BARMM embarks on Islamic banking, finance through a memorandum

MANILA- To promote Islamic banking and finance in the region, the Bangsamoro Government, Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), and National Commission on Muslim Filipinos (NCMF) inked the memorandum of agreement on the establishment of the Shariah Supervisory Board

(SSB) on Wednesday, May 4.

In line with Sections 32 to 34, Article XIII of the Republic Act No. 11054 or the Bangsamoro Organic Law (BOL), agencies approved the Joint Circular on the installation of the

SSB in the Bangsamoro Autonomous Region in Muslim Mindanao at the Assembly Hall A, 3rd Floor, BSP Complex, Malate, Manila.

Chief Minister Ahod B. Ebrahim said the realization of the Islamic financial system is part and parcel of our struggle to chart a better future for our people, especially the poor and those needing the most help.

We have deeply convinced that establishing the Shari’ah Supervisory Board in the Bangsamoro Autonomous Region in Muslim Mindanao takes us closer to realizing this vision, he added.

He said with the Shari’ah Supervisory Board in place, and we now have a foundational mechanism for the operationalization of Islamic banking and finance in the Bangsamoro and the Philippines.

The event was signified by BSP Governor Benjamin E. Diokno, BARMM Chief Minister Ahod B. Ebrahim as represented by MAFAR Minister Mohammad S. Yacob, Ph.D., Chair, Technical Working Group on Islamic Finance,  DOF Undersecretary Bayani H. Agabin, and NCMF OIC Yusoph J. Mando.