MILF: Ulama prepare to convene at Davao to discuss Islamic financing challenges and prospects

Posted to the MILF Website (Nov 19): Ulama prepare to convene at Davao to discuss Islamic financing challenges and prospects



Twenty-eight selected Ulama from different regions of the country have already confirmed their participation to the First National Ulama Consultation on Islamic Financing to be held at El Bajada Hotel at Davao City on November 22-25, 2015.

The activity aims to draw support from the Muslim religious leaders of the country to help in the elimination the of Riba (interest) and develop Islamic financing.

Organizers are also looking forward for the participants to form a national advisory body of Ulama on Islamic financing.

The forum is being organized by Katiyakap, Inc. and Ma’haddul Hikma, two NGOs which advocates Shariah-compliant financing, a financial system practiced in Muslim countries like Malaysia, Indonesia and Pakistan that has been instrumental in freeing poor Muslims from the bondage of poverty. 

In the latest research on microfinance sector, it is evaluated that Islamic financial system provides the best solutions for poverty alleviation and social sustainability.

Muslim scholars namely Dr. Abdussalam Disomimba, Dr. Hassanor Makaalapa, Dr. Parouk Abdulrashid, Dr. Aboulkhair Tarazon and Ustadz Abdulmanan Harid will deliver lectures.

Ustadz Akman Abtahi, President of Ma’haddul Hikma, enjoins Ulama to help in addressing the problem on Riba saying, “There are Bangsamoro people which access to interest-based financing that is forbidden in Islam.”

He said the Holy Qur’an explicitly warns Muslims not to involve in transactions with interest.

The lead organizer said there is a need to Muslim stakeholders be it from the Moro Islamic Liberation Front, Moro National Liberation Front, government sector, traditional leaders and civil society organizations to act together to address the problem on poverty among the Bangsamoro people particularly through Islamic financing.

“We are a non-partisan group and what we want is to build partnership with concerned stakeholders to combat poverty in the Bangsamoro,” Abtahi said. He added that part of the discussion in the consultation are prospects of Islamic financing. 

He said the conventional financial institutions have seen that Islamic banks and other Shariah-compliant financial firms were not affected by the global economic crisis.

“We should learn about Islamic financing and apply it in the Bangamoro and that we can help attain economic stability,” he suggests.

The consultation is being supported by the Peace and Equity Foundation.  

http://www.luwaran.com/index.php/new/item/683-ulama-prepare-to-convene-at-davao-to-discuss-islamic-financing-challenges-and-prospects