Philippines central bank in broad Islamic finance push

Friday, September 27, 2013

MANILA/SYDNEY (Reuters) – In what could be one of the most ambitious efforts to facilitate Islamic finance in a non-Muslim country, the Philippines’ central bank is pushing several initiatives to develop the sector and encourage financial inclusion of the Muslim minority.

The effort follows a landmark peace deal signed in October last year which sought to end a 40-year conflict with Muslim separatists that has killed 120,000 people, displaced two million and stunted growth.

“There is renewed interest in this and the key drivers are the peace initiative in Mindanao as well as broad initiative of the BSP to create a more inclusive financial system,” Nestor Espenilla, deputy governor of the Bangko Sentral ng Pilipinas told Reuters.

Source: MSN Money (link opens in a new window)

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financial inclusion, financial products, Islamic finance