Regulation and Organization of Islamic Banks, Republic Act No. 11439 (Philippines)

The Act empowered the Monetary Board of the Bangko Sentral ng Pilipinas to establish Islamic banks and also authorized conventional banks to engage in Islamic banking arrangements. The Monetary Board may also prescribe rules to authorize foreign Islamic banks to establish Islamic bank operations in the Philippines under any of the accepted modes of entry in the operations of foreign banks. 

Islamic banks are required to comply with the Shari'ah principles and constitute a Shari'ah advisory council for this purpose. The Act enumerated the powers of Islamic banks. Islamic banks are required to comply with the laws applicable to private corporations engaged in banking and shall be licensed and regulated in the same manner as universal banks.