BRUNEI - BANKING - Syariah-compliant banking market may go up to 60% in 5 yrs

www.bt.com.bn - SYARIAH-compliant banking is forecasted to reach between 55 to 60 per cent from the current 40 per cent market share in the next five years, said the managing director of a local bank.

The forecast, coupled with a more central role that Islamic finance is now playing in the Bruneian economy, emphasises the need for standardised regulations for Islamic finance, said Javed Ahmad, the Managing Director of Bank Islam Brunei Darussalam (BIBD).

Javed, speaking during the opening of UBD's seminar on Islamic finance, '20 Years of Islamic Finance in Brunei Darussalam: Challenges and Opportunities', said "Brunei has a big potential to be an Islamic financial hub due to its strong economic and political stability, good infrastructure and support of the government.  (source)

BRUNEI - CAPITAL MARKETS - Brunei sukuk issuances total $3.651 billion

THE Autoriti Brunei Darussalam (AMBD) has announced the successful pricing of $100 million worth of sukuk or Islamic bonds.

The latest issuance brings to over $3.651 billion the total sukuk issued by the Brunei Government since the Sukuk Al-Ijazah programme began in April 2006. AMBD is the managing and administering agent for Sukuk Al-Ijarah issuances. (source)

BRUNEI - CAPITAL MARKETS - Brunei raises $691m from nine sukuk issuances

THE Autoriti Monetari Brunei Darussalam (AMBD) has raised $691 million from nine syariah-compliant bond issuances, a statement from the monetary authority said.

AMBD said that it has floated sukuk nine times between April 21 and October 13 this year.

AMBD is the managing and administering agent for Sukuk Al-Ijarah issuances.  (source)

SINGAPORE - Islamic finance to play a pivotal role in trade and investment flows (WIBC)

HE Lim Hng Kiang, Minister for Trade and Industry Republic of Singapore & Deputy Chairman Monetary Authority of Singapore delivering the keynote address at WIBC Asia 2011

HE Lim Hng Kiang, Minister for Trade and Industry Republic of Singapore & Deputy Chairman Monetary Authority of Singapore

The 2nd Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2011) opened today at the Pan Pacific Hotel, Singapore. Though Islamic banking assets have grown significantly over the past few years, they still only represent less than one per cent of total global banking assets – with more than 50 per cent concentration in the Middle East region.

The two-day WIBC Asia event, held under the official support of the Monetary Authority of Singapore, kicked off today with an inaugural address by HE Lim Hng Kiang, Minister for Trade and Industry Republic of Singapore & Deputy Chairman Monetary Authority of Singapore. This was followed by an opening keynote session which featured HE Mohd Rosli Sabtu, Managing Director of Autoriti Monetari Brunei Darussalam (AMBD); HE Halim Alamsyah, Deputy Governor of Bank Indonesia; and Tan Sri Zarinah Anwar, Chairman of Securities Commission Malaysia. (source)