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June 03, 2023

BSP boosts Islamic finance expertise to lure investments in the Philippines

The Bangko Sentral ng Pilipinas (BSP) is ramping up efforts to promote Islamic banking in the country by expanding its pool of Islamic finance experts and personnel.

The BSP announced on Monday that 50 of its personnel have been certified by the Islamic Banking and Finance Institute Malaysia’s Associate Qualification in Islamic Finance program.

It is working with the Asian Development Bank to support the individual certification of at least 55 member-representatives of the BSP-led Islamic Finance Coordination Forum and other partner-agencies.

BSP Assistant Governor Arifa A. Ala, who is also the IFCF chairperson, emphasized the need for continuous capacity-building activities and attaining formal certification to develop a stable and sustainable Islamic finance ecosystem in the country.

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