THE Bangko Sentral ng Pilipinas (BSP) said that at least two institutions are looking to set up an Islamic banking operation in the country.

According to BSP assistant governor Arifa Ala there are two potential applications for Islamic banking in the country.

Among the said institutions include Maybank Philippines Inc. to which it is said that there will be plans to open an Islamic banking window.
“They have not submitted application …but we’ve heard information that they may submit it within this month. We’ve been discussing with them,” she said.

Also, the other institution is a foreign bank which will be on top of CARD Bank Inc., 

It is a microfinance institution that has an existing Islamic bank in the country.
“There is no specific number. We have not really targeted a specific number, but we would like to have more because for the longest time, we only have one Islamic bank in the name of Al Amanah Islamic Islamic Investment Bank and now we have two, because CARD has Islamic bank here,” she added.
It is said that Islamic banking is actually based on the Shari’ah Principle, that there should be a defined system which can ensure an effective and independent oversight of compliance with the practical divine law deduced from its legitimate sources — the Qu’ran, Sunnah, consensus of Muslim scholars, analogical deduction, and other approved sources.