BSP, Industry Partners Laud Philippines’ Islamic Finance Professionals

1 of 3

The Bangko Sentral ng Pilipinas (BSP), Asian Development Bank (ADB), and Islamic Banking and Finance Institute Malaysia[1] (IBFIM) jointly hosted the Associate and Intermediate Qualifications in Islamic Finance (AQIF and IQIF-Banking) Conferment Ceremony held on 19 July 2024 at the ADB Headquarters in Mandaluyong City to honor the certified Islamic finance professionals who completed IBFIM’s certification courses.

The IBFIM’s AQIF and IQIF-Banking are globally recognized certification programs designed to provide foundational knowledge in Shariah principles, including its application in Islamic finance (AQIF) as well as equip participants with advance knowledge and practical skills in specific functional areas of Islamic banking operations (IQIF-Banking).

The 138 graduates of the AQIF and IQIF-Banking certification programs in the Philippines came from the BSP, ADB, Al Amanah Islamic Investment Bank of the Philippines, Auditing and Assurance Standards Council, Bangsamoro Government, Bureau of Internal Revenue, Bureau of the Treasury, Department of Finance, Department of Justice, Department of Trade and Industry, Financial and Sustainability Reporting Standards Council, Insurance Commission, National Commission on Muslim Filipinos, Philippine Deposit Insurance Corporation, and Securities and Exchange Commission.

In her opening remarks, BSP Deputy Governor Chuchi G. Fonacier emphasized the pivotal role of AQIF and IQIF-Banking passers in contributing to the growth and development of the Islamic finance industry.

“The reinforced knowledge and competencies acquired on Islamic banking and finance through the AQIF and IQIF-Banking programs are highly relevant and powerful tools for advancing the Philippine Islamic finance industry through appropriately structured regulatory and operational frameworks for key sectors of the domestic Islamic finance ecosystem,” said Deputy Governor Fonacier.

In his message of support, Monetary Board Member (MBM) Romeo L. Bernardo cited the crucial role of Islamic finance in accelerating economic growth for all Filipinos and the impact of capacity building initiatives for officials and professionals nationwide in building a vibrant and resilient Islamic finance sector.

“Consistent with our broader financial inclusion agenda, the BSP will continue to promote Islamic banking and finance and advance our efforts in capacity building. This is aligned with our goal of fostering a resilient, inclusive, and sustainable financial ecosystem that can support the diverse needs of our fellowmen,” MBM Bernardo stated.

MBM Rosalia V. De Leon, in her speech, highlighted the success of the Philippines’ maiden sovereign sukuk issuance which complements the goal of deepening the capital markets. “The landmark sukuk issuance of the Republic is envisioned to open more investment opportunities for those seeking Shari’ah-compliant or alternative investments, encouraging broader participation in the domestic and global Islamic financial markets.”

BSP Assistant Governor and Islamic Finance Coordination Forum[2] (IFCF) Chairperson Arifa A. Ala, in her appreciation message, underscored the continued collaboration and cooperation of concerned stakeholders to promote the development of Islamic banking and finance in the country.

“The consistent and strong commitment to enhance the competencies of IFCF members and stakeholders complement the whole-of-government approach in developing a stable, inclusive, and sustainable Islamic finance ecosystem that can thrive alongside the conventional system,” said Assistant Governor Ala.

The conferment ceremony featured speeches of key industry leaders, followed by the presentation of certificates to the AQIF and IQIF-Banking graduates and networking session.