Central Bank of the Philippines Collaborates with AAOIFI to Encourage Islamic Banking in the Country

To promote and encourage Islamic banking in the Philippines, the Bangko Sentral ng Pilipinas (BSP) in the Philippines is working with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). To this effect, Chuchi G Fonacier, Deputy Governor of the Financial Supervision Sector at BSP and Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman at the AAOIFI Board of Trustees, signed a memorandum of understanding (MOU) during a virtual ceremony conducted as part of the 16th AAOIFI–Islamic Development Bank (IsDB) Annual Conference.

Why it Matters?

Benjamin E Diokno, Governor at BSP, said in a statement on the 15th of December 2021 that collaborating closely with AAOIFI could accelerate the growth of Islamic finance in the country. Diokno...