The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) officially launched its Islamic Finance Roadmap on December 2, 2024, with the goal of strengthening the region’s financial systems in line with Islamic principles.
The event was spearheaded by BARMM Chief Minister Ahod B. Ebrahim, along with other BARMM officials, development partners, and key stakeholders.
The roadmap outlines several key strategies aimed at advancing Islamic finance in the region, such as enhancing collaboration with national agencies, incorporating Islamic finance targets into the Bangsamoro Halal Industry Development Plan, and supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).
The plan also includes efforts to strengthen Shariah governance within the Islamic finance sector, ensure tax neutrality for Islamic finance transactions, and promote tax incentives to attract more investments.
Islamic finance operates under the principles of Shariah law, which prohibits practices such as riba (interest), gharar (uncertainty), and maysir (gambling), as well as other activities considered haram (forbidden).
Through this roadmap, the BARMM government aims to establish a fully operational Islamic finance system by 2028, guided by the values of Moral Governance. This initiative reflects the region’s commitment to fostering ethical financial practices that support its broader economic and social development.
