Unlocking the Potential: Islamic Finance in the Philippines

“We have Muslim brothers who avail (financial) services but the way they avail (these loans) is against our culture, against our beliefs.” ~Muslim leader, Davao, Mindanao
 
Islam first reached the southern shores of the Philippines during the 14^th century and played a critical role in unifying kinship groups in several Filipino communities. With stronger networks of brotherhood and newfound Islamic faith, these communities were able to resist colonization by Spain and America for over 400 years, preserving their culture and religion. Today, though the majority of Muslim communities are concentrated in the southern portion of the Philippines archipelago, some reside in pockets throughout the islands; Filipino Muslims comprise approximately 5% (4.7 million) of the Filipino population (Roces, 2009).

Recognizing the need for a loan product more suitable to Muslim borrowers, CEVI has recently developed and launched an Islamic Finance product that is being piloted in Davao, Mindanao.

To read more about CEVI's course in expanding outreach to Muslim clients, please visit the Kiva Fellows Blog. 

Bonus Photo!

The first 10 Muslim clients involved in the pilot alongside the local Muslim leader, Chairman of World Vision, and Head of DMI. Photo courtesy of the CEVI Davao Branch.

Let's Hear the Clients' Voices

Social performance management (SPM) has become an increasingly important topic in the microfinance sector – concerned donors, funders, and individuals alike have been paying close attention to how microfinance institutions (MFIs) balance their financial and social goals. In order to get clients’ perspectives, our team at Community Economic Ventures, Inc. (CEVI) conducted focus group discussions (FGDs) with members across the 5 CEVI branches in the province of Bohol.

We developed interview guides/modules based on the CERISE SPI tool – creating questions and group exercises related to the following topics: products and services, policies, over-indebtedness, staff relations, feedback and communication, client benefits, community development and child well-being. Over a span of four days, our team was able to collect data and feedback from client groups to gain a better understanding of how CEVI is perceived by those it aims to serve.

To read more and see pictures, visit the Kiva Fellows Blog!

Happy 5th Birthday Kiva!

Community Economic Ventures, Inc wishes Kiva a very happy birthday! Since we couldn't be in San Francisco to celebrate, we had our own mini-celebration :)



Read more about Kiva's 5 for 5 challenge for the month of October - if you get 5 new friends to make a loan on Kiva this month, you get $25 Kiva credit in your account.

Exclusive Interview with a Filipina Farmer

During my visit to Trinidad, Bohol I was able to meet with Josefina. She is a successful businesswoman who owns a sari-sari (general) store and has a farm with coconut fields, rice fields, a vegetable garden and various livestock. Clearly being a client of CEVI has done her some good!

If you're interested in learning how rice is planted, watch the VIDEO in my latest blog post on the Kiva Fellows Blog.

To Have a Servant’s Heart: The Essence of Customer Service

When you’re in the business of microfinance, you’re in the business of relationship building. Microfinance institutions (MFIs) must rely on a vast network of relationships between stakeholders - clients, lenders, donors, employees, etc – in order to provide financial services to the poor and fulfill their other objectives.

Pastor Boris Joaquin, World Vision’s Director of Publics in Ministry, shared his insight on how to exceed customers’ expectations with Community Economic Ventures, Inc (CEVI) during an intensive workshop. Forty-seven CEVI staff members, including branch managers, area managers, and top management, met at JJ’s Seafood in Tagbilaran City to discuss Customer Service 101.

To continue reading and see pictures from the event, check out my blog post on the Kiva Fellows Blog!

Kiva Update #1

Working at CEVI these past few weeks has been a delight. After familiarizing myself with the workflow and operations, I had the opportunity to initiate a conversation with the Marketing and Communications Department regarding their current processes and strategies for the CEVI-Kiva Partnership. Over the span of two days, we met to discuss and develop a strategic plan for fiscal year 2011.

Ruby Jane and Elvira focused on the topics at hand.

Jonar Dorado (Director of CEVI) noting targets and objectives.

Lunch break - time to refuel!  It's been a long morning and we need sustenance!

I also had the chance to attend two borrower cluster meetings in the town of Baclayon. The women entrepreneurs were warm and welcoming - they were excited by my presence and willing to share their stories with me.

I was able to interview five women and although some shared similar business interests, none of their stories were the same. Each woman invited me into her personal life, giving me a glimpse of her family, the challenges she faces, and her plans for the future.

Putting my interviewing skills to the test.

Group photo with the Taguihon Cluster.

Sharing some laughs!

Hut where the Santa Cruz Cluster meets.

Group photo with the Santa Cruz Cluster. And someone's dog!

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