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...
The Bangko Sentral ng Pilipinas (BSP) has proposed requiring Islamic banking units (IBUs) operated by conventional banks to either transition into full-fledged Islamic banks or comply with universal bank capital requirements within five years. Under a newly proposed circular, the central bank has...
Pru Life UK, a London-based international life insurance company, is set to be the first Takaful operator in the Philippines, as the insurer’s executives confirmed it will launch the product next month, April 2025. Speaking to reporters during a roundtable discussion on Monday, March 24, Pru Life...
The Bangko Sentral ng Pilipinas (BSP) expects a major Malaysian player to enter the Philippines' Islamic digital banking sector, according to a senior central bank official. “We’re also expecting of course the entry of a major player, apart from Maybank, because Maybank already has an existing...
Key stakeholders lead ribbon-cutting ceremony, from left: Engr. Al-Zamir Lipae, Regional Director for Region 9, Department of Trade and Industry; Ms. Judith E. Sungsai, Managing Director, Financial Supervision Sub-Sector 1, Bangko Sentral ng Pilipinas (BSP); His Excellency Dato Abdul Malik Melvin...
The Department of Finance (DOF) has urged Saudi business leaders to consider Islamic banking and finance initiatives in the Philippines, given its favorable regulatory environment. During a roundtable meeting with potential investors in Riyadh, Saudi Arabia, Finance Secretary Benjamin E....
