Bank Islam Brunei Darussalam (BIBD) and the Islamic Development Bank (IsDB) formalised a partnership yesterday following the signing of a memorandum of understanding (MoU) at the opening of the IsDB Group Day at Balai Khazanah Islam Sultan Haji Hassanal Bolkiah.
The collaboration aims to align with Brunei’s sustainable development goals, focusing on key sectors including Islamic finance, micro, small, and medium enterprises (MSMEs), and youth development.
Minister of Religious Affairs Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Awang Othman and 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 witnessed the signing at the IsDB Group Day.
The MoU was facilitated joint ventures in investment, knowledge sharing and technology transfer while promoting best practices in structuring Syariah-compliant products and managing Islamic financial assets.
The agreement is seen as a significant step in Brunei’s national development efforts, with BIBD and IsDB combining resources and expertise to contribute towards a prosperous future.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew, in his welcoming remarks, highlighted that the new MoU builds upon the recent MoU signed between IsDB and the Government of Brunei.
The agreement, established during IsDB President Dr Muhammad Al Jasser’s visit to Brunei, created a framework to enhance collaboration in key areas including Islamic finance, support for SMEs, regional economic cooperation, climate change mitigation and human capacity development.
He also outlined several areas where the Sultanate and IsDB can deepen their collaboration, such as on infrastructure development, he said, “The IsDB offers opportunities for financing and technical expertise for large-scale infrastructure projects, which are crucial for Brunei’s long-term growth. By partnering in these projects, we can make substantial progress in advancing Brunei’s development while also supporting IsDB’s mission to promote sustainable economic growth across its member states.”
On agriculture and food security, he said, “Addressing global challenges related to food security and sustainable agriculture requires innovative and joint efforts. By pooling resources, expertise, and best practices, Brunei and IsDB can enhance agricultural productivity and resilience, implementing cutting-edge technologies that ensure long-term sustainability in this vital sector.”
On technology and innovation, he said, “The digital age presents us with countless possibilities for growth. Through IsDB, we can explore joint ventures in tech startups, digital infrastructure, and research and development. Innovation will be the key to fostering long-term competitiveness and ensuring that we continue to thrive in an increasingly interconnected world.”
On the topic of SMEs, he highlighted, “By working closely with IsDB, Brunei can collaborate on programmes that stimulate SME development, entrepreneurship, and employment generation. These initiatives will not only strengthen Brunei’s economy but also provide a platform for new job creation and for our SMEs to thrive in global markets.”
On sustainability, he said, “Sustainability must remain a core focus of our collaboration.
Green projects, such as renewable energy, waste management, and conservation, are crucial for both environmental sustainability and economic growth. By prioritising these areas, we can together contribute to global environmental goals while fostering a green economy that benefits future generations.”
The IsDB Group Day, co-hosted by BIBD and IsDB, and supported by the Ministry of Finance and Economy (MoFE), served as a platform for exploring collaborative opportunities.
The event aimed to identify and implement initiatives aligned with Brunei Vision 2035 and the Mid-Term Development Plan, reflecting the recently-signed country engagement framework (CEF) between the Sultanate and IsDB. – James Kon
