The Bangko Sentral ng Pilipinas (BSP), through the Islamic Finance Coordination Forum (IFCF), hosted the “Stakeholders’ Forum on Domestic Sukuk Issuance” to expand access to financing for Muslim-owned enterprises by promoting Sukuk, or Islamic bonds.
Held at the BSP head office, the event brought together key financial regulators and global Islamic finance leaders to advance the development of a Shari’ah-compliant capital market in the Philippines. The International Islamic Liquidity Management Corp. (IILM), represented by CEO Mohamad Safri Sahul Hamid, shared global insights on short-term Sukuk instruments.
Forum discussions centered on legal, regulatory, and tax frameworks critical to the domestic Sukuk market. Updates included draft guidelines from the Securities and Exchange Commission (SEC) and the Insurance Commission’s rules on Takaful Window Operations. The Bureau of Internal Revenue (BIR) also presented its Sukuk memorandum circular.
BSP monetary board member Rosalia V. De Leon reaffirmed the central bank’s commitment to Islamic finance as part of its financial inclusion goals. She highlighted increased interest following the government’s US$1 billion maiden Sukuk issuance in December 2023. Fellow monetary board member Romeo L. Bernardo emphasized collaboration and innovation to build a “dynamic and inclusive” Islamic finance ecosystem.
“Sukuk issuances will spur the further growth of a diversified financial market in the Philippines,” added BSP assistant governor and IFCF chairperson Arifa A. Ala.
Over 100 stakeholders from financial institutions, regulators, and advisory bodies attended the event. A domestic Sukuk market is seen as a key step toward improving financing options for Muslim-owned businesses and promoting inclusive economic growth.
