Practice question
Under RA 11439, may the Monetary Board authorize Islamic banks other than Al-Amanah?
- Never
- Only without supervision
- Yes; Section 3 expressly permits establishment under the framework
- Only by turning them into churches
- Only after every conventional bank closes
Legal references
- RA 11439 (2019), Sections 2-4, expanded Islamic banking framework: https://lawphil.net/statutes/repacts/ra2019/ra_11439_2019.html
Answer this question in flashcards to review your response and continue practicing.