Bank Islam Brunei Darussalam (BIBD) reaffirmed its dedication to sustainable development and regional cooperation at the 14th Executive Board Meeting of the China-ASEAN Interbank Association (CAIBA) and the ASEAN Plus Three Interbank Cooperation Mechanism (APTIBCM) recently, according to a statement.
BIBD Head of Government Relations and Special Projects Haji Mohammad Yusri bin Haji Wahsalfelah, in a keynote address delivered in Luang Prabang, Laos, outlined the bank’s comprehensive approach to addressing key areas such as human resource development, environmental, social and governance (ESG) initiatives, infrastructure connectivity, and economic development within the ASEAN Plus Three framework.
Recognising the pivotal role of human capital, BIBD has implemented initiatives to nurture talent and skills, including continuous learning and development programmes.
The bank’s flagship corporate social responsibility programme, BIBD Advocating Life-Long Learning for an Aspiring Future (ALAF), provides educational support to underprivileged students, aligning with Brunei Vision 2035 and the United Nations Sustainable Development Goals (UN SDGs).
The bank launched the comprehensive BIBD Sustainability Framework in 2021 which is built on three pillars: environmental protection, responsible entrepreneurship, and inclusive social impact.
In line with this, the bank is committed to sustainable funding, having pledged BND2 billion by 2030. The bank actively collaborates with the Brunei Darussalam National Council on Climate Change and supports national strategies to reduce carbon emissions, promote renewable energy, and protect natural resources. The bank in 2023 underwrote Brunei’s first financing with a green covenant and launched the ‘Projek Alam Mampan’ initiative for environmental restoration. On the social front, the bank supports marginalised groups through tithe, women entrepreneurship, and micro business empowerment.
BIBD said it upholds strong governance and is committed to responsible investing. Its subsidiary, BIBD Securities, was the first in Brunei to sign the UN Principles for Responsible Investment, aligning its investment strategies with ESG factors. The bank supports youth empowerment through initiatives like the BIBD Sustainability Youth Leadership Awards and the Eco-Alam Festival.
In terms of infrastructure connectivity, the bank is involved in digital transformation initiatives, such as the Olive digital platform, to support Brunei’s transition to a cashless society. BIBD is committed to fostering economic growth in sectors such as digital transformation, Islamic finance and SME development.
