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)