Islamic banking system gets nod of ARMM, Muslim business leaders
Cotabato City – Business leaders in the Autonomous Region in Muslim Mindanao (ARMM) and in Region 12 on Tuesday expressed optimism that an Islamic Banking System would be established soon in the country.
This positive outlook came after Anak Mindanao (Amin) Partylist Rep. Sitti Djalia Turabin-Hataman filed House Bill (HB) 5989 that is now being deliberated upon in the lower House.
Muslim and Christian business leaders in the region attended yesterday’s first roundtable discussion on HB 5989 here.
Anchored on Islam, the banking system would prohibit usury, or the imposition of exorbitant interests on cash loans, and cater mostly to the poor as well as traders.