The Shari’ah Supervisory Board (SSB) of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has released formal guidelines on how stakeholders can request Shari’ah opinions on Islamic banking and finance transactions.
According to the SSB, the newly issued guidelines define the scope of matters eligible for Shari’ah opinion and set procedures for submission. Requests can be filed by Islamic banks, takaful and retakaful operators, regulators, NGOs, government agencies, cooperatives, and other institutions offering Islamic finance products. Submissions may be made through postal mail or via the SSB Secretariat’s official email.
“The release of these guidelines ensures clarity and consistency in handling requests for Shari’ah opinions, which are critical to fostering trust and compliance in the Islamic financial sector,” the SSB said.
The SSB, formed under a joint circular issued on 26 April 2022 by the Bangko Sentral ng Pilipinas (BSP), Bangsamoro Government, Department of Finance, and the National Commission on Muslim Filipinos, plays a key role in aligning financial practices in the region with Islamic principles. Its establishment is in line with the Bangsamoro Organic Law (RA 11054) and complements the Islamic Banking Law (RA 11439).
The board also supports the implementation of BSP Circular No. 1070, which outlines Shari’ah governance for Islamic banks. Islamic banking prohibits interest (riba) and instead relies on profit-sharing, leasing, and other Shari’ah-compliant mechanisms.
