The Central Bank of the Philippines, through the BSP-led Islamic Finance Coordination Forum, held a Stakeholders' Forum on Domestic Sukuk Issuance to promote sukuk (Islamic bonds) and expand Shari’ah-compliant funding options, including for Muslim-owned companies. The programme focused on the legal and regulatory framework for sukuk, the International Islamic Liquidity Management Corp.’s experience with short-term sukuk instruments, and Philippine policy work in progress, including the Securities and Exchange Commission’s draft guidelines on sukuk operations, the Insurance Commission’s guidelines for takaful window operations, and the Bureau of Internal Revenue’s sukuk memorandum circular. Monetary Board members referenced increased interest following the government’s USD 1 billion maiden sukuk issuance in December 2023 and emphasized the need for stronger collaboration and openness to prudential innovation. More than 100 participants attended from the central bank and other public-sector bodies alongside Islamic finance advisers, with IILM’s chief executive joining a panel discussion.
Central Bank of the Philippines 2025-07-18
Central Bank of the Philippines hosts Stakeholders' Forum on Domestic Sukuk Issuance
The Central Bank of the Philippines, through the BSP-led Islamic Finance Coordination Forum, hosted a Stakeholders' Forum on Domestic Sukuk Issuance to promote Islamic bonds and expand Shari’ah-compliant funding. Discussions covered the legal and regulatory framework for sukuk, ongoing policy work, and the need for collaboration following the government's USD 1 billion sukuk issuance. Over 100 participants, including public-sector bodies and Islamic finance advisers, attended.