Director and chiefs from the Ministry of Human Settlements and Development, the Housing Arm of the BARMM, joined other Ministries, Agencies and Offices (MOAs) of the BARMM in enhancing their knowledge of Islamic finance at a training held at the Sotogrande Hotel Davao, Maa, Davao City on April 23-25, 2024.

Led by Salem C. Demuna, REA, Director II for Operations and Management Services, the MHSD learned from several resource speakers throughout the training, one of which centered around Islamic Finance for affordable housing by Ms. Marina Mardi, Former General Manager of the Islamic Capital Market, Securities Commission Malaysia.

In Ms. Mardi’s presentation, she stated that Islamic finance offers ethical and accessible housing solutions through various models and mechanisms. She added that with continued growth and innovation, there is great potential for Sukuk-based initiatives in the BARMM.

Sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Shari’a.

She emphasized how harnessing Islamic Finance for Housing Solutions will address housing challenges ethically, promote financial inclusion and accessibility, and provide opportunities for innovation and growth in the BARMM.

Participating with Dir. Demuna were Abdulhamid C. Alawi, Jr., Chief of the Housing and Human Settlements Division, Yasser S. Mama, Chief of the Monitoring and Evaluation Division, Zainodin A. Buisan, Chief of the Planning and Design Division, Jasmin M. Macarimbang, Accounting Section Head, Shallahudin S. Cosain, Development Management Officer II, and Amera Aisah L. Macalangcom, Administrative Officer V.

The training was organized by the Ministry of Finance and Budget and Management and the Office of the Chief Minister, in partnership with the World Bank.

The program formally began with opening remarks from Ubaida C. Pacasem, MFBM Minister and Member of the Parliament (MP), and from Radu Tatucu, Senior Financial Sector Specialist from World Bank followed by the message of support from Sheikh Abdulraof Guialani, Grand Mufti and Executive Director of the Bangsamoro Darul-Ifta’.

Dr. Mohammad S. Yacob, Minister of the Ministry of Agriculture, Fisheries, and Agrarian Reform, MP, as well as Chairperson for the Islamic Finance Technical Working Group, concluded the program with his encouraging closing remarks.