Partnerships signed at the sidelines of the 2026 IMF-World Bank Group Annual Meetings in Bangkok, Thailand

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MANILA, October 20, 2026 (SDN) — Partnership among institutions, private and public, is one of the engines that move the world machine.

It’s something that relates to the saying that goes: “No man is an island”, which roughly means that tasks, goals can be achieved with more brains working together, collaborating for a symbiotic relationship.

And this covers, surely, the promotion, development, and adopting and embracing Islamic finance in a global way.

The National Commission on Muslim Filipinos (NCMF) under the leadership of Secretary Sabuddin N. Abdurahim has been one of the strongest proponents of Islamic finance and how to escalate its adoption in the Philippines, through some of its bureaus, one of them the Bureau of Muslim Economic Affairs (NCMF-BMEA). The BMEA had conducted many international forums in the country in the past promoting Islamic finance during which challenges and steps on its adoption were discussed along with recommendations on how to go about it.

In fact, the BMEA headed by ever-busy Director Saleha Pangarungan Sacar, JD DPA, has just added a feather to its cap as the bureau struck a partnership with two Islamic financial institutions.

The BMEA director reported recently how the NCMF through her bureau was invited to participate in the Islamic Finance Forum (IFF) and the 2026 IMF-World Bank Group Annual Meetings on October 12-18 held at The Westin Grande Sukhumvit in Bangkok, Thailand.

A check on the internet (via nbtworldnews on Instagram) showed the high-level forum revolved around the theme “Islamic Finance: From Crisis Resilience to Transition Finance”, exploring ways on “how Islamic financial principles and instruments can help economies address global uncertainty, manage risks, and build more inclusive and sustainable financial systems”.

Director Sacar related that the NCMF was invited to the twin events by the Islamic Bank of Thailand (IBT) headed by Director and President Thaweelap Rittapirom to participate in the internationl conferences relating to the rising Islamic finance now being noticed by the global community.

Among the battery of speakers at the global event included IBT’s Rittapirom, Welcome Remarks; the Sheikul Islam of Thailand Arum Boonchom, Opening Remarks; IDB Group Chairman Dr. Muhammad Al-Jasser, Keynote Message, discussing Islamic Finance through theme “From Crisis Resilience to Transition Finance” during the High-Level Forum on Islamic Finance on October 14; and many other speakers.

“The forum’s message reinforces the importance of exploring responsible and sustainable models of Islamic social financ”

As Dr. Rittapirom welcomed the participants, he discussed the importance of international cooperation as one of the ways to expand access to financial opportunities and noted that it helps to share knowledge among stakeholders which can help countries in addressing poverty and economic challenges they are facing. At the same time, he added how this can also create opportunities for sustainable development.

Thailand Muslims’ highest leader appointed by the Thai King, Sheikul Islam Boonchom also spoke at the event during which he highlighted the importance of the forum vis-a-vis what he called “mounting challenges facing the global economy.”

The Thai Sheikul Islam spoke of Islamic finance’s role as a bridge that connects financial systems and the global economy, carrying the potential to strengthen stability, promote shared prosperity and support peace.

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“Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries”

— IDB Group Chairman Dr. Muhammad Al-Jasser

Meanwhile, BMEA’s Director Sacar, who travelled on an official mission to Bangkok on October 12 to 15, recalled how the IDB Group chairman emphasized in his message that the future of Islamic finance depends not only on capital mobilization, but also on the quality, integrity, and effectiveness of the institutions managing and deploying financial resources.

“The (IDB Group) Chairman’s emphasis on ASEAN’s growing role in the global Islamic finance ecosystem underscores the importance of regional cooperation, knowledge exchange, and institutional partnerships,” she paraphrased the Keynote Message.

“ASEAN countries possess diverse experiences in Islamic banking, capital markets, halal industry development, and Islamic social finance. These experiences provide opportunities for the Philippines to learn from established practices and identify approaches appropriate to its legal, regulatory, and institutional environment.”

(ASEAN is the Association of Southeast Asian Nations comprising of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Timor Leste, Thailand, and Vietnam.)

The BMEA director as seen on the bureau’s Facebook page spoke of the significance to the NCMF of all these developments on Islamic finance in the global stage, including how partnerships would impact its overall growth.

“For NCMF-BMEA, this reinforces the value of continued engagement with regional Islamic financial institutions, development organizations, and relevant government agencies to strengthen professional capacity, expand technical cooperation, and explore practical initiatives for Muslim economic empowerment,” she pointed out.

“The forum’s message reinforces the importance of exploring responsible and sustainable models of Islamic social finance that can complement existing development programs and respond to the needs of Muslim communities.”

She said her official mission to Bangkok is a reaffirmation of Islamic finance’s being not just an alternative financial system, but one that is a potential instrument leading to sustainable development, economic resilience, and inclusive growth.

Director Sacar described the IDB Group Chairman Al-Jasser’s message as something the Philippines may consider as “a significant policy direction” in terms of strong institutions’s support through financial resources, credible governance, effective partnerships, and a clear commitment to public benefit.

“In this regard, NCMF, through the Bureau of Muslim Economic Affairs, may pursue practical initiatives that connect Islamic finance with halal industry development, Muslim entrepreneurship, Islamic social finance, and community empowerment, consistent with its mandate and in coordination with the appropriate government agencies and financial institutions,” she said.

“Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.

“Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.”

In the Philippines, the government took note of Islamic finance with the creation of the then-Philippine Amanah Bank PAB) in 1973 through Presidential Decree No.264, now the Al-Amanah Islamic Investment Bank of the Philippines (AAIBP) and continues to do so until 2026, so far, with the grant of “takaful” license to a fifth takaful operator and CARD Bank, Inc. opening its third branch-lite unit. — EDD K. USMAN / SDN

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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; 4 Heart Media Awards — 2022, 2023, 2024, 2025 — from Philippine Heart Association; 3 Silver Awards in Photography from Shell’s Best Friend Photo Contest and Department of Tourism Photo Contest ), 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. (®)