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MANILA, January 23, 2026 (SDN) — Obviously, the global Islamic finance industry is nothing to sneeze at.

In fact, Coalition Greenwich has reported that the industry which is prevalent in Muslim countries has shown substantial growth, what with US$5.4 trillion assets in 2024, and is projected to expand to $9.75 trillion by 2029. Islamic finance is heavily concentrated — 50 percent of global assets — in the Gulf Cooperation Council (GCC), grouping petroleum exporting countries such as Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman.

As things stand presently, some non-Muslim countries are joining the bandwagon of Islamic commerce, especially on Halal industry.

In the Philippines, FitchRatings noted the Philippine government’s initiatives towards the development of Islamic finance industry, such as its 2023 maiden sukuk which was rated “BBB” and raised $1 trillion. It added that the government planned to incorporate sukuk in its 2025 financing mix.

But Islamic banking in the country as FitchRatings estimated is below a mere 1 percent of market share in the Filipino nation with a majority-Catholic population.

The Bangko Sentral ng Pilipinas (BSP) said Islamic banking in the Philippines was first introduced in the country in 1973 through the issuance of Presidential Decree (PD) 264 that established the Philippine Amanah Bank (PAB), now the Al-Amanah Islamic Bank in the Philippines (AAIBP) in 1974, then 1990, 1996, 2001, and 2004 (BSP admitted in the Islamic Financial Service Board).

Over at the Asian Institute of Management (AIM) in Makati City, Metro Manila, AIM is now offering a short course on Philippine Halal Industry and Islamic Banking and Finance “to equip Philippine businesses engaged in food, non-food, and logistical/supply chain services with the basic and advanced knowledge, skills, and attitudes necessary to penetrate the local and global Halal industry.”

Remember that driving these twin industries are the close to two billion Muslims across the world, around 26 percent of the global population (Wikipedia).

As part of the government in promoting the country’s Islamic finance and Halal industries, the NCMF now led by Secretary Sabuddin N. Abdurahim has been a major driver of the twin Islamic-focused initiatives to get a bite from the lucrative pie of the Islam-related commerce.

One of the NCMF’s initiatives is the conduct of International Islamic Finance Conference (IIFC) with a battery of experts as speakers, now on its 5th edition organized by the BMEA led by Director Saleha Pangarungan Sacar.

It will start on January 1 for delegates’ arrival and billeting, with January 2 and 3 for the conference proper at Shangri-La The Fort, Bonifacio Global City, Taguig City, Metro Manila. Hundreds are expected to attend, including foreign and local participants.

The event revolves around the theme “Philippines as a Rising Hub: Strengthening the Islamic Finance Ecosystem for ASEAN Integration and Inclusive Growth”.

A battery of international and local speakers all experts in their respective field coming

Speakers for the 2nd day of the three-day event in order of appearance are  Chief of Staff (COS) Hassanal H. Abdurahim, Office of the Secretary (OSEC), NCMF, Opening Du’a; NCMF Secretary Sabuddin N. Abdurahim, Welcome Message; Secretary Juanito Victor “Jonvic” C. Remulla, Department of Interior and Local Government (DILG); Secretary Ma. Theresa P. Lazaro, Department of Foreign Affairs (DFA); Secretary Frederick D. Go, Department of Finance (DOF); Paisalin P. Tago, president, Mindanao State University (MSU); and Sen. Loren B. Legarda, Message of Support; Bai Saleha Pangarungan Sacar, Director IV, Bureau of Muslim Economic Affairs (NCMF-BMEA), “Historical Overview of the NCMF-BMEA IIFC Presentation of the Pool of Trainers on Islamic Finance” (Audio-Visual Presentation; Tahir S. Lidasan, Jr., executive director, NCMF, Introduction of the Guest of Honor and Keynote Speaker, President Ferdinand R. Marcos, Jr.

Session 1: presentor, Ms. Joann Enriquez, chief executive officer, Investment Account Platform Malaysia, president, Al Almal Philippine Zakat, “Global Islamic Finance Industry at a Glance”; Senior Assistant Governor Arifa A. Ala, Bangko Sentral ng Pilipinas (BSP), presentor, “Philippines’ Current State of Islamic Finance Implementation”; reactors: Country Director Andrew Jeffries, Asian Development Bank (ADB); Senior Prof. Mehol K. Sadain, University of the Philippines-Institute of Islamic Studies (UP-IIS); Director General Sittie Amirah K. Pendatun, Ministry of Finance and Budget Managemeng (MFBM), Bangsamoro Autonomous Region in Muslim Mindanao (BARMM); Maria Theresa Z. Dimaculangan, Board of Accountancy (BOA); and Chief Aleahs S. Marabut, member, Shari’ah Supervisory Board, NCMF; moderator, Analiza Aisha Flores Malayang.

