The conclusion of the Fajr Capital’s management agreement with Bank Islam Brunei Darussalam (BIBD), which will expire on Tuesday, was commemorated with an exchange of tokens between Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Amin Liew bin Abdullah in his capacity as Chairman of BIBD and its Group of Companies and outgoing Managing Director and CEO Mubashar Khokhar on behalf of Fajr Capital.
Fajr Capital’s partnership with the bank was an illustration of its strong commitment to supporting the long-term growth and transformation of BIBD from a financially sound and stable bank into the flagship financial services institution in the country.
One of Fajr Capital’s milestone achievements include nurturing local talent and successfully strengthen and enabling BIBD’s management team through a progressive transition of the senior leadership to the local team.
The bank underwent a strategic transformation that resulted in strong profitable growth during Fajr Capital’s investment and had BIBD establishing itself as a world-class Islamic financial services institution. Key milestones during the period included the implementation of a new corporate strategy that enabled BIBD to secure a strong credit rating of A- from S&P Global and Technological transformation that provided the bank with the ability to scale digitally, introduce new products and improve customer satisfaction.
It also resulted in enhanced customer experience through a new brand identity and a re-design of BIBD’s 17 state-of-the-art branches and international expansion through the opening of new offices in Singapore and the United Arab Emirates.
Today, BIBD is Brunei’s largest Islamic financial institution and ranked the Safest Bank and the Strongest Bank by the Global Finance and The Asian Banker.
The bank was also named the Bank of the Year by the gold standard of accolades, The Banker magazine, which epitomised the progression of BIBD into becoming a world-class Islamic financial institution.