The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) officially launched on Monday its Islamic Finance Roadmap, spearheaded by Chief Minister Ahod Balawag Ebrahim.
This initiative, Ebrahim said, marks a significant step toward establishing a functional and operational Islamic finance system guided by the principles of ethical and moral governance.
What is the Islamic Finance Roadmap?
The roadmap aims to provide the Bangsamoro government with a clear direction to develop and implement an Islamic finance system. It aligns with the region’s cultural and religious values, emphasizing fairness, shared prosperity, and moral stewardship.
Chief Minister Ebrahim highlighted that the roadmap is designed to enhance the financial well-being of the Bangsamoro people, offering a viable alternative to conventional, interest-based financial systems that are not permissible in Islamic teachings.
A Timely Initiative
The launch of the roadmap comes at a critical time, as Islamic finance is gaining traction in the Philippines as a sustainable and inclusive financial alternative.
Chief Minister Ebrahim emphasized the roadmap’s significance, stating,
“By 2028, we envision a fully functional and operational Islamic finance system in BARMM. This system will not only adhere to the principles of moral governance but also improve the financial well-being of our people. However, its success relies heavily on the active collaboration of all stakeholders.”
Key Attendees and Supporters
The launch event was attended by prominent figures, including:
- Bangsamoro Wali Sheikh Muslim Guiamaden
- Grand Mufti of Bangsamoro Sheikh Abdulrauf Guialani
- Deputy Chief Ministers Solaiman Ali and Hatimil Hassan
- Deputy Speaker Omar Sema
- Members of Parliament and the Technical Working Group for Islamic Finance (TWG-IF), led by MAFAR Minister Mohammad Yacob.
- Representatives from development partners and other key stakeholders also joined the event, signaling broad support for the initiative.
Why is the Roadmap Important?
The Islamic Finance Roadmap is more than a financial reform; it is a cornerstone for economic growth and inclusivity in BARMM. It provides the framework for a finance system that:
- Supports Ethical Growth: Rooted in Shari’ah principles, Islamic finance prohibits exploitative practices such as interest and encourages risk-sharing, fostering trust and fairness in transactions.
- Empowers Local Communities: By aligning with the region’s cultural and religious values, it ensures that financial systems are accessible, equitable, and resonate with the Bangsamoro people’s way of life.
- Drives Economic Development: As a key driver for investments and entrepreneurship, Islamic finance can unlock the region’s economic potential while reducing poverty and inequality.
Collaboration: The Key to Success
Ebrahim stressed that the roadmap’s success hinges on the active collaboration of various sectors:
- Government agencies for policy support.
- Financial institutions for system development.
- Ulama and academics for guidance on compliance with Islamic principles.
- Communities for adoption and advocacy.
A Vision for 2028 and Beyond
The Islamic Finance Roadmap is a bold vision for BARMM, aligning its financial systems with global best practices in Islamic finance. It reflects the Bangsamoro Government’s commitment to ethical governance and inclusive development.
The chief minister explained that this initiative is not just about creating a financial system but fostering a foundation for sustainable economic empowerment and shared prosperity for the Bangsamoro people.
BARMM is looking to a future where progress and faith walk hand in hand, Ebrahim said.
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