The Department of Trade and Industry (DTI) expects the availability of more financing products and services to the Filipino Muslim community following the launch by Maybank Philippines of the country’s first Islamic banking unit in Zamboanga on August 14.
Maybank Philippines is the first to open an Islamic banking window.
Aleem Sidiqui Guiapal, program manager of the DTI Task Force Halal Industry Development, expressed hope this will trigger an increase in the number of banks operating an Islamic window.
Guiapal said availability of financing is a big boost to growing the Philippine halal ecosystem into a P230-billion industry, generating jobs for 120,000 for 2023 to 2028.
With more access to financing, the Philippines can also help grow by 20 percent per year the current Halal output of 3,000-certified products, establishments and restaurants.
“Funds are not the problem because the banks have the capacity. But there is limited access since we only have two Islamic banks CARD Bank in Cotabato and Maybank Islamic in Zamboanga as addition to Al Amanah Islamic Bank,” Guiapal said.
The opening of the Islamic banking window follows the implementation of 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, refers to a division, department, office, or branch of a conventional branch that conducts business under Shari’ah.
