Republic Acts1 min read
Section 7Sec./Art. 7
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Ownership and Legal Existence. Islamic banks to be created under this Act shall comply with pertinent laws, rules and regulations applicable to a private corporation engaged in banking, such as "The Corporation Code of the Philippines" (Batas Pambansa Big. 68), as amended, and the requirements of the respective regulatory agencies. Islamic banking units shall be operated and managed pursuant to a management and organizational structure which should be properly disclosed and segregated from the operations of the parent bank.
The capitalization requirements of an Islamic bank shall be equal to that prescribed by the Bangko Sentral for a universal bank. Islamic banks may take the necessary steps to have their shares of stock listed in any duly registered stock exchange.
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