Bank Islam Brunei Darussalam (BIBD) announced that the bank received its membership to the United Nations Global Compact (UNGC) initiative – a voluntary initiative for the development, implementation and disclosure of responsible business practices.
With this milestone, BIBD leads the way in Brunei’s financial sector and the locally established private sector, setting the standard for sustainability, a key differentiator in the banking industry, as well as the private sector.
By joining the UNGC, BIBD aligns itself with over 20,000 companies globally committed to taking responsible business action to create a better world. The UNGC calls on companies to integrate 10 Universal Principles relating to human rights, labour, the environment and anti-corruption into their strategies, supporting the Sustainable Development Goals (SDGs).
Executive Director Faroze Nadar of the UN Global Compact Network Malaysia & Brunei (UNGCMYB), a country network of the UNGC presented BIBD with the membership.
UNGCMYB Head of Member Relations Tan Zhi Yingi was also present.
BIBD Managing Director and Chief Executive Officer (CEO) Junaidi bin Haji Masri received the membership on behalf of the bank.
BIBD’s membership further strengthens its ongoing sustainability efforts, anchored by the Sustainability Framework and Roadmap launched in 2021. This comprehensive roadmap outlines BIBD’s long-term vision of fostering economic growth in Brunei while promoting environmental and social responsibility. As part of its commitment, BIBD has pledged BND2 billion in funding by 2030 to support sustainability-related projects.
The managing director and CEO expressed the significance of this achievement: “Joining the UNGC grants us access to a wealth of diverse learning opportunities and resources that empower us to better support Brunei’s SDG 2030 and Net Zero 2050 goals. Alhamdulillah, this milestone reinforces our dedication to driving positive change, not only for our institution but for the wider community in Brunei. We will continue to bring the agenda to the wider audience within our stakeholders ensuring continued inclusivity approach, and not leaving anyone behind.”
BIBD’s sustainability agenda is aligned with the Brunei Darussalam National Climate Change Policy and supports the nation’s commitment toward the SDGs, making the bank a key player in both local and global sustainability efforts. Through the bank’s strategic initiatives, BIBD aims to contribute significantly to Brunei’s transition toward a low-carbon economy while also addressing global environmental challenges.
BIBD’s memorandum of understanding with the Brunei Darussalam National Council on Climate Change (BNCCC) sealed in 2022 highlights its active collaboration on national sustainability goals. Through this partnership, BIBD contributes to the advancement of critical climate resilience initiatives that will shape Brunei’s future.
In addition, BIBD is committed to directly benefiting its customers and communities through sustainability practices. The bank actively encourages local businesses to adopt greener practices, ensuring positive environmental and societal impacts. These efforts also create a more inclusive and resilient financial landscape for Brunei.
As a participant in the UNGC, BIBD will ensure transparency through the Communication on Progress (COP), annually reporting on its sustainability achievements. The bank’s commitment toward upholding Maqasid Shariah, support for the SDGs, as well as alignment with Brunei Vision 2035, positions BIBD at the forefront of efforts to create a more resilient and sustainable future for the country.
Head of Brunei Climate Change Office Ahmad Zaiemaddien bin Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Awang Haji Halbi witnessed the signing.
