BIBD recognised as Brunei’s best retail bank

Bank Islam Brunei Darussalam (BIBD), the Sultanate’s largest Islamic financial institution, has once again been recognised as the best retail bank in Brunei by The Asian Banker (TAB) – the region’s leading financial services, research, benchmarking and intelligence consultancy.

This marks the ninth consecutive year the bank has won and retained the prestigious award, showcasing the dedication and commitment to deliver exceptional products and services to its customers.

The latest accolade followed the bank’s recent recognition as the strongest bank in Brunei by Balance Sheet, which is also awarded by TAB.

According to TAB, the bank maintained its leading position in Brunei by dominating market shares in deposits, assets, and customer base. With its intuitive digital capabilities, the bank was able to provide its products and services online and grow its core retail businesses.

“The value and volume of retail transactions have grown in the past year amid the pandemic and a shift in customer behaviour. BIBD continues to show prudence as it managed to decrease its Non-Performing Loans (NPL) from 0.93 per cent to 0.73 per cent – well below the industry level.”

BIBD Managing Director and CEO Mubashar Khokhar said, “Alhamdulillah, to be recognised with this award for the ninth consecutive year, especially during a challenging year is an accomplishment in itself and is a testament to BIBD’s commitment in delivering the very best for our customers in every situation.

“As a Partner in Progress, BIBD takes pride in being able to play a role in supporting Brunei Darussalam’s drive to become a smart nation. With our country looking to continue its steady economic recovery following the COVID-19 outbreak, we are excited to keep exploring avenues to introduce new capabilities and take advantage of the amazing growth opportunities.

“Our sincere gratitude goes to our customers, associates, regulators and stakeholders as it is only with their support that the bank has been able to achieve such consistency in winning the ninth consecutive award and keep scaling greater heights.”

Meanwhile, BIBD is pledging to lead the way and work together with society towards a more sustainable future in conjunction with World Environment Day. Carrying the theme ‘Ecosystem Restoration’, this year’s World Environment Day urges the society to seek ways to restore the ecosystem through initiatives such as growing trees, greening cities, rewilding gardens, changing diets or cleaning up rivers and coasts.

BIBD will strive to lead the way towards a more sustainable future through their business practices and corporate social responsibility (CSR) initiatives, guided by the Maqasid Syariah, Brunei Vision 2035 and the United Nations Sustainable Development Goals (UN SDG).

During the month of Ramadhan, BIBD launched their Plastic Free Brunei initiative, which seeks to support UN SDG Goal 12, which advocates for Responsible Consumption and Production. The bank also launched eDuit Raya, a digital twist to giving ‘green packets’ during the Hari Raya Aidilfitri festivities, combined with physical green packets printed on recycled paper.