03/12/2025
2025 ISLAMIC FINANCE COORDINATION FORUM (IFCF) MEETING
The National Commission on Muslim Filipinos (NCMF), led by Secretary Hon. Sabuddin N. Abdurahim and represented through the Bureau of Muslim Economic Affairs (BMEA) under Director Saleha P. Sacar, JD, DPA, participated in the 2025 Islamic Finance Coordination Forum (IFCF) meeting held virtually via Zoom on 27 November 2025.
The IFCF Philippines is a government-led body chaired by the Bangko Sentral ng Pilipinas (BSP), composed of various national government agencies including the Bureau of the Treasury, Insurance Commission, Philippine Deposit Insurance Corporation, Bureau of Internal Revenue, Securities and Exchange Commission, Department of Trade and Industry, National Commission on Muslim Filipinos, and the Bangsamoro Government, among others. The Forum serves as a platform for interagency collaboration focused on developing a supportive ecosystem for Islamic finance in the Philippines through policy formulation, regulatory harmonization, and coordinated initiatives.
Over the years, the IFCF has contributed significantly to the expansion of the Islamic finance landscape in the Philippines. Key achievements include the passage of the Islamic Banking Law in 2019, the licensing of new Islamic banks and takaful (Islamic insurance) operators, the development of the domestic sukuk market, and the establishment of the Shariβah Supervisory Board in the Bangsamoro Autonomous Region in Muslim Mindanao.
During the 2025 meeting, the IFCF proceeded with a structured agenda that opened with the call to order and the introduction of senior officials and first-time attendees. BSP Deputy Governor Lyn Javier delivered the opening remarks, emphasizing the importance of continued interagency collaboration. The body then approved the Recall Sheet from the previous meeting held on 7 July 2023, followed by a comprehensive presentation of accomplishments and ongoing initiatives from participating member agencies.
Representing the NCMF, BMEA Chief Aleah S. Marabur presented the Commissionβs accomplishments and ongoing initiatives on Islamic finance. She also conveyed the support and guidance of NCMF Secretary Sheikh Sabuddin N. Abdurahim, whose leadership continues to strengthen the agencyβs engagement in national Islamic finance development efforts. Likewise, Chief Marabur acknowledged the consistent directive and strategic support of BMEA Director Sacar in ensuring NCMFβs active participation in the IFCF and in advancing Islamic finance programs nationwide.
Chief Marabur highlighted the major milestones of the NCMFβs flagship International Islamic Finance Conference (IIFC), which for nearly a decade has driven Islamic financial awareness, economic empowerment, and international engagement for Muslim Filipinos.
Since 2015, the NCMF has successfully implemented four major IIFCs:
1st IIFC (2015): βNCMF The Way Forward: Bringing the Muslim Filipinos to ASEAN and the Muslim Worldβ β advanced regional integration and international engagement.
2nd IIFC (2016): βTrabaho Ko, Ibadah Ko: Mainstreaming Awqaf and Islamic Microfinance Towards SMEs Empowermentβ β emphasized Islamic social finance and entrepreneurship.
3rd IIFC (Part 1 in 2017; Part 2 in 2018): βPH Halal Domestic Industry: Challenges and Opportunitiesβ β focused on strengthening the Philippine halal industry.
4th IIFC: βStrengthening Islamic Banking and Finance in the Philippines: Towards a Global Halal Economyβ β reinforced efforts toward a robust Islamic finance ecosystem.
Looking ahead, Chief Marabur also noted the upcoming 5th IIFC in 2026, envisioned to provide broader platforms for innovation, deeper regional cooperation, and greater global engagement. The key initiatives on Islamic Finance includes the following:
A. Launch of the NCMF Ihsan Microcredit Program (NIMP)
- Launched on 26 February 2023 at UP Diliman, this interest-free lending scheme supports indigent families in starting micro and small businesses.
B. Integration of Islamic Finance in the Shariβah Training Seminar
- In partnership with the Supreme Court, the BMCA fully integrated Islamic finance into the nationwide Shariβah Training Seminar to ensure standardized and updated Islamic finance education.
C. Islamic Finance Awareness Programs in All Regions
- All 11 NCMF Regional Offices conducted extensive awareness campaigns, reaching hundreds of stakeholders nationwide.
D. Capacity Building through BSP-ADB and MTCP
- Numerous officials underwent specialized Islamic finance training, including eight who completed the AQIF Training in Malaysia and online.
E. Strengthened Collaboration through MOA/MOU Partnerships
- The NCMF continues to build partnerships with both local and international institutions to expand Islamic finance programs.
F. Upcoming Islamic Banking and Finance Forum (15 December 2025)
- In partnership with Maybank, the NCMF will host another landmark forum to deepen public engagement and strengthen industry collaboration.
The meeting also addressed the reconstitution of IFCF membership and representatives, proposed guidelines for regular meetings starting 2026, the creation of an IFCF microsite, and other administrative matters.
The session concluded with closing remarks from BSP Senior Assistant Governor Atty. Arifa Alauya-Ala, who underscored the importance of continued interagency cooperation in promoting a robust and inclusive Islamic finance ecosystem in the Philippines.