Bank Islam Brunei Darussalam (BIBD) received the coveted Bank of the Year award from The Banker magazine during a virtual ceremony on Thursday, marking the sixth international banking award this year for BIBD. The achievement also marks the third time BIBD received the award.
Widely regarded as the industry standard for banking excellence, The Banker’s Bank of the Year awards judge banks on their ability to deliver returns, gain strategic advantage and serve their markets.
According to The Banker, “BIBD took the difficulties of 2020 in its stride, pushing forward with innovations and creating new systems that assisted its customers, while keeping in line with its Islamic banking principles.”
Commenting on the win, Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah in his capacity as Chairman of BIBD said, “Alhamdulillah, we are humbled by this achievement and sincerely grateful to the people of Brunei Darussalam for their trust and support. This achievement showcases BIBD’s capabilities to stand on par with regional and global financial institutions, in line with Vision 2035 to be a nation widely recognised for the accomplishments of its well-educated and highly skilled people as measured by international standards.
“Insya Allah, we will continue to build upon this success and further strengthen our standing as the bank seeks to position itself as the Best Islamic Bank in Asia-Pacific. This is a direct reflection of Brunei’s growing position as a viable destination for investment and FDI (foreign direct investment).”
BIBD’s Managing Director and CEO Mubashar Khokhar also commented, “Alhamdulillah, we are extremely thankful to The Banker for this award, which we have long considered the gold standard in the financial world. We are humbled that our involvement in the nation’s development, especially during the COVID-19 pandemic, has been recognised.
“This award would not have been possible without the guidance of our esteemed Board, the support of our national regulators, the commitment and dedication of our staff as well as the trust and loyalty of our customers, who remain at the heart of everything we do.”
The Banker is an English-language monthly international financial affairs publication, read in over 180 countries and owned by The Financial Times Ltd. Its unique database of more than 5,000 banks maps their financial strength and soundness via Tier 1 capital, their profitability and their performance versus their peers. Each year, The Banker’s Bank of the Year Awards recognises the best performing banks across the world.
On top of The Banker award, BIBD has also been named Global Finance’s ‘Best Islamic Bank in Brunei’ and ‘Safest Bank in Brunei’, Global Finance and Banking Review’s ‘Best CSR Bank’ and ‘Best SME Bank’ as well as ‘Best Retail Bank in Brunei’ by The Asian Banker for the eighth consecutive year.