The Establishment of Islamic Finance and Its Impact in the Bangsamoro as Perceived by Select Ulama and Professionals in Lanao del Sur Anwar M. Radiamoda Shari’ah Center, Mindanao State University, Marawi City, Philippines Keywords: Islamic Finance, Bangsamoro, Lanao del Sur. Abstract: The aim of this research is to examine the influence of the establishment of Islamic Finance and its impact in the Bangsamoro 1 as perceived by select Ulama and professionals in Lanao del Sur. The idea behind establishing Islamic Finance, is to remove riba and maysir and from Traditional Financing system without disturbing and dividing the society economy, and how the whole society is conducting financing business in a unified way. The mean purpose of this study is to comprehend that Islam Finance emphasizes fair and equitable distribution of resources and meeting the needs of economically weak people as part of piousness, dedication, worship and faith. It encourages its followers to relate their piety (Taqwa) with social realities. It persuades a person to share the blessings and bounties of Allah with others as a matter of obligation by declaring that Taqwa encompasses not only the love of Allah, but also the love of fellow human beings, who should be treated as part of an extended human family. This refers in a way to the need to study the economic aspects of mankind free from scamming and harming. The major finding and recommendation to the Bangsamoro: the establishment of Islamic Finance requires rulers and various regulators in the system to protect the common people from non-Shari’ah compliance, scam, harm and hardship caused by dishonest factors in society through strong and effective laws, and they should be respected in the sense of fulfillment of all socio-economic rights. The parliamentary of Bangsamoro must also control institutional and other misconducts. . 1 INTRODUCTION Islamic Financing has become very important sector, as more and more economies of the word are adapting such finance methodology, in response to the growing need for such financing system. The Muslim must be financially ready to assume the task of home- building. A good life requires that a person has a good source of income to support his family and society. This is oftentimes misunderstood by some people by alleging that because Allah provides for their sustenance, there is no worry for a person to think about what he and his family needs. Al-Qardawi (1980) mentioned that in Islam, two of the pillars of religion speak about good financial 1 Bangsamoro People. The term refers to those who at the time of conquest and colonization were considered natives or original inhabitants of Mindanao and the Sulu archipelago and its adjacent Islands including Palawan, and their descendants, whether or mixed or standing. These are zakat and hajj. How can a Muslim perform these religious duties if he does not have the means to do so? Thus, a Muslim is always encouraged to seek a good livelihood so that he and his family and his society can fully enjoy the blessings of Allah on earth. Allah Almighty said: ِ ﺮ ْ ﻛ ِ ذ َ ﱃ ٕ ا ْ ا ْ ﻮ َ ﻌ ْ ﺎﺳَ ﻓ ِ ﺔ َ ﻌ ُ ﻤ ُ ﺠ ْ اﻟ ِ م ْ ﻮ َ ﻳ ﻦ ِ ﻣ ِ ة َ ﻼ ّ ﻠﺼ ِ ﻟ َ ى ِ ﻮدُ ﻧ ا َ ذ ٕ ا ْ ﻮاُ ﻨَ اﻣ َ ء َ ﻳﻦ ِ ّ الﺎَ ّ ﳞٔ ا ٓ ﺎ َ ﻳ﴿ َ ﻮن ُ ﻤ َ ﻠ ْ ﻌَ ﺗ ْ ُ ﻨﱲ ُ ﻛ ن ٕ ا ْ ُ ﲂ ّ ﻟٌ ْ ﲑَ ﺧ ْ ُ ﲂ ِ ﻟ َ ذ َ ﻊ ْ ﻴ َ ﺒ ْ اﻟ ْ وا ُ ر َ ذ َ و ِ ّ ال- ّ اﻟﺼ ِ ﺖَ ﻴ ِ ﻀُ ﻗ ا َ ذ ٕ ﺎَ ﻓُ ة َ ﻼ ِ ﰱ ْ وا ُ ِ ﴩ َ ﺎﻧﺘَ ﻓ ْ ُ ﲂ ّ ﻠ َ ﻌ ّ ﻟ ً ﲑا ِ ﺜ َ ﻛ َ ّ ال ْ وا ُ ﺮ ُ ﻛ ْ اذ َ و ِ ّ الِ ﻞْ ﻀَ ﻓ ﻦ ِ ﻣ ْ ﻮاُ ﻐ َ ﺘ ْ اﺑ َ و ِ ض ْ ر ّ اﻻ ﴾ َ ﻮن ُ ﺤ ِ ﻠْ ﻔُ ﺗ In English translation: “O you who believe! When the call is proclaimed for the Salah on Al-Jumu`ah (Friday), then hasten (Fas`aw) to the remembrance of Allah and leave off business. That is better for you of full blood, shall have the right to identify themselves as Bangsamoro by ascription or self- ascription. Spouses and their descendants are classified as Bangsamoro. (BBL-Republic act No.6734) 28 Radiamoda, A. The Establishment of Islamic Finance and Its Impact in the Bangsamoro as Perceived by Select Ulama and Professionals in Lanao del Sur. DOI: 10.5220/0010113900280033 In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance (7th AICIF 2019) - Revival of Islamic Social Finance to Strengthen Economic Development Towards a Global Industrial Revolution, pages 28-33 ISBN: 978-989-758-473-2 Copyright c  2020 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved