Indonesian sharia banks head for the Philippines

Philippines asks Indonesia for assistance.

Minister of State-Owned Enterprises Dahlan Iskan said the Philippine government has asked Indonesia to collaborate in developing sharia banking in the Philippines.

Iskan said the Philippines wants to expand sharia banking as the majority population in the country’s southern area is Muslim. Iskan added that Philippines’ strong economic growth, which stood at 7.8% in the first quarter, will be able to sustain a sharia bank.