PDIC Extends Deposit Insurance Coverage to Islamic Banks

THE Philippine Deposit Insurance Corporation (PDIC), the state deposit insurer, announced 

through Bulletin 2024-09 that Islamic banks (IBs) and Islamic banking units (IBUs) in the country are now officially covered by the Philippine deposit insurance system following amendments to Republic Act No. 3591 (PDIC Charter). 

Deposit insurance coverage for IBs and IBUs is a significant milestone for the banking sector. Under the new framework, deposits in these banks are insured in the same manner as conventional deposits up to the maximum deposit insurance coverage (MDIC) of P1 million per depositor, per bank.

The new MDIC took effect on March 15, 2025. As of the end of December 2024, the banking system had 12,514 Islamic deposit accounts.

Some Islamic banks have the same level of protection as conventional banks, thereby fostering confidence in the Islamic banking system. This is a welcome development that also aligns with the National Government’s pursuit of promoting financial inclusion and strengthening of the Islamic banking sector in the country, as this encourages more individuals and businesses to save in banks,” PDIC President and CEO Roberto B. Tan said.

With Shari’ah Law focusing on ethical financing, risk-sharing, and socially responsible practices.

Inquiries and assistance on Bulletin 2024-09 may be addressed by contacting

The PDIC Public Assistance Department can be reached through e-mail at pad@pdic.gov.ph, by phone at  (02) 8841-4141, or through the PDIC toll-free hotline at 1-800-1-888-PDIC (7342) for calls from outside Metro Manila. The same may also be sent via private message on Facebook at www.facebook.com/OfficialPDIC. PR