Maybank Philippines Inc. has officially launched its Islamic banking operations, becoming the second bank in the country to do so, according to the Bangko Sentral ng Pilipinas (BSP).
Maybank’s Islamic banking unit (IBU) began operations on August 14, following its licensing on July 4.
This makes Maybank the first commercial bank in the Philippines to operate an IBU.
Islamic banking, which adheres to Shari’ah principles and avoids interest (riba), is expected to enhance financial inclusion, especially in underserved areas like the Bangsamoro Autonomous Region in Muslim Mindanao.
BSP Deputy Governor Chuchi Fonacier also mentioned that another company has been approved to establish its own IBU, reflecting a growing interest in Islamic banking in the country.
Source: PhilNews24 | September 5, 2024
