Practice question
An applicant says Islamic banking can only be the historic Al-Amanah institution, while its rival says every business using an Islamic name automatically becomes a bank. Which accurately applies RA 11439?
- Both claims are correct
- Every name automatically supplies authority
- No other institution may ever be approved
- The Act permits other authorized Islamic banks and designated units but does not replace Monetary Board authority with a name.
- Only a private religious organization issues Philippine banking licenses
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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