Roadmap to boost Islamic Financing

RECOGNIZING the huge economic opportunities of Islamic financing, the Peace and Equity Foundation (PEF) in partnership with Al Qalam Institute, Cordaid and World Bank (WB) Philippines, is gearing up for drafting of the 21-year roadmap to attain compliance to Sharia’h-based financing industry.

Islamic Financing is touted as a growing “$2 trillion” global industry.

The roadmap will be patterned from the Southeast Asian countries like Indonesia, one of the leading countries in adopting Islamic Finance in the global scale. It will be divided into three stages with seven years each of realization.

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Ricardo Torres, PEF’s Partnerships and Program manager, in a press conference Wednesday, told reporters this 21-year journey will commence next year.

Torres was in Davao City for the three-day Sharia’h conference dubbed as “Islamic Financing in the Philippines: A Step towards the First Seven years,” at the Ritz Hotel and Garden Oases, “The first seven years will be the first step and we intend to implement it starting 2016. After this Sahria’ah conference which will be attended by some 200 stakeholders we intend to craft fully the whole roadmap,” Torres said.

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He added that initially the first phase of the program will be focusing on information drive, increasing the public awareness and capacity building of stakeholders on Islamic Financing in the country.

 

“We really have to invest on people because not all are comprehensively aware, we also have to build institutions and leaders, among others. We aim that by 2020 we will address the scarcity of experts on Islamic banking,” he added.

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