COTABATO CITY—Bangsamoro Board of Investments (BBOI) announced in a press release on Dec. 7, a groundbreaking initiative in the Bangsamoro region, unveiling plans to introduce Islamic Banking Windows in collaboration with CARD Bank Inc. and Maybank Philippines Inc.
This strategic move is anticipated to fortify the region’s economic resilience and financial inclusivity whilst reflecting a shared commitment to providing ethical and Sharia-compliant financial services to the local community.
BBOI recognized the importance of fostering a robust financial ecosystem that aligns with Islamic principles and partnered with Card and Maybank to introduce dedicated Islamic Banking Windows in the Bangsamoro region.
Mohammad Pasigan, chairperson of BBOI, lauded Card Bank, Inc., and Maybank for their visionary approach to financial inclusion and ethical banking practices.
“This collaboration signifies a significant step forward in realizing the region’s economic potential and ensuring that Islamic finance becomes an integral part of the financial landscape,” Pasigan said.
He added, “The introduction of Islamic Banking windows by the Card Bank, Inc. and Maybank is poised to contribute to the sustainable growth of the Bangsamoro region, fostering economic empowerment and creating opportunities for individuals and businesses to thrive.”
CARD Bank Inc. is a microfinance-oriented rural bank established on September 1, 1997, in San Pablo City, Laguna. To date, it has 54 branches with 329 Micro Banking Offices (MBOs) located nationwide.
Whereas, Maybank Philippines Incorporated (MPI) started operation in November 1997 as a full-service commercial bank licensed by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines).
To recall, in August 2000, Maybank successfully acquired up to 99.96% of MPI to become the first foreign bank to have almost 100% ownership stake in a Philippine commercial bank under the new Philippine banking law. Maybank is recognized as the 1st bank in Malaysia.
Also, Maybank Philippines has an extensive network of 73 branches which are strategically located in key cities nationwide. There are a total of 29 branches in Metro Manila, the capital of the Philippines, and 44 branches in the provinces of Luzon, Visayas, and Mindanao.
These branches provide a wide range of financial products and services to meet the needs of the retail and business segments. MPI is also involved in treasury operations, with an emphasis on money market operations and foreign exchange trading, as well as trust services.
Scheduled for launch in 2024, the Islamic Banking Windows will offer a range of innovative financial products and services to residents and businesses alike tailored to meet the unique needs of the Bangsamoro populace and can anticipate access to a comprehensive suite of Islamic banking solutions that adhere to the principles of fairness, transparency, and social responsibility. (Kasan Usop, Jr./BIO with reports from BBOI)