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 thePhilippines
“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
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 inMindanao 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 inMindanao
is the BBL.”
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
“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
http://www.luwaran.com/index.php/new/item/767-gov-t-urged-to-put-up-real-islamic-bank-to-attrack-muslim-foreign-investors
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