ARMM, AMIN partylist hold International Islamic Finance Roundtable 2016

The Autonomous Region in Muslim Mindanao (ARMM) and Anak Mindanao (AMIN) Partylist held the International Islamic Finance Roundtable 2016 on Monday in the ARMM Compound in Cotabato City.

The gathering is part of the efforts of the ARMM government and AMIN to help develop Islamic banking and finance in the region geared towards addressing poverty through providing access to Shari’ah compliant financing to entrepreneurs.

Partylist Representative Sitti Djalia Turabin-Hataman hosted the discussion which was joined by representatives from the academe, business groups and local banking institutions.

The lady lawmaker cited the significance for the Bangsamoro people as followers of Islamic faith of the Shari’ah compliant banking and finance which is free of interest.

The activity has the theme “Alternative banking in the Philippines: Prospects and Legislative Initiatives,”

Turabin-Hataman introduced at the House of Representatives last August House Bill Number 5989, an Act amending Republic Act No. 6848, also known as, “Charter of Al Amanah Islamic Investment Bank in the Philippines,” and providing for the regulation and organization of an expanded Islamic banking system in the Philippines.

The bill seeks to allow the establishment of other Islamic bank in the country or authorize private banks to open window for Shari’ah-compliant banking and financing transactions under the supervision of the Bangko Sentral ng Pilipinas.

Shari’ah-compliant financing advocate groups have been pushing for the establishment of Islamic banking and finance in the country to attract Muslim foreign investors and to give access to small Moro businessmen for financing scheme that does not violate their faith as Muslims.

The Al Amanah Bank in the country which was established during Marcos regime offers both conventional and Shari’ah compliant financing structures.

Present in the discussion were representative from Malaysia’s Maybank and Director Aleem Siddiqui Guiapal of the National Commission on Muslim Filipinos.

Poverty remains one of the major concerns in the ARMM and Bangsamoro communities outside the region.