CARD Bank, a microfinance-oriented rural bank under CARD MRI, held a groundbreaking ceremony for its second Islamic banking branch in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) on June 11, 2025. This initiative aims to serve unbanked and underbanked Muslim communities by providing inclusive and ethical Shari’ah-compliant financial products and services.
Following Islamic law, the branch will operate strictly under Shari’ah financing principles, offering a wide array of financial products and services aligned with Islamic finance. These include Wadiah deposit accounts—such as Wadiah Basic Savings, Wadiah Regular Savings, and Wadiah ATM Savings. Financing is provided under “Murabahah”, “Mudarabah” and “Musharakah” contract for Micro-Agri and Micro-Enterprise needs, as well as “Murabahah 2” for Supplemental Commodity Financing. Also, “Ijarah” contract is provided for leasing of motorcycles and/or motor vehicles. These are all in strict compliance with Islamic finance law.
CARD Bank President and CEO, Ms. Marivic M. Austria, stated, “This move reflects our strong commitment to financial inclusion and to creating opportunities for the economic empowerment of all people, regardless of faith or belief.”
Located in Brgy. Punta Biabao, Marawi City, Lanao del Sur, the Islamic Branch is set to open in November 2025.
