Difference between revisions of "Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements"
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| + | The [[Bangko Sentral ng Pilipinas]] (abbreviated as "BSP") has approved Circular No. 1139 on the Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements pursuant to '''[[Republic Act No. 11439 or the “Islamic Banking Act”]]'''. This is a major leap forward for [[Islamic Finance in the Philippines]] as [[establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks | Islamic Banks (IBs) and Islamic banking units (IBUs)]] that are yet to be established now have regulatory guidance on the segregation, accounting, and reporting of Islamic finance transactions. | ||
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| + | ==Relationship to the AAOIFI== | ||
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| + | The circular was finalized a few months after the signing of 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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| + | Prior to these guidelines, BSP issued circulars on the ''''[[Guidelines on the Establishment of IBs and IBUs]]''' and '''[[Shari'ah Governance Framework]]'''. These reporting guidelines were then followed by guidelines on the '''[[Management of Liquidity Risk by IBs and IBUs]]'''. | ||
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| + | 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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| + | <hr> | ||
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* [http://bsp.gov.ph/ Official Website of the Bangko Sentral ng Pilipinas] | * [http://bsp.gov.ph/ Official Website of the Bangko Sentral ng Pilipinas] | ||
| − | * [https://www. | + | * [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/Regulations/Issuances/2022/1139.pdf Published Copy of BSP Circular No. 1139] | * [https://www.bsp.gov.ph/Regulations/Issuances/2022/1139.pdf Published Copy of BSP Circular No. 1139] | ||
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Latest revision as of 20:55, 7 February 2023
The Bangko Sentral ng Pilipinas (abbreviated as "BSP") has approved Circular No. 1139 on the Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements pursuant to Republic Act No. 11439 or the “Islamic Banking Act”. This is a major leap forward for Islamic Finance in the Philippines as Islamic Banks (IBs) and Islamic banking units (IBUs) that are yet to be established now have regulatory guidance on the segregation, accounting, and reporting of Islamic finance transactions.
Relationship to the AAOIFI
The circular was finalized a few months after the signing of 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
Prior to these guidelines, BSP issued circulars on the 'Guidelines on the Establishment of IBs and IBUs and Shari'ah Governance Framework. These reporting guidelines were then followed by guidelines on the Management of Liquidity Risk by IBs and IBUs.
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.
You have followed a link to a page that is still under construction. To edit the page, you need to create an account with us (see the help page for more info). If you are here by mistake, click your browser's back button.
External Links
- Official Website of the Bangko Sentral ng Pilipinas
- Published Copy of Republic Act No. 11439 Published Copy of Republic Act No. 11439
- Published Copy of BSP Circular No. 1139