Islamic Banking and Finance. – The Bangsamoro Government, the Bangko Sentral ng Pilipinas, the Department of Finance, and the National Commission on Muslim Filipinos shall jointly promote the development of an Islamic banking and finance system, to include, among others, the establishment of a Shari’ah Supervisory Board and the promotion and development of Shari’ah-compliant financial institution. The Bangko Sentral ng Pilipinas shall determine the type of organizational structure to be created and its composition.
To facilitate the establishment of an Islamic banking and finance system, the Bangsamoro Government and the National Government shall review existing market environment policies, adopt measures to enhance the competitiveness of Islamic finance products, and ensure that Islamic financial players are not inhibited from introducing Islamic finance products. It shall further promote investor awareness and acceptance in order to build a broader customer and asset base.
The operation of Islamic banks, Shari’ah-compliant financial institutions and other institutions performing similar functions shall be subject to the power of supervision of the Bangko Sentral ng Pilipinas.
The Parliament shall enact laws that promote the growth of Islamic finance such as those that promote tax incentives and ensure tax neutrality of Islamic finance transactions in the Bangsamoro Autonomous Region.
