AMBD turns nine with Doa Kesyukuran

Danial Norjidi

Autoriti Monetari Brunei Darussalam (AMBD) held a Doa Kesyukuran ceremony to mark its 9th anniversary at Ash-Shaliheen Mosque yesterday.

Minister of Home Affairs and Deputy Chairman of AMBD Board of Directors Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong; members of the AMBD Board of Directors – Minister at the Prime Minister’s Office Dato Seri Setia Haji Awang Abdul Mokti bin Haji Mohd Daud and Deputy State Mufti Dato Seri Setia Dr Haji Japar bin Haji Mat Dain @ Maidin; and AMBD officers attended.

The ceremony began with Asar prayer and continued with the recitation of Surah Yaasiin, followed by Doa Kesyukuran led by Imam of Ash-Shaliheen Mosque Anuar bin Haji Salim.

According to a press release, AMBD was established on January 1, 2011, to act as the central bank of Brunei Darussalam.

The main objectives of AMBD are to achieve and maintain domestic price stability; to ensure the stability of the financial system; to assist in the establishment and functioning of efficient payment systems and to oversee them; and to foster and develop a sound and progressive financial services sector.

Minister of Home Affairs and Deputy Chairman of AMBD Board of Directors Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong, Minister at the Prime Minister’s Office Dato Seri Setia Haji Awang Abdul Mokti bin Haji Mohd Daud and Deputy State Mufti Dato Seri Setia Dr Haji Japar bin Haji Mat Dain @ Maidin at the ceremony. PHOTO: AMBD

AMBD is mandated with three core functions: the formulation and implementation of monetary policies; the regulation and supervision of financial institutions; and currency issuance and management.

Since its establishment, AMBD has achieved several milestones in line with the mandated objectives.

Towards achieving Brunei Vision 2035, AMBD has outlined the development of the country’s financial sector in the Financial Sector Blueprint 2016-2025 (FSBP).

Among the developments that have been carried out under the FSBP include: improving Brunei Darussalam’s ranking for the Getting Credit indicator in the World Bank Doing Business Report 2019 to number one; improving and maintaining the ranking of Brunei Darussalam as one of the top 10 Islamic finance markets in the world, according to the ICD-Refinitiv Islamic Finance Development Indicator; completion of the National Payment and Settlement Systems, comprising the Real Time Gross Settlements System (RTGS), Automated Clearing House (ACH) and the Central Securities Depository (CSD); establishment of the Fintech Regulatory Sandbox, to encourage the development of Fintech companies in Brunei Darussalam; and the full adoption of the Basel II Standards developed by the Basel Committee in Banking Supervision, which brings the banking sector up to international standards.

AMBD added that it remains fully committed to its mandate, the interest of financial consumers and towards developing a dynamic and diversified financial sector.