A. BSP Regulations

Prudential regulations are issued by the BSP to implement key provisions of RA 11439 or An Act Providing for the Regulation and Organization of Islamic Banks and other laws on Islamic banking, and provide an enabling regulatory environment and level playing field where Islamic banks can operate alongside conventional banking.

The prudential regulatory frameworks and guidelines issued to date by the BSP include:

Number ​Date Issued
​Subject
​10692019-12-27​Guidelines on the Establishment of Islamic Banks (IBs) and Islamic Banking Units (IBUs)
​10702019-12-27​ ​Shari’ah Governance Framework for IB and IBU
​M-2020-052​2020-06-18 Memorandum No. M-2020-052 – Frequently Asked Questions on Islamic Banking​
​1116​2021-05-25 ​Guidelines on the Management of Liquidity Risk by IBs and IBUs
​1139​2022-03-23 ​Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements
​1173​2023-04-19 ​Modified Minimum Capitalization of Conventional Banks with Islamic Banking Unit



Insurance Commission
Number ​Date Issued
​Subject
CL 2022-042022-01-27Baseline Regulatory Framework for Takaful Undertakings
CL 2024-13​2024-05-28 Consolidated Guidelines for Takaful Window Operation | Insurance Commission
Shari’ah Supervisory Board
Number ​Date Issued
​Subject
Circular 001, s. 20252025-03-05Guidance Note on Submission of Requests For Shari’ah Opinion of the Shari’ah Supervisory Board