Financial sector reforms were initiated in India a decade ago with a view to improving efficiency in the process of financial intermediation, enhancing the effectiveness in the conduct of monetary policy and creating conditions for integration of the domestic financial sector with the global system. The first phase of reforms was guided by the recommendations of Narasimham Committee I.
I wish to thank the National Commission on Muslim Filipinos and the Department of Foreign Affairs for giving the BSP this opportunity to talk about the role of Islamic banking in promoting financial inclusion in the country. It is a timely and relevant topic that we are only happy to discuss in a forum like this.