02/09/2026
M&T, NCMF Align Priorities on Islamic Finance and Awqaf Framework Strengthening
M&T Consultants, Islamic Co. held back-to-back meetings on 2 September 2026 with Hon. Commissioner Aisha Baicon B. Cayongcat-Nuska and the Bureau of Pilgrimage and Endowment (BPE), led by Director Zainuden M. Usudan, of the National Commission on Muslim Filipinos (NCMF).
The meeting with Commissioner Cayongcat-Nuska focused on the broader development of Islamic finance and its potential to promote financial inclusion, enterprise development, and sustainable support for Muslim Filipino communities.
Commissioner Cayongcat-Nuska brings extensive experience in development and community work, including peacebuilding, women and youth empowerment, livelihood development, cultural preservation, and promotion of the Halal economy. Her development-oriented background offers an important perspective in ensuring that Islamic finance initiatives translate into meaningful and accessible opportunities for Muslim Filipinos.
M&T provided the Commissioner with a briefer on its services, projects, accomplishments, and global networks that could be readily mobilized to support her priorities and the NCMF’s Islamic finance agenda. These include Shariah consultancy and advisory, capacity development, research and policy support, Islamic social finance, stakeholder engagement, and Shariah-compliant digital solutions. M&T also shared recent developments in its partnerships with global Islamic finance institutions. Through its engagements with Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), Islamic Banking and Finance Institute Malaysia (IBFIM), International Centre of Education in Islamic Finance (INCEIF), Association of Shari’ah Advisors in Islamic Finance (ASAS), Chartered Institute of Islamic Finance Professionals (CIIF), Adl Advisory, and Training and Awareness in islamic Finance (TAIF) Digital Institute, M&T is working to bring international standards, recognized qualifications and professional pathways, research, executive learning, and technical expertise closer to the Philippines. These partnerships can help address gaps in local talent and institutional capacity while enabling more Muslim Filipinos to participate in and benefit from the continued growth of Islamic finance.
The separate meeting with the BPE focused more closely on Islamic social finance, particularly Awqaf or Islamic endowments. The engagement built on initial discussions between M&T and the BPE’s Endowment Administration Division, headed by Chief Moh. Abdulfoutouh B. Assiong. These preliminary conversations explored possible areas of cooperation on Awqaf and paved the way for a formal discussion with Director Usudan.
“As the newly appointed Division Chief, and in line with the explicit mandate given by Secretary Sabuddin Abdurahim to effectively transition the Endowment Administration Division into its next chapter, I am looking to onboard a Technical Adviser. Our assessment of the division’s structural trajectory, dating back to its origins under the former Office on Muslim Affairs, indicates that a comprehensive strategic refresh is long overdue,” Chief Assiong said.
“The selected firm will work closely with my office to conduct a comprehensive review of our priority programs, overhaul outdated policies, and guide EAD’s transition from legacy frameworks into a high-performing division aligned with modern institutional standards,” he added.
Under Republic Act No. 9997, the BPE is responsible for the administration of Awqaf properties and institutions, related research, and the development of Awqaf projects.
M&T and the BPE discussed revisiting existing community-level Awqaf practices. Documenting these arrangements can help identify good practices and address challenges involving legal recognition, property registration, governance, accountability, records management, and the sustainable use of endowed assets.
These community experiences can contribute to a stronger national framework for Awqaf management that remains responsive to local traditions and development needs. When properly governed, Awqaf can provide sustainable support for mosques, madaris, education, healthcare, livelihoods, social services, and other community institutions.
M&T looks forward to journeying with Commissioner Cayongcat-Nuska, the NCMF, and the BPE, bringing their perspectives into national conversations and translating shared aspirations into coordinated, Shariah-grounded, and community-responsive initiatives that advance Islamic finance ecosystem and unlock the development potential of Awqaf across the Philippines.
