BARMM Chief Minister Ahod Ebrahim leads the unveiling of Islamic Finance Roadmap during its official launching ceremony on Dec. 2, 2024. (Faisal Camsa, Jr./BIO)
COTABATO CITY —In a bid to boost the region’s socioeconomic and financial framework, the Bangsamoro Government officially launched the Islamic Finance Roadmap on Dec. 2, 2024, here at the Bangsamoro Government Center, in this city.
The Ministry of Finance, Budget, and Management (MFBM) spearheaded the launching of the Islamic Finance Roadmap which is structured into five chapters that outline the development of an integrated halal economy, focusing on strategies, enabling mechanisms, and operational plans to ensure seamless execution.
BARMM Chief Minister Ahod Ebrahim underscored that this roadmap invigorates the commitment of the Bangsamoro Government to lead the promotion and development of Islamic finance as a key driver of economic growth.
“This comes in the most timely manner when Islamic finance is starting to get traction in the Philippines as a viable alternative to interest-based conventional financial systems,” Ebrahim said.
He emphasized that principles such as justice, equity, and transparency distinguish Islamic finance, which prohibits practices like riba (interest), gharar (uncertainty), and maysir (gambling), while ensuring compliance with Shariah law.
MFBM Minister Atty. Ubaida Pacasem believed that by developing and establishing an Islamic financial system that aligns with Bangsamoro’s needs, values, and identity, can address and overcome these gaps and empower the communities.
“Guided by the principles of Moral Governance, this roadmap is our comprehensive blueprint to develop a functional and operational Islamic finance system in BARMM by 2028. It holds immense potential to address the unique financial and economic challenges of our region,” he said.
Meanwhile, several sectors from the government, non-government organizations, development partners, private, business, and religious sectors including the academe signified their unwavering support for the roadmap.
Bangsamoro Mufti Abdulrauf Guialani, Chairperson of the Bangsamoro Dar’ul Ifta (BDI), emphasized the alignment of Islamic finance with Islamic values based on the Qur’an and Sunnah, stating, “Islamic values and principles are fundamental pillars for the stability and growth of the region, including financial and economic justice for society.”
World Bank Country Director Zafer Mustafaoğlu affirmed Islamic finance’s role in advancing global economic objectives.
“Islamic Finance is vital in advancing commercial financing worldwide – could grow BARMM’s economic objectives and targets,” said Mustafaoğlu.
Meanwhile, JICA Project Formulation Advisor for BARMM Mr. Kohei Hori stated, “It could enhance financial inclusion, and finance supremacy, and strengthen the economy here in BARMM.”
Key stakeholders, including BSP-Cotabato Area Branch Director Zarina Aligsao and Al-Amanah Islamic Investment Bank CEO Amilbahar Amilhasan Jr., expressed their full support for the roadmap, which envisions a functional Islamic finance system by 2028 that will provide Shari’ah-compliant services and foster inclusive, ethical banking in the Bangsamoro region.
Mohammad Yacob, Chairman of the Islamic Finance Technical Working Group and Minister of the Ministry of Agriculture, Fisheries, and Agrarian Reform, noted the roadmap’s potential to foster international collaborations and enhance initiatives aimed at reducing poverty and improving economic well-being.
The launch signals that by 2028, the Bangsamoro Government shall have a functional and operational Islamic finance system, guided by the principles of Moral Governance that will contribute to the improvement of the financial well-being of the people, offer Shari’ah-compliant services, as well as inclusive and ethical banking products. (Kasan Usop, Jr./BIO)
