Manila, Feb. 5 -- Philippine financial regulators and market institutions have committed to aligning governance standards and market rules to integrate Islamic finance more deeply into the country's financial system, following the conclusion of the 5th International Islamic Finance Conference (IIFC).

In a news release on Thursday, the National Commission on Muslim Filipinos (NCMF) said the two-day forum ended with the signing of a joint declaration aimed at strengthening the Philippine Islamic finance ecosystem and expanding access to ethical financial products for both Muslim and non-Muslim Filipinos.

"As regulators and policymakers, our shared responsibility is to ensure that Islamic finance remains faithful to its ethical foundations...