UP CIDS EMIT:C4C x Peace and Equity Foundation: Presentation of Islamic Finance Monograph and Discussions with Partners

The UP Center for Integrative and Development Studies through its Escaping the Middle-Income Trap: Chains-for-Change (EMIT C4C) Program and the Peace and Equity Foundation (PEF) organized a gathering of partners and key stakeholders in Cagayan de Oro on 9 December 2025 to present the results of the action research on “Islamic Finance in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM): Opportunities, Challenges, and Paths Forward.” Annette Balaoing-Pelkmans,  Ph.D., convenor of EMIT C4C and lead author of the monograph on Islamic Finance published by UP CIDS, underscored that Islamic finance addresses a pressing need to mobilize capital ethically, fairly, and inclusively. It offers mechanisms that share risk, undertake real economic activity, and discourage speculation and exploitation. She notes the importance of community-centered approach in developing Islamic social finance, Islamic microfinance, and Islamic finance models while regulations are being pushed to address implementation bottlenecks. She likewise underscored that Islamic finance will only thrive when there is a halal ecosystem that would require Islamic finance products and services.

Nassef Manabilang Adiong, Ph.D., Director of the Bangsamoro Parliament’s Policy Research and Legal Service, provided updates on Islamic finance efforts of the BARMM government and the resolutions and bills being filed in parliament. During the open discussion, Dr. Balaoing-Pelkmans and Dr .Adiong were joined by Farrell Hazsan Usman, Chief Financial Management Specialist of the Ministry of Finance and Budget Management of BARMM, in answering queries from participants including how Islamic finance could be implemented in areas where there are Muslims, Lumads, and Christians, how digital finance could be tapped to provide Islamic finance, and how the current models on Islamic microfinance can be scaled up.

To concretize Islamic finance initiatives, CARD MRI, which now has two Islamic banks in BARMM, the first in Cotabato City and the second in Marawi City, shared updates and experiences through an online presentation. CARD MRI has wide array of financial products and services that follow Shari’a principles including Wadiah deposit accounts, Murabahah, Mudarabah, Musharakah and Ijarah. To provide inspiration and insights, Islamic social finance expert, Rini Supri Hartanti, former vice chair of BAZNAZ Indonesia, shared the model used by Ramon Magsaysay Awardee, Dompet Dhuafa. She also graciously shared other relevant practices in Indonesia. Prior to the pandemic, PEF, CARD MRI, Ramon Magsaysay Award Foundation (RMAF), and PEF partners from BARMM have undertaken a technology learning exchange with Dompet Dhuafa in Indonesia to learn from their experiences.

The opening remarks was provided by Martiniano “Dodoy” Magdolot, a trustee of PEF and President of Mahintana Foundation who noted the importance of Islamic finance for PEF and how the technology learning exchange and subsequent implementation of Islamic Microfinance among PEF partners provided them lessons and inspiration leading to the conduct of the action research. The closing remarks was given by PEF executive director, Roberto Calingo, and UP CIDS executive director, Rosalie Arcala Hall, Ph.D. Mr. Calingo pointed out the new insights from the discussions including the importance of co-developing Islamic finance with the halal industry and the need to strengthen and scale up initiatives. Dr. Hall likewise noted the importance of Islamic finance not just to the Center but to the University of the Philippines as seen also from the creation of the UP Bangsamoro Development Institute.

The discussion was ably moderated by Yasmira Moner of Mindanao State University Iligan Institute of Technology and Carmencita “Chicklette” Toledo of RMAF.

Photos courtesy of Peace and Equity Foundation