The Bangko Sentral ng Pilipinas said it promoted its initiatives to develop Islamic banking and finance in the Philippines.
BSP assistant governor Arifa Ala, lead advocate on Islamic banking and finance and the chairperson of the Islamic Finance Coordination Forum, recently led the briefing at the Philippine Embassy in Riyadh, Saudi Arabia on “Islamic Banking and Finance in the Philippines” for the stakeholders in Saudi Arabia, including Philippine Embassy staff and their dependents.
Ala also shared the major milestones in the development of the Philippines’ Islamic banking and finance ecosystem. He cited the vast opportunities for investments and potential benefits in terms of wider reach and greater financial inclusion that an expanding Islamic banking and finance industry can bring to the country and Filipinos abroad.
“The business model of Islamic banking is beneficial to all types of banking clients regardless of religion. Hence, the goal is to provide the public, in general, whether Muslims or non-Muslims, with appropriate financial choices that suit their risk appetite and financial needs and make the Philippines aligned with global developments,” Ala said. Julito G. Rada
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