A lack of regulations governing issuance makes it difficult to sell securities in the Philippines that comply with the religionâs laws banning payment of interest, according to Samia. The Autonomous Region of Muslim Mindanao had per capita gross domestic product thatâs about 23 percent of the national average.
BNP Paribas Investment Partners, which manages the equivalent of $700 billion globally, said investors will be interested in the bonds. Global sales of debt that conform to Shariah law fell 29 percent to $6.65 billion this year, according to data compiled by Bloomberg.
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