The Department of Trade and Industry (DTI) will push for a zero interest halal financing and will encourage the establishment of separate Islamic banks and the opening of special lending window for halal.
Aleem Siddiqui Guiapal, DTI Halal Industry Development program manager, said the agency prioritizes the availability of halal financing for small and medium enterprises (SMEs) and startups.
“We will help promote the opportunities to register foreign Islamic banks and for local commercial banks to open an Islamic window or (set up) separate Islamic banks,” Guiapal said.
Guiapal said the DTI has invited SMEs and entrepreneurs to participate at the World Islamic Entrepreneur Summit 2023 in Sumatra, Indonesia on September 6 to 9, to give them exposure to the global halal market.
There, he said, the Philippines will showcase its modest fashion using textiles produced in Mindanao.
“Our goal is to align to the global platform and contribute to the country’s target of being a preferred halal investment (destination),” Guiapal said.
The Philippines, he said, will capacitate halal standardization and strengthen cooperation with global players such as Indonesia, United Arab Emirates and Malaysia to advance the halal industry.
It will also establish a one-stop registration for halal companies.
