BIBD advances Brunei’s Sustainability Agenda in CEO Forum

Bank Islam Brunei Darussalam (BIBD) today hosted an inaugural forum that saw a discussion and explored how Brunei can integrate sustainability into business strategies and operations.  

BIBD, the first Brunei commercial entity to join the United Nations Global Compact (UNGC), held the forum in collaboration with the UN Global Compact Network Malaysia and Brunei. 

The event, which brought together policymakers, business leaders, and other key stakeholders, delved into global best practices and facilitated a dialogue on developing strategies tailored to the specific needs and challenges of Brunei’s industries. 

“As the first Brunei commercial entity to be a member of the UNGC. BIBD acknowledges the immense responsibility that comes with this recognition. This forum signifies our commitment to not only continue delivering exceptional Islamic banking services but also to contribute significantly to Brunei’s economic development and social well-being. We believe that sustainability is no longer a mere aspiration but a vital imperative for the long-term success of our nation and its businesses,” said BIBD’s Managing Director and CEO, Awang Junaidi bin Haji Masri.  

“By bringing together key stakeholders, including policymakers and business leaders, we aim to foster a shared understanding of global best practices and develop strategies that are suitable for Brunei’s unique context. This forum will serve as a catalyst for impactful discussions, enabling us to collectively address the challenges and seize the opportunities that lie ahead in our sustainability journey. We invite all interested parties to join us in shaping a more sustainable future for Brunei,” he added. 

BIBD believes the forum serves as a valuable platform for fostering collaboration, exchanging ideas, and developing actionable strategies to contribute to the goals of Brunei Vision 2035. 

BIBD joined the United Nations Global Compact (UNGC) in October 2024, demonstrating its commitment to responsible business practices and contributing to a more sustainable world. By joining the UNGC, BIBD aligns itself with over 20,000 companies worldwide that have pledged to integrate Ten Universal Principles concerning human rights, labor, the environment, and anti-corruption into their business strategies, supporting the United Nations Sustainable Development Goals (SDGs). This membership further strengthens BIBD’s existing sustainability efforts, outlined in its 2021 Sustainability Framework and Roadmap, which aims to foster economic growth in Brunei while prioritizing environmental and social responsibility. 

BIBD’s sustainