Publication:
Developing Islamic Finance in the Philippines

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dc.contributor.authorMylenko, Nataliya
dc.contributor.authorIqbal, Zamir
dc.date.accessioned2016-07-13T15:44:04Z
dc.date.available2016-07-13T15:44:04Z
dc.date.issued2016-06-09
dc.description.abstractThis report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā); ii) Financing must be linked to assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production); iv) Returns must be linked to risks. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. Discussion and interest in Islamic finance has also appeared on G20 discussions. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.en
dc.identifierhttp://documents.worldbank.org/curated/en/2016/06/26457891/developing-islamic-finance-philippines
dc.identifier.doi10.1596/24677
dc.identifier.urihttps://hdl.handle.net/10986/24677
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectMONETARY POLICY
dc.subjectFINANCIAL SERVICES
dc.subjectDEPOSIT
dc.subjectCAPITAL MARKETS
dc.subjectREGULATORY FRAMEWORK
dc.subjectACCOUNTING
dc.subjectDEPOSITS
dc.subjectISLAMIC BANK
dc.subjectFINANCIAL DEEPENING
dc.subjectISLAMIC INVESTMENTS
dc.subjectDIRECT FINANCING
dc.subjectCONVENTIONAL BANKING
dc.subjectAUTONOMY
dc.subjectINTEREST
dc.subjectPRIVATIZATION
dc.subjectINDUSTRY
dc.subjectREMITTANCE
dc.subjectEXCHANGE
dc.subjectBANKING SYSTEM
dc.subjectCAPITAL BASE
dc.subjectISLAMIC FINANCIAL PRODUCTS
dc.subjectISSUANCES
dc.subjectLIQUIDITY
dc.subjectBANKING SERVICES
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectSERVICES
dc.subjectREVENUES
dc.subjectPORTFOLIO
dc.subjectMARKET SIZE
dc.subjectEQUITY FINANCING
dc.subjectINSURANCE CORPORATION
dc.subjectMARKET INSTRUMENTS
dc.subjectDEBT SECURITY
dc.subjectLOAN
dc.subjectCAPACITY BUILDING
dc.subjectREMITTANCE SERVICES
dc.subjectPROJECTS
dc.subjectTAX
dc.subjectTURNOVERS
dc.subjectISLAMIC FINANCE
dc.subjectISLAMIC FUNDS
dc.subjectINTERNATIONAL BANK
dc.subjectFOREIGN INVESTMENTS
dc.subjectINSTRUMENTS
dc.subjectMUNICIPALITIES
dc.subjectENABLING ENVIRONMENT
dc.subjectMATURITY
dc.subjectPUBLIC POLICY
dc.subjectSUKUK
dc.subjectOIL PRICES
dc.subjectIMMUNIZATION
dc.subjectPRUDENTIAL STANDARDS
dc.subjectRESOURCE MOBILIZATION
dc.subjectCONTRACTS
dc.subjectISLAMIC FINANCIAL MARKETS
dc.subjectTRADING
dc.subjectMIGRATION
dc.subjectDEPOSIT ACCOUNTS
dc.subjectGLOBALIZATION
dc.subjectFINANCIAL LEASING
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectMARKETS
dc.subjectDEBT
dc.subjectOPERATING EXPENSES
dc.subjectRETURN
dc.subjectLEGISLATION
dc.subjectDEPOSIT INSURANCE
dc.subjectLAND OWNERSHIP
dc.subjectRISK SHARING
dc.subjectOPERATING LOSSES
dc.subjectFINANCIAL SYSTEM
dc.subjectLEGAL FRAMEWORK
dc.subjectFINANCE
dc.subjectINFRASTRUCTURE
dc.subjectBANKING SECTOR
dc.subjectBANKS
dc.subjectISLAMIC DEVELOPMENT BANK
dc.subjectPROFIT MARGIN
dc.subjectTRANSACTIONS
dc.subjectEQUITY
dc.subjectAUTOMATED TELLER MACHINES
dc.subjectTRANSACTION
dc.subjectGOOD
dc.subjectISLAMIC BANKING SYSTEM
dc.subjectOPERATING COSTS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectISLAMIC INSTRUMENTS
dc.subjectISLAMIC FINANCIAL INSTITUTIONS
dc.subjectFUTURE
dc.subjectVALUE
dc.subjectISLAMIC BANKS
dc.subjectBANK
dc.subjectRETURNS
dc.subjectCREDIT
dc.subjectINVESTMENT BANK
dc.subjectISLAMIC CAPITAL
dc.subjectISLAMIC BANKING
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectSUPERVISORY FRAMEWORK
dc.subjectCAPITALIZATION
dc.subjectCONTRACT
dc.subjectUNDERLYING ASSETS
dc.subjectEXPENDITURES
dc.subjectMANDATES
dc.subjectLIQUIDITY MANAGEMENT
dc.subjectISSUANCE
dc.subjectUNIVERSAL BANKS
dc.subjectLOAN PORTFOLIO
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFOREIGN BANKS
dc.subjectSHARES
dc.subjectSPOT MARKET
dc.subjectMARKET
dc.subjectISLAMIC FINANCIAL INSTRUMENTS
dc.subjectMONEY MARKETS
dc.subjectFOREIGN EXCHANGE
dc.subjectISLAMIC INVESTMENT
dc.subjectISLAMIC FINANCIAL SERVICES
dc.subjectSECURITIES
dc.subjectTREASURY
dc.subjectSUBSIDIARY
dc.subjectGOVERNANCE
dc.subjectINSURANCE
dc.subjectMICROFINANCE
dc.subjectGOVERNMENT POLICIES
dc.subjectECONOMIC DEVELOPMENT
dc.subjectINVESTMENT INSTRUMENTS
dc.subjectUNSECURED DEBT
dc.subjectBANKING ASSETS
dc.subjectUNIVERSAL BANK
dc.subjectINVESTOR
dc.subjectLAND
dc.subjectSECURITY
dc.subjectTRUSTEE
dc.subjectEQUITY MARKETS
dc.subjectPURE DEBT
dc.subjectINVESTMENT
dc.subjectRISK
dc.subjectINVESTMENT BANKING
dc.subjectNET LOSSES
dc.subjectCOMMERCIAL BANKS
dc.subjectSHARE
dc.subjectMICRO-FINANCE
dc.subjectBANKING INSTITUTION
dc.subjectPOVERTY
dc.subjectFINANCIAL MARKETS
dc.subjectTANGIBLE ASSETS
dc.subjectINTERNATIONAL STANDARD
dc.subjectBANKING
dc.subjectNET LOSS
dc.subjectFINANCIAL ASSETS
dc.subjectISLAMIC CAPITAL MARKETS
dc.subjectBANK SUPERVISION
dc.subjectMONEY MARKET
dc.subjectPROFIT
dc.subjectMONEY MARKET INSTRUMENTS
dc.subjectFINANCIAL SUPPORT
dc.subjectINVESTMENTS
dc.subjectTAX TREATMENT
dc.subjectLENDING
dc.subjectTRUST FUND
dc.subjectPROFITS
dc.subjectGAMBLING
dc.subjectLIABILITIES
dc.subjectISLAMIC LAW
dc.subjectCREDIT SALES
dc.subjectDEVELOPMENT BANK
dc.subjectAUDITING
dc.titleDeveloping Islamic Finance in the Philippinesen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleDeveloping Islamic Finance in the Philippines
okr.date.disclosure2016-06-14
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.docurlhttp://documents.worldbank.org/curated/en/2016/06/26457891/developing-islamic-finance-philippines
okr.guid748841468087856489
okr.identifier.doi10.1596/24677
okr.identifier.externaldocumentum090224b0843c2197_2_0
okr.identifier.internaldocumentum26457891
okr.identifier.report106382
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/EAP/2016/06/14/090224b0843c2197/2_0/Rendered/PDF/Developing0isl0e0in0the0Philippines.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryPhilippines
okr.sectorFinance :: Microfinance
okr.themeFinancial and private sector development :: Micro, Small and Medium Enterprise support
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Islamic Finance
okr.topicFinance and Financial Sector Development::Microfinance
okr.unitF&M GP EAP - IFC (GFM02)
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