THE MICROFINANCE arm of the Center for Agriculture and Rural Development–Mutually Reinforcing Institutions (CARD MRI) has piloted a Shari’ah-inspired program in two areas of the Autonomous Region in Muslim Mindanao (ARMM). Dr. Jaime Aristotle B. Alip, CARD MRI chair and founder, said the project dubbed as Paglambo was finalized in Feb. and recently rolled out with an initial 56 families from Marawi City, Lanao del Sur and Shariff Aguak, Maguindanao. “After the intensive research period and the international study exposure and workshops we have participated in, CARD MRI has decided to start pilot-testing the project as part of its commitment of building a financially inclusive country,” Mr. Alip said in a statement released Monday. The project study involved discussions with the Peace and Equity Foundation, Ramon Magsaysay Award Foundation, and Dompet Dhuafa Republika. CARD MRI said the project follows the Murabahah standards, which is based on the cost plus margin sale agreement, wherein the clients are provided with cash to buy goods for their businesses with a marked-up price or margin. An Islamic life insurance policy, or Panangga, is also covered in the agreement. CARD MRI Managing Director Flordeliza L. Sarmiento said, “We will continue to help and build a financially inclusive Philippines, that is, regardless of your social standing, gender, beliefs, and religion.” — Carmelito Q. Francisco

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