Philippines’ Davao City set to become Islamic banking hub
Philippine Deposit Insurance Corporation expands coverage to Islamic banks
DAVAO CITY, Philippines (MNTV) – The city of Davao in the Philippines is poised to become a hub for Islamic banking in the Philippines, reports Philippine Information Agency.
The Consulate General of Malaysia and the Davao City Muslim Affairs Office (DMAO) recently hosted a forum to promote Islamic banking.
It was attended by the deputy mayors of the city’s six Muslim groups: Sama, Tausug, Kagan, Iranun, Meranaw, Maguindanaon.
“This will give an avenue for Muslim entrepreneurs in the city to experience the Islamic banking system,” Malaysian Consul General Deddy Faisal Ahmad Salleh said.
The Philippine Deposit Insurance Corporation (PDIC) has announced that Islamic banks and Islamic banking units are now covered by the Philippine deposit insurance system, in line with the amendments to Republic Act No. 3591.
“The expansion of deposit insurance to include Islamic deposits guarantees that depositors of Islamic banks have the same level of protection as those of conventional banks, thereby fostering confidence in the Islamic banking system,” PDIC President and Chief Executive Officer Roberto B. Tan said.
“This is a welcome development that also aligns with the National Government’s pursuit of promoting financial inclusion and strengthening of the Islamic banking sector in the country as this encourages more individuals and businesses to save in banks.”
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