Difference between revisions of "Guidelines on the Establishment of IBs and IBUs"

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The [[Bangko Sentral ng Pilipinas]] (abbreviated as "BSP") has approved Circular No. 1069 on the Guidelines on the Establishment of [[establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks]] in the Philippines pursuant to '''[[Republic Act No. 11439 or the “Islamic Banking Act”]]'''.
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==Relationship to the AAOIFI==
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After the issuance of this circular, the BSP signed a Memorandum of Agreement with the '''[[Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI)]]''', the international standard-setting body for Shari'ah auditing, accounting, and governance, 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.
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==Related Issuances==
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These reporting guidelines were followed by the guidelines on the '''[[Shari'ah Governance Framework]]'''; '''[[Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements]]'''; and the '''[[Management of Liquidity Risk by IBs and IBUs]]'''. The '''[[Shari’ah Supervisory Board in the BARMM]]''' was established by virtue of a [[joint circular]] issued by the BSP, the [[Department of Finance]], the [[National Commission on Muslim Filipinos]], and the Bangsamoro Government. The [[Insurance Commission]] also issued [[Circular Letter No. 2022-04]] on the '''Baseline Regulatory Framework for [[Takaful]] Undertakings''' in 2022, while the Bureau of Internal Revenue issued '''[[Revenue Regulations No. 17-2020]]''' and '''[[Revenue Memorandum Circular No. 35-2022]]''' to implement the '''[[tax neutrality]]''' provision in the Islamic Banking Act.
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Revision as of 20:54, 7 February 2023

The Bangko Sentral ng Pilipinas (abbreviated as "BSP") has approved Circular No. 1069 on the Guidelines on the Establishment of establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks in the Philippines pursuant to Republic Act No. 11439 or the “Islamic Banking Act”.

Relationship to the AAOIFI

After the issuance of this circular, the BSP signed a Memorandum of Agreement with the Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI), the international standard-setting body for Shari'ah auditing, accounting, and governance, 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.

Related Issuances

These reporting guidelines were followed by the guidelines on the Shari'ah Governance Framework; Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements; and the Management of Liquidity Risk by IBs and IBUs. The Shari’ah Supervisory Board in the BARMM was established by virtue of a joint circular issued by the BSP, the Department of Finance, the National Commission on Muslim Filipinos, and the Bangsamoro Government. The Insurance Commission also issued Circular Letter No. 2022-04 on the Baseline Regulatory Framework for Takaful Undertakings in 2022, while the Bureau of Internal Revenue issued Revenue Regulations No. 17-2020 and Revenue Memorandum Circular No. 35-2022 to implement the tax neutrality provision in the Islamic Banking Act.

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External Links


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