THE Bangko Sentral ng Pilipinas (BSP) is working to support the Associate Qualification in Islamic Finance (AQIF) certification of 55 Islamic Finance Coordination Forum (IFCF) representatives and agencies.
The BSP said it is working with the Asian Development Bank (ADB) in these efforts. To date, 50 BSP personnel have attained the AQIF certification.
This, BSP said, is in recognition of the need for continuous capacity-building activities and attaining formal certification, such as the AQIF program of the Islamic Banking & Finance Institute Malaysia (IBFIM) Sdn Bhd.
According to IBFIM, a commercial bank, the AQIF “is designed specifically to meet industry needs and standards.”
“AQIF is developed to equip and assist working adults as well as industry practitioners in enhancing their competencies, skills and knowledge in Islamic Finance,” the IBFIM website page reads.
“These initiatives complement the whole-of-government approach in developing a stable and sustainable Islamic finance ecosystem in the country,” BSP Assistant Governor Arifa A. Ala was quoted in a statement as saying.
These kinds of efforts were the reasons for IBFIM’s recent conferment of the “Outstanding Industry Collaboration Award” to the BSP.
“The award recognizes the BSP’s calibrated efforts and strong commitment to enhancing the competencies of BSP personnel and IFCF members on Islamic banking and finance,” Ala said.
The IFCF is composed of the BSP, the ADB, the Department of Trade and Industry, the Securities and Exchange Commission, the Insurance Commission, the National Commission on Muslim Filipinos and the Bureau of Internal Revenue.
The forum also includes the following: Bureau of the Treasury; Philippine Deposit Insurance Corp.; Bangsamoro Autonomous Region in Muslim Mindanao; Philippine Financial Reporting Standards Council; and, Auditing and Assurance Standards Council.
The IBFIM is referred to as “an industry-driven learning institution specializing in technical certifications that serve the needs of the Islamic finance industry.”
Its key programs are developed based on a qualifications framework and are accredited by the Finance Accreditation Agency, an organization in Malaysia that certifies international financial training courses, the statement from the BSP read.
Image credits: Patrick Roque via Wikimedia Commons CC BY-SA 4.0
