New Islamic banking rules are ‘prelude’ to Mindanao investments surge, says Fortun

Agusan del Norte Rep. Lawrence Fortun has expressed confidence that the new decade will mark the start of a surge in finance and banking in Mindanao following approval of initial implementing regulations of the new Islamic Banking Law.

Fortun said with the new law and rules, the Islamic banks can soon reach out to the millions of ‘unbanked’ Filipinos,” citing that most of the unbanked towns are in Mindanao.

Fortun, a member of the House Committee on Banks and Financial Intermediaries said, the Bangko Sentral ng Pilipinas “was swift and wise to approve the Islamic banking rules before yearend.”

The new Islamic Banking Law under Republic Act 11439 was signed into law last August 22.

Fortun stressed that foreign and local investors eyeing new investments in Islamic banking and finance now have the go-signal to move forward with their plans for Mindanao and cities where there are concentrations of Filipino Muslims and Muslim expatriates.

“RA 11439 is one significant legislative accomplishment for inclusive economy of the 17th Congress.”


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