BRUNEI - Fajr Capital keen to contribute in developing Brunei's economy

FAJR Capital Limited, along with its shareholders and potential co-investors, is keen to further contribute to the Bruneian economy, especially through partnership with Brunei-based companies that have the potential to expand internationally.

A representative from the Dubai-based investment company told The Brunei Times in an e-mail interview that as a strategic investor, Fajr Capital brings multiple forms of capital to the markets it serves. (full story)


"These include investments in financial services, real economy investments in other sectors, intellectual capital in the form of ideas and practices, and corporate social responsibility (CSR) capital in the form of social contributions," he said.

Bank Islam Brunei Darussalam (BIBD) is the first investment for Fajr Capital. The representative said the potential for international expansion has been of interest to BIBD for several years, and was part of the rationale for forming the bank through the IBB-IDBB merger in 2006.

"While the current strategic plan is focused on domestic growth where we continue to see much potential, international opportunities may selectively be explored," he added.

When asked what Fajr is looking to introduce in Brunei through BIBD, the representative said they have an ambitious three-year strategy that has been developed, seeking growth in all divisions of the bank.

"Consumer, corporate, and investment banking. Across the institution, we are focused on investing in our talent, upgrading our systems and processes and strengthening our offerings and customer experience. Specific products have been identified within the context of this larger strategy and will InsyaAllah come to market over time," he explained.

Fajr also said that Brunei's commitment to Islamic finance is remarkable and exemplary, which is why it looked towards Brunei as its first investment.

"Brunei is exceptional in that its leading bank, BIBD, is also the single largest financial institution, with greater market share than any conventional bank. Brunei has a strong and stable economy, key opportunities for growth and a strong regulator. All of which we admire," he said.

"We believe BIBD, as Brunei's largest bank and flagship Islamic financial institution, is well positioned for market leadership and can deliver a strong return on an investment in its people and infrastructure," the representative said. The Brunei Times

Source : http://www.bt.com.bn/business-national/2011/04/14/fajr-capital-keen-contribute-developing-bruneis-economy - April 14, 2011