STATEMENT OF SENATOR WIN GATCHALIAN ON THE SIGNING INTO LAW OF RA 11439

With President Duterte's signing of Republic Act No. 11439, or An Act Providing for the Regulation and Organization of Islamic Banks, Filipino Muslim entrepreneurs -- especially those belonging to micro, small, and medium enterprises -- will now have access to responsive banking and financial services that are compliant with the principles of Shari'ah law. It will also enable the country to tap into and leverage on the growing pool of Islamic investors across the Middle East and in Southeast Asia.

More importantly, this new law will complement the Bangsamoro Organic Law in the development of Muslim Mindanao, as it mandates the Bangsamoro Government to promote the development of an Islamic banking and finance system in the country, thus making Islamic finance more viable and mainstream.

Sa pamamagitan ng batas na ito, kinikilala natin ang mahalagang papel na ginagampanan ng Islamic banking sa paglikha ng mga pagkakataon para sa pag-unlad ng lahat ng Pilipino, lalo na ang mga kapatid nating Muslim.

Source: Senate of the Philippines