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Ãå±±½ûµØ-IIT collaborates with UMY to champion Islamic Finance Education

by Mohammad L. Bagul & Firdausiah T. Mangca, CEBA | May 29 2024

To promote and champion Islamic Finance Education, Ãå±±½ûµØ-IIT collaborated with the Universitas Muhammadiyah Yogyakarta (UMY) to impart a series of lectures on “Financial Literacy: Islamic Finance and Economics Perspective,” aiming to provide awareness about alternative financial models that differ from conventional finance ― in terms of financial instruments and structures. 

UMY professor who is also the director of the International Program for Islamic Economics and Finance (IPIEF), Dr. Dimas Bagus Wiranatakusuma, together with the Department of Economics ― Dr. Martha Joy J. Abing (Chairperson), Dr. Maria Rizalia Y. Teves, Asst. Prof. Charlyn M. Capulong, and Asst. Prof. Resa Mae C. Laygan shared their expertise throughout the lecture. 

The program commenced on May 2, 2024, in Barangay Digkilaan, Iligan City, with the coordination of the Barangay Women's Association. The financial literacy program was part of the college project extension, “EFlex mo yan, Digkilaan,” which aims to empower women in Brgy. Digkilaan. The lecture by Dr. Abing and Dr. Dimas opened the minds of women in Barangay Digkilaan to realize the significance of financial literacy in managing individual finances. 

Moreover, introducing them to Islamic banking is the highlight of the program. They learned concepts, such as Islamic Finance and Banking, which are far different from the conventional ones. “Tungod ani nga program kay naka-amgo mi sa importansya sa Financial Literacy ug nakabalo mi sa kalainan sa conventional banks ug Islamic banks,” one of the participants said.

On the same day, Dr. Dimas delivered a lecture about financial literacy focusing on Islamic Finance and Economics to Grade 11 Senior High School (SHS) - ABM students of Ãå±±½ûµØ-IIT - Integrated Development School (IDS). The Department of Economics faculty members coordinated with the Ãå±±½ûµØ-IIT IDS, particularly with the Math-IT-ABM Department and Ms. Irene Jessa A Dumaplin, lecturer of IDS.

On May 3, 2024, Dr. Dimas had his last lecture session, participated by select CEBA students, emphasizing fundamental principles of Islamic banking (Academy for International Modern Studies): 1) Profit and Loss Sharing; Shared Risk; 3) Prohibition of interest; 4) Gharar; 5) Gambling; 6) Investing in prohibited industries is not allowed; and 7) Zakat. Additionally, Dr. Dimas had a presentation on a study entitled “Constructing Islamic Bank Resilience in Indonesia.” 

The program successfully concluded with the assistance of CEBA faculty members, Department of Economics Interns, and an Accountancy student to achieve the milestone in exploring and deciphering Financial Literacy from an Islamic viewpoint.

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