The importance of a well-structured Syariah governance framework in approving financial products and services and in overseeing daily operations was emphasised by Managing Director of Brunei Darussalam Central Bank (BDCB) Hajah Rokiah binti Haji Badar during the Islamic Finance Syariah Dialogue 2024 at a hotel in Gadong yesterday.
During her welcoming remarks, Hajah Rokiah also highlighted the vital role of the Syariah Advisory Board and Syariah governance in ensuring compliance within Islamic financial institutions.
The event, themed ‘The Direction of Syariah in Islamic Finance in Brunei Darussalam’ and organised by the BDCB, served as a platform for discussions and knowledge-sharing between BDCB, the Syariah Financial Supervisory Board (LPKS), and Islamic financial institutions on the latest developments in Islamic finance, including the challenges in maintaining Syariah compliance in daily operations.
Chairman of LPKS Pehin Orang Kaya Paduka Setia Raja Dato Paduka Seri Setia Haji Awang Suhaili bin Haji Mohiddin, along with LPKS members, BDCB Executive Management, Syariah Advisory Board members from Islamic financial institutions in Brunei, and Syariah compliance officers from those institutions attended the event.
Several sharing sessions and discussions were held, featuring Syariah advisors and officers who explored various strategies implemented by Islamic financial institutions to address contemporary challenges in maintaining Syariah compliance.
The dialogue also examined the progress of Islamic finance in Brunei and explored opportunities for further growth in the industry.
The event also highlighted the profiles of Syariah scholars and Islamic finance experts in Brunei, recognising their contributions to the Syariah Advisory Board and the Islamic finance industry since the establishment of Islamic financial institutions in 1991.
At the conclusion of the dialogue, a draft resolution was presented, summarising the key points of discussion. The resolution will serve as a reference for stakeholders, particularly Syariah advisors and officers, in addressing contemporary Syariah compliance issues in Islamic finance.
Additionally, the event introduced the second Brunei Darussalam Islamic Finance call-for-papers, themed ‘Navigating Digital Frontiers in Islamic Finance’, jointly organised by BDCB and Universiti Islam Sultan Sharif Ali (UNISSA).
The initiative aims to encourage in-depth discussions on current issues in Islamic finance, foster research efforts in the field, and promote the publication of scholarly articles that will contribute to the economic growth of the Sultanate. – Fadley Faisal
