The City Government of Davao, through the Davao City Muslim Affairs Office (DMAO) in partnership with the Consulate General of Malaysia in Davao City, is promoting Islamic Banking in the city as part of its initiatives to advance the Halal Industry.
On May 15, the Consulate General of Malaysia together with the DMAO conducted a forum on Islamic Banking with Muslim businessmen and entrepreneurs.
The event was participated in by the Consul General of Malaysia Deddy Faisal Ahmad Salleh, Davao City Muslim Affairs Office Chairman Gabriel Nakan, and other officials from the City Government of Davao along with the Deputy Mayors of the six Muslim groups in the city, and Muslim entrepreneurs.
Consul General Salleh, in an interview, said that a private bank is launching an Islamic Banking System in the city on May 16.
“This will give an avenue for businessmen, our Muslim entrepreneurs, in the city to experience the Islamic Banking System,” he said.
It was also explained at the forum that the Islamic Banking System functions in accordance with Sharia Law, which forbids interest (riba), speculation, and undue risk. It prioritises equity, openness, and profit and loss sharing in financial dealings.
Through the forum on Islamic Banking, Muslim entrepreneurs were informed of its existence in the city and the specifics on the banking system.
“Alam na nila karon nga naa na’y Halal Industry promoting Islamic Banking (They know now that the city’s Halal Industry is promoting Islamic Banking),” Nakan said.
“Dako kaayo siya’ng tabang especially sa Muslim community na maka-practice ta sa Islam and do business (It’s a big help, especially for the Muslim community, that we can practice Islam while doing business),” he furthered.
Nakan also said that the forum is a good venue to promote the Halal Industry in the city as well as to continue promoting initiatives that will make Davao City as a Halal Hub.
It also supports Mayor Sebastian Duterte’s advocacy to foster equal economic opportunities for the Muslim community.
Davao City is among the first cities in the Philippines to institutionalize Halal Industry with the Halal Ordinance of Davao City and executive orders that constituted the Halal Industry Development Council and the Davao City Muslim Affairs Office that promotes the welfare, sustainable growth and development of Muslim communities, as well as to ensure the sustained growth and development of Halal Industry in the city.
“Matagaan gyu’d og tabang ang atoang Muslim community especially our entrepreneurs nga mag-boom gyud ta, na ma-elevate atoang status (This is a huge help to the Muslim community, especially our entrepreneurs, in promoting and elevating our status),” Nakan said.
“We will also promote, especially [in] the business [sector] nga mahimo gyud ta’g Halal Hub sa Davao [Region], sa Mindanao, and soon the whole Philippines [that] we will be the center of the Halal Industry (This will also advance Davao City into becoming a Halal Hub in the region, in Mindanao, and hopefully in the whole country—that we will become the center of Halal Industry),” he added. CIO