{"id":176882,"date":"2018-08-15T03:50:58","date_gmt":"2018-08-15T07:50:58","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=176882"},"modified":"2018-08-15T03:50:58","modified_gmt":"2018-08-15T07:50:58","slug":"islamic-banking-bill-hurdles-house-panel","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/08\/15\/islamic-banking-bill-hurdles-house-panel\/","title":{"rendered":"Islamic banking bill hurdles House panel"},"content":{"rendered":"<figure id=\"attachment_176774\" aria-describedby=\"caption-attachment-176774\" style=\"width: 960px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/21271347_10154586568252271_7376679326560282394_n.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-176774\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/21271347_10154586568252271_7376679326560282394_n.jpg\" alt=\"\" width=\"960\" height=\"524\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/21271347_10154586568252271_7376679326560282394_n.jpg 960w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/21271347_10154586568252271_7376679326560282394_n-300x164.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/08\/21271347_10154586568252271_7376679326560282394_n-768x419.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-176774\" class=\"wp-caption-text\">The House Committee on Banks and Financial Intermediaries on Tuesday approved an unnumbered substitute bill which seeks to expand the Islamic banking system in the Philippines for greater financial inclusion. <a href=\"https:\/\/www.facebook.com\/HouseofRepsPH\/photos\/a.10150690050162271.387002.183015742270\/10154586568252271\/?type=3&amp;amp;theater\">(File photo: House of Representatives of the Philippines\/Facebook)<\/a><\/figcaption><\/figure>\n<p><strong>MANILA<\/strong>\u00a0&#8212; A bill seeking to organize and regulate Islamic banks in the country has hurdled committee level at the House of Representatives.<\/p>\n<p>The House Committee on Banks and Financial Intermediaries on Tuesday approved an unnumbered substitute bill which seeks to expand the Islamic banking system in the Philippines for greater financial inclusion.<\/p>\n<p>Eastern Samar Rep. Ben Evardone, committee chairman, said the bill&#8217;s passage would complement the Bangsamoro Organic Law.<\/p>\n<p>&#8220;This will help further the efforts to help our Muslim brothers in Mindanao and elsewhere in the country,&#8221; said Evardone.<\/p>\n<p>The bill defines Islamic banking business as a banking business whose objectives and operations do not involve interest (riba) which is prohibited by the Shari&#8217;ah and which conducts its business transactions in accordance with Shari\u00e1h principles.<\/p>\n<p>Under the bill, the Bangko Sentral ng Pilipinas&#8217; (BSP) Monetary Board may authorize the establishment of Islamic banks. It may also authorize conventional banks to engage in Islamic banking arrangements, including structures and transactions, through a designated Islamic banking unit within the bank.<\/p>\n<p>Furthermore, foreign Islamic banks may also be authorized to establish banking operations in the Philippines under any of the modes of entry provided under Republic Act No. 7721 or &#8220;An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines and for Other Purposes&#8221;.<\/p>\n<p>The BSP shall have supervision and regulatory powers over the operations of Islamic banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0&#8212; A bill seeking to organize and regulate Islamic banks in the country has hurdled committee level at the House &hellip;<\/p>\n","protected":false},"author":33,"featured_media":176774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[],"class_list":["post-176882","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","mauthors-filane-mikee-cervantes","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/176882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=176882"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/176882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/176774"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=176882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=176882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=176882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}