2017 Thesis: “Towards Sustainable Islamic Banking System in the Philippines: A Survey of its Prospects and Challenges” by Aradelria T. Belleng
This is qualitative and quantitative study of the perception of various stakeholders on the importance and prospects, challenges of Islamic Banking and how to go about ensuring a sustainable Islamic Banking System in the Philippines. A descriptive statistical analysis of normative survey involving a sample of 1,395 Muslim banking client respondents from selected areas of the archipelago was employed to ascertain potential demands and to determine factors that affect loyal patronage of Islamic Banks. Key informant interview of stakeholder groups (legislature, executive, banking institutions, academe, Muslim religious leaders, Muslim business sector, and selected Muslim end-users) were also conducted to: 1) stakeholders’ perception on the importance of establishing Islamic Banking in the Philippines; 2) the challenges to its progress; 3) potential demand for IB in the Philippines and the factors that may affect customer patronage of Islamic Banks, and 4) means to ensure sustainability of Islamic Banking in the Philippines. Responses revealed that respondents believe that Islamic Banking is necessary towards full expression of Islamic faith and implementation of Islamic economic justice; highly regard Islamic Banking as a means to address Muslim market sensitivities; a necessary complement for Halal trade; it is important to expand markets and be at par with neighboring countries who are already engaged in Islamic Banking. The challenges of establishing an Islamic Banking System in the Philippines center on infrastructure requirements, foremost being the political will in passing necessary legislation to spur a dynamic market-driven industry as well as some technical aspects such as lack of technical know-how, Shari’ah experts and public awareness of the viability and the principles and purposes of Islamic Banking. A survey confirmed pre-identified factors that may affect support and patronage of Islamic Banking.
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