Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements

From Islamic Finance Wiki
Revision as of 20:55, 7 February 2023 by Nashrahc (talk | contribs)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search

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


Retrieved from "https://islamicfinance.nashrahconsultancy.com/index.php?title=Guidelines_for_Reporting_Islamic_Banking_and_Finance_Transactions/Arrangements&oldid=189"