ARMM traders favor proposed Islamic banking system

• Source:http://www.pna.gov.ph/index.php?nid=2&rid=845875
• Thursday, January 14, 2016

(PNA), JBP/NYP/EOF

COTABATO CITY (PNA) -- Business leaders in the Autonomous Region in Muslim Mindanao (ARMM) and in Region 12 on Tuesday expressed optimism for the establishment of the country’s Islamic Banking System.

Authored by Anak Mindanao (Amin) Partylist Rep. Rep. Sitti Djalia Turabin-Hataman, HB 5989 is still being deliberated in the House of Representatives.

Muslim and Christian business leaders in the region attended yesterday’s first roundtable discussion (RTD) on HB 5989 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 taking high interest on cash loans and cater mostly on the poor as well as moneyed traders.

Officials of the autonomous region said many Muslim traders prefer Islamic banking system and hope Hataman’s bill will hurdle Congress.

Ghandour explain 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.