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 - BANKING - Taking Brunei's Islamic finance players to new 'golden age'

THE Islamic finance sector in Brunei has shown "impressive" growth over the years, but it's no reason for players to be complacent, said an executive at BIBD At-Tamwil, the financing arm of Bank Islam Brunei Darussalam (BIBD).

Roland Ti, BIBD At-Tamwil's marketing and public relations manager, spoke to The Brunei Times on Brunei's Islamic financial landscape and his thoughts on what it takes to bring the Islamic finance institutions to a "golden age". (source)

BRUNEI - FINANCE - BIBD Holds Training On Islamic Trade Finance

Bandar Seri Begawan - Bank Islam Brunei Darussalam Berhad (BIBD) with the initiative of its Corporate Banking recently conducted a two-day training on Islamic Trade Finance for its corporate customers. The training was part of the bank's corporate event activities intended to strengthen closer relationship with the bank's clients, which was attended by 25 BIBD corporate clients comprising directors, accountants, engineers, managers and others involved in trade transactions. -- Courtesy of Borneo Bulletin  (source)

BRUNEI - BIBD seeks 'global Islamic bank' tag

BANK Islam Brunei Darussalam (BIBD) is seeking to improve service in a bid to become a "global Islamic bank", Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar, Minister of Industry and Primary Resources and BIBD Chairman yesterday said.

At the bank's annual dinner yesterday, Pehin Dato Hj Yahya praised the bank for bagging the "Best Global Corporate Sukuk" award and The Banker's "Deal of the Year 2010 Awards in the Islamic Finance Category".

"These achievements are in line with our ultimate goal in which we hope to position the bank onto an even higher level and gain recognition as a global Islamic bank," he said, noting the bank's employees are a key ingredient in BIBD's success.

The minister also praised BIBD's efforts in introducing its credit card care programme, which he credits for helping customers manage their financial obligations. (full story)

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)

BRUNEI - Public interest driving Islamic finance growth

REGULATORY frameworks for the Islamic finance industry in Brunei plays a "key role" in how this industry will develop but transparency and consumer protection is as important, according to acting managing director of Bank Islam Brunei Darussalam (BIBD), Javed Ahmad.

On the sidelines of the recent Islamic Finance News (IFN) Roadshow 2010, Javed revealed exclusively to The Brunei Times, his prospects for BIBD in 2011 and key elements of development in the Islamic Finance industry's growth.

"As I mentioned earlier, the beauty of our country is that it is the public wants (this industry here), as opposed to regulators pushing for it. In a lot of countries, if you look at Malaysia, there's more than 27 years of regulators push(ing) and you have come to 20 per cent market share."

Here in Brunei, he said, Islamic banking takes up a whopping 40 per cent market share; "so it tells you that the public's interest is there".

FINANCE - COUNTRY SUPPLEMENT BRUNEI - Asia’s Oil Sheikh’s Unique Proposition (Islamic Finance Asia)

Published : Islamic Finance Asia (December 2010 - www.islamicfinanceasia.com)

Brunei, the tiny sovereign state blessed with black gold, is eager to move forward in the Islamic finance industry. RAPHAEL WONG explores why the industry seems to be on a plateau and what it is doing to be distinctive.

Brunei’s involvement in Islamic finance came about by way of the establishment of Tabung Amanah Islam in 1991. Tabung Amanah, the country’s first Islamic trust fund, was established to help local Muslims undertake their holy pilgrimage. Not long after, it was followed by the county’s first Islamic bank, the Islamic Bank of Brunei (IBB).