The UP Institute of Islamic Studies (UP IIS) participated in the Focus Group Discussion (FGD) for the research project Integrating ASEAN Islamic Finance through Academic Collaboration and Knowledge Transformation (IMPACT) on May 13, 2026, via the Zoom teleconferencing platform. The project is being implemented by the Centre of Excellence for Research and Innovation in Economics under the ISRA Institute of INCEIF University, Malaysia.
The IMPACT project aims to map and assess the current landscape of Islamic economics and finance education across selected universities in the ASEAN region. Specifically, it seeks to identify the strengths and gaps in existing academic programs while exploring opportunities for regional collaboration, knowledge exchange, and capacity building in Islamic economics and finance.
As one of the few academic institutions in the Philippines offering courses in Islamic economics and finance through its Master of Arts in Islamic Studies (MAIS) program, the UP Institute of Islamic Studies (UP IIS) was invited to share its insights and experiences during the discussion. Selected faculty members, lecturers, and staff participated in the FGD, contributing perspectives on the development, delivery, and future direction of Islamic economics and finance education in the country.
In his opening remarks, Prof. Julkipli M. Wadi, UP IIS Dean, emphasized that Islamic finance and economics may be viewed as part of ASEAN cultural integration, as reflected in the region’s long-standing economic interactions and collaborative endeavors. He further noted that the Philippines has demonstrated growing enthusiasm and recognition of the importance of advancing Islamic finance, in alignment with regional and global developments in the field. Prof. Wadi also shared that UP IIS is actively coordinating with various sectors in the country to strengthen Islamic finance education and research.
With INCEIF emerging as a key partner, he added that the institute aims to further enhance and institutionalize its academic and research collaborations.
During the discussion, Asst. Prof. Darwin J. Absari, UP IIS faculty member and College Secretary, highlighted the institute’s academic offerings related to Islamic finance. He noted that UP IIS offers IS 293: Islamic Economics, Banking, Trade, and Investment as part of the MAIS curriculum. The course introduces students to prevailing philosophies, major theories, practices, and contemporary issues in Islamic economics, including current interpretations and emerging approaches. He further shared that UP IIS faculty members and students are engaged in research on Islamic finance, examining relevant Philippine laws and the roles of public and private institutions at both micro and macro levels. He also noted that the institute is exploring the offering of a certificate course in Islamic finance in the future, in order to further expand academic opportunities and strengthen capacity-building in this growing field.
As a way forward, UP IIS plans to forge a memorandum of understanding (MOU) with INCEIF to formalize and institutionalize the partnership. The proposed collaboration aims to strengthen Islamic finance scholarship and education through faculty and student exchanges, joint research projects, collaborative publications, and other academic initiatives that will contribute to the advancement of Islamic economics and finance in the Philippines and across the ASEAN region.
The IMPACT research project is led by INCEIF University, a globally recognized institution dedicated to developing talent and expertise in Islamic finance.
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Article by Camille Lucille Bello, University Researcher II
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