The Asian Development Bank (ADB) said 78 percent of Filipinos seek more information about Islamic banking, which the Bangko Sentral ng Pilipinas (BSP) said supports the plan of one foreign firm keen to operate such a business in the country.

This is one of the results from a survey conducted by the ADB and the Islamic Finance Advisory and Assurance Services, a global consultancy on Islamic finance.

The BSP said it will use the survey results to enhance Islamic banking laws in the country.

Of the 78 percent of Filipinos curious about Islamic banking, 51 percent said they are "very interested." These respondents reside in Metro Manila and the Bangsamoro Autonomous Region in Muslim Mindanao.

A smaller but substantial share of 27 percent, who live in other parts of Mindanao, said they are "quite interested."

The five most sought-after services include savings, business loans, medical insurance, personal loans, and e-wallets.

Islamic banking adheres to Islamic law, which does not demand payment of interest but the sharing of profits from various assets. However, it prohibits profits from businesses or activities related to vices.

"Corporations that are proposing financing for alcoholic drinks or gambling are not allowed," BSP Assistant Governor and Chairperson of the Islamic Finance Coordination Forum Atty. Arifa Ala said.

She said one foreign firm expressed interest in offering Islamic law-compliant banking and insurance in the country. However, the BSP has yet to disclose the name of the firm pending its submission of a formal application for an Islamic banking license in the Philippines.

Nevertheless, if the firm pursues the application, Ala said it will mark its first business in the Philippines.

Currently, three banks offer Islamic banking in the country: Al Amanah Islamic Bank of the state-owned Development Bank of the Philippines, Laguna-based CARD Bank Inc., and Malaysia's Maybank.

Maybank Philippines President and Chief Executive Officer Patrick Dennis Solosa said the bank will be adding seven more Islamic banking units.

He shared that the bank already started a pilot Islamic banking unit at its Zamboanga branch, where over 1 million Muslims live.

In terms of Islamic or takaful insurance, Pru Life UK received the first takaful license from the Insurance Commission in November last year.

Pru Life UK expects to launch takaful products within April as it aims to serve 7 million Filipino Muslims.

The firm signed an agreement on financial literacy with Al Amanah Islamic Investment Bank of the Philippines.

Pru Life UK reported that over 450 students and teachers from three community madrasahs or Islamic schools in Bangkal, Davao City, have already undergone its financial literacy program.

Credit rating agency S&P Global reported that 3 million out of 7 million Filipino Muslims in the country are financially underserved, partly due to inadequate access to Islamic banking.