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PDIC expands ₱1-million deposit insurance coverage to Islamic banks, banking units

Business | Banking & Finance

PDIC expands ₱1-million deposit insurance coverage to Islamic banks, banking units

By Derco Rosal

The Philippine Deposit Insurance Corporation (PDIC) announced on Wednesday, May 21, that the state deposit insurer has expanded its coverage to Islamic banks (IBs) and Islamic banking units (IBUs).

As announced through Bulletin 2024-09, IBs and IBUs in the Philippines are “now officially covered by the Philippine deposit insurance system following amendments to the Republic Act (RA) No. 3591 or PDIC Charter.”

“Deposit insurance coverage for IBs and IBUs is a significant milestone for the banking sector,” the PDIC said in a statement.

“Under the new framework, deposits in these banks are insured in the same manner as conventional deposits up to the maximum deposit insurance coverage (MDIC) of ₱1 million per depositor, per bank,” the PDIC noted.

It can be recalled that the new MDIC took effect on March 15. As of end-December 2024, there were over 12,500 Islamic deposit accounts in the banking system.

“The expansion of deposit insurance to include Islamic deposits guarantees that depositors of Islamic banks have the same level of protection as those of conventional banks, thereby fostering confidence in the Islamic banking system,” said Roberto B. Tan, PDIC president and chief executive officer (CEO).

Tan said that this development supports the Marcos administration’s push for greater financial inclusion and the growth of the Islamic banking sector, as it “encourages more individuals and businesses to save in banks.”

Islamic banks and banking units offer financial products and services, including deposits, that comply with Shari’ah law, emphasizing ethical financing, risk-sharing, and socially responsible practices.

Related Tags

Philippine Deposit Insurance Corp. (PDIC) Islamic banking maximum deposit insurance coverage (MDIC) Roberto B. Tan

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