PEF strengthens commitment to build capacities of Islamic Microfinance partners in Bangsamoro region
PEF, in partnership with the Ramon Magsaysay Awards Foundation and Indonesia-based organization Dompet Dhuafa, organized an Islamic microfinance learning exchange in Cotabato in October to enhance the knowledge and competencies of microfinance and non-microfinance implementors on the philosophy and system of Islamic financing.
The exchange is a benchmarking visit by the DD team to PEF’s Islamic MFI partners, and included dialogues with several Islamic scholars and Bangsamoro Development Agency (BDA) representatives.
Islamic or Shari’a-compliant microfinance aims to improve access by poor Muslim Filipinos to culturally sensitive financing especially in the newly-established Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
This learning exchange, which is the third of a series in the last three years, seeks to build the knowledge and competencies of MFIs and non-MFI implementors on the philosophy and technology of Islamic Finance.
According to PEF Executive Director Roberto Calingo, the Foundation has supported the development of a good ecosystem of enablers for Islamic financing since 2012 and will continue to strengthen this program.
“We are also committed to move the process further by supporting the capability building of the Islamic microfinance institutions and Islamic scholars to be effective in their work,” he said.
During the learning exchange, microfinance implementers Kadtabanga Foundation for Peace and Development Inc. (Kadtabanga) and Federation of United Mindanawan Bangsamoro Women Multi-Purpose Cooperative (FUMBWMPC) agreed to review and accommodate improvements in their Islamic Financing programs and facilitate the creation of a Shari’a Advisory Council which will create fatawas (Islamic economic laws) that can serve as basis for contracting with clients.
“Ayaw naming maputol (ang project). Gusto naming magpatuloy kasi para sa amin, ‘yan talaga ang best program for poverty alleviation ng Moro communities,” Kadtabanga Executive Director Giobay Diocolano said.