BSP links with Philippine Embassy in Kingdom of Saudi Arabia to promote Islamic banking and finance in the country

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The Bangko Sentral ng Pilipinas (BSP) successfully engaged with the Philippine Embassy in Riyadh, Kingdom of Saudi Arabia in promoting the BSP’s initiatives to develop Islamic banking and finance in the Philippines.

BSP Assistant Governor Atty. Arifa A. Ala, lead advocate on Islamic banking and finance and the Chairperson of the Islamic Finance Coordination Forum, led the briefing at the Philippine Embassy in Riyadh on “Islamic Banking and Finance in the Philippines” on 17 August 2023 for the stakeholders in Saudi Arabia, including Philippine Embassy staff and their dependents.

Lauding the Philippine Embassy’s commitment to provide the best possible services to Filipinos in Saudi Arabia, Assistant Governor Ala shared the major milestones in the development of the Philippines’ Islamic banking and finance ecosystem. Assistant Governor Ala emphasized the vast opportunities for investments and potential benefits in terms of wider reach and greater financial inclusion that an expanding Islamic banking and finance industry can bring to the country and Filipinos abroad.

“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,” AG Ala said.

The BSP’s strategy of promoting Islamic banking and finance supports the BSP’s financial stability mandate as Islamic banking and finance business model emphasizes Shari’ah governance and risk sharing principles to foster equity, justice and transparency. (Photos: Philippine Embassy in Riyadh, Saudi Arabia)