The Central Bank of the Philippines reported that Assistant Governor Arifa A. Ala used Abu Dhabi Finance Week, held on 9-12 December 2024, to update global financial leaders on the Philippines’ progress in developing its Islamic finance ecosystem, including the licensing of two additional Islamic banking players. In outlining the policy and market foundations for sector growth, Ala pointed to the 2019 enactment of the Islamic Banking Law and the central bank’s role in leading the Islamic Finance Coordination Forum to align regulators and institutions with a dual system operating alongside conventional banking. The update also cited complementary government actions, including tax reforms by the Bureau of Internal Revenue, takaful guidelines issued by the Insurance Commission that enabled the licensing of the first takaful operators, the Philippines’ first sovereign sukuk issuance in December 2023, and the establishment of a Shari’ah Supervisory Board. Ala also referenced an Asian Development Bank market analysis on Islamic finance in the Philippines and emphasized continued public awareness and capacity-building efforts.
Central Bank of the Philippines 2025-02-04
Central Bank of the Philippines highlights licensing of two additional Islamic banking players at Abu Dhabi Finance Week
The Central Bank of the Philippines highlighted its progress in developing the Islamic finance ecosystem during Abu Dhabi Finance Week, including licensing two new Islamic banks. Assistant Governor Arifa A. Ala emphasized the 2019 Islamic Banking Law, tax reforms, takaful guidelines, and the first sovereign sukuk issuance as key developments. The bank also leads the Islamic Finance Coordination Forum, focusing on public awareness and capacity-building efforts.