BANK Islam Brunei Darussalam (BIBD) was awarded “Bank of the Year in Brunei Darussalam 2014” by the world’s longest running international banking publication, The Banker. The prestigious accolade was presented to BIBD at the Bank of the Year Awards Dinner Ceremony, held at the Intercontinental Hotel in London. This is the second consecutive year that BIBD, Brunei Darussalam’s largest bank and flagship Islamic financial institution, has received this award.
Javed Ahmad, Managing Director of BIBD said, “We are pleased and humbled to once again receive this honour from The Banker. This recognition is a testament to our investment in innovation and customer service, as well as our financial strength and sound management which allowed us to generate a profit of B$114 million in 2013 despite global challenges. As the nation’s largest provider of retail, corporate, and institutional banking services, we will continue to seek new ways to improve our products and services to better serve all Bruneians.”
According to a press release, as the only Islamic bank in the world that leads its national banking industry, BIBD is responsible for the majority of funds that promote business and community interests in Brunei. BIBD’s capital adequacy ratio stands at a solid 24.3 per cent, far above industry standards, with the bank also improving its delinquent ratio from 7.3 per cent to 5.5 per cent while increasing market share in corporate and manufacturing sectors.
Recognised as a pioneer of Bruneian banking technology, BIBD has implemented game-changing technology, such as BIBD Mobile – the country’s first mobile banking application that allows mobile transaction banking for transfers and payments – as well a dedicated customer service hotline that allows its consumers 24/7 access to services via an omnichannel solution. The bank also has global expertise in investment banking services, with its investment banking unit arranging several financing projects, such as two new Brunei Gas Carrier’s financing with a total worth of B$354 million and a refinancing worth US$83 million, in 2012.
“The Bank of the Year 2014, in Brunei Darussalam” accolade further extends BIBD’s winning streak in recent months. Since the beginning of the year, the bank has been listed as the top 50 safest banks in the world by The Banker, the ‘World’s Best Emerging Market Banks 2014 in Asia-Pacific for Brunei’ and ‘The World’s Best Islamic Financial Institutions 2014 for Brunei’ by Global Finance, as well as the ‘Strongest Bank in Brunei’ and the ‘Best Retail Bank in Brunei’ by The Asian Banker.
“Taken together, the continued recognition from prominent, international institutions reinforces BIBD’s strong management, sound business model, and prudent risk management. We will continue to benchmark ourselves against international players, leading the Brunei’s banking and finance industry to greater heights,” added Javed Ahmad.
The Banker is owned by the Financial Times Ltd, and edited in London. Since its start in 1926, it has led the industry in global banking and finance news. The Banker’s “Top 1,000 banking institutions” survey and “Bank of the Year” awards are international benchmarks that set the standard for the banking and finance industry globally. “Bank of the Year” award winners are selected by editors of the magazine based on criteria such as profitability, growth, leadership and innovation.
Representing BIBD to receive the award at The Banker’s Bank of the Year Awards Dinner Ceremony was Javed Ahmad, Managing Director of BIBD.