Tuesday, January 5, 2016

MILF: Gov't urged to put up “real” Islamic bank to attrack Muslim foreign investors

Posted to the MILF Website (Jan 4): Gov't urged to put up “real” Islamic bank to attrack Muslim foreign investors

  Photo courtesy of Duma Mascud

A Moro civil society organization leader urged the government to put up a real Islamic Bank in the country in order to attrack Muslim foreign businessmen who may pour in their investments that will eventually usher economic development of the Bangsamoro region.
“Muslim foreign capitalists want to put their funds in an Islamic bank , thus there is a need for us to have such kind (of bank) in the Philippines,” Duma Mascud, chairman of Bangsamoro Alliance for Peace, Social and Economic Development (BAPSED) said in an interview.
Mascud, a staunch advocate of the Mindanao peace process, said that while the Bangsamoro Basic Law (BBL) is not yet in place, “it is advantageous for the country if the government could establish first Shari'ah-compliant banking system .”

The proposed BBL, the legal translation of the peace deal between the government and the  Moro Islamic Liberation Front (MILF), provides the establishment of Islamic banking system in the proposed Bangsamoro region.

The measure is hoped to be passed into law before President Aquino's stint ends this year.

“The present Al-Amanah Islamic Investment Bank is not totally Shari'ah-compliant,” he commented.

For bank to be Shariah-compliant, it has to be free of transactions involving interest. Al-Amanah bank offers both conventional and Shari'ah-compliant financing structures.

Mascud is optimistic that the presence of Islamic bank in the country particularly in Mindanao will open financing opportunity to more Moro people, the type that is attuned to Islamic belief which is interest-free.

“If we have Islamic bank, even local Muslim businessmen and ordinary citizens can put their money in Islamic bank,” he stressed.

He said that Islamic bank is a great help for the Bangsamoro people and added “however, the best solution to address poverty in Mindanao is the BBL.”


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