ADB Islamic Finance Capacity Building Virtual Launch

Philippines’ Secretary of Finance and ADB Governor Carlos G. Dominguez on 6 August thanked the Asian Development Bank (ADB) for supporting the Government's initiatives to develop the Islamic financing industry in the Philippines. He noted ADB’s Islamic Finance for the Philippines TA, under OGC's Law and Policy Reform (LPR) Program, is helping to widen the road to peace, inclusive growth and prosperity in the southern province of Mindanao. The LPR Program supported the event, as well as Republic Act No. 11439 (An Act Providing for the Regulation and Organization of Islamic Banks), which enables local and foreign banks to establish full-fledged Islamic banks and designated Islamic banking units in the Philippines. The Development Bank of the Philippines President, Emmanuel Herbosa, Al-Amanah Bank Chairman and CEO, Alex Bangcola, various experts from Europe and the Middle East, AED Paul Dominguez, and CSD Advisor Asghar Syed attended the event.