Global Finance names BIBD safest bank in Brunei

Lyna Mohamad

Bank Islam Brunei Darussalam (BIBD) was recently announced as the safest bank in Brunei Darussalam by Global Finance – a leading and highly renowned financial magazine.

Banks were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard & Poor’s, and Fitch – and the total assets of the 1,000 largest banks worldwide.

“For most of 2020, the world has been lashed by the COVID-19 pandemic, a steep drop in economic activity and, in some cases, serious social unrest. Any of these developments could have significantly impacted banks’ credit worthiness,” Global Finance Publisher and Editorial Director Joseph Giarraputo said.

“Surprisingly however, the relative position of the world’s largest banks on Global Finance’s World’s Safest Banks 2020 lists has been mostly stable. One can only speculate on when, or if, the changes will come. In the meantime, the rankings will be used by companies, investors and individuals to gauge the relative safety of the banks with which they choose to do business,” he added.

This latest recognition reflects BIBD’s position as the nation’s largest financial institution and market leader with a robust balance sheet.

BIBD Managing Director and CEO Mubashar Khokhar said, “Alhamdulillah, we at BIBD are humbled by this recognition, which would not have been possible without the trust and support of our employees, customers and stakeholders.

“This achievement, Insya Allah, will spur us to keep scaling greater heights and reinforce our commitment to be a partner in progress for the nation and the people of Brunei Darussalam.”

The latest recognition is a testament of BIBD’s ambition and commitment to provide excellent customer convenience, speed, innovation and digitalisation to bolster its competitiveness not only in Brunei but also the Asia-Pacific region.

The rankings have been running for over 20 years and take the long-term credit ratings of financial institutions to compile a ranking of the world’s safest banks. The rankings provide useful information for customers in retail and corporate banking and investors on those organisations with prudent risk management policies should they look at cross-border trade and investment partners.

Founded in 1987, Global Finance’s readership spans across 191 countries including senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.

Its website — GFMag.com — offers analysis and articles that are the heritage of 29 years of experience in international financial markets. Global Finance is headquartered in New York, with offices around the world.

Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.