Islamic finance crucial driver of economic progress in Brunei

Reflecting this global growth, over half of Brunei’s total financial sector assets were held by Islamic financial institutions, reaching BND13.3 billion in 2023, predominantly driven by banks and financial institutions, which account for more than 95 per cent of Islamic financial assets, while Takaful entities represent just under 5 per cent.

 

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohammad Amin Liew bin Abdullah shared this in his speech at the opening ceremony of Islamic Development Bank (IsDB) Group Day held at Balai Khazanah Islam Sultan Haji Hassanal Bolkiah on Thursday.

 

Also in attendance were Minister of Religious Affairs Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Awang Othman with Director and Resident Representative of Regional Hub Indonesia and Head of the IsDB Delegation Datuk Amer Bukvić, as well as Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid.

 

Islamic finance, the minister highlighted, has become a crucial driver of economic progress in Brunei, significantly shaping the country’s financial sector and supporting its broader development goals.

 

He said that the strategic focus provided by the Brunei Darussalam Central Bank’s Financial Sector Blueprint aims to foster a dynamic and resilient financial ecosystem, aligning seamlessly with Brunei Vision 2035. “With a growing asset base and active participation from institutions like Bank Islam Brunei Darussalam (BIBD), Brunei is well positioned to capitalise on the global growth of Islamic finance and realise its economic aspirations,” he further added. – JAMES KON