2 potential applicants to vie for Islamic banking licenses

There are at least two financial institutions that are looking to set up Islamic banking operations in the Philippines, officials of the Bangko Sentral ng Pilipinas (BSP) said yesterday.

BSP Assistant Governor Arifa Ala said there are two possible applicants wanting to set up Islamic banking units in the country, one of them being Maybank Philippines Inc.

"We are seeing two potential applicants, but they have not yet submitted applications. We have held meetings with them already, discussing the requirements for establishing the Islamic banking unit," she said, adding that the second potential application came from a foreign bank.

BSP Governor Eli Remolona Jr. said the two may submit their applications within this month.

The BSP aims to promote Islamic banking in the Philippines, as only eight percent of people in the Bangsamoro region have bank accounts, leaving the remaining 92 percent unbanked.