy of Revenue Regulations No. 17-2020]

@@ Line 79: / Line 79: @@
 * [https://www.officialgazette.gov.ph/downloads/2018/07jul/20180727-RA-11054-RRD.pdf Published Copy of Republic Act No. 11054]
 * [https://www.bsp.gov.ph/Regulations/Issuances/2019/c1069.pdf Published Copy of BSP Circular No. 1069]
-* [https://www.bsp.gov.ph/Pages/FinancialStability/Islamic%20Banking/docs/Annex%20B_Summary%20Guide%20for%20Islamic%20Bank%20License%20Applicants_v%2010%20August%202022.pdf BSP Summary Guide of Islamic Bank License Applicants]* [https://www.bsp.gov.ph/Regulations/Banking%20Laws/RA11439.pdf Published Copy of Republic Act No. 11439 Published Copy of Republic Act No. 11439]
+* [https://www.bsp.gov.ph/Pages/FinancialStability/Islamic%20Banking/docs/Annex%20B_Summary%20Guide%20for%20Islamic%20Bank%20License%20Applicants_v%2010%20August%202022.pdf BSP Summary Guide of Islamic Bank License Applicants]
 * [https://www.bsp.gov.ph/Regulations/Issuances/2019/c1070.pdf Published Copy of BSP Circular No. 1070]
 * [https://www.bsp.gov.ph/Regulations/Issuances/2022/1139.pdf Published Copy of BSP Circular No. 1139]

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 ==External Links==
 * [https://nashrahconsultancy.com Official Website of Nashrah Consultancy, Inc.]
 __NOEDITSECTION__

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 ===Department of Justice===
-The [[Department of Justice]] rendered [[Opinion No. 12, s. 2022]], which opined that the Republic of the Philippines, through the DOF, can validly execute under existing laws a Shari'ah-compliant financing instrument called [[Sukuk]], which will be issued following a structure denominated as a [[Commodity Murabarah]] via a [[Tawarruq]] Arrangement.
+The [[Department of Justice]] rendered [[Opinion No. 36, s. 2022]], which opined that the Republic of the Philippines, through the DOF, can validly execute under existing laws a Shari'ah-compliant financing instrument called [[Sukuk]], which will be issued following a structure denominated as a [[Commodity Murabarah]] via a [[Tawarruq]] Arrangement.
 ==List of Islamic Finance Institutions in the Philippines==

← Older revision		Revision as of 11:59, 5 February 2023
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−	'''[[Islamic finance]]''' in the Philippines ~~can be traced~~ to 1973 with the establishment of the '''[[Al-Amanah Islamic Investment Bank]]''' (abbreviated as "AAIIB"), pursuant to [[Presidential Decree No. 264]]. In 2019, '''[[Republic Act No. 11439 or the “Islamic Banking Act”]]''' was signed into [[law]], paving the way for the [[establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks]] in the Philippines.	+	'''[[Islamic finance]]''' in the Philippines is traceable to 1973 with the establishment of the '''[[Al-Amanah Islamic Investment Bank]]''' (abbreviated as "AAIIB"), pursuant to [[Presidential Decree No. 264]]. In 2019, '''[[Republic Act No. 11439 or the “Islamic Banking Act”]]''' was signed into [[law]], paving the way for the [[establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks]] in the Philippines.

	==Laws and Regulations on Islamic Finance==		==Laws and Regulations on Islamic Finance==

← Older revision		Revision as of 08:55, 5 February 2023
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	* [[Nashrah Consultancy Inc.]]		* [[Nashrah Consultancy Inc.]]
−

	==External Links==		==External Links==

← Older revision		Revision as of 08:50, 5 February 2023
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−	===External Links===	+	==External Links==

	* [https://nashrahconsultancy.com Official Website of Nashrah Consultancy, Inc.]		* [https://nashrahconsultancy.com Official Website of Nashrah Consultancy, Inc.]

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 =====Bureau of Internal Revenue=====
-The [[Bureau of Internal Revenue]] has issued '''[[Revenue Regulations No. 17-2020]]''' and '''[[Revenue Memorandum Circular No. 35-2022]]''' to implement the '''[[tax neutrality]] '' provision in the Islamic Banking Act.
+The [[Bureau of Internal Revenue]] has issued '''[[Revenue Regulations No. 17-2020]]''' and '''[[Revenue Memorandum Circular No. 35-2022]]''' to implement the '''[[tax neutrality]]''' provision in the Islamic Banking Act.
 ===The Bangsamoro Organic Law===

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 ==List of Islamic Finance Consultancy Firms in the Philippines==
-*[[Nashrah Consultancy Inc.]]
+* [[Nashrah Consultancy Inc.]]
 __NOEDITSECTION__