Islamic Banking can Support Rebuilding Marawi: Bangko Sentral ng Pilipinas

The rehabilitation of Marawi City in the Philippines can be supported through the establishment of Islamic financing units that have Shariah-compliant mechanisms, which would provide additional or alternative sources of funding for projects and programs, according to Arifa A. Ala, Managing Director of Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines.

In an email interview, Ala asserted that projects such as public infrastructure, business development, housing, social services and peacebuilding can be financed by Islamic financing, while Salam financing may prove important to the agricultural prospects of the wider Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), of which Marawi City is a pa...