BND2B target commitment from BIBD towards sustainability funding

James Kon

Bank Islam Brunei Darussalam (BIBD) yesterday announced a target commitment of BND2 billion towards sustainability funding by 2030, as part of BIBD and the Group of Companies’ sustainability framework.

The announcement was made by 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 as Chairman of BIBD and its Group of Companies and panellist at the ASEAN Business and Investment Summit (ABIS) 2021, held virtually.

According to the minister, “Sustainability, which is also rooted to the Maqasid Syariah, is a key underlying value that will determine and shape our future. With the global movement and increasing awareness on transitioning to a sustainable economy, BIBD strives to be a catalyst of change by being a responsible business that actively works to make the world a better and greener place.

“Through this target commitment, and the bank’s sustainability framework, BIBD seeks to take the lead on business practices and activities in the domestic market by promoting stewardship among Brunei corporates, supported by digitalisation, sustainability funding, community education and social inclusion by BIBD.”

He added, “Brunei Darussalam is also a signatory to the UN 2030 Agenda. Therefore BIBD, as the largest financial institution in Brunei, hopes to play a pivotal role in supporting the nation’s sustainability drive, in line with our role as a Partner in Progress.

Insya Allah, by embedding sustainability into our business, we can become a sustainable financial institution for the future that will empower the nation in its recovery from COVID-19 and beyond.”

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 attending as panellist and Chairman of Bank Islam Brunei Darussalam and its Group of Companies. PHOTO: JAMES KON

BIBD’s sustainability framework marks the bank’s clear focus and strategic decision to support a wider commitment to sustainability, supporting not only the government but also the private sector.

The bank is already working with key stakeholders, such as the Brunei Climate Change Secretariat as well as the Brunei Vision 2035 Secretariat under the Prime Minister’s Office, as part of a whole-of-nation approach.

The sustainability framework will be integrated into BIBD’s overall business strategy through three pillars, namely environmental protection, responsible entrepreneurship and inclusive social impact.

Meanwhile, the minister highlighted at the panel discussion that Brunei Darussalam ,as the Chair of ASEAN for 2021, focusses on three strategic thrusts: recovery – to help restore ASEAN’s pre-pandemic economic growth and development; digitalisation – to transform ASEAN into a digitally-enabled regional economy; and sustainability – to promote an equitable, inclusive and environmentally sustainable development.

The minister elaborated on Brunei Darussalam’s 13 priority economic deliverables (PED) for this year. One important PED under the recovery thrust is the ASEAN Investment Facilitation Framework (AIFF), which sets out the principles and actions to facilitate the inflow of investment into the region. It is envisaged that the framework can further improve the overall business ecosystem, streamline procedures and requirements and promote the use of single digital platforms for investment.

He also highlighted on the deliverables that focus on digitalisation, which can help ASEAN to advance its digital transformation agenda and promote a more holistic and inclusive economic recovery.

This, the minister said, includes the work plan on the implementation of the newly ratified ASEAN Agreement on E-Commerce 2021-2025; the Regional Action Plan on the Implementation of the Norms of Responsible State Behaviour in Cyberspace; and the Bandar Seri Begawan Roadmap (BSBR): An ASEAN Digital Transformation Agenda to Accelerate ASEAN’s Economic Recovery and Digital Economy Integration.

The minister also touched on Brunei Darussalam’s deliverables under the sustainability thrust, particularly on the Framework for Circular Economy for the ASEAN Economic Community (AEC), which will propel ASEAN towards a sustainable, greener and low-carbon economic growth.