Fitch Ratings-Singapore/Hong Kong: Bangko Sentral ng Pilipinas' (BSP) announcement in early January on the approval of new regulations for Islamic banks and banking units is a positive step towards the establishment of a cohesive Islamic finance regulatory framework in the country, says Fitch Ratings. However, the development of an Islamic finance ecosystem will take time, and we do not expect Islamic banks to take significant market share from the well-established conventional banks over the medium term.

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Contact:
Ammaarah Hafezi
Communications Associate, Corporate Communications
Fitch Group, 30 North Colonnade, London, E14 5GN
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ammaarah.hafezi@thefitchgroup.com 

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