Inaugural Cohort of Internationally Certified Filipino Islamic Finance Professionals Honored at Historic Asian Development Bank-Philippine Government Ceremony
On 19 July 2024, the Asian Development Bank (ADB) and the Government of the Philippines convened a historic ceremony at ADB Headquarters for the inaugural cohort of 138 Filipinos who earned internationally recognized qualifications in Islamic finance from the Islamic Banking and Finance Institute Malaysia (IBFIM). All graduates—representing financial, regulatory, policymaking and Islamic institutions across the Philippines—have successfully completed the Associate Qualification in Islamic Finance (AQIF). Additionally, seven AQIF holders advanced to earn the Intermediate Qualification in Islamic Finance (IQIF).
H.E. Dato' Abdul Malik Melvin Castelino Anthony, Ambassador of Malaysia to the Philippines, congratulated the graduates and spoke about their importance in developing the Islamic finance sector: “This is a very important event as we bring together all the important stakeholders and movers in the Islamic finance industry in the Philippines. I think today not only drives the industry in the Philippines, but also is seen as stepping stone for Philippines [and] of course Malaysia to continue to drive the Islamic finance center in [the Association of Southeast Asian Nations]… [As] I see all the graduates today… it gives me a sense of confidence and joy to congratulate you and to see you as the future developers of the Islamic finance sector in the Philippines.”
During the ceremony, Ambassador Castelino, Mr. Yusry Yusoff (Chief Executive Officer of IBFIM), and heads of agencies of Philippine institutions conferred the AQIF and IQIF upon the graduates.
In attendance from the Bangko Sentral ng Pilipinas (BSP) were Monetary Board Members Romeo L. Bernardo and Rosalia V. De Leon, Deputy Governors Chuchi G. Fonacier and Bernadette Fatima Romulo-Puyat, and Assistant Governor Arifa A. Ala.
Likewise present were Philippine Deputy Treasurer Ma. Nanette C. Diaz, Bangsamoro Autonomous Region in Muslim Mindanao Senior Minister Abunawas “Von Al-Haq” Maslamama and Commissioner Michael M. Mamukid of the National Commission on Muslim Filipinos.
Also at the ceremony were President and CEO Roberto B. Tan and Vice President Elaine Bonifacio-Deticio of the Philippine Deposit Insurance Corporation, Commissioner McJill Bryant T. Fernandez of the Securities and Exchange Commission, Auditing and Assurance Standards Council Chair Sharon Dayoan, and Insurance Deputy Commissioner Jayson P. Lopez. Representatives of the Department of Trade and Industry, Bureau of Internal Revenue, and Financial and Sustainability Reporting Standards Council likewise attended.
ADB is helping the government strengthen Islamic finance in the country through its Islamic Finance for the Philippines Technical Assistance (TA), implemented under the Office of the General Counsel’s Law and Policy Reform Program. This TA supported the enactment of Republic Act No. 11439, the Philippines' Islamic banking law, the issuance of various policies and regulations, and the organization of capacity-building initiatives.
Mr. Asghar Ali Syed, Co-Team Leader of the TA, spoke about the successes of the program, highlighting the importance of capacity building and ADB’s partnership with BSP: “When we started [the Islamic Finance for the Philippines TA]… we were looking at training up BSP and BSP would become the leaders [and] train the trainers... we had a list of 40 people [whom] we wanted to train. And you’d be surprised and I’m sure very pleased to know that the number today is actually 1,450. So, it just shows that with this wonderful partnership that we’ve had, we’ve gone beyond what we ever imagined this TA would be.”
Establishing a pool of internationally certified Islamic finance professionals is a culmination of longstanding capacity-building initiatives and is a key step in building a robust Islamic finance ecosystem in the Philippines that is compliant with both Shari’ah principles and the highest regulatory standards. In his opening remarks, Pavit Ramachandran, Country Director of ADB’s Philippines Country Office, highlighted the foundational role of the graduates in creating a thriving Islamic finance industry in the Philippines: “When ADB embarked on its Islamic Finance for the Philippines Technical Assistance project in 2017, the landscape looked vastly different… there was a critical lack of qualified human capital to propel this sector forward. Fast forward to today, and the transformation is remarkable… we have a pool of talented individuals like yourselves—equipped with the knowledge and expertise acquired through the AQIF and IQIF programs—who are ready to take Islamic finance in the Philippines to new heights.”
BSP Monetary Board Member Romeo Bernardo spoke about the benefits of Islamic finance, notably in BARMM, and the role of certified Islamic finance professionals: “The BARMM with all its great potentials has long been underserved by conventional financial systems. With the advent of peace in the region, BARMM has made significant strides in reducing poverty and fostering economic growth… Islamic finance is anticipated to play a crucial role in providing the necessary support to harness… opportunities complementing and accelerating the region’s development and ensuring that benefits of growth are widely shared and [are] sustainable over the long term… Central to this effort is the capacity building of officials and professionals nationwide... The IBFIM certifications in AQIF and IQIF are exemplary models of capacity development… that can nurture and advance our knowledge on Islamic finance.”
ADB remains committed to helping the government transform the Philippines into a hub for Islamic finance. An upcoming ADB-BSP roadshow to Indonesia and Malaysia on the weeks of 16 and 23 September, respectively, aims to promote the Philippines as an investment destination for foreign Islamic capital and market players.
Ms. Maria Cecilia T. Sicangco, Co-Team Leader of ADB’s Islamic Finance for the Philippines TA, closed the ceremony on a positive, forward-looking note: “The Philippines is now well-positioned to become a significant player in the Islamic finance landscape, and your expertise, graduates, is a cornerstone in this exciting journey. Together, let's leverage this momentum to propel the Philippines to the forefront of the global Islamic finance landscape.”