Monetary authorities could allow the introduction of Islamic banking products — given the huge market potential — as long as the framework is “market driven.” “Considering that there’s market potential … We can look into the possibility of allowing conventional banks to provide Islamic banking products,” central bank Deputy Governor Nestor A. Espenilla, Jr. said.
“However, we have not received any proposal so far,” he added. “Perhaps the problem is a dearth of providers with sound Islamic banking business models,” Mr. Espenilla noted………………………………………..Full Article: Source