The Bangko Sentral ng Pilipinas (BSP), represented by Assistant Governor Atty. Arifa A. Ala, participated in the 9th Annual Philippine Property and Investment Exhibition (PPIE) and the inaugural of the Philippine Economic and Investment Summit (PEIS) held last May at the Radisson Blu Hotel in Dubai, United Arab Emirates (UAE).
At left: BSP Assistant Governor Arifa A. Ala presenting at the Philippine Economic and Investment Summit. At right: Ala (seated left) together with fellow participants of the Philippine Property and Investment Exhibition (PPIE), both held in Dubai. (IMAGE CREDIT: FB pages of PPIE and The Filipino Times)
During the event, Assistant Governor Ala, BSP’s lead advocate on Islamic banking and finance and Chairperson of the BSP-led Islamic Finance Coordination Forum (IFCF), discussed recent milestones in the development of Islamic banking in the Philippines.
She also talked explained the current finance ecosystem to various stakeholders in the Middle East while emphasizing the country’s readiness to accept new and potential Islamic banking players.
In her speech, BSP Assistant Governor Ala said, “The promotion of Islamic banking expands the BSP’s financial inclusion agenda of increasing broad and convenient access to high-quality financial services for all Filipinos, including the minorities and the underserved population.”
Islamic banking provides alternative forms of investments
Islamic banking complements conventional banking by providing alternative forms of investments and financing options for both Muslims and non-Muslims alike.
The emphasis of Islamic finance on Shari’ah governance and risk-sharing principles is seen to support the BSP’s financial stability mandate.
Ala also conveyed that “the BSP remains steadfast in its commitment to support the growth of Islamic finance in the country by continuing its roles as a catalyst in re-shaping the Philippine Islamic banking landscape, an enabler of Islamic banks and Islamic banking windows, and a champion of financial inclusion and stability.”
She added that the BSP’s support for Islamic banking is only meant “to meet the needs of the financially underserved population, create better opportunities and promote a high quality of life for all Filipinos.”
Now in its 9th year, the PPIE is the biggest and longest-running Philippine business and investment forum in the Middle East.
Attended by reputable property developers, banks, insurance companies, and financial and investment institutions, it provides opportunities for businesses and investors in the UAE to explore the huge potential of the Philippine market.
The newly-inaugurated PEIS, meanwhile, promotes business and investment opportunities in the Philippines by highlighting economic forecasts/business trends, government initiatives, investment incentives, and other laws and regulations that will encourage investors to invest in the Philippines.
Both the PPIE and PEIS are organized by the New Perspective Media Group, a Dubai-based group of media and marketing companies now with six offices across the UAE and Asia Pacific.