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Manila Bulletin devider Business devider Banking & Finance devider More Sukuk issuances eyed to spur growth of local financial market

More Sukuk issuances eyed to spur growth of local financial market

Published Jul 18, 2025 10:57 pm
Shari’ah-compliant bond issuances are being pushed by top stakeholders of the financial market as more offerings of such debt instruments could bolster the country’ diversified financial market, according to the Bangko Sentral ng Pilipinas (BSP)
“Sukuk issuances will spur the further growth of a diversified financial market in the Philippines,” said BSP Assistant Governor Arifa A. Ala, who chairs the central bank-led Islamic Finance Coordination Forum (IFCF), in a statement on Friday, July 18.
Sukuk are financial certificates (similar to bonds) that give investors partial ownership in Shari’ah-compliant assets, such as a specific project or investment.
This call was emphasized during the stakeholders’ forum on domestic sukuk issuance held on July 15. The BSP said the forum aimed “to promote sukuk or Islamic bonds and help Muslim-owned companies gain greater access to funding.”
Legal and regulatory frameworks, Securities and Exchange Commission’s (SEC) draft guidelines on the operations of Sukuk in the Philippines and the Insurance Commission’s (IC) guidelines for Takaful window operations were the topics during the forum.
Takaful, the Islamic alternative to conventional insurance, is a mutual system where participants contribute to a shared fund to support one another in the event of losses resulting from certain risks.
The International Islamic Liquidity Management Corp. (IILM) also shared its experience with short-term Sukuk instruments. IILM is a global institution led by central banks and financial institutions.
It “enhances” cross-border investments and financial stability by providing liquid Shari’ah-compliant instruments for Islamic finance institutions.
BSP Monetary Board Member (MBM) Romeo L. Bernardo noted that there is a “need for stronger collaboration, openness to prudential innovation, and sustained commitment to building a dynamic and inclusive Islamic finance ecosystem.”
After the government’s maiden issuance of Sukuk instruments in 2023, market interest has grown since then. An active Sukuk market provides a Shari’ah-compliant fundraising option that appeals to both Muslim and non-Muslim investors.
MBM Rosalia V. De Leon said the central bank is committed to supporting initiatives that develop Islamic banking and finance under its financial inclusion efforts.
Over 100 participants from the BSP, Bureau of Internal Revenue (BIR), Insurance Commission (IC), SEC, IILMC, and international advisory firm Islamic Finance Advisory and Assurance Services (IFAAS) joined the forum.

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Bangko Sentral ng Pilipinas (BSP) Sukuk bods Arifa A. Ala Islamic bonds
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