Business community supports proposed Islamic banking system in Mindanao, Philippines

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Sunday 17 Jan 2016 - 14:16 Makkah mean time-7-4-1437 Flanked by Salem Ghandour of the Maybank Islamic Berhad in Malaysia (right) and Isidro Sobrecarey of the Amanah Islamic Bank, Anak Mindanao Partylist Rep. Sitti Djalia Turabin-Hataman (center) stresses a point during Monday’s dialogue on a proposed Islami Mindanao, Philippines (IINA) - Business leaders in the Autonomous Region in Muslim Mindanao in the Philippines (ARMM) and in Region 12 (Soccsksargen) support the establishment of the country’s Islamic banking system, InterAksyon Philippine News Online reported. Authored by Anak Mindanao (Amin) Partylist Rep. Sitti Djalia Turabin-Hataman, House Bill 5989 is still being deliberated in the House of Representatives. Muslim and Christian business leaders in the region attended last week’s first roundtable discussion on the proposed measure here. Aside from Hataman, speakers included Salem Ghandour of the Maybank Islamic Berhad in Malaysia and Isidro Sobrecarey of the Amanah Islamic Bank. All cited the advantages of an Islamic banking system to operate in the country. Hataman said under her proposed Islamic banking system law, banks do not rely on high interest rates to sustain operation but push for moderate to socialized interest charges. Anchored on Islam, the banking system prohibits usury or high interest on cash loans, and caters mostly to the poor as well as rich traders. Officials of the autonomous region said many Muslim traders prefer Islamic banking system and hope Hataman’s bill will hurdle Congress. Ghandour explained that while Islamic banking system offers low interest rates it has no conflict with conventional and commercial banks. After lauding the warm reception of ARMM business leaders, Hataman said she will continue dialogue through roundtable discussions with other stakeholders relative to her proposed bill. SM/IINA