Section 12Sec./Art. 12

Financial Facilities for Islamic Banks. The Bangko Sentral may, taking into consideration the peculiar characteristics of Islamic banking, formulate rules and regulations for the extension of financial facilities to Islamic banks for purposes provided under Chapter IV, Articles IV and V of Republic Act No. 7653, as amended, otherwise known as the New Central Bank Act.

Subject to the availability of budgetary support and other funding sources, the Philippine Deposit Insurance Corporation (PDIC) may extend financial assistance to an Islamic bank determined by the Monetary Board to be in danger of closing in order to prevent such closing, or when it is determined by the Monetary Board and the PDIC Board of Directors that the continued operation of such Islamic bank is essential to the stability of the economy.