𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐢𝐧 𝐁𝐀𝐑𝐌𝐌: 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬, 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬, 𝐚𝐧𝐝 𝐏𝐚𝐭𝐡𝐬 𝐅𝐨𝐫𝐰𝐚𝐫𝐝

The UP Center for Integrative and Development Studies, through the program EMIT C4C Partnerships Center for Inclusiveness & Competitiveness and with support from the Peace and Equity Foundation, presented the results of its action research on Islamic Finance in the Bangsamoro region in an event held today in the city. Attended by representatives from social enterprises, the BARMM government, the academe, and civil society, the presentation highlighted the current landscape of Islamic finance, CARD MRI’s Paglambo project (Shariah-inspired financing program), and the Bangsamoro government’s efforts to further advance this financing mechanism in the region. Islamic Social Finance expert Rini Supri Hartanti from Indonesia also shared the model used by Ramon Magsaysay Awardee Dompet Dhuafa, along with other best practices in Islamic finance implementation from Indonesia.

Nassef Manabilang Adiong, Ph.D., Director of the Bangsamoro Parliament’s Policy Research and Legal Service, provided updates on Islamic finance efforts of the BARMM government and the resolutions and bills being filed in parliament. During the open discussion, Dr. Balaoing-Pelkmans and Dr. Adiong were joined by Farrell Hazsan Usman, Chief Financial Management Specialist of the Ministry of Finance and Budget Management of BARMM, in answering queries from participants including how Islamic finance could be implemented in areas where there are Muslims, Lumads, and Christians, how digital finance could be tapped to provide Islamic finance, and how the current models on Islamic microfinance can be scaled up.