MANILA – Philippine financial regulators and market institutions have committed to aligning governance standards and market rules to integrate Islamic finance more deeply into the country’s financial system, following the conclusion of the 5th International Islamic Finance Conference (IIFC).
In a news release on Thursday, the National Commission on Muslim Filipinos (NCMF) said the two-day forum ended with the signing of a joint declaration aimed at strengthening the Philippine Islamic finance ecosystem and expanding access to ethical financial products for both Muslim and non-Muslim Filipinos.
“As regulators and policymakers, our shared responsibility is to ensure that Islamic finance remains faithful to its ethical foundations while meeting the highest standards of prudential regulation, risk management, and governance,” NCMF Secretary Sabuddin Abdurahim said.
Finance Secretary Frederick Go said the Philippines’ role as ASEAN chair presents an opportunity to position Islamic finance as a driver of broader market participation, noting that regulatory reforms have already enabled new products and providers.
“This year, the Philippines, as ASEAN Chair, has a unique opportunity to deepen regional integration, attract investments, and expand access to finance,” Go said, adding that takaful licensing has opened ethical insurance options “that are available to all Filipinos.”
Bangko Sentral ng Pilipinas Senior Assistant Governor Arifa Ala said inter-agency coordination has accelerated sector growth and institutional acceptance.
“The results speak for themselves. From a single Islamic bank before 2019, we now have two more Islamic banks and multiple takaful operators,” Ala said, noting that Islamic finance restores “choice, dignity, and belonging” within the financial system.
The conference gathered about 300 local and international participants from government, financial institutions, academe, development partners, and the diplomatic corps, and was cited by organizers as part of preparations for deeper ASEAN cooperation on inclusive growth. (PNA)