Maybank Philippines has launched the country’s first Islamic banking unit in Zamboanga on August 14, following the implementation of Republic Act 11439. This marks a significant milestone in the development of Islamic banking in the Philippines, a system that complies with Islamic financial principles.
Maybank Philippines is the first to open an Islamic banking window, marking a major step forward for the country’s financial sector. The launch is expected to provide access to financial services for the Filipino Muslim community and promote inclusive economic growth.
In attendance at the launch were Malaysian Ambassador H.E. Dato Abdul Malik Melvin Castelino and Maybank Philippines President Abigail Tina del Rosario, who both highlighted the significance of the development for both countries.
“DTI Halal Industry Development Office and the Philippine Halal Export Board chaired by Secretary Cris Aldeguer Roque Congratulates Maybank PCEO Gail Manaloto del Rosario and team for the successful inauguration of the first Maybank Islamic Banking Unit in the Philippines,” said DTI’s Program Manager for Halal Industry Development, Aleem Guiapal.
The initiative began in 2013 when Islamic Finance was introduced to national leaders, sparking interest in creating a framework for Islamic banking. By 2015, a bill was filed in Congress to establish a national regulatory framework, which eventually led to the passage of RA 11439 in 2019.
The Bangko Sentral ng Pilipinas (BSP) played a crucial role in drafting the law, with former Deputy Governor Nestor Espenilla overseeing the creation of the regulatory framework.
As provided under Republic Act 11439, Islamic banking business refers to a banking business with objectives and operations that do not involve interest as prohibited by the Shari’ah and which conducts its business transactions in accordance with the principles of the Shari’ah.
An Islamic banking unit, meanwhile, refers to a division, department, office, or branch of a conventional branch that conducts business under Shari’ah.
