The Philippine department of finance said the country’s central bank, Bangko Sentral ng Pilipinas, has sought the help of Malaysia in developing the Islamic banking industry in the Philippines. Malaysia, in return, has expressed interest in providing expert assistance to the Philippines. A ssenior finance ministry official said BSP has been holding talks with Malaysia’s central bank, Bank Negara, regarding the creation of a framework for Islamic banking. Islamic banking in the Philippines had not fully grown because of the absence of a framework.
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