Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements

BANGKO SENTRAL NG PILIPINAS CIRCULAR NO. il59 Series of 2c.22 OFFICE OF THE GOVERNOR Subject: Guidelines for Reporting lslamic Banking and Finance Tra nsactio ns/Arra ngements The Monetary Board, in its Flesolution No.574 dated 17 March 2@22, approved the following guidelines for reporting lslarnic Banking and Finance T ra nsact i o ns/Arra n g e m e nts. Section l. The provisions under Appendix 139 of the Manual of Regulations, for Banks (MORB) on the Prudential Regulations for lslamic Banks;(lBs)anid:lslarnic . Banking Units (lBUs), as introduced by Circular No,lO69;dated'27 Decernber 2Ol9,, are hereby amended, to read, as follows: : , i' ,: xxx. ' Sec. 4 Definition of Termsr The following terms shall. apply iin' relation: to ,. lslamic banking: l :i, ., xxx. Current account xxx. Effective profit rate is the rate that exactly discounts the estimated' future, cash payments or receipts through the expected life of the financial asset (ihcluding lslamic financing and investment instruments) or financial liability or when appropriate, a shorter period to arrive at the net calrying ar,nount of the financial asset or financial liability. When calculating the effective pro:fit rate,,the lB/lBtJ shall t' estimate cash flows by considering all the contractual,terms of the financial asset or financial liability but shall not consider the expected credit losses. ' The calculation includes all.fees and points paid or received from the,other party to the contract that are an integral part of the effective profit rate, and transaction costs. The effective profit method is a method of calculating the amortized cost of those financial assets or financial liabilities measured at arnortized cost and of allocating ' the income or expense over the relevant period. 'lnvestment account xxx.

xxx Riba generally refers to the receipt and payment of interest imposed/charged on various types of lending and borrowing and in the exchange of currencies on forward basis. Savings account refers to an account reflecting the total deposits at an lslamic bank which normally require the presentation of passbooks or in lieu thereof, such other legally acceptable documents approved by the Bangko Sentral ng Pilipinas for deposit or withdrawal of money and compliant with Shari'ah principles. Time deposit accountrefers to an account reflecting the total deposits at an lslamic bank which are issued for a specific period or term and compliant with Shari'ah principles. Sec. 5. General Guidelines for Reporting lslamic Banking and Finance Transactions. As a general rule, the provisions of existing regulations under this Manual, as well as other standards of conduct prescribed by the Bangko Sentral for conventional banks shall also apply to an lB and IBU of a conventional bank, unless otherwise expressly spec ified. The Bangko Sentral hereby issues the following guidelines to provide clarity on the reporting treatment of lslamic banking and finance transactions that may be structured under any or a combination of the structures/arrangements described in this Section. Segregation of Funds, Books and Records. The funds of the IBU shall not be invested in, or commingled with other funds held by, the conventional bank. The books and records of the IBU shall contain full information relative to its lslamic banking and financing transactions and activities and shall be kept separate and distinct from the books and records of transactions performed by the other departments/units of the conventional bank. Accounting treatment for prudential reporting. lBs and lBUs shall at all times consider the substance and economic effects of their transactions (rather than their form) in preparing their audited financial statements as well as financial statements and reports to the Bangko Sentral in accordance with Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS), cof lectively known as PFRST as provided under Section 172. The guidelines on the treatment of specific accounts unique to lslamic banking operations are provided in attached Annex A. Sec. 6. Submission of the Financial Reporting Package for Banks and Supplemental Report. lBs and conventional banks with IBU shall prepare prudential reports to the Bangko Sentral using the existing templates of the Financial Reporting Package (FRP) for Banks as prescribed under Section 172 and t The PFRS are patterned after the revised lnternational Financial Reporting Standards and lnternational Accounting Standards (i.e., IFRS) issued by the International Accounting Standards Board.

