2016年-世界发展银行全球_Developing_Islamic_Finance_in_the_Philippines_13页_675kb

报告摘要

Summary of "Developing Islamic Finance in the Philippines"

Core Content

Islamic finance in the Philippines is a developing financial system that aligns with Islamic Law (Shari'ah), emphasizing equity-based, asset-backed, ethical, and socially responsible financial practices. It prohibits interest (ribā) and promotes risk-sharing and participation in joint ventures. The report outlines the current state, challenges, and recommendations for advancing Islamic finance in the country.

Main Principles of Islamic Finance

Prohibition of interest (ribā): Financial returns must be tied to an asset or shared risk, not to unsecured debt.
Materiality: Financing must be linked to real assets or participation in a business.
Ethical considerations: Activities involving gambling, alcohol, and other unethical sectors are not allowed.
Risk sharing: Returns are directly tied to the performance and risks of the underlying asset or investment.

Key Financial Instruments

Instrument	Description
Murābaḥah	Trade with markup or cost-plus sale. The asset is purchased on behalf of the client and resold at a pre-determined price.
Ijārah	Leasing contracts, either operational or financial. Ownership may transfer to the client over time.
Mudārabah	Trust-based financing where one party provides capital and the other provides effort. Profits are shared, and losses are borne by the investor.
Mushārakah	Equity partnership where parties share capital and profits, with losses distributed based on capital contribution.
Bay’ mu’ajjal and Bay’ al-salam	Deferred payment and delivery sales, respectively. These are used for credit sales and involve time-based agreements.
Sukūk	Certificates of ownership representing shares in tangible assets, usufruct, or services. Returns are tied to the underlying assets.

Global Trends and Importance

Islamic finance has grown rapidly, with annual growth rates of 10–12% in many Muslim-majority countries. It has also gained traction in non-Muslim countries, with global Sharia-compliant assets estimated at around US$2 trillion. Sukuk issuance has seen significant growth, with government-led sovereign Sukuk dominating the market. The World Bank has been a key player in this development, issuing its first Sukuk in 2005 and more recently in 2015.

Philippines Context

The Philippines has a Muslim population of 5–11% (about 10 million people), with the majority residing in Mindanao and nearby islands. The development of Islamic finance is driven by:

The need to serve the Muslim population.
ASEAN integration and regional economic ties.
Access to international financial markets via Sukuk and equity.
The need to revitalize Al-Amanah Islamic Investment Bank of the Philippines (AAIBP), which has been underperforming.

Amanah Bank: Challenges and History

Establishment: Founded in 1973 under Presidential Decree 264, initially as the Philippine Amanah Bank (PAB).
Legal basis: Governed by RA 6848, which was not sufficient to support its operations.
Performance: AAIBP has consistently incurred losses, with a cumulative loss of PhP 554 million from 1990 to 2006.
Capital issues: Post-acquisition by DBP in 2008, the bank was recapitalized with PhP 1.0 billion, but remained undercapitalized compared to universal banks.
Regulatory and operational weaknesses: Lack of Shari'ah governance, inadequate expertise, and limited market instruments hinder its operations.
Current status: AAIBP primarily offers conventional services, with only 25% of deposits being Islamic in nature.

Considerations for Developing Islamic Finance

The report suggests a phased approach to developing Islamic finance in the Philippines:

Phase 1 - Introduction

Introduce basic Islamic banking transactions.
Legal and regulatory reforms to enable Islamic banks and windows.
Capacity building for regulators and stakeholders.
Financial literacy and awareness campaigns for the public.

Phase 2 - Expansion

Develop a comprehensive legal, regulatory, and supervisory framework.
Establish Shari'ah governance and compliance mechanisms.
Introduce lending of last resort (LOLR) frameworks.
Expand Islamic capital markets and insurance (Takaful) services.

Phase 3 - Maturity

Develop advanced Shari'ah-compliant money market instruments.
Support capital markets for risk-sharing and securitized products.
Strengthen supervisory and compliance frameworks.
Establish regulatory structures for Islamic capital markets and insurance.

Legal and Regulatory Framework

A draft bill titled "The Philippines Islamic Finance Act" was introduced in 2015. Key provisions include:

Tax neutrality for Islamic and conventional financial products.
Authorization for Islamic banks and conventional banks to offer Islamic financial services.
Establishment of deposit insurance mechanisms based on Takaful principles.
Empowerment of the Bureau of Internal Revenue (BIR) to ensure tax neutrality.
Involvement of key agencies such as BSP, NCMF, DBP, and PDIC in the drafting process.

Education and Capacity Building

Policymakers, regulators, and supervisors: Need training on Islamic finance principles and regulatory practices.
Financial service providers: Require technical knowledge and expertise in Islamic products and risk management.
Clients: Need awareness and education to understand and trust Islamic financial services.

Conclusion

Islamic finance in the Philippines has the potential to enhance financial inclusion, support economic development, and align with global financial trends. However, it requires a robust legal and regulatory framework, improved Shari'ah governance, and enhanced financial literacy and capacity building. The proposed bill and ongoing efforts by the BSP and other agencies aim to create the necessary environment for the sustainable development of Islamic finance in the country.

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