In a move that blends cultural tradition with strategic financial reform, the Bangko Sentral ng Pilipinas (BSP) recently opened its doors for its second annual Iftar (read: a gathering that uses the Ramadan tradition of breaking the fast to bridge the gap between conventional banking and Islamic finance).
The sunset gathering at the BSP Head Office was more than just a ceremonial breaking of the fast; it served as a high-level summit for the architects of the country’s growing Islamic finance landscape.
The event brought together a diverse coalition, including the Islamic Finance Coordination Forum (IFCF), the Bangsamoro Government, and the diplomatic corps.
For an industry rooted in faith and ethics, the Iftar provided a unique backdrop to discuss the “new map” of Philippine banking — one where Shari’ah-compliant solutions move from the sidelines to the mainstream.
Building an inclusive ecosystem
Islamic banking and finance stakeholders gather for Iftar at the BSP head office in Manila on March 10, 2025. (IMAGE CREDIT: Bangko Sentral ng Pilipinas)
Since the inaugural Iftar in 2025, the BSP has accelerated its push for financial inclusivity.
Through the IFCF — a 12-agency powerhouse featuring the likes of the SEC, BIR, and the Bureau of the Treasury — the Philippines has hit several milestones, including the issuance of sukuk (Islamic bonds) and the licensing of new Islamic banking and takaful (Islamic insurance) players.
BSP Deputy Governor Lyn I. Javier emphasized that the goal is no longer just coexistence. “Our goal is for Islamic finance to flourish as an integral and mutually reinforcing part of our financial ecosystem,” Javier noted, highlighting the need to serve communities that have long felt excluded from conventional banking.
Values-driven finance
Photo shows (first row, third from left:) CARD Bank, Inc. President and CEO Marivic M. Austria, BSP Deputy Governor Lyn I. Javier, CARD Bank, Inc. Chairman Jaime Aristotle Alip, Monetary Board Member Jose L. Querubin, and BSP Senior Assistant Governor Arifa A. Ala at the Iftar gathering at the BSP Head Office in Manila.
The evening’s discussions centered on the idea that a truly robust economy must respect the traditions of its citizens. Senior Assistant Governor Arifa A. Ala, who chairs the IFCF, pointed out that the gathering reflects a broader commitment.
“A truly inclusive financial system must respond to the traditions, values, and needs of the communities we serve,” Ala stated.
By fostering these partnerships, the BSP is ensuring that the 2026 financial landscape is one where every Filipino — regardless of faith — has access to tools that align with their values.
As the night concluded, the message was clear: Islamic finance is no longer a niche market; it is a vital pillar of the Philippines’ digital and economic future.