Appendix 81, and in accordance with the submission guidelines provided for UBs under Appendix 7 of the MORB. To facilitate the generation of industry statistics on the lslamic banking system, selected information on accounts and transactions of an lB and lBU, shall likewise, be separately reported in a supplemental report. There shall be an observation period on the submission of the supplemental report starting reporting period as of end-3O June 20.22 until end-31 December 2023. The supplementary report shall be electronically submitted to the Bangko Sentral-Department of Supervisory Analytics (DSA), following the submission timeline of the FRP for Banks. Full implementation of the supplemental report, which shall be considered a Category A-l report, shall commence with the reporting period as of end-31 March 2024. The mapping of selected accounts unique to the operations of an lBllBU to the existing FRP template is provided under ltem ll of Annex A. Section 2. The template of the supplemental report for lslamic Banks and lslamic Banking Unit of Conventional Banks is in Attachment l. Section 3. Effectivity. This Circular shall take effect fifteen (15) calendar days after its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: BENJAMIN E. DIOKNO Governor )f u"r.h2o22

(Annex A orAppefl,fil$ Guidelines on the Treatment of Specific Accounts Unique to lslamic Banking Operations Accounting treatment of sp*ific items. Accounting guidelines issued by the Bangko Sentral that are applicable to conventional banks (e.9., government grants, classification, measurement and impairment of financiat assets) shall, likewise, apply to lBs/BUs, unless otherwise specified. a. Amortization of lslamic financial assets and liabilities measured at amortized cost. lslamic financial assets and liabilities that are required to be subsequently measured at amortized cost under PFRS 9 Financial lnstruments shall be amortized using the effective profit method defined in Section 4 of Appendix 139, MORB. b. Classification, measutement and impairment of financial assets and financial liabilities under PFRS 9. An lB/lBU shall classify its financial assets and financial liabilities in accordance with the guidelines provided under Appendix 27 on the 'Guidelines on the Adoption of Philippine Financial Reporting Standards 9 (PFRS 9) - Classification and Measurement". However, in the case of an lB/lBU. financial assets measured at amortized cost shall not be limited to debt instruments, but shall also apply to a financial instrument, other than those that are designated at fair value through profit or loss, which in substance creates predictable and contractually obligatory cash flows and meets the following conditions: (i) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractually obligatory cash flows; and (ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and profit on the principal amount outstanding. c. Fee-based lslamic banking contracts. Some common types of Shari'ah.based contracts that are fee-based in both substance and form such as, but not limited to, agency (wakala), pledge (rahn), and safekeeping (wadiah) shall be accounted similarly to their conventional counterparts. d. lslamic financing transactions. The carrying amount of financial assets arising from lslamic financing shall be presented as a separate line item in the solo/separate financial statements and consolidated financial statements of the lB/BU. ln general, the accounting treatment described hereunder shall apply to common lslamic financing transactions that are structured under any of the following types of contracts6hari'ah principles. There may be instances, however, when a particular lslamic transaction would involve a combination of different types of lslamic banking contracts. In all cases the lB/lBU is expected to determine and apply the most relevant provisions under the PFRS that would most appropriately reflect the nature and economic substance of the transaction, taking account of the guidance in this Section. l) Murabahah Financing (Profit-disclosed sale). This refers to an arrangement where the lB/lBU buys a specified asset and subsequently Page I of9

