The CARD Bank in Cotabato City officially operates to cater the community in the Bangsamoro region with inclusive financial services, following its inauguration on January 22, 2024. (Hamdan Badrudin/BIO)
COTABATO CITY—The local Muslim community in the Bangsamoro region can now avail themselves of inclusive financial services as CARD Bank Inc., a licensed Islamic bank, began operating on January 22 in this city.
CARD Bank, Inc. is a Microfinance Oriented Rural Bank established on September 1, 1997, in San Pablo City, Laguna, with 54 branches and 329 Micro Banking Offices (MBOs) located nationwide and serving more than 900,000 clients across the country.
Mohammad Pasigan, Chairperson of Bangsamoro Board of Investments (BBOI), highlighted the importance of financial institutions adapting to diverse needs and preferences to ensure a more inclusive and equitable financial system.
“I am commending the CARD Bank for taking the lead in promoting Islamic banking services in the region with my high optimism about the positive impact it would have on the local economy,” Pasigan said.
“As the first of its kind, CARD Bank’s Islamic Branch is poised to set a precedent for other financial institutions in embracing Islamic finance principles,” he added.
Accordingly, the establishment of this Islamic branch aims to serve the unbanked and underbanked population to strengthen the region’s economy while providing ethical Shariah-compliant financial services.
Atty. Normina Datadacula, Manager of the Islamic Banking Supervisory Group of BSP, mentioned that the event truly marks another milestone in the country’s commitment to developing the Islamic finance ecosystem.
She said since the enactment of the Islamic Banking Law, the BSP has laid down regulatory reforms to promote the growth of Islamic Banking in the Philippines, and CARD Bank has responded to the demands of the times.
“As you begin your Islamic banking journey, rest assured that the BSP will be your steadfast partner, continuously issuing and enabling regulation to expand Islamic banking and finance in the country. May this opening ceremony be an impetus for more great things to come,” Datudacula added.
Cotabato City Mayor Matabalao emphasized the initiative as a collaborative effort for economic growth in the region.
“The Islamic bank branch is very important in empowering local communities and providing them with accessible and ethical financial solutions,” Matabalao said.
CARD Bank, Inc. strictly adheres to Shariah-compliant banking principles, offering a wide range of financial products and services aligned with Islamic finance principles which includes Wadiah Deposits accounts such as Wadiah Basic Savings, Wadiah Regular Savings, and Wadiah ATM Savings, Term Investment Deposit under ‘Mudharabah’, Micro-Agri Financing and Micro-Enterprise Financing under ‘Murabahah’ or ‘Musharakah’ contract, Supplemental Commodity Financing under ‘Murabahah 2’, all in compliance with Islamic finance law.
While it is also equipped with the latest technologies to provide an efficient banking experience, the bank’s design is culturally sensitive, with an Islamic prayer room that clients may conveniently use for contemplation and worship, and clients can expect digital banking services, including the mobile banking application konek2CARD, which enables them to manage accounts and conduct transactions easily using their Android mobile phones.
Moreover, the inauguration of CARD Bank, Inc. in BARMM demonstrates not only the beginning of its new chapter but also a momentous step forward for the Philippine financial sector in embracing diversity and inclusivity in the banking system. (Kasan Usop, Jr./BIO)
