Practice question
A reviewer relies on RA 8791’s old Al-Amanah reference to say no foreign Islamic bank can ever establish authorized operations in the Philippines. Which later statutory provision matters?
- Only a private advertisement
- RA 11439 Section 3(b), permitting Monetary Board authorization through the applicable foreign-bank entry modes
- A rule that no foreign bank may apply
- A rule that citizenship of every depositor decides classification
- Only a local business permit
Legal references
- RA 11439 (2019), Sections 2-4, expanded Islamic banking framework: https://lawphil.net/statutes/repacts/ra2019/ra_11439_2019.html
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