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Enhancing financing opportunities: DTI launches halal financing scheme to support MSMEs and startups

The Department of Trade and Industry (DTI) is set to introduce a halal financing program aimed at meeting the capital needs of micro, small, and medium enterprises (MSMEs) as well as startups operating in halal-related industries.

Aleem Guiapal, the project manager overseeing the Halal Industry Development at DTI, explained that this initiative aligns with the Philippines’ participation in the inaugural World Islamic Entrepreneurship Summit 2023, scheduled for September 6-9 in Indonesia.

Guiapal emphasized that the DTI’s primary focus is to enhance access to halal financing options for MSMEs and startups.

Although he did not delve into specifics, Guiapal indicated that the department intends to encourage both foreign Islamic banks and local commercial banks to explore the possibility of establishing an Islamic window or establishing a distinct Islamic bank, thereby expanding the availability of halal financing within the country.

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