Fitch: New Philippine regulations may boost Islamic banking
Fitch Ratings-Singapore/Hong Kong-20 January 2020: Bangko Sentral ng Pilipinas' (BSP) announcement in early January on the approval of new regulations for Islamic banks and banking units is a positive step towards the establishment of a cohesive Islamic finance regulatory framework in the country, says Fitch Ratings. However, the development of an Islamic finance ecosystem will take time, and we do not expect Islamic banks to take significant market share from the well-established conventional banks over the medium term.
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