The Bangko Sentral ng Pilipinas (BSP) was recently conferred the “Outstanding Industry Collaboration” award by the Islamic Banking and Finance Institute Malaysia (IBFIM) in simple ceremonies held in Kuala Lumpur, Malaysia last February 25, 2023.
BSP Assistant Governor Arifa A. Ala, chairperson of the BSP-led Islamic Finance Coordination Forum (IFCF) and who is also a staunch advocate of Islamic banking initiatives in the Philippines, received the award on behalf of the BSP.
In her acceptance speech, Assistant Governor Ala said, “The award recognizes the BSP’s calibrated efforts and a strong commitment to enhancing the competencies of BSP personnel and IFCF members on Islamic banking and finance.”
Alla 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 already attained the AQIF certification.
In line with this, the BSP is now working with the Asian Development Bank (ADB) to support the individual AQIF certification of 55 member representatives of the IFCF and its other partner agencies.
The IFCF is currently composed of the BSP, ADB, the Department of Trade and Industry, the Securities and Exchange Commission, the Insurance Commission, the National Commission on Muslim Filipinos, Bureau of Internal Revenue, Bureau of the Treasury, the 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.
The 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.