The Bangko Sentral ng Pilipinas (BSP), in collaboration with the Asian Development Bank (ADB) and the Islamic Banking and Finance Institute Malaysia (IBFIM), recently hosted the Associate and Intermediate Qualifications in Islamic Finance (AQIF and IQIF-Banking) Conferment Ceremony at the ADB Headquarters in Mandaluyong City.
Photo shows (front row, sixth and seventh from right) Monetary Board Members Rosalia V. De Leon and Romeo L. Bernardo together with (front row, third from left) Bangko Sentral ng Pilipinas (BSP) Assistant Governor Arifa A. Ala, (front row, fifth to eighth from left) Asian Development Bank Country Director (Philippine Country Office) Pavit Ramachandran, BSP Deputy Governor Chuchi G. Fonacier, Islamic Banking and Finance Institute Malaysia Chief Executive Officer Yusry Yusoff, Ambassador of Malaysia to the Philippines – His Excellency Dato’ Abdul Malik Melvin Castelino, (front row, fourth to fifth from right) Philippine Center for Islam and Democracy President Amina Rasul-Bernardo, BSP Deputy Governor Bernadette Romulo-Puyat, (second row, sixth from right) Philippine Deposit Insurance Corporation President and Chief Executive Officer Roberto B. Tan, and other distinguished heads and representatives from member-agencies and institutions of the Islamic Finance Coordination Forum.
In a media advisory, the BSP announced that the event honored 138 newly certified Islamic finance professionals who completed the rigorous certification programs offered by the IBFIM. These programs, recognized globally, are designed to equip participants with foundational and advanced knowledge of Shariah principles and their application in Islamic finance and banking.
The graduates of the AQIF and IQIF-Banking programs represent a diverse group of professionals from key government agencies and financial institutions in the Philippines, including the BSP, ADB, Al Amanah Islamic Investment Bank of the Philippines, the Bangsamoro Government, and the Department of Finance, among others. This certification not only enhances their expertise in Islamic finance but also strengthens the Philippine Islamic finance industry, positioning the country as a growing hub for Shariah-compliant financial services in the region.
BSP highlights certified professionals’ role in advancing Islamic finance in PH
In her opening remarks, BSP Deputy Governor Chuchi G. Fonacier highlighted the critical role these certified professionals will play in advancing Islamic finance in the Philippines. “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,” Fonacier stated.
Fonacier further emphasized that this expertise is crucial in developing a stable and sustainable Islamic finance ecosystem alongside the conventional financial system.
Photo shows (front row, 3rd to 6h from left) BSP Assistant Governor Arifa A. Ala, Islamic Banking and Finance Institute Malaysia Chief Executive Officer Yusry Yusoff, Ambassador of Malaysia to the Philippines – His Excellency Dato’ Abdul Malik Melvin Castelino, BSP Deputy Governor Chuchi G. Fonacier, and passers of the BSP Associate Qualification in Islamic Finance & Intermediate Qualification in Islamic Finance-Banking.
Monetary Board Member (MBM) Romeo L. Bernardo echoed this sentiment, underscoring the importance of Islamic finance in promoting inclusive economic growth in the Philippines. “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,” Bernardo said. He also stressed the significance of capacity-building initiatives, such as the AQIF and IQIF-Banking programs, in ensuring the long-term success of the Islamic finance sector in the country.
Another highlight of the event was the recognition of the Philippines’ maiden sovereign sukuk issuance, a landmark achievement in the country’s efforts to deepen its capital markets and attract Shariah-compliant investments. MBM Rosalia V. De Leon noted the success of this issuance, stating, “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 Chairperson of the Islamic Finance Coordination Forum (IFCF), Arifa A. Ala, expressed her appreciation for the continued collaboration among stakeholders in promoting Islamic finance in the Philippines. “The consistent and strong commitment to enhancing the competencies of IFCF members and stakeholders complements the whole-of-government approach in developing a stable, inclusive, and sustainable Islamic finance ecosystem that can thrive alongside the conventional system,” Ala remarked.
Photo shows (front row, fourth to seventh from left) Bangko Sentral ng Pilipinas (BSP) Assistant Governor Arifa A. Ala, Islamic Banking and Finance Institute Malaysia Chief Executive Officer Yusry Yusoff, Ambassador of Malaysia to the Philippines – His Excellency Dato’ Abdul Malik Melvin Castelino, BSP Deputy Governor Chuchi G. Fonacier, and the BSP passers of Associate Qualification in Islamic Finance and Intermediate Qualification in Islamic Finance-Banking.
The conferment ceremony featured speeches from key industry leaders and the presentation of certificates to the AQIF and IQIF-Banking graduates. The event concluded with a networking session, providing an opportunity for professionals to exchange insights and discuss the future of Islamic finance in the Philippines.
The BSP remains committed to advancing innovative programs and initiatives that support the institutionalization of regulatory reforms and infrastructure necessary to boost financial inclusion. Just recently, the Islamic Banking and Finance (IBF) Core Team of the BSP was also named regional winner of the Presidential Lingkod Bayan Group Award for their work in developing Islamic finance in the country.
Through strategic partnerships and capacity-building efforts, the BSP aims to encourage the entry of more Islamic finance players in the country, fostering the development of a dynamic, competitive, and inclusive Islamic financial system that benefits all Filipinos.