Religious ceremony marks Islamic Banking’s 25th anniversary

|     Aziz Idris     |

BANK Islam Brunei Darussalam (BIBD) held a Sunnat Hajat prayer and a Doa Kesyukuran ceremony at the Omar ‘Ali Saifuddien Mosque to commemorate the Silver Jubilee of Islamic Banking in Brunei Darussalam.

The religious event marked 25 years of contribution by BIBD (and its forerunners the Islamic Bank of Brunei, and the Islamic Development Bank of Brunei, IDBB) toward Brunei’s economy as the nation’s premier Islamic banking institution and also the Islamic financial landscape.

Present at the ceremony was Dato Seri Setia Awang Haji Bahrin bin Abdullah, Minister of Development who is also the BIBD Chairman. Also present were Managing Director and CEO of BIBD, Mubashar Khokhar as well as officials from the Syariah Advisory Body, BIBD Board of Directors, officials and staff members of the bank.

On Wednesday, January 13, 1993, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam announced his vision to introduce Islamic banking and paved the way for the creation of the Islamic banking industry in the Sultanate with the conversion of then International Bank of Brunei into the Islamic Bank of Brunei (IBB).

By consent of His Majesty, IBB subsequently merged with IDBB, resulting in the creation of BIBD in 2005. Therefore, the date was chosen as a special significance to BIBD since both IBB and IDBB are forerunners of the bank.

Dato Seri Setia Awang Haji Bahrin bin Abdullah, Minister of Development who is also the BIBD Chairman together with officials at the religious ceremony. – AZIZ IDRIS

BIBD has contributed in many ways, as the trust of the custodianship of then Islamic banking industry in Brunei that was given to it 25 year ago, by supporting the nation’s efforts in building the foundations of the industry, in line with Brunei Vision 2035.

This is demonstrated by BIBD’s immense contributions to the development of Brunei Darussalam’s economy and banking system such as its ‘SME 360’ banking proposition, award-winning IT platforms which include its digital banking and payment platforms, physical branches and CSR (Corporate Social Responsibility) initiatives.

At the same time, BIBD has received international recognition winning many awards, and has also received the highest of A- for a Bruneian bank from an international rating agency, S&P Global.

According to BIBD Chairman, the bank has witnessed the evolution, development and growth of Brunei’s Islamic Financial sector since His Majesty launched the Islamic Bank of Brunei 25 years ago.

“At the same time, we are very appreciative of the people of Brunei Darussalam who have supported the Islamic banking industry wholeheartedly and have promoted it and contributed to its dominance in Brunei’s banking sector,” added the Chairman.

He also noted that BIBD has represented Brunei regionally and beyond and empowered Bruneians to achieve their dreams besides supporting local SMEs and CSR initiatives.

“By focussing our efforts into developing education, entrepreneurship, and community engagement, Insya Allah, we will continue to uphold our meticulous international standards and contribute to the Bruneian economy for years to come,” chimed Dato Seri Setia Awang Haji Bahrin.

Meanwhile, Mubashar Khokhar stated, “The milestones achieved by BIBD and its forerunners during the past 25 years have been a true reflection of the growth and progress of the Bruneian economy and Islamic Banking landscape.”

Moving forward, he believes the bank will continue to uphold their commitments to deliver ethical values and world-class standards for customers.