Acknowledging the critical role of various sectors in the Bangsamoro Autonomous Region in the fulfilment of the strategies and outcome envisioned in the Islamic Finance Roadmap for the BARMM 2024-2028, the Ministry of Finance, and Budget and Management (MFBM) conducted the Islamic Finance Training for BARMM Local Government Units (LGUs), Private Sector and Other Sectoral Groups.

Finance Minister Ubaida C. Pacasem, represented by Director Fatima Mending-Abas of the Internal Audit Services, MFBM, emphasized the importance of empowering LGUs and engaging the private sector in strengthening Islamic finance mechanisms in the region during the training for the two batches, which was conducted for BARMM LGUs, Private Sector, and other Sectoral Groups last September 8 to 9, 2025 and September 11 to 12, 2025, respectively.

“By capacitating our local government units and engaging our private sector, we are opening new doors for sustainable financing that aligns not only with the needs of our people, but also with their faith and values. Whether it’s through the development of Takaful (Islamic insurance), the issuance of Sukuk (Islamic bonds), depositing in Islamic banks, or the expansion of Shari’ah-compliant microfinance, we now have opportunities to deliver public service while upholding our Islamic identity,” Abas highlighted.

The discussions focused on the foundations of Islamic finance including relevant Shari’ah principles and applications, salient features of BARMM Islamic Finance Roadmap, and regulatory, tax and other industry updates. During panel discussions and workshop sessions, the participants were afforded opportunities to revisit and present their programs and initiatives, and explore ways to integrate Islamic finance principles to promote financial inclusion, increase economic activity and productivity, and improve the overall financial well-being in the Bangsamoro.

In his Message of Support, Deputy Minister Prof. Eddie M. Alih of the Ministry of the Interior and Local Government (MILG) stressed the need to fast-track the implementation of Islamic finance programs so that BARMM communities will benefit from a just and equitable financial system. Also, Chief Trade and Industry Development Specialist Snooky S. Gani of the Ministry of Trade, Investments and Tourism (MTIT) expressed the continuous commitment of the MTIT to support the growth of the private sector especially the MSMEs through Islamic finance.

The sessions featured resource speakers from the Shariah Supervisory Board in the BARMM, Bangko Sentral ng Pilipinas, Insurance Commission, Securities and Exchange Commission, and local and international Islamic finance practitioners and experts. Among the resource speakers include Islamic finance expert Prof. Fakihah Azahari, Director of Middle East Investment Bank Ltd. and a regular lecturer from prestigious learning institutes in Malaysia.

Private sector and other sectoral groups include micro, small, and medium enterprises (MSMEs), financial institutions, academic institutions, civil society organizations, and non-government organizations.