COTABATO CITY (April 24) — In a significant step towards inclusive and culturally sensitive development, the Bangsamoro Government has partnered with the Al-Amanah Islamic Investment Bank of the Philippines (AIIBP) to support affordable housing programs in the region through Islamic banking principles until 2030.
The initiative was formalized during a ceremonial signing of a Memorandum of Agreement (MOA) between the Ministry of Human Settlements and Development (MHSD) and AIIBP held in Cotabato City.
MHSD Minister Atty. Aminodin Barra emphasized that integrating Islamic finance into housing initiatives reflects the region’s commitment to moral governance. He said the move aligns with the core values of Islam, such as accountability and transparency.
“The Ministry is accountable not only to the Bangsamoro, the Filipino people whose taxes fund the MHSD’s projects, and the Philippine Government, but also to Allah (SWT) above all,” the MHSD stated in a Facebook post.
The partnership aims to provide culturally appropriate housing and financial services to communities in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Abdulhamid C. Alawi, Jr., Chief of the MHSD’s Policy Development, Coordination, and Regulation Division (PDCRD), said the program will promote awareness of Islamic banking and Halal finance, teach financial literacy, and offer Shariah-compliant loan options.
Under the six-year agreement, MHSD will provide technical support to project beneficiaries, while AIIBP will deliver training and Islamic finance products tailored to Muslim communities. The partnership also includes efforts to combat money laundering and enhance financial inclusion.
The initiative supports the third priority agenda of the Bangsamoro Government, which focuses on strengthening Islamic finance in the region to better serve its constituents.