Third NCMF investment forum held in Cotabato City

MANILA, Philippines - The National Commission on Muslim Filipinos (NCMF) held recently its 3rd annual NCMF Investment Forum in Cotabato City.

 NCMF is the lead agency in promoting and developing economic livelihood programs and projects through the extension of loans, entrepreneurship, trade, and marketing assistance to the members of Muslim Filipino communities.

“We would like to encourage companies and other businessman to invest with the Muslim community,” said Aleem Guiapal, NCMF and Bureau of Muslim Economic Affairs (BMEA) director.

With approximately 1.2 billion Muslims in the world and about 10 million Muslims in the Philippines, little is known about a relatively new and rapidly growing area of finance in compliance with Shari’ah or the Islamic law.

The Shari’ah, according to Guiapal, lays down a code of ethics and conduct under which Muslims are instructed to live their lives.

“However, it is very difficult for Muslims to comply with the financial restrictions expressed in the Qur’an and Sunnah because the Islamic financial industry is still undeveloped or absent in many areas of the world,” Guiapal noted.

Through the investment forum, NCMF presented available investment opportunities in ARMM, particularly in the province of Maguindanao.

“As BMEA director, it is part of our mandate to promote Islamic financing. The Islamic financing industry is growing at an annual rate of 20 percent, and many international as well as local institutions have stepped into this multi-billion dollar booming industry by establishing its Islamic units,” Guiapal said.

“Islamic financing is also an important program the Philippine government has given to Autonomous Region in Muslim Mindanao (ARMM) in establish Islamic banking and Halal institutions,” he added.

Guiapal said that by promoting Islamic financing and investment opportunities in ARMM, the Muslim population as well as the Philippine government will help uplift the Muslim communities around the country.

“This is also to strengthen the ties of the commission’s Bureau on Muslim Economic Affairs (BMEA) with potential partners, investors, the international diplomatic community, and other local lead agencies,” he added.

The 3rd NCMF investment forum was in coordination with the office of the regional vice governor of the ARMM, vice Gov. Hadja Bairon G. Karon, who was also present during the event.

Karon emphasized the importance of utilizing all the potentials in ARMM, citing enormous raw materials for exports as an example.

“The key to peace in ARMM is to create livelihoods,” Karon said.

NCMF secretary Omerah Lucman, meanwhile, said her department is vent on a massive information drive campaign for the Halal Status and the forum is the first to spread the Halal guidelines outside Metro Manila.

The NCMF forum seeks to develop Islamic financing services and increase the awareness and interest by both fund managers and investors.

In addition, NCMF aims to strengthen the business tie-up opportunities in ARMM as well as explore the investment opportunities and benefits of Halal investment.

The forum was attended by ARMM officials, UN association of the Philippines, investors, entrepreneurs, businessmen, traders, local lead agencies, LGU’s, and international partners.