Islamic financing was introduced by the Foundation as part of its microfinance services in Taguig City on July 4, 2014. This pilot area was selected, specifically in Barangay Maharlika due to its high Muslim population. The first program was conceptualized to accommodate Muslim women who deemed interest paid in loans is contrary to their Islamic faith, where twelve (12) clients joined in its first financing release where they received Qard Hassan as Islamic financing contract. Two years later, in late 2016, Islamic financing implementation was rolled out to the Autonomous Region in Muslim Mindanao (now Bangsamoro Autonomous Region in Muslim Mindanao).
MANILA, Philippines—A subset of Islamic banking in the Philippines that specializes in microfinance lending has widened its footprint in Muslim majority provinces of the country, but can benefit more stakeholders with policy support by national government agencies, according to its proponents.
WATCH: Yesterday’s episode of Communications Secretary Martin Andanar’s weekly show Cabinet Report focused on the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). One topic touched on the need for financing facilities to help entrepreneurs in the region.
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