This monograph is a product of action research on Islamic finance involving academics, policymakers, financing institutions, civil society, and Sharia scholars. It contains a literature review and the results of discussions with key stakeholders resulting in a comprehensive scoping of the history, policies, and initiatives on Islamic finance. The recommendations and paths forward for pursuing Islamic finance in the Bangsamoro Autonomous Region for Muslim Mindanao (BARMM) lies in the combination of fast-tracking institutionalization of Islamic finance through policies and the gradual community-based development of Islamic finance models at the grassroots level. There is a need to continue the capacity building of policymakers, regulators, financial institutions and communities on Islamic finance and to equip grassroots players on financial literacy and in the development and documentation of models of Islamic finance.