The Philippines Securities and Exchange Commission (SEC) has proposed guidelines to boost Islamic banking and finance by regulating sukuk issuances. Sukuk, or Islamic bonds, represent ownership in Shari’ah-compliant assets or projects. Under the plan, only the national government and special purpose vehicles (SPVs) can issue sukuk; publicly listed firms must create SPVs for issuance. These entities must meet certain capital requirements, remain distinct from the originator, and conform to Shari’ah principles. They must also disclose sukuk structures, transaction flows, and ultimate funding sources to the SEC. Issuers must appoint accredited Shari’ah supervisory boards to certify compliance and secure credit ratings. The move aims to ensure transparency, protect investors, and position the sukuk market as a key financial instrument within the Philippine capital market.