Sunday, July 14, 2024
26 C
Brunei Town

Brunei accounts for 4pc of SEA Islamic banking assets

Southeast Asia’s (SEA) USD290 billion Islamic banking market is poised to grow at a compound annual growth rate of about eight per cent over the next three years, led by Malaysia, Indonesia and Brunei Darussalam.

Brunei Darussalam accounts for four per cent of Southeast Asia’s Islamic banking assets, the third highest in SEA, according to the rating agency, S&P Global Ratings in its recent report titled Growing Belief In Southeast Asia’s USD290 Billion Islamic Banking Market.

The rating agency said Islamic financial institutions in the Sultanate constitute about half of the total financial system assets in the hydrocarbon-dominated economy of the country.

More details on Wednesday’s Borneo Bulletin