Photo from MFBM
COTABATO CITY—The Government of the Day is actively promoting Islamic financing in collaboration with the Bangsamoro Transition Authority (BTA) Parliament to address various challenges that impact the well-being of the Bangsamoro community and improve their quality of life.
Recently, key officials and experts from the Ministry of Finance, and Budget and Management (MFBM) organized an executive program on Islamic finance in Manila to discuss the significance of alternative financing options and encourage economic growth in the region while also addressing religious obligations.
The event was co-organized by World Bank Manila Office, through the auspices of the Government of Korea specifically the Seoul Center for Finance and Innovation Trust.
MFBM Minister Atty. Ubaida Pacasem stressed the relevance and importance of research, consultations, partnerships, and other Islamic Finance initiatives of the ministry.
“Islamic Finance is deeply rooted in the Bangsamoro struggle apart from it being an important tool to address the low rate of financial inclusion in the region,” he said.
Pacasem mentioned that one of the core problems affecting the overall quality of life in BARMM is the absence of an alternative financial system that conforms to the needs, identity, way of life and aspirations.
“Having a functional and operational Islamic finance system in the BARMM is key to solving this problem,” he stressed.
The Minister is hopeful that through the success of this program, the Parliament will be able to produce more bills and policies that will fast-track the development of Islamic finance in the BARMM for the benefit of the Bangsamoro.
The program served as a platform for high-level discussion and dialogues focusing on basic principles of Islamic Finance, nominate contracts of Islamic Finance, practical examples of integrating Islamic Finance in government services, legal dispute resolution mechanisms, and Islamic Finance framework of subnational governments. (Kasan Usop, Jr./BIO with reports from MFBM)