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SOURCE: Press and Public Affairs Bureau

Rep. Sangcopan urges DBP to lobby for Senate approval of bill on Islamic Banking Framework
12 February 2019 01:08:10 PM

AMIN PL Representative Amihilda J. Sangcopan urged the Development Bank of the Philippines (DBP) to lobby before the Senate the approval of the bill on Islamic Banking and Financing framework in the country. This, following the statement of DBP chief executive officer and president Cecilia Borromeo that they heard no such initiative in forwarding and creating the law on Islamic banking framework in the country. She further highlighted the need for the framework and cited that there are global Islamic financial institutions interested in the DBP-owned Al-Amanah Islamic Investment Bank (AIIB) but are awaiting for a general framework.

In response AMIN PL Rep. Sangcopan said, “In the House of Representatives, we already approved on third reading House Bill No. 8281 that seeks to provide for the Islamic banking framework in the country”, referring to the legislative measure entitled, “An Act Providing for the Regulation and Organization of Islamic Banks” which was approved on November 20, 2018 by the lower house.

"The bill which was filed by former AMIN PL Rep. Sitti Djalia A. Turabin-Hataman on June 30, 2016 as House Bill No. 492 was approved and substituted by the House Committee on Banks and other intermediaries as House Bill No. 8281.” she added.

AMIN as the secretariat of the Islamic Financing Bill -Technical Working Group (IF-TWG) for the proposed measure, arranged several meetings and study groups with stakeholders. Among the TWG members who were actively participating are representatives from the BSP, AIIB, BIR, MinDA and the Office of the Regional Governor of the Autonomous Region in Muslim Mindanao (ARMM).

While the Islamic banking and financing bill passed on third reading in the lower house, the upper house or the Senate is yet to release a committee report on the said proposed law. In a meeting with IF- TWG, Senate Committee on Banks Chairperson Senator Escudero appealed in behalf of the AIIB to push the bill amending the charter of the AIIB first, instead of the framework.

Hence, as principal author of the HB 8182 or the “An Act Providing for the Regulation and Organization of Islamic Banks”, AMIN Partylist representatives request that as one of the stakeholders and advocates of the framework, the DBP should urge the Senate to push with the Islamic banking bill being a crucial ingredient in optimizing the operations of the AIIB. (END)

SOURCE: Office of Rep. Amihilda J. Sangcopan