Bangko Sentral ng Pilipinas (BSP) Senior Assistant Governor Atty. Arifa A. Ala, the country’s foremost champion for Islamic banking, has been named “Woman Influencer in Financial Services Industry” by the World Financial Innovation Series (WFIS)1 during its 2025 awards ceremony held on September 24 in Pasay City.
Atty. Ala, who serves as the BSP’s lead advocate for Islamic banking and finance,2 was recognized for her exceptional leadership in driving transformative reforms that are helping make the Philippine financial system more inclusive and diverse.
WFIS, now on its fourth year, gathers senior executives, policymakers, and innovators from the banking, insurance, and microfinance sectors to spotlight individuals and institutions shaping the future of financial services.
The award given to Ala underscores her pioneering efforts in building a robust Islamic finance ecosystem in the country — one that opens opportunities for both Muslim and non-Muslim Filipinos to participate in ethical, equitable financial growth.
“This recognition affirms our continuing thrust to create space for Islamic banking to thrive alongside conventional finance,” Ala said during her acceptance speech. “We want every Filipino, regardless of faith, to have access to fair and meaningful financial opportunities that respond to their needs.”
She dedicated the award to Filipino women and shared the honor with her colleagues at the BSP, as well as partners in the government and the broader financial industry. “This is not just a personal achievement,” she said. “It’s a celebration of what can be accomplished when women and men work together for inclusion, equity, and sustainable development.”
Championing Islamic banking in the Philippines
Atty. Ala has long been at the forefront of efforts to mainstream Islamic banking — a system guided by Sharia’h principles, which prohibit interest-based transactions and encourage risk-sharing and asset-backed financing. For many years, she has advocated for its potential to serve as a bridge for financial inclusion, particularly in Mindanao where many communities remain underserved by conventional banking.
Her advocacy culminated in the enactment of the Islamic Banking Law in 2019, a milestone that paved the way for a formal framework enabling Sharia’h-compliant banking operations in the Philippines. Following its passage, Ala led the BSP’s efforts to craft implementing regulations and coordinate with other government agencies to ensure that the law’s benefits could be realized swiftly and effectively.
To sustain this progress, she helped establish the Islamic Finance Coordination Forum, a whole-of-government initiative that brings together regulators and policymakers to nurture the country’s Islamic finance ecosystem. The forum has since supported the licensing of two new Islamic banks and four Islamic insurance (takaful) operators, marking a significant leap forward in expanding access to Sharia’h-compliant financial products.
“These developments are not only a matter of faith but also of economic opportunity,” Ala explained in previous public remarks. “Islamic finance is about fairness, transparency, and risk-sharing — values that can strengthen our financial system as a whole.”
A leader in transformative change
Colleagues within the BSP describe Ala as a steadfast reformist who combines technical expertise with a deep sense of purpose. Her leadership has helped position Islamic banking as a viable pillar of inclusive growth, complementing the central bank’s wider push for digitalization, consumer protection, and financial literacy.
Her award from WFIS places her among a growing list of Filipina leaders being recognized on the global stage for reshaping finance in an increasingly diverse and digital economy.
In receiving the honor, Ala reflected on the broader mission that drives her work: “Our task goes beyond building institutions. It’s about building trust, hope, and access — especially for those who have long been left outside the doors of formal finance.”
As Islamic banking continues to gain traction, the BSP’s initiatives under Ala’s leadership are expected to play a key role in advancing financial inclusion, equity, and sustainable economic growth in the years to come.
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[1] Now on its 4th year, the annual WFIS brings together technology and business heads from leading banks, insurance, and microfinance institutions across the country to discuss emerging technologies and trends in the financial sector.
[2] Islamic banking is a Sharia’h-compliant financial service that supports the BSP’s goal of strengthening financial inclusion for all Filipinos. Islamic banking provides Muslims access to financial products and services, while being an alternative banking and finance option for non-Muslims.
