Featured image above shows NCMF Secretary/CEO Sheikh Sabuddin N. Abdurahim (2nd, left) presents a Plaque of Appreciation to Finance Secretary Frederick Go at the event. Flanking them are BMEA Director Bai Saleha Pangarungan Sacar (right) and NCMF Executive Director Tahir Lidasan, Jr. (Photo: SDN)
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SHANGRI-LA THE FORT, Bonifacio Global City, Taguig City, February 2, 2026 (SDN) — “HONESTY AND TRUSTWORTHINESS IN TRADE ARE THE FOUNDATION OF LEGITIMATE COMMERCE”!
Sheikh Sabuddin N. Abdurahim, secretary and CEO of the National Commission on Muslim Filipinos (NCMF), emphasized the two virtues cited above here at the 5th International Islamic Finance Conference participated and attended by an estimated more or less 300 local and foreign dignitaries and experts on Islamic finance.
The NCMF’s Bureau of Muslim Economic Affairs (BMEA) under the able guidance of Director Bai Saleha Pangarungan Sacar organized the event from February 1 to 3, with the Monday and Tuesday as the conference proper.
Related: NCMF’s 5th IIFC Seeks Stronger Islamic Finance Ecosystem for ASEAN Integration
“Islamic banking and finance is anchored in principles that closely mirror the objectives of prudent regulation and responsible supervision. The Qur’an permits lawful trade while prohibiting exploitation, establishing a moral frame work that supports transparency, fairness, and market discipline,” Abdurahim emphasizes in his Welcome Remarks.
The NCMF head adds that Islam’s Prophet Muhammad’s (SAW) teachings reinforced the principles that ought to govern business as the prophet had underscored “that honesty and trustworthiness in trade are the foundation of legitimate commerce.”
Abdurahim thanked the attendees’ presence in the event organized in partnership with the Department of Foreign Affairs (DFA) headed by Secretary Ma. Theresa P. Lazaro.
South African Halaal Tech founder shares his country’s possible contributions in Islamic finance
The attendees’ presence, he said, is a reflection of a shared commitment to strengthening financial systems that are not just sound and resilient, but also characterized with ethical, inclusive, jibed with enduring stability.
“From a policy perspective,” the NCMF CEO points out, “Islamic finance is best understood through the lens of the ‘Maqasid al-Shari’ah, or the higher objectives of Islamic Law.”
In her own speech at the event, Sacar walked back the attendees to the making the international Islamic finance forum, highlighting BMEA’s constancy and resilience in navigating a gauntlet of challenges.
“This conference did not begin easily, nor did it emerge without challenges. It is the product of rigorous discussions, technical consultations, and careful policy reviews.
” At many points, we had to confront many complex issues and reconcile differing perspectives. These challenges, however, were necessary, because meaningful reform does not come from convenience, but from commitment,” the BMEA director says.
From the start that she assumed the BMEA mantle of leadership, Sacar said a strong sense of responsibility and a clear conviction were already embedded with her.
It is vital, she pointed out, to meaningfully strengthen the economic affairs of Muslims that jibe with her bureau’s mandate.
She cited many hours that she spent pouring over global practices, even as she examined the operational realities and institutional constraints within the context of Muslim Filipinos, in particular, and the Filipino nation, in general.
“The question that consistently guided me was this: how do we make halal and Islamic finance work practically, sustainably, and inclusively for Muslim Filipinos and for the Philippine economy as a whole?”
Sacar cited the participation of various stakeholders and BMEA’s technical partners who are active in the field OF Islamic finance.
One of the presenters for Tuesday, Haamid Mulla, co-founder & CEO of Halaal Tech & Innovative Solution, South Africa, acknowledged the event’s significance as “it brings together the various stakeholders of the Islamic finance economy, and it allows them to share, experience, education. And it also helps push momentum for greater adoption of Islamic finance in the Philippines.
He expects to learn a lot from his fellow attendees even as he will also be sharing his knowledge and experience with confidence with the other attendees through interaction and working together.
Mulla is optimistic that his country would be able to contribute to the Philippines as South Africa has a very robust, mature Islamic finance and halal industry.
“There’s a lot of experience (that can be) learned from South Africa that we can contribute to the Philippines. So, it’s part of our journey in partnering with and supporting the NCMF and the Philippines,” the South African of Indian descent and founder of his own startup Halaal Tech assures.
He’ll be discussing “Advancing the Digital Islamic Finance Ecosystem: Tokenization, Fintech, Innovation, and Cybersecurity for Inclusive Growth” in tomorrow’s final day of the international Islamic finance conference.
More explanation from the NCMF CEO
Abdurahim, appointed to the NCMF by President Ferdinand R. Marcos, Jr. in 2024, and a former board member of Tawi-Tawi province, mentioned the higher objectives Islamic Law.
“The protection of wealth occupies a central role” in these objectives, he adds, “not merely in accumulation of wealth, but in preservation, circulation, and productive use” in which the concept resonates strongly with macroprudential objectives: safeguarding financial stability, preventing excessive risk-taking, and ensuring that finance supports real economic activity.”
Abdurahim cited Islam’s prophet cautioning against committing deception and ambiguity in commercial transactions, with a warning that “whoever deceives is not among us.”
The NCMF CEO notes the guidance of the prophet “underpins the prohibition of excessive uncertainty, speculation, and misrepresentation in Islamic finance. “In regulatory terms, these principles support strong disclosure requirements, sound governance, and risking-sharing structures that reduce leverage-driven vulnerabilities within the financial system.”
“Guided by these foundations, the Philippines has taken deliberate steps to integrate Islamic banking and finance into its national financial architecture. Through enabling legislation, supervisory frameworks, and Shari’ah governance mechanisms, Islamic finance is regulated with the same rigor applied to conventional institutions, while respecting its distinct contractual and risk-sharing characteristics.”
To realize these principles and the higher objectives of Islamic Law, Abdurahim highlighted the shared responsibility of regulators and policymakers such as ensuring that Islamic finance remains true to its ethical foundations while meeting the highest standards of prudential regulation, risk management, and governance.
“In doing so, we honor the Prophetic teaching that wealth is ‘amanah’ or trust, and that those entrusted with responsibility will be held accountable for how that rust is managed,” the head of the NCMF emphasizes. — EDD K USMAN (©)
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Note: The story was updated with more information and photographs.
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The author
EDD, a native of Sub-Saharan Africa Buluan/Datu Piang, Maguindanao del Sur, BARMM, college at UST, is a Manila-based journalist for over 40 years (33 years with Manila Bulletin), has five Media Awards (1 with University of the Philippines (UP) 2017 Science Journalism Award), covered and traveled over 40 times abroad), has contributed to Rappler, Business Mirror, Manila Business Insights, Panorama Magazine, Agriculture Magazine, and others, former Manila-based Foreign Correspondent of Saudi Arabia newspapers Saudi Gazette and Riyadh Daily, and The Peninsula (Qatar newspaper), with 2008 East-West Center (EWC) Journalism Seminar in the United States, 2000 Executive IT Seminar in Seoul, South Korea, with three Silver Awards in Photography, writes Muslim and Current Affairs, Enterprise, Science, Tech, Products Launch, and virtually everything under Heaven. (®)