Bangko Sentral ng Pilipinas (BSP) Assistant Governor Arifa A. Ala represented the Philippines at the Global Forum on Islamic Economics and Finance (GFIEF), held at the Kuala Lumpur Convention Centre on 28 to 29 May 2024.

With the theme “Shaping a Resilient Global Islamic Economy through Values-based Reforms,” the global forum brought together policymakers, business leaders, and financial service providers to actively engage and collaborate on the future role of Islamic economics and finance in promoting shared prosperity and equity.

The GFIEF was organized by the Bank Negara Malaysia and the Ministry of Finance of Malaysia, in collaboration with the Securities Commission Malaysia, Labuan Financial Services Authority, the International Islamic Liquidity Management Corporation, the Islamic Development Bank, the Islamic Financial Services Board (IFSB), and the World Bank Group.

On the sidelines of GFIEF, IFSB facilitated the 22nd Islamic Financial Stability Forum with the theme “Stability and Resilience of the Islamic Financial Services Industry in an Evolving Risk Environment,” which was held on 27 May 2024 at the same venue.

This annual event featured two panel sessions, where experts delved into the latest updates and growth trends in the global and regional Islamic finance sectors. Assistant Governor Ala joined the first session as panel speaker, along with senior representatives from Bank Negara Malaysia and Moody’s Ratings, to explore “Growth and Development Trends in the Islamic Financial Services Industry."

Assistant Governor Ala, together with Atty. Normina Datudacula, Manager, Islamic Banking Supervision Group of the BSP, also met with Ambassador Maria Angela A. Ponce and Vice Consul Vanessa Orbigo at the Embassy to engage in productive discussion regarding the promotion and enhancement of Islamic banking and finance in the Philippines.

Ambassador Ponce underscored the increasing significance of Islamic Banking and Finance in the country and expressed her support for BSP’s initiative and future projects in this priority area. -END

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