𝐇𝐢𝐬𝐭𝐨𝐫𝐢𝐜 𝐌𝐨𝐦𝐞𝐧𝐭 𝐚𝐬 𝐂𝐀𝐑𝐃 𝐁𝐚𝐧𝐤 𝐈𝐧𝐚𝐮𝐠𝐮𝐫𝐚𝐭𝐞𝐬 𝐅𝐢𝐫𝐬𝐭 𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐁𝐫𝐚𝐧𝐜𝐡 𝐢𝐧 𝐂𝐨𝐭𝐚𝐛𝐚𝐭𝐨 𝐂𝐢𝐭𝐲

Cotabato City, January 22, 2024 – In a groundbreaking event on Monday, January 22, 2024, CARD Bank proudly opened the doors of its first conventional Islamic bank, marking a significant milestone in the financial landscape of the Philippines. The establishment has been granted a license to operate by the Bangko Sentral ng Pilipinas (BSP), making it a fully Islamic bank operation.

The momentous occasion took place in Cotabato City, where a distinguished gathering of officials and dignitaries graced the inaugural ceremony. The event was attended by BBOI Chairperson Mohamad Omar Pasigan, Board of Governor Datu Habib S. Ambolodto, along with other key officials from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Senior Minister Abunawas Maslamama, MTIT Deputy Minister Atty. Sukarno Abas and Cotabato City Mayor Mohammad Ali Bruce Matabalao were among the notable figures present, emphasizing the collaborative effort for economic growth in the region.

The establishment of the first Islamic bank in the city aligns with the country’s commitment to financial inclusion and diversity. CARD Bank’s initiative reflects the growing recognition of Islamic finance principles, catering to the specific needs of the Muslim community and contributing to the overall economic development of the nation.

During the inauguration, Chairperson Pasigan commended CARD Bank for taking the lead in promoting Islamic banking services and expressed his optimism about the positive impact it would have on the local economy. He highlighted the importance of financial institutions adapting to diverse needs and preferences to ensure a more inclusive and equitable financial system.

Mayor Matabato echoed these sentiments, emphasizing the significance of the Islamic bank branch in empowering local communities and providing them with accessible and ethical financial solutions. The presence of BARMM officials highlights the Bangsamoro government’s support for initiatives that contribute to the economic upliftment of the Bangsamoro region.

As the first of its kind, CARD Bank’s Islamic Branch is poised to set a precedent for other financial institutions in embracing Islamic finance principles. The opening ceremony marked not only the beginning of a new chapter for CARD Bank but also a momentous step forward for the Philippine financial sector in embracing diversity and inclusivity.