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BSP, Philippines Embassy in Riyadh Team Up to Promote Islamic Banking

The Bangko Sentral ng Pilipinas (BSP) has joined forces with its embassy in Riyadh, Kingdom of Saudi Arabia to develop Islamic banking and finance in the Philippines.

Assistant Governor Atty. Arifa A. Ala shared the major milestones in the development of the Philippines’ Islamic banking and finance ecosystem during a briefing session for stakeholders in Saudi Arabia.

She also emphasised the vast opportunities for investments and potential benefits in terms of wider reach and greater financial inclusion that an expanding Islamic banking and finance industry can bring to the country and Filipinos abroad.

Arifa A. Ala

“The business model of Islamic banking is beneficial to all types of banking clients regardless of religion.

Hence, the goal is to provide the public, in general, whether Muslims or non-Muslims, with appropriate financial choices that suit their risk appetite and financial needs and make the Philippines aligned with global developments,”

said AG Ala.

Featured image: BSP Assistant Governor (AG) Arifa A. Ala receiving a certificate of appreciation from Chargé d’Affaires Romato.