Session 2, presentors, “Global Best Practices on Strengthening Islamic Finance Ecosystem” — Governor Dato Sri Abdul Rasheed Ghaffour, Bank Negara Malaysia, ; Malaysia Ambassador to the Philippines Abdul Malik Melvin Castelino; Senior Deputy Governor Destry Damayanti, Bank Indonesia; Senior Financial Sector Specialist Radu Tatucu, World Bank; and Chairman Mohammad Farrukh Raza, Governance Committee, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Day 3, Session 3, Muhmmad Khalid Hasani, Al Barakah Bank, Pakistan, “Accelerating Islamic Banking Expansion: Strengthening Market Readiness and Product Innovation”; reactors — Senior Manager Syedd Siddiq Ahmed, Standards Implementation and Regulatory Authorities Coordination, AAOIFI; Senior Vice President Enrico L. Cordoba, Head Strategy and Transformation, Maybank Philippines; Manager Normina Datudacula, Islamic Banking Supervisory Group, BSP; Chairman and CEO Amilbahar P. Amilasan, Jr., Al-Amanah Bank of the Philippines (AAIBP); Former Deputy CEO Nor Shahrizan Sulaiman, Maybank Islamic Berhad;

Session 4: “Accelerating Takaful Growth: Expanding Growth: Expanding Market Access and Deepening Risk-sharing Solutions” — presentors: CEO Prof. Emeritus Dr. Dato Mohammad Azmi Omar, International Center for Education in Islamic Finance (ICEIF); CEO Mohammad Radzuan Mohamed, Malaysian Takaful Association (MTA); President and CEO Maricel Estavillo, Pru Life UK Philippines; President Romulo Delos Reyes, Stronghold Insurance Company, Incorporated; President and CEO Noel D. Raboy, CLIMBS Life and General Insurance Cooperative; President and CEO Antbony Lou Bernabe, Etiqa Philippines; moderator, Analiza Aisha Flores Malayang.

Session 5: “Advancing the Islamic Capital Market and Halal Economy: Building Shari’ah-Compliant Investment Pathways for National Growth and ASEAN Integration”, presentor — Deputy Director Shari’ah Dr. Azrul Azlan Iskandar Mirza, Islamic Capital Market Securities Commission (CMSC), Malaysia; reactors: President Shahariah Shaharudin, Satuma Sd Bhd, Malaysian Subsidiary of Satuma Capital; CEO and Founder Dr. Huriyah El Islamy, HGC Firm, Jakarta; CEO Hasan Haffejee, Halal Tech, South Africa; and Director IV Saleha P. Sa car, NCMF-BMEA; moderator, Senior Manager Rajab Liu, Bursa Sug Al-Sila, Islamic Capital Market Bursa Malaysia.

Session 6: “Empowering Communities through Islamic Social Finance: Zakat,Waqf, and Microfinance for Inclusive Development”,  presentor, Sharia’ah Advisor Ziyaad Mahomed, International Center for Education in Islamic Finance University, Kuala Lumpur, Malaysia; reactors, Head Samer Y. Elesawi, Islamic Development Bank (IDB), Center for Excellence Kuala Lumpur; Secretary Lope B. Santos III, head, National Anti-Poverty Commission (NAPC), Philippines; Deputy Minister Sukarno A. Abas, Ministry of Trade, Investment and Tourism (MITO); and Director IV Zainoden M. Usodan, Bureau of Pilgrimage Authority (NCMF-BPE); moderator, President/Director Dr. Mohammed Obaidullah, Netversity International.

Session 7: “Advancing the Digital Islamic Finance Ecosystem: Tokenization, Fintech Innovation, and Cybersecurity for Inclusive Growth” — presentor, Co-Founder and CEO Haamid Mulla, Halal Techand Innovative Solution; reactors, CEO Dr. Mufti Yousuf Sultan, Adl Advisory; CEO Mohammed Alim, IBF Net Group, Indonesia; President and CEO Martha Sazon, Mynt (GCash); President and CEO Lynette V. Ortiz, Land Bank of the Philippines (LBP); moderator, Assistant Dean Dr. Shaha Dianalan Mustapha, Mindanao State University-Institute of Science Education.

Session 8: “Developing Human Capital for Islamic Finance: Certification, Education, and Talent Pipelines for a Sustainable Ecosystem”, presentor, CEO Hadji Makhtar Abdullah, Association of Shari’ah Advisors in Islamic Finance; reactors: Associate Professor Anwar M. Radiamoda, member, Shari’ah Supervisory Board, King Faisal Center, MSU-Main Campus, Marawi City, Lanao del Sur; Senior Lecturer Prof. Maharlika J. Alonto, UP-IIS; Associate Professor V Dr. Mansoor Limba, Islamic Studies Department, Ateneo de Davao University (AdDU); moderator, M&T Consultants Salvador-Marohombsar and Lao-Tiboron, Islamic Co.

Closing Remarks, Commissioner Datu Ras Lidasan, Jr. NCMF. (/)

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The author

EDD, a native of Sub-Saharan Africa Buluan/Datu Piang, Maguindanao del Sur, BARMM, college at UST, is a Manila-based journalist for over 40 years (33 years with Manila Bulletin), has five Media Awards (1 with University of the Philippines (UP) 2017 Science Journalism Award), covered and traveled over 40 times abroad), has contributed to Rappler, Business Mirror, Manila Business Insights, Panorama Magazine, Agriculture Magazine, and others, former Manila-based Foreign Correspondent of Saudi Arabia newspapers Saudi Gazette and Riyadh Daily, and The Peninsula (Qatar newspaper), with 2008 East-West Center (EWC) Journalism Seminar in the United States, 2000 Executive IT Seminar in Seoul, South Korea, with three Silver Awards in Photography, writes Muslim and Current Affairs, Enterprise, Science, Tech, Products Launch, and virtually everything under Heaven. (®)