BSP Links with Philippine Embassy in Kingdom of Saudi Arabia to Promote Islamic Banking and Finance in the Country

Read Time:1 Minute, 44 Second

 

Thank you for reading this post, don't forget to subscribe!

Top left photo shows BSP Assistant Governor (AG) Arifa A. Ala with Philippine Embassy Officials led by First Secretary and Consul General and Chargé d’Affaires, Mr. Rommel A. Romato. Top right photo shows her receiving a certificate of appreciation from Chargé d’Affaires Romato. Bottom left photo shows AG Ala during her presentation while bottom right photo shows the participants of the briefing held at the Philippine Embassy in Riyadh, Kingdom of Saudi Arabia. (Source: Philippine Embassy in Riyadh, Saudi Arabia)

 

The Bangko Sentral ng Pilipinas (BSP) successfully engaged with the Philippine Embassy in Riyadh, Kingdom of Saudi Arabia in promoting the BSP’s initiatives to develop Islamic banking and finance in the Philippines.

BSP Assistant Governor Atty. Arifa A. Ala, lead advocate on Islamic banking and finance and the Chairperson of the Islamic Finance Coordination Forum, led the briefing at the Philippine Embassy in Riyadh on “Islamic Banking and Finance in the Philippines” on 17 August 2023 for the stakeholders in Saudi Arabia, including Philippine Embassy staff and their dependents.

Lauding the Philippine Embassy’s commitment to provide the best possible services to Filipinos in Saudi Arabia, Assistant Governor Ala shared the major milestones in the development of the Philippines’ Islamic banking and finance ecosystem. Assistant Governor Ala emphasized 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.

“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,” AG Ala said.

The BSP’s strategy of promoting Islamic banking and finance supports the BSP’s financial stability mandate as Islamic banking and finance business model emphasizes Shari’ah governance and risk sharing principles to foster equity, justice and transparency.

###

About Post Author

Diyaryo Milenyo

DIYARYO MILENYO is a free and independent online media outfit that publishes events happening in the local communities and current issues that matter to the public with local, national and global implications. DIYARYO MILENYO is composed of volunteer journalists and community writers scattered in various parts of the Philippines. They report the news right and where it happens. It adheres to the standards and ethics of journalism. It imposes strict rules against attacking someone. Strictly adhering to publish good news only.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Previous post Inter-agency monitoring team conduct market visit to ensure compliance on E.O. No. 39
Next post President Marcos and Secretary Pascual join the PH-Indonesia ASEAN-BAC Roundtable Dialogue

Discover more from Diyaryo Milenyo

Subscribe now to keep reading and get access to the full archive.

Continue Reading

%d bloggers like this: