Central Bank Hosts IFTAR to Boost Islamic Finance Goals

BSP HOSTS IFTAR TO BOOST ISLAMIC FINANCE PUSH

The Bangko Sentral ng Pilipinas hosted its second annual Iftar gathering at its Manila headquarters this month, bringing together regulators, diplomats, and Muslim community leaders in a show of commitment to expanding Islamic banking and finance across the Philippines.

The March 10 event drew representatives from the Islamic Finance Coordination Forum (IFCF), the Bangsamoro Government, the National Commission on Muslim Filipinos, Shari’ah supervisory bodies, Islamic banking and takaful institutions, national agencies, and the diplomatic corps.

Iftar, the communal meal taken at sunset to break the daily fast during Ramadhan, served as the backdrop for renewed pledges to deepen cooperation on Shari’ah-compliant financial services — a sector the central bank has been actively cultivating since the passage of landmark legislation enabling Islamic banking in the Philippines.

The IFCF, which coordinates government efforts on Islamic finance, has notched a series of milestones in recent years, including regulatory framework issuances, sukuk — or Islamic bond — guidelines, and the licensing of Islamic banking and takaful players. The forum has also conducted roadshows domestically and abroad to promote the sector.

BSP Deputy Governor Lyn I. Javier said the central bank’s ambition goes beyond mere coexistence of Islamic and conventional banking. “Our goal is not simply for Islamic finance to exist alongside conventional banking, but for it to flourish as an integral and mutually reinforcing part of our financial ecosystem,” she said.

Senior Assistant Governor Arifa A. Ala, who chairs the IFCF, said the gathering underscored the need for a financial system responsive to cultural and religious values. “A truly inclusive financial system must also respond to the traditions, values, and needs of the communities we serve,” she said.

The BSP began hosting the annual Iftar in 2025 as part of its broader drive toward financial inclusion for Muslim Filipinos, who have historically had limited access to banking services aligned with their faith.