NCMF holds the 2nd International Islamic Finance Conference
- Jul 18, 2016
- Gandhi Kinjiyo, Luwaran
- HITS: 2134
MAKATI CITY (July 19, 2016) – In its bid to advance Shariah-compliant Islamic banking and finance in the country, the National Commission on Muslim Filipinos (NCMF) holds the 2nd International Islamic Finance Conference at the New World Hotel in Makati on July 18-19, 2016 bringing together local and international experts and practitioners to discuss experiences and prospects on Islamic finance.
The event has the theme “Trabaho Ko, Ibadah Ko: Mainstreaming Awqaf (endowment) and Islamic Microfinance towards SME Empowerment.”
In her welcome address to the delegates, Sec. Yasmin Busran-Lao, Chairperson of the NCMF, cited the positive feedback they receive on Islamic banking and finance.
“Islamic banking and finance is doing well (in other countries) and will help us a lot,” she said.
The NCMF chair pointed out that Islamic banks will not only cater the Muslims but non-Muslims as well. “It is an effective economic system,” Busran-Lao added.
In his keynote message, Senator Paolo Benigno Aquino, author of Senate Bill 3150 or the Philippine Islamic Financing Act of 2016 said “the system will unlock number of opportunities for our countrymen.”
Aquino, also author of the Go Negosyo Act, cited the significance of small and medium enterprise in propelling the economic growth of the nation.
Representative Sitti Djalia Turabin-Hataman, author of House Bill 5989 which seeks the amendment in the charter of Al-Amanah Islamic Investment Bank of the Philippines.
Once enacted into law, the proposed legislation will allow other players, particularly Muslim foreign investors, to put up Islamic banks in the country which is hoped to boost the economy of the Bangsamoro people.
In the first and second sessions, panellists discussed respectively the Philippine Scenario: Islamic Finance and Microfinance as Vehicles to Inclusive Economic Growth and Islamic Finance as Emerging Market Trend in ASEAN and the GCC Countries.
Speakers from Malaysia, UAE and ASA Foundation tackled the Islamic Financial System in the Effective Pursuit of Poverty Reduction and Sustainable Community Development: The Role of Islamic Microfinance and Awqaf.
Hassan Lee, a Korean Muslim businessman, shared their experience on Halal program in Korea while Mohd Hanizan Zalazilah who discussed the Cambodia and Myanmar experience on Awqaf program.
Mussolini Sinsuat Lidasan, Executive Director of the Al Qalam Institute of Ateneo de Davao University tackled the Prospects of Islamic Microfinance in the Philippines. He related how the small Moro organizations started Islamic microfinancing with the help of the Peace and Equity Foundation.
Director Dimnatang Radia of the Cooperative Development Authority in the Autonomous Region on Muslim Mindanao (ARMM) shared their proposed Islamic Microfinance Program in the Bangsamoro region.
Islamic financing follows a business transaction scheme that is free from interest, uncertainty and Haram (forbidden) products and services.
An article from the website www.islamicfinance.com said that the size of the Islamic Finance Market Estimates of the current size of the Islamic Finance market range from $1.66 Trillion to $2.1 Trillion.
Time in Cotabato
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