THE Islamic Finance Coordination Forum (IFCF), led by the Bangko Sentral ng Pilipinas (BSP), hosted the “Stakeholders’ Forum on Domestic Sukuk Issuance” on July 15, 2025.
The forum, which was held at the BSP Head Office, aimed to promote Sukuk or Islamic Bonds and help Muslim-owned companies have greater access to funding.
A key participant was the International Islamic Liquidity Management Corp. (IILM), an organization led by central banks and financial institutions to promote Islamic finance. IILM Chief Executive Officer Mohamad Safri Sahul Hamid joined one of the panel discussions.
Key topics included legal and regulatory frameworks for Sukuk, IILM’s experience with short-term Sukuk instruments, draft guidelines on the operations of Sukuk in the Philippines by the Securities and Exchange Commission (SEC), and the Insurance Commission’s (IC) guidelines for Takaful Window Operations.
The forum also covered discussions on the Sukuk memorandum circular of the Bureau of Internal Revenue (BIR), understanding Shari’ah compliance and the market operations of Sukuk, and updates on Islamic Finance accounting initiatives.
“The BSP remains firmly committed to advancing initiatives that promote Islamic banking and finance as part of its broader financial inclusion agenda,” BSP Monetary Board Member (MBM) Rosalia V. De Leon said. She also noted the growing interest in sukuk after the government’s US$1 billion maiden issuance of sukuk bonds in December 2023.
MBM Romeo L. Bernardo called for stronger partnerships and openness to innovation. “A key takeaway from the forum is the need for stronger collaboration, openness to prudential innovation, and sustained commitment to building a dynamic and inclusive Islamic finance ecosystem,” MBM Bernardo stressed.
“Sukuk issuances will spur the further growth of a diversified financial market in the Philippines,” said BSP Assistant Governor and IFCF Chairperson Arifa A. Ala.
The forum was attended by over 100 participants from the BSP, BIR, IC, SEC, IILMC, and the Islamic Finance Advisory and Assurance Services.
An active Sukuk market offers a Shari’ah-compliant way to raise funds, attracting both Muslim and non-Muslim investors. It supports financial inclusion and market diversification. PR