CAGAYAN DE ORO CITY (PIA) – Academics from ASEAN universities, along with Islamic finance professionals, industry leaders, and policymakers, gathered at the Limketkai Luxe Hotel on November 18-19 for the 12th ASEAN International Conference on Islamic Finance (AICIF).
With the theme “Islamic Finance for Sustainable Peace and Development: Challenges and Opportunities,” the two-day conference focused on fostering dialogue and sharing insights on the role of Islamic finance in sustainable development and regional peacebuilding.
The Mindanao State University (MSU) Marawi campus hosted the event with six ASEAN universities.
Lawyer Basari Mapupuno, MSU System President, thanked the AICIF members and participants for their support and emphasized the importance of collaboration.
“Our dedication to fostering meaningful discourse on Islamic banking and finance exemplifies unity and shared purpose of our ASEAN academic community. Together, we have created a platform for scholars to engage with transformative ideas, exchange knowledge, and deepen our bonds as institutions committed to advancing this vital field,” he said.
Mapupuno also noted MSU’s dedication to promoting peace, education, and development, especially in underserved communities.
“We firmly believe that financial inclusion and sustainable growth can catalyze meaningful change in the lives of people throughout our region. Thus, this conference is not merely an economic discourse; it is about building a financial system that uplifts communities, fosters equitable opportunities, and champions the social justice inherent in our faith and the mission of MSU,” he added.
Bangko Sentral ng Pilipinas (BSP) Assistant Governor Arifa Ala expressed BSP’s support for the conference, seeing it as a chance to exchange ideas and look into ways to advance the development of Islamic banking and finance.
“For us in the Bangko Sentral, we really would like to join in this kind of discussion because this is a good opportunity to share insights on how we can further promote and develop Islamic banking and finance,” she said.
The BSP continues to promote Islamic banking and finance to enhance financial inclusion across the country. Its efforts focus on creating an enabling regulatory environment to allow Islamic banks to operate viably alongside conventional banks.
The two-day conference featured plenary and parallel sessions on Islamic finance, FinTech, cryptocurrencies, Islamic capital markets, regulatory issues, the Halal business sector, and the role of Islamic finance in sustainable development, peacebuilding, economic growth, innovation, and social empowerment.
The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) government also showcased its efforts in promoting Islamic finance.
Farrell Hazsan Usman, chief financial management specialist of the Ministry of Finance and Budget Management (MFBM)-BARMM, said that the Bangsamoro Government formed a Technical Working Group to develop a roadmap for advancing Islamic finance in BARMM. The completed and approved roadmap highlights the crucial role of Islamic finance in fostering economic growth and shared prosperity across various sectors in the region.
“One of the distinguishing characteristics of Islamic finance that sets it apart from conventional finance is Shariah governance. And we are so happy to inform everyone that the Philippines now has a Shariah Supervisory Board (SSB) in BARMM. It’s a non-government institution composed of four representatives from the government, including the Bangko Sentral, the Department of Finance, the National Commission on Muslim Filipinos, as well as the Bangsamoro government, as well as five members from the private sector,” Usman further said.
The SSB carries out the four government agencies’ shared mandate under Republic Act No. 11054, also known as the Bangsamoro Organic Law, to promote Islamic banking and finance in the BARMM, as well as to supplement the BSP’s Shari’ah Governance Framework for Islamic banks and Islamic banking units. (APB/PIA-10 Lanao del Sur)
