Bangko Sentral ng Pilipinas (BSP) senior assistant governor Arifa Ala was honored with the “Woman Influencer in Financial Services Industry” award by the World Financial Innovation Series (WFIS) on Sept. 24, 2025, for her leadership in promoting Islamic banking in the Philippines.
Ala, who serves as the BSP’s lead advocate for Islamic Banking, was recognized for driving transformative change and positioning Islamic banking and finance as a viable pillar for inclusive growth within the Philippine financial sector.
The award affirms the BSP’s commitment to “create space for Islamic banking to thrive alongside conventional finance so that every Filipino, regardless of faith, could access fair and meaningful opportunities responsive to their needs,” said Ala.
Ala dedicated the award to women and shared the honor with her BSP colleagues, government partners and the financial industry.
Ala reaffirmed her commitment to growing Islamic banking and finance as a force for inclusion, equity and sustainable development.
She played a major role in the enactment of the Islamic Banking Law in 2019 and its prompt implementation by the BSP.
She also championed a whole-of-government approach to develop the Islamic finance ecosystem through the Islamic Finance Coordination Forum.
The coordination has led to the licensing of two new Islamic banks and four Islamic insurance (takaful) operators.
