AhlulBayt News Agency (ABNA): Philippine financial regulators and capital market institutions, following the conclusion of the Fifth International Islamic Finance Conference, have pledged to align governance standards and market regulations to enable deeper integration of Islamic finance into the country’s financial system.
The National Commission on Muslim Filipinos said the two-day conference concluded with the signing of a joint statement aimed at strengthening the Islamic finance ecosystem in the Philippines and expanding access to ethics-based financial services for both Muslims and non-Muslims.
Sabbudin Abdulrahim, secretary of the National Commission on Muslim Filipinos, stated, “It is the shared responsibility of regulators and policymakers to ensure that Islamic finance, while remaining faithful to its ethical foundations, adheres to the highest standards of regulation, risk management, and governance.”
Philippine Finance Secretary Frederick Go, referring to the country’s chairmanship of ASEAN, described the position as an opportunity to turn Islamic finance into a driver of broader market participation. He said regulatory reforms have paved the way for the introduction of new products and the entry of new providers, adding that the licensing of Takaful has enabled access to ethical insurance for all Philippine citizens.
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