The SEC introduced the Guidelines on the Issuance and Disclosure of Sukuk in partnership with the Asian Development Bank at a forum held on 15 July at the SEC’s Makati headquarters.
Sukuk refers to certificates of equal value representing undivided investment or rights to underlying assets, usufructs, or projects structured according to Shari’ah principles.
Implemented through SEC Memorandum Circular No. 12, Series of 2026, the guidelines set out rules on Sukuk registration, permissible structures, and issuer reporting and disclosure requirements.
They also allow for Shari’ah-compliant structures, other Commission-approved Sukuk structures, and the creation of special purpose entities for Sukuk issuances.
Francis Lim
“Our vision is simple: a Philippine capital market that is deeper, broader, and more inclusive, a market where every legitimate source of capital can find a place, and every investor can participate with confidence,” said SEC Chairperson Francis Lim. “For many investors, financial decisions are shaped not only by economic returns, but also by faith, values, and ethical principles.”
The guidelines build on an existing Islamic finance market in the Philippines.
The launch forum brought together government agencies, exchanges, self-regulatory organisations, banks, Islamic banks, underwriters, and investment houses.
Fellow Islamic Finance Coordination Forum members also contributed, including the Bangko Sentral ng Pilipinas, the Insurance Commission, and the Bureau of Internal Revenue.
The forum also featured discussions on ADB’s Islamic finance initiatives and the ASEAN Capital Markets Forum’s regional programmes.
Indonesia’s OJK and the Securities Commission Malaysia, the forum’s Islamic Finance Working Group co-chair and vice chair respectively, led those discussions.
Featured image: Edited by Fintech News Philippines based on an image by the Securities and Exchange Commission via its Press Release.
