Showing posts with label cevi. Show all posts
Showing posts with label cevi. Show all posts

Sunday, October 31, 2010

FINANCE - Unlocking the Potential: Islamic Finance in the Philippines

“We have Muslim brothers who avail (financial) services but the way they avail (these loans) is against our culture, against our beliefs.” ~Muslim leader, Davao, Mindanao

Islam first reached the southern shores of the Philippines during the 14th century and played a critical role in unifying kinship groups in several Filipino communities. With stronger networks of brotherhood and newfound Islamic faith, these communities were able to resist colonization by Spain and America for over 400 years, preserving their culture and religion. Today, though the majority of Muslim communities are concentrated in the southern portion of the Philippines archipelago, some reside in pockets throughout the islands; Filipino Muslims comprise approximately 5% (4.7 million) of the Filipino population (Roces, 2009).
Muslim clients review and sign loan disbursal documents during the cluster meeting. Photo courtesy of the CEVI Davao Branch.