15/10/2026
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COTABATO CITY - Speaker Mohammad S. Yacob, Ph.D., welcomed discussions on strengthening Islamic finance, Sharia governance, and the Halal industry in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) during a courtesy meeting with Mr. Muhammad Aiman bin Muhammad Salmi of TAWAFUQ Consultancy Sdn. Bhd. of Malaysia and Mr. Clint βBilalβ Lloren of Stronghold Takaful Philippines on Thursday, October 15, at the Office of the Parliament Speaker, Bangsamoro Government Center.
The meeting provided an opportunity to explore potential areas of cooperation and exchange of expertise, drawing on relevant Malaysian experiences to help strengthen the Bangsamoro regionβs Islamic financial systems and institutions.
Among the key topics discussed was the need to harmonize Sharia rulings across financial institutions and Takaful operators. The discussions highlighted the potential establishment of a unified Sharia Supervisory Board to promote consistent interpretations, strengthen regulatory alignment, and support the development of Islamic banking and finance in the region.
The delegation also presented opportunities for knowledge and technology transfer in Zakat and Waqf administration, including digital systems for tracking financial transactions, capacity-building programs for administrators, and productive Waqf initiatives that can generate employment and support social services.
Discussions likewise covered the expansion of the Halal ecosystem beyond food labeling to include broader value-chain compliance, such as logistics, slaughterhouse operations, and other relevant standards. The participants also explored potential initiatives for local government units to encourage Halal-compliant establishments and strengthen the regionβs Halal industry.
The meeting also discussed the possibility of organizing an international conference or roundtable with Zakat, Waqf, and Islamic finance authorities from Malaysia, Singapore, Indonesia, and Thailand to exchange expertise and explore governance approaches suited to BARMMβs institutional, legal, and regulatory context.
The meeting underscored opportunities for the Bangsamoro region to learn from international experiences and explore practical approaches to strengthening Islamic financial institutions, improving social welfare mechanisms, and advancing Halal industry development in support of inclusive and sustainable regional growth.