COTABATO CITY – The Technical Working Group for Islamic Finance (TWG-IF) of the Bangsamoro Government spearheaded a 4-day workshop for the establishment of Islamic Finance System (IFS) in the region.
The workshop aimed to work out the conceptual foundations and strategies for the establishment of a credible, viable, and sustainable IFS. Held in Davao City from March 27-30, the activity was attended by several representatives from BARMM ministries, local government units, and private sector.
Created by the Office of the Chief Minister (OCM) and supported by the Ministry of Finance, and Budget and Management (MFBM), TWG-IF serves as the main instrumentality of the regional government for the comprehensive promotion and development of Islamic Finance and Halal economic ecosystems as component drivers of socio-economic development in the region.
Highlighted in the activity were six (6) conceptual frameworks which included Situational Analysis, Defining Goals or Long-term Outcome, Identifying Preconditions or Outcomes, Identifying Interventions per Outcome, Articulating Assumptions, and Establishing Timeline & Plan Resources.
“Our mutual passion and energy for the establishment of Islamic Financial System in the Bangsamoro region will certainly allow us to achieve our objectives and will eventually lead us to see the fruit of our initiative, which will help us grow economically and to become a more productive community,” said Agriculture Minister Dr. Mohammad Yacob, who acts as chairman of the TWG-IF.
MFBM Minister Atty. Ubaidah Pacasem is the vice-chair of the TWG-IF, while the members include BARMM Assistant Cabinet Secretary Atty. Anna Tarhata Basman, Regional Treasurer Ustadz Said Salendab of the MFBM-Bangsamoro Treasury Office, Director Marian Daud of the OCM – Finance, Budget and Management Office (FMS), Minister Dr. Hamid Aminoddin Barra of the Ministry of Human Settlements and Development (MHSD), Executive Director Mufti Abu Huraira Udasan of the Bangsamoro Darul Ifta (BDI), Chairman Atty. Ishak Mastura of the Regional Bangsamoro Board of Investments (BBOI), Director-General Rosslaini Alonto-Sinarimbo of the Ministry of Trade, Investments and Toursim (MTIT), Director-General Ustatdz Esmail Ebrahim of the MHSD, and Director-General Mohajirin Ali of the Bangsamoro Planning and Development Authority (BPDA).
Chief Minister Ahod Ebrahim commended the TWG-IF leadership for their utmost efforts in facilitating the future establishment of IFS in the region and for the untiring collaborative efforts of the different participants in the workshop.
“Through your efforts, the roadmap for Islamic Finance in the BARMM is taking shape and your active and generous contributions during the workshop take us closer to our goal of setting up a viable, sustainable and future ready Islamic Finance System for the BARMM,” Ebrahim said.
“It is an essential component driver for the development of broader Halal ecosystem with emphasis on ethical and justice based transactions goes into the heart and soul of the very social change we have fought for and are continuing to fight for today in the Bangsamoro,” he added.
The Chief Minister further added that the realization of IFS “is part and parcel of our struggle to chart a better future for our people especially the poor and those needing the most help.” (Kasan M. Usop, Jr./BIO)
