ABOUT THE EVENT
The recent passage of Republic Act 11439, or the legislation providing for regulation and organization of Islamic banks in the Philippines, has increased the momentum on establishing Islamic banking in the country. Together with the transition of the recently-enacted Bangsamoro Organic Law (BOL), focus and understanding of the Islamic finance in the country has taken a significant interest in building on a productive and instinctive financial system that will address both development goals and financial exclusion concerns.
We look at the global interventions and developments in Islamic finance, and recognize that the Philippine Islamic finance ecosystem can harness the best practices and initiatives our neighbors in Southeast Asia have employed in enriching their own Islamic finance landscape. In addition to Islamic banking, there is acknowledgment of the increasing impact of financial technology in the financial industry. Lastly, being an alternative financial system, Islamic finance is seen as an important component in addressing our unbanked communities, and enabling key livelihood programs to further the outlook for MSMEs in the Philippines.
The Conference on Islamic Finance for the Philippine Banking Sector is the first step in creating awareness of the opportunities in Islamic banking not only from key financial institutions but for strategic partners who can promote similar objectives. The discussions and dialogues during the conference will encourage frontrunners, industry players, policy and decision makers with the greater understanding of the prospects and strategic directions of Islamic finance in the Philippines.