A Philippine investment company executive has highlighted the United Arab Emirates as a premier destination for Islamic finance, emphasizing its role in supporting economic development initiatives in the southern Philippines.

Basilan Province: An Emerging Economic Hub

The island province of Basilan, located in the southern Philippines’ Sulu archipelago, is being positioned as the next significant economic development story in East Asia. Basilan is part of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), which encompasses 4.4 million residents across five provinces: Basilan, Maguindanao, Lanao del Sur, Sulo, and Tawi-Tawi. The region is primarily home to the Yakan people, an indigenous group with roots tracing back to early Papuan settlers.

Sharia-Compliant Investment Initiative

This year, the region welcomed Sulo Barakah Ventures (SBV), a new investment firm committed to Islamic finance principles. The company aims to promote comprehensive economic development that can address generational poverty and contribute to lasting regional stability.

According to Justine Lyris Bacay, SBV’s Chief Operating Officer, the company strictly follows international Islamic finance standards established by the Accounting and Auditing Organisation for Islamic Financial Institutions, a Bahrain-based organization founded in 1991. The firm maintains a Sharia Supervisory Board to ensure all investments align with Islamic law and principles.

Leadership Team and Background

The SBV leadership team brings extensive international experience. Bacay, a former risk consultant with Deloitte Central Europe and World Economic Forum champion, leads operations alongside board chairman Maria Antonia Odelia Arroyo, CEO Mohammad Taha Basman II, and chief economist Assad Baunto.

Arroyo previously served as a 2015 World Economic Forum Young Global Leader and has experience in sustainable development investing. She successfully helped improve conditions for nearly 20,000 rice farmers through the Philippine investment firm Ignite Impact Fund. Basman co-authored the Bangsamoro Investment Code and has led development projects for major international organizations. Baunto, an Oxford economics graduate, brings World Bank and Asian Development Bank experience, with particular expertise in the BARMM region.

Strategic UAE Partnership

The team recently visited the UAE to present their investment program to Philippine diplomatic officials, including Ambassador Alfonso Ferdinand Ver and Dubai Consul General Marford Angeles. Bacay explained that the UAE represents a key strategic market due to its established Islamic finance infrastructure, comprehensive regulatory framework, and substantial investment capital. The company plans to establish its fund within the Abu Dhabi Global Market following domestic fundraising efforts.

Regional Development Vision

The SBV team believes BARMM represents the next major development success story in Southeast Asia’s second-fastest growing economy. They draw parallels to other regional transformation stories, including Singapore’s evolution from fishing communities to a global financial center, Taiwan’s mid-20th century industrialization, and South Korea’s post-war economic miracle.

The 2019 referendum that restructured the former Autonomous Region in Muslim Mindanao into BARMM has created the political stability and institutional foundation necessary for significant investment, according to Bacay. The region offers various underutilized assets including rubber and seaweed production facilities, marine resources, Islamic banking infrastructure, energy storage systems, renewable energy projects, transportation networks, telecommunications capabilities, bio-processing operations, and integrated mangrove and cultural tourism opportunities.

Original Article:

Gulf Today. (2025, July 22). UAE is a strategic priority, says Philippine official. Gulf Today. https://www.gulftoday.ae/news/2025/07/22/uae-is-a-strategic-priority-says-philippine-official