The Islamic Bank and Finance Study Group of the Bangsamoro Development Agency (BDA) met with the Amanah Islamic Bank senior officer held at the BDA Training Center, Cotabato City on May 19, 2019.
It aimed to discuss opportunities of fully operationalizing the Islamic banking and finance in the Bangsamoro in support of the full implementation of Shari’ah compliant socioeconomic development services within and outside the Bangsamoro Autonomous Region in Muslim Mindanao. It also explored the possibility of cementing the partnership between the BDA and Amanah Islamic Bank.
“The Study Group has already received a go signal from the MILF leadership to proceed with the study and hopefully come with policy recommendation on Shari’ah compliant banking and finance in the Bangsamoro for BTA legislation”, said Study Group Team Leader Ustadz Esmail W. Ebrahim.
BDA executive director Engr. Windel Diangcalan emphasized the interest of the agency in pursuing Shari’ah-compliant microfinance within and outside BARMM to provide the Bangsamoro community-based enterprises to access finance to support their micro and small enterprises as important node of the supply and value chains informed by the Bangsamoro Development Plan (BDP).
Mr. Nasor Abdullatif, head of Operations Sector, presented the Shari’ah compliant products and services of the Amanah Islamic Bank that shall benefit the Bangsamoro that include, but not limited to, collection agreement, payroll service, fund transfer/OFW remittance, General Islamic Investment Account, Microfinance (Ijarah and Murabahah), car financing (Ijarah), Islamic salary Loan Program.
This is the fourth meeting of the Study Group. It serves as think tank of the Bangsamoro that shall help the Office of the Chief Minister of BARMM on policy research and policy recommendations on the implementation of the Islamic Bank and Finance in the Bangsamoro as stipulated in the Bangsamoro Organic Law (BOL).
Other Study Group members present during the meeting were: Moner Bajunaid, Alih Aiyub, Abdulmalik Alilaya, Salih Musa and Ms. Hasmiene Ibrahim.