Amid the global financial crisis that has weakened US and European economies, Islamic bank experts urged the Philippines to relax tax and regulatory landscapes to tap the US$1 trillion worth of Shariah-compliant assets by mainstreaming the Islamic banking system.
The experts, however, said lingering perceptions that Islamic banks act as financial instruments of terrorists and restrictive regulatory and taxation rules in the Philippines are the major roadblocks to the mainstreaming of Islamic banking which have been fueling investments and growth in many countries including Britain and Malaysia………………………………………..Full Article: Source