April 15, 2026 | Cotabato City BDI, M&T Align Efforts to Operationalize Strategic Partnership; Capacity Development for Ulama Underway Being the highest religious authority in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the Bangsamoro Darul-Ifta’ (BDI) continues to play a central role in providing religious guidance on matters affecting the Muslim community, including the development of Islamic finance systems. In line with this mandate, BDI and M&T Consultants, Islamic Co. (M&T) have taken concrete steps to operationalize their strategic partnership following the signing of their Memorandum of Understanding (MOU) on March 18, 2026.
An alignment meeting held on April 15, 2026, in Cotabato City focused on translating the agreement into actionable programs aimed at strengthening institutional capacity, enhancing Shari’ah governance, and supporting the development of Islamic finance initiatives across BARMM.
Officials from both institutions emphasized the importance of collaboration between religious authorities and technical experts to ensure that emerging Islamic finance programs in the region are guided by authoritative religious guidance and aligned with internationally recognized standards.
Capacity Building for Young Ulama and Development of a Comprehensive Certification Pathway
A key highlight of the meeting was the agreement to jointly implement a structured capacity-building initiative for young ulama, beginning with the Fundamentals of Shari’ah in Islamic Finance (FOSIF) program.
Both institutions clarified that FOSIF will serve as the initial step in a comprehensive certification pathway that will be co-developed by BDI and M&T. The pathway is envisioned to progressively prepare participants for advanced and globally recognized professional development aligned with frameworks developed by the Islamic Banking and Finance Institute Malaysia (IBFIM) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), thereby providing a balanced integration of Southeast Asian and Middle East-based professional standards.
Both institutions underscored that this initiative represents an important starting point rather than a standalone intervention. Sustaining momentum will require continued collaboration, institutional support mechanisms, and future programs that will be jointly launched by BDI and M&T to nurture a pipeline of qualified scholars and professionals in Islamic finance.
Under the initial rollout, M&T will sponsor ten (10) selected participants to undergo the FOSIF program, with both organizations collaborating on the selection process. Selected participants will have the opportunity to progress along the certification pathway as additional training and professional development mechanisms are established.
Strengthening Fatwa Deliberations Through International Standards
To enhance the technical rigor of religious rulings related to Islamic finance, M&T will provide support to BDI by presenting relevant standards from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) during Fatwa deliberations. These presentations will serve as comparative references to inform Fatwa issuances, particularly on matters involving Islamic financial products, contracts, and institutional practices. The initiative is expected to strengthen alignment between local religious guidance and global best practices in Islamic finance governance.
Advancing Institutionalization of Zakat Systems
The partnership will also support efforts to institutionalize a structured zakat system in BARMM. M&T committed to assist BDI in drafting and finalizing guidelines to support effective governance, transparency, and accountability in zakat administration.
As part of this effort, M&T will facilitate a two-day technical workshop to be organized by BDI, bringing together relevant stakeholders to harmonize procedures and support the operationalization of zakat systems across the region.
Supporting Shari’ah-Compliant Programs of BARMM Ministries, Offices and Agencies
Recognizing the growing role of Islamic finance in public service delivery and socio-economic development, M&T will support BDI in providing religious guidance for programs implemented by various Ministries, Offices and Agencies.
This support will include the conduct of forums and roundtable discussions to strengthen coordination between BDI and government entities, ensuring that livelihood, social protection, and development programs are designed and implemented in accordance with Islamic finance principles and authoritative religious guidance.
Toward Sustained Momentum and Institutional Synergy
The April 15 alignment meeting marks an important milestone in translating the BDI–M&T partnership into concrete programs that strengthen religious guidance, professional capacity, and institutional systems supporting Islamic finance in BARMM.
Both institutions emphasized that this collaboration is designed as a long-term institutional effort that will require sustained commitment, continuous learning, and coordinated action to support the responsible growth of Islamic finance in the Bangsamoro.
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