Manila: Philippine financial regulators and market institutions have committed to aligning governance standards and market rules to integrate Islamic finance more deeply into the country's financial system, following the conclusion of the 5th International Islamic Finance Conference (IIFC).

According to Philippines News Agency, the National Commission on Muslim Filipinos (NCMF) announced that the two-day forum concluded with the signing of a joint declaration. This agreement aims to strengthen the Philippine Islamic finance ecosystem and expand access to ethical financial products for both Muslim and non-Muslim Filipinos.

NCMF Secretary Sabuddin Abdurahim emphasized the shared responsibility of regulators and policymakers to ensure Islamic finance adheres to its ethical foundations while meeting high standards of prudential regulation, risk management, and governance.

Finance Secretary Frederick Go highlighted the Philippines' role as ASEAN chair, presenting an opportunity to position Islamic finance as a driver of broader market participation. He noted that regulatory reforms have already enabled new products and providers, mentioning that takaful licensing has introduced ethical insurance options accessible to all Filipinos.

Bangko Sentral ng Pilipinas Senior Assistant Governor Arifa Ala stated that inter-agency coordination has accelerated sector growth and institutional acceptance. Ala pointed out that the results are evident, with the increase from a single Islamic bank before 2019 to the establishment of two more Islamic banks and multiple takaful operators, restoring choice and belonging within the financial system.

The conference, which gathered about 300 local and international participants from various sectors, was cited by organizers as part of preparations for deeper ASEAN cooperation on inclusive growth.