BSP receives Islamic banking award from IBFIM

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The Bangko Sentral ng Pilipinas (BSP) received the “Outstanding Industry Collaboration Award” from the Islamic Banking and Finance Institute Malaysia (IBFIM) during a ceremony held in Kuala Lumpur on 25 February 2023.

BSP Assistant Governor Arifa A. Ala (in photo above, center) accepted the award from Tan Sri Dr. Mohd Daud Bakar, last year’s awardee, on behalf of the BSP. Assistant Governor Ala, who chairs the BSP-led Islamic Finance Coordination Forum (IFCF), is an advocate of Islamic banking initiatives in the Philippines.

Also in the photo above are (from left) Dato’ Mohamed Rafique Merican, Chief Executive Officer (CEO) of Maybank Islamic Berhad; Dr. Bakar, recipient of the Royal Award for Islamic Finance 2022; Mohd Asri bin Omar, CEO of Hong Leong MSIG Takaful Berhad; and Yusry Yusoff, CEO of IBFIM.

According to Assistant Governor Ala, “The award recognizes the BSP’s calibrated efforts and strong commitment to enhancing the competencies of BSP personnel and IFCF members on Islamic banking and finance.”

She added that the BSP recognizes the need for continuous capacity-building activities and attaining formal certification, such as IBFIM’s Associate Qualification in Islamic Finance (AQIF) program. To date, 50 BSP personnel have attained the AQIF certification.

Further, the BSP is working with the Asian Development Bank (ADB) to support the individual AQIF certification of 55 member-representatives of the IFCF and other partner-agencies.

The IFCF is composed of the BSP, ADB, Department of Trade and Industry, Securities and Exchange Commission, Insurance Commission, National Commission on Muslim Filipinos, Bureau of Internal Revenue, Bureau of the Treasury, Philippine Deposit Insurance Corporation, Bangsamoro Autonomous Region in Muslim Mindanao, Philippine Financial Reporting Standards Council, and Auditing and Assurance Standards Council.

Assistant Governor Ala explained that these initiatives complement the whole-of-government approach in developing a stable and sustainable Islamic finance ecosystem in the country.

IBFIM is an industry-driven learning institution specializing in technical certifications that serve the needs of the Islamic finance industry. Its key programs are developed based on a qualifications framework and are accredited by the Finance Accreditation Agency, an organization in Malaysia that certifies international financial training courses.

First given in 2018, the IBFIM Outstanding Industry Collaboration Award is conferred on local and international institutions for their outstanding collaboration with IBFIM in developing professionals in the field of Islamic finance.