CAGAYAN DE ORO, Misamis Oriental — In a major step toward advancing Islamic finance education and financial inclusion in the country, the Rural Bankers Association of the Philippines (RBAP) and Salvador-Marohombsar and Lao-Tiboron Consultants, Islamic Company (M&T) officially signed a Memorandum of Understanding (MOU) today, June 10, 2026.
The signing ceremony was distinguished by the presence of Atty. Arifa Ala, Senior Assistant Governor of the Bangko Sentral ng Pilipinas (BSP), who served as the official witness to the partnership. As the highest-ranking official in the BSP spearheading the growth, development, and expansion of the Islamic finance ecosystem in the Philippines, Atty. Ala’s support underscores the strategic importance of this collaboration in aligning rural banking with national financial inclusion goals.
The strategic partnership aims to explore a framework for co-hosting and promoting webinars, seminars, and educational activities focused on Islamic finance, Shari’ah governance, and financial inclusion. By leveraging RBAP’s established training platform and M&T’s specialized expertise, the collaboration seeks to build capacity among rural banks nationwide.
The agreement was signed by Atty. Patrick Bryan Absin, President of RBAP, and Hamodi Lao Tiboron, CPA, Managing Partner of M&T. Under the newly signed MOU, RBAP and M&T will collaborate on several key initiatives:
1. Joint Educational Programs. Co-hosting webinars and online learning sessions focused on Islamic finance.
2. Platform Utilization. Leveraging the RBAP training and promotional infrastructure to reach member rural banks.
3. Resource Sharing. Jointly sharing expert resource speakers, training materials, and promotional support.
4. Future Capacity Building. Exploring long-term collaborative programs to strengthen Shari’ah governance and institutional capabilities within the rural banking sector.
As part of the initial cooperation, M&T will provide RBAP with complimentary access slots to “Fundamentals of Shari’ah in Islamic Finance” (FOSIF) program. FOSIF is a premier program developed by the Islamic Banking and Finance Institute Malaysia (IBFIM), delivered with M&T acting as the exclusive provider in the Philippines. Notably, successful passers of the FOSIF program earn a direct pathway to professional advancement, granting them an exemption from Modules 1 and 2 of the Associate Qualification in Islamic Finance (AQIF). Developed by IBFIM, AQIF is a globally recognized professional credential that serves as a highly recommended foundational course for beginners entering the Islamic microfinance, banking, and capital market sectors. This provides rural bankers with an accelerated track toward achieving full professional certification.
As the national association representing Philippine rural banks, RBAP plays a vital role in agricultural finance, MSME growth, and rural development. Partnering with a specialized consultancy like M&T allows RBAP to equip its member banks with the necessary tools to navigate Islamic banking windows, aligning with the national agenda for broader financial inclusion.
This MOU serves as a statement of mutual intention and cooperation, setting an initial one-year collaborative framework to pave the way for deeper institutional strengthening.