The Bangsamoro autonomous region witnessed the opening of CARD Bank’s second Islamic‑Shari’ah banking branch in Marawi City, an event attended by senior officials from the Bangko Sentral ng Pilipinas (BSP), the Bangsamoro Board of Investments (BBOI), local government representatives and members of CARD Bank’s Shari’ah advisory panel.
Launch marks a milestone for Islamic finance in the region
The ceremony gathered BSP Senior Assistant Governor Arifa Ala, BBOI Chairperson Mohamad Omar Pasigan, BBOI Board Governor Datu Habib Ambolodto, CARD Bank President Marivic Austria and CARD MRI Managing Director Aristeo Dequito, among others. CARD Bank’s Shari’ah/Islamic Advisory Group—Dean Hussein Lidasan, Dr. Jawad Salic, Indonesia’s Ibu Rini Supri Hartanti and Dr. Anwar Radiamoda—were present to ensure compliance with Islamic principles.
The Marawi branch is the second Islamic branch CARD Bank has opened in Bangsamoro, following its pioneering branch in Cotabato City in 2024. The BBOI praised the development as a significant step toward widening access to financial services in the region.
Why the expansion matters
Islamic banking in the Philippines has moved beyond the Al‑Amanah Islamic Investment Bank—currently the nation’s sole dedicated Islamic bank—into branches and windows operated by conventional banks such as Maybank Philippines and CARD Bank. The BSP actively promotes Islamic banking to reach unbanked areas of Mindanao, offering products like Wadiah savings, Murabahah, Musharakah, Mudarabah financing for micro‑enterprises and agriculture, and Ijarah leasing for vehicles and equipment.
These services address long‑standing demand from Muslim communities for finance that respects Shari’ah principles, while also providing a dignified alternative to interest‑based products. In conflict‑scarred areas with chronic underinvestment, such offerings can help families rebuild livelihoods, support small businesses and improve resilience to economic shocks.
Investor confidence is also rising. In October 2025, the BBOI approved the registration of a “Filipino‑owned Islamic banking operation” for CARD Bank in Marawi, contributing to BARMM’s record‑breaking ₱5 billion of new investments for that year.
Possible next steps
If the momentum continues, additional Islamic banking branches could be opened across BARMM and in other Muslim‑majority communities. Such expansion may increase access to trusted savings, ethical financing for agriculture and small enterprises, and interest‑free leasing options, thereby deepening financial inclusion.
Local leaders, including Chairperson Pasigan and Assistant Governor Ala, have encouraged CARD Bank and other institutions to consider establishing Islamic banking services within Marawi’s reconstruction zone, Ground Zero. Providing Shari’ah‑compliant finance in that area could accelerate economic revival and aid displaced families rebuilding from scratch.
Frequently Asked Questions
What is the significance of CARD Bank’s second Islamic branch in Marawi?
It demonstrates the growing footprint of Islamic banking in Bangsamoro, follows the 2024 Cotabato City branch, and is seen by the BBOI as a major step toward expanding financial services in the region.
Which Islamic banking products are offered by the new branch?
The branch provides Wadiah savings, Murabahah, Musharakah and Mudarabah financing for micro‑enterprises and agriculture, as well as Ijarah leasing for vehicles and equipment.
How does the new branch fit into the broader economic landscape of BARMM?
The branch adds to a financial ecosystem that includes Land Bank of the Philippines, Philippine National Bank, Amanah Bank, several MFIs and NGOs, and aligns with BARMM’s record‑breaking ₱5 billion new investments for 2025.
How might further expansion of Islamic banking shape the future of financial inclusion in the Philippines?