Islamic finance industry poised for major growth

Aziz Idris

With Syariah-compliant financial assets in excess of USD2.4 trillion, the global Islamic finance industry is forecast to grow to USD3.8 trillion by 2023, therefore indicating that the industry is poised to play a pivotal role in the wider global economy.

In respect to this, Bank Islam Brunei Darussalam (BIBD) gathered with industry experts to explore and bridge the knowledge gap of understanding Islamic finance capabilities during the inaugural BIBD Forum held at The Empire Brunei in Jerudong yesterday.

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 in his capacity as the Chairman of BIBD Board of Directors was the guest of honour.

BIBD Board of Directors, members of the BIBD Syariah Advisory Body, senior management and personnel were also present.

The full-day event brought together renowned local and regional Islamic finance industry players from the United States (US), the United Kingdom (UK), Dubai, Malaysia and Singapore to share their deep knowledge and experience.

The forum, themed ‘Islamic Finance: Perception vs Reality’, saw the participation from key senior stakeholders from the government, government-linked companies (GLCs), regulators from Autoriti Monetari Brunei Darussalam (AMBD)  and representatives from large corporates.

Guest of honour 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 Board of Directors during the event. Also in the photo is BIBD Managing Director and Chief Executive Officer (CEO) Mubashar Khokhar. PHOTO: AZIZ IDRIS

It was divided into several sessions which saw BIBD leaders, senior executives and professionals demonstrating their profound knowledge and expertise as they participated in the highly engaging discussion.

BIBD Managing Director and Chief Executive Officer (CEO) Mubashar Khokhar said that the dialogue was designed for knowledge-sharing.

“We are inviting global thought leaders to share their views and experience on the topics pertaining to the development and challenges faced by the Islamic finance industry and its practitioners.

“This forum will help address the various misconceptions on Islamic finance and will give the audience a clearer image of the true potentials of Islamic finance, its capacities and capabilities,” he said.

Khokhar also reiterated the ethical norms of Syariah compliant financial system and linked them with universally accepted ethical norms of the general financial system. Other topics discussed included the evolution of Islamic finance and its progression over the years including the numerous innovations introduced in Islamic finance when competing with the global financial service industry.

Speakers also touched on the topic of Sustainable Development Goals (SDGs) and looked into how Islamic finance has been supporting the objectives of SDGs as well as the sustainability of Islamic finance.

The forum further looked into how the Brunei Vision 2035 is closely aligned with United Nations SDGs and where Islamic finance can create greater impact through inclusive and responsible financing.

The forum also aimed to illustrate BIBD’s capability in providing Islamic finance solutions, and invited speakers also shared asset classes that showcased the resilien-ce, sustainability and inclusiveness of Islamic finance.