Annex A (Annex A of Appendix 159) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banking Operations sells that asset to a client at cost plus an agreed profit margin. Payment of the price may be on a deferred lump sum or installment basis. Murabahah is referred to as Murabahah to the purchase ordererwhen a promise to purchase is integrated in the structure. Receivables arising from murabahah financing shall be measured upon initial recognition at fair value plus direct transaction costs, and subsequently measured at amortized cost using the effective profit method. 2) Tawarruq (Commodigr Murabahahl Financing. This refers to a cash generating facility involving the purchase by the client from the lB or IBU of a commodity at a deferred price determined through mark-up sale, and then selling the same commodity to a third party at spot and at a lower price in order to obtain cash. The accounting treatment for murabahah financing similarly applies to tawarruq. 3) Salam Financing (Sale with defened delivery and spot paymenfl. Salam is a sale contract involving immediate payment of an agreed sale price and deferred delivery'z of a specified quality and quantity of a fungible commodity. The buyer (i.e., lB/lBU) may require the seller (i.e., client) to execute a pledge, mortgage or a third-party guaranty or other acceptable form of security to ensure fulfilment of the seller's contractual obligations relative to the funding provided by the lB/lBU. The buyer IBIBU may also simultaneously enter into a parallel salam contract to mitigate its risks related to the commodity which is the subject of the salam contract. Parallel Salam. This refers to the separate, and independent (i.e., second) salam contract entered into by the lB/lBU as seller with a third party for the simultaneous/subsequent sale of a specified quality and quantity of commodity corresponding to the commodity specified in the first salam contract. Where the contracts are entered into simultaneously, so as to constitute a single transaction, the cash flows arising from both salam contracts shall be initially recognized at fair value plus direct transaction cost and subsequently measured at amortized cost using the effective profit rate. 4l lstisnaE Financing (Construction or manufacturing).lstisna'a refers to a sale contract where the seller (i.e., lB or IBU), based on the buyer's (i.e., client) request, sells an asset which is to be manufactured, developed or built according to the buyer's specifications and is to be delivered on a specified future date at a predetermined selling price. The price may be deferred or paid in installments within a specified period of time according 2 Delivery can be in installments.

Annex A (Annex A of Appendix 139) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banking Operations to the phases or stages of work/project completion. Payment date and method are specified upon execution of the contract. The seller lB/BU may establish a parallel istisna'a contract with a third party, for example a contractor, to fulfill its commitment under the first istisna'a contract. The difference in price between the two istisna'a contracts represents the profit earned by the lB/BU. In some instances, the transaction may also include an ijara contract, under which the lB/lBU receives advance payments of rent for the asset. An lB/lBU must evaluate the economic nature of the transaction as a whole to determine whether it is in substance a financing transaction to be accounted for under PFRS 9. For a simple istisna'a contract, however, contract revenue and contract costs, which shall be recognized relative to the stage of completion of the lBllBU's obligations under the istisna'a contract shall be accounted for in accordance with the provisions of PFRS 15 Revenue from Contracts with Customers. s) Qard (Loan). This refers to a loan contract, under which the recipient has the obligation to return the exact initial loan value by the end of the contract term (if any). Qard shall be initially recognized at fair value plus direct transaction cost and subsequently measured at amortized cost in accordance with PFRS 9. 6) ljara Financing i. Normal ljara(Operating Leasel. This refers to a binding contract of lease where the usufruct of an asset owned by the lessor is sold to the lessee against payment of a specified amount of rent for a specified period (i.e., Uara term). The amount of rent, which shall be agreed upon in advance and clearly stipulated in the contract, may be expressed as a rate that is linked to an acceptable and independent benchmark plus margin. The ijara contract may include a penalty clause for late payment of rent, which shall be given to charity, and thus shall not be accounted as other income of the lessor. Lease payments received by the lessor shall be recognized as rental income in accordance with PFRS 16. The underlying asset subject to normal 'ljara/operating leases, which are of a depreciable nature shall be su bject to period ic depreciation/a mortization calcu lated i n accorda nce with the cost model provided under PAS 16 Propert,4 Plant and Equipmenf,.or PAS 38 lntangible Assets, respectively. The lessor shall also recognize any impairment losses on the underlying asset in accordance with PAS 36 lmpairment ofAssets. ii. ljara Muntahia Bittamleek (Finance Lease). This is a form of lease contract where the lessee (i.e., client) has an option to own the asset at the end of the lease period either through a separate: (l) sale contract

Annex A (Annex A of Appendix 139) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banki ng Operations for the purchase of the asset for a token consideration or payment of the market value; or (2) gift contract. This type of ijara contract is akin to a conventional finance lease, which transfers substantially all the risks and rewards incidental to the ownership of the underlying asset. This shall be accounted for by the lessor in accordance with PFRS 16. as follows: The lessor (i.e., lB or IBU) shall initially recognize the receivables arising from the finance lease at an amount equal to the net investment in the lease, which shall be calculated in accordance with PFRS 16. The lessor shall subsequently recognize finance income over the lease term, based on a systematic and rational allocation pattern that reflects a constant periodic return on the lessor's net investment in the lease. The lessor shall apply the: (i) lease payments during the period against the gross investment in the lease to reduce the principal and unearned finance income; and (ii) apply the derecognition and impairment provisions in PFRS 9 to the net investment in the lease. An lB/lBU that is a lessee under either of the two types of ijara contract shall, at the commencement of the lease, recognize a right-of-use asset and lease liability, which shall be accounted for in accordance with PFRS16 Leases. 7l Mudarabah Financing (Silent Paftnerchip).This is a contract between the capital provider, in this instance the lB/|BU, and an entrepreneur (i.e., client) whereby the capital provider (rab-al-maal) contributes capital to an enterprise or activity to be managed by the entrepreneur (mudarib). Profits are shared in an agreed ratio while losses are to be borne solely by the capital provider unless the losses are due to the mudirib's misconduct, negligence or breach of contract. For the accounting treatment see (8) below. 8) Musharakah Financing (Profit/Ioss sharing). This is a partnership contract between (in this instance) the lB/|BU and a customer to contribute capital to an enterprise, whether existing or new, or to ownership of an asset, on either a temporary or a permanent basis. Profits generated by that enterprise or real estate/asset are shared in accordance with the terms of the mushdrakah agreement while losses are shared in proportion to each partner's capital contribution. In practice, both mudarabah and musharakah contracts may be accompanied by other agreements or undertakings which significantly modiff their economic substance. Based on the economic substance of the transaction as a whole, interests in partnership-based contracts should be classified as assets, liabilities or equity in accordance with the requirements of PAS 32 Financial lnstruments: Presentation, and measured according to

Annex A (Annex A of Appendix 139) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banking Operations the requirements of the relevant PFRS. However, if the objective of the partnership contract is to, among others, create value, derive and maximize regular profits from the business venture (rather than provide a financing arrangement), then the lB/BU shall consider its rights and obligations arising from the partnership contract and determine whether it is involved in a joint operation or a joint venture, which are accounted for in accordance with the provisions of PFRS 11 Joint Arrangements. 9l Diminishing Musharakah Financing. This refers to a partnership contract where one of the partners (i.e., client) gives a separate binding promise to buy the equity shares of the other partner(s) in the partnership gradually until all equity is completely transferred to him. The price of the shares is based on the market value or as agreed upon at the time of the acquisition. The sale of the shares shall be documented in a separate agreement independent of the musharakah contract. Diminishing musharakah may be used to provide home financing, auto fi nancing, equipment fi nancing, factory/building financing and fi nancing of all other fixed assets. In such instances, receivables arising from diminishing musharakah shall be accounted for as loans measured at amortized cost using the effective profit rate method in accordance with PFRS 9. Diminishing musharakah may be combined with an ijara contract, under which the bank leases its share of the asset to the client in exchange for monthly rental income. Effectively, the client's periodic payment to the lB/lBU represents both: (i) tlre acquisition of the Bank's share in the property; and (ii) rental payment for renting the Bank's share in the property. As the client's share in the property increases, the rent paid for the use of the lB/BU's share in the property will decrease correspondingly. Fleceivables arising from this hybrid structure shall also be accounted for as loans measured at amortized cost using the effective profit rate in accordance with PFRS 9. e. Sukuk (lslamic BondC| This refers to certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) assets of particular projects or special investment activity that is undertaken in accordance with Shari'ah principles. Sukuk are generally named after the Shari'ah principle by which they are structured3. While sukuk are usually structured to be economically analogous to conventional bonds, they have significantly different underlying structures and provisions. An lB/lBU shall classiff and subsequently measure a sukuk investment either at amortized cost, fair value through other comprehensive income, or fair value through profit or loss based on its business model for managing the 3 The Accounting and Auditing Organization for lslamic Financial Institutions (AAOIFl)'s Standards 17, lnvestment Sukuk.list commonly accepted types of possible sukuk structures.

Annex A (Annex A of Appendix 159) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banking Operations investment; and the contractual cash flow characteristics of the sukuk in accordance with PFRS 9. On the other hand, an lB/tBU may issue sukuk only upon prior Monetary Board approval. lslamic deposits. These deposits shall be measured at amortized cost using the effective profit method. l) Current accounts. Similar to its conventional counterpart, this type of deposit bears no return and is repayable in full on demand. Current accounts may be structured based on gard (loan) or wadiEh (safe custody). The depositors cannot receive any form of remuneration and do not share any risk with the lB and lBU. 2) Savings accounts. An lB/lBU may offer various types of savings deposits that are also structured based on qard or wadiah to meet customers' demands. 3) Time/Term deposit accounts. An IB/|BU may also provide varying tenors of Shari'ah-compliant time/term deposits using commodity murabaha (tawarruq). The structure involves the purchase by the lB or IBU from the client of a commodity at a deferred price determined through mark-up sale, and then selling the same commodity to a third party at spot and at a lower price in order to obtain cash. Normally the profit and the principal amount of deposit are paid at the end of the fixed term (i.e., upon maturity). Investment account or Profit-sharing investment account (PSIA). An lB/lBU may provide its clients (also called investment account holders or lAHs) with the opportunity to earn more attractive returns by offering profit sharing investment accounts (PSlAs), which are usually structured based on either mudarabah or wakala (agency). The lB/BU's use of the funds/capital provided by the lAHs may either be restricted or unrestricted. An lB/lBU may accept PSIAs only upon prior Monetary Board approval. Where the use of funds provided by lAHs is unrestricted, the lB/BU shallseparately recognize a liability to PSlAs, which shall be measured initially at fair value, and subsequently measured at amortized cost in accordance with PFRS 9. l) Unrestricted Mudaraba PSIA. This refers to an arrangement where the client, as capital provider, deposits his/her money with an lB/BU, which acts as mudarib (fund manager), for investment purposes. The client gives the mudarib (lB/lBU) complete discretion and authority over the investment and management of its entrusted funds. The profit distributed to each client is in accordance with a profit-sharing ratio agreed upon account opening and the investments will be primarily in the financing operations of the lB/IBU. Funds will normally be commingled with those of other clients, and possibly with the funds of the lB/lBU.

Annex A (Annex A of Appendix I39) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banki ng Operations 2) Unrestricted Wakala investment account. This refers to an agency contract where the muwakkil (client/AH) appoints the IBIBU as his wakil (agent) for purposes of investing the muwakkil's funds in Shari'ah- compliant activities/transactions. This structure operates very similarly to its mudarabah counterpart, though allows more flexibility to the lB/lBU to set an expected profit rate. h. Other Liabilities. An lB/lBU may also recognize any of the following under its Other Liabi I ities account: l) Profit Smoothing Reserues. lBs/lBUs may establish reserve accounts to smooth returns on unrestricted PSIAs; meet potential losses that would otherwise be borne by the lAHs on investments financed by the investment accounts; and provide greater predictability of returns to its clients. These reserves shall be presented separately as liabilities that are measured at amortized cost. a) Profit equalization reserve (PER). This refers to an amount appropriated by the IB/BU out of the investment income, but before deducting the lB/lBU's share for managing the investment account, in order to maintain a certain target level of return on investment for IAH and increase owners' equity. PER should only be released to the investment account fund from which the PER was drawn. b) Investment risk reserve (tRR). This refers to an amount appropriated by the lB/lBU out of the income attributable to lAHs after deducting the lB/lBU's share for managing the investment account, in order to cushion the lAHs against future losses. The IB/BU thus cannot take any share from the lRR, which shall only be released for the benefit of the lAHs. IRR shall be separately presented as a liability measured at amortized cost. 2l Zakatpayable. This refers to a Muslim's annual religious obligation of alms- giving for charitable purposes. 3) Other charity payable. This refers to obligations for sums received by the lB/lBU that need to be paid to charity such as penalties levied on customers for late payments, income from Shari'ah non-compliant activities.

Annex A (Annex A of Appendix 139) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banki ng Operations il. Mapping of lslamic Banking-Related Accounts and Transactions in the Financial Reporting Package lslamic banks (lBs) and lslamic banking unit (lBU) of conventional banks shall report their accounts and transactions using the existing account titles under the FRP based on the mapping provided below: lslamic Financing Fleceivables - Gross Loans and Receivables lslamic Financing Fleceivables typically arise from any of the following contracts/Shari'ah principles: i) Murabahah Financing ii) Tawarruq Financing iii) Salam Financing iv) lstisna'a Financing v) Qard Hassan vi) ljara Financing (Lessor) vii) ljara Muntahia Bittamleek (Lessor) viii) MudarabahFinancinga ix) Musharakah Financings x) Diminishing Musharakah Financin96 lslamic Financing Receivables classified as to counterparties, shall be reported as follows: a. Interbank Financing Fleceivable Interbank Loans Fleceivable b. Financing and Advances Loans and Fleceivables - Others lslamic Financinq Receivables - Net Loan Portfolio Net 3. Profit Sharing Investment Account Bills Payable - Deposit Substitute Others 4. Sukuk Pavable Finance Lease P 6. Profit Eoualization Fleserve 7. lnvestment Risk Fleserve Other Liabilities - Others 8. Flestricted Profit Sharing Investment Conti ngent/Off-Balance Sheet -Trust rtment Accounts 9. Zakat Pavable Other Liabilities - Others IO. Other chari a lf the substance of the agreement is a financing arrangement. Otherwise, this should be accounted for as an equity investment. s Same as note 5. 6 Same as note 5.

Annex A (Annex A of Appendix 139) Guidelines on the Treatment of Specific Accounts Unique to lslamic Banking Operations lncome Statement Accounts lncome from lslamic Financing lnterest Income Receivables and Other Financial Instruments lnstruments a. Income from lslamic Financing a. lnterest Income - Loans and Receivables Fteceivables b. lncome from Due from BSP b. lnterest lncome - Due from BSP c. lncome from Due from Other Banks c. Interest lncome - Due from Other Banks lncome from Financial Assets Held d. lnterest lncome - Financial for Trad ing-H FT Secu rities Assets Held for Trading - HFT Securities lncome from Financial Assets e. lnterest lncome - Financial Designated at Fair Value through Assets Designated at Fair Value Profit or Loss through Profit or Loss I ncome from Avai lable-for-Sale f. lnterest lncome - Available for FinancialAssets Sale FinancialAssets I ncome from Held -to-Matu rity g. Interest Income - Held-to- FinancialAssets Maturity Financial Assets Income - Others h. This represents the sum of amounts under lnterest Income - Sales Contract Fleceivables and lnterest lncome - Others 12. Profit Distributable on: Interest expense on: a. lslamic Deposits a. Deposits b. Investment Accounfs b. Bills Payable - Deposit Substitutes- Others c. Sukuk Payable c. Bonds Payable d. Others d. Others 13. Provisions for Expected Credit Losses on Provisions for Losses on Accrued lmpairment of Financial Assets lnterest Income from Financial Assets 14. Net profit from lslamic Financing and Net Interest lncome lnvestments 15. Zakat Other Ad ministrative Expenses Donation and Other Charitable Contributions account

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