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Manila Bulletin devider Business devider The Stock Market devider SEC sets new rules for Sukuk issuances to boost Islamic capital markets

SEC sets new rules for Sukuk issuances to boost Islamic capital markets

Published Jul 27, 2026 12:00 am  |  Updated Jul 25, 2026 02:24 pm

The Securities and Exchange Commission (SEC) has launched its Sukuk framework to advance the development of the country’s Islamic finance market by encouraging companies to offer Shari’ah-compliant investment products.

In partnership with the Manila-based Asian Development Bank (ADB), the SEC formally introduced the guidelines on the issuance and disclosure of Sukuk to raise awareness and understanding of Sukuk as an alternative financing instrument and of the new regulatory framework.

Sukuk refers to certificates of equal value representing undivided investment interests in, or rights to, underlying assets, usufructs, services, or projects undertaken in accordance with Shari’ah principles.

Implemented through SEC Memorandum Circular (MC) No. 12, series of 2026, the guidelines provide the regulatory framework for Sukuk issuances, including rules on registration, permissible structures, and the reporting and disclosure requirements for issuers, among others.

“Our vision is simple: a Philippine capital market that is deeper, broader, and more inclusive—a market where every legitimate source of capital can find a place, and every investor can participate with confidence. Islamic finance is part of that vision,” SEC Chairperson Francis Lim said.

He added, “For many investors, financial decisions are shaped not only by economic returns, but also by faith, values, and ethical principles. Our markets must be ready to serve them as well. Together, let us expand opportunities, deepen our capital markets, and finance a more prosperous Philippines.”

Among others, the new guidelines allow Sukuk issuances using Shari’ah-compliant structures and other Sukuk structures that may be approved by the commission, as well as the creation of special-purpose entities for Sukuk issuances. The guidelines also prescribe the disclosure requirements for Sukuk issuers.

The issuance of the Sukuk guidelines builds on the country’s growing Islamic finance market, with a total of 58 Shari’ah-compliant securities currently listed on the Philippine Stock Exchange (PSE) and $1-billion worth of Philippine Sukuk issued by the national government (NG) in 2023. - James A. Loyola

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Securities and Exchange Commission Francis E. Lim
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