The Philippines is looking to Qatar and its other partners in the Middle East as it strives to accelerate the growth of Islamic finance in the country, according to the Philippine Economic Zone Authority (PEZA).
This prospect will be explored and discussed during the online forum ‘Shariah Governance Framework and Guidelines on the Establishment of Islamic Banks and Islamic Banking Units in the Philippines’ slated on Thursday, July 23, at 9am. The focus of discussion will be the ‘Guidelines on the Establishment of Islamic Banks and Islamic Banking Units’ (BSP Circular No 1069 series of 2019) and ‘Shariah Governance Framework for Islamic Banks (IB) and Islamic Banking Units (IBU) BSP Circular 1070’.
In its previous forums, PEZA Director General Charito Plaza highlighted the agency’s 10-point program, citing plans to build ‘eco-towns’, ‘eco-cities’, and new metropolitan areas in every region in the Philippines.
Plaza added that they are currently identifying areas to be developed as halal hubs for potential investors from the Middle East.