The Bangko Sentral ng Pilipinas (BSP) has collaborated with the Philippine Embassy in the Kingdom of Saudi Arabia to promote Islamic banking and finance in the Philippines.
The BSP's strategy of promoting Islamic banking and finance is part of its financial stability mandate. I Photo: Bangko Sentral ng Pilipinas Facebook
On Wednesday, September 6, the BSP said that its strategy of promoting Islamic banking and finance is part of its financial stability mandate, as well as "to foster equity, justice, and transparency" by adhering strictly to Shari’ah governance and risk-sharing principles followed by Islamic banking and finance businesses.
According to BSP Assistant Governor Atty. Arifa A. Ala, the lead advocate on Islamic banking and finance and the Chairperson of the Islamic Finance Coordination Forum, "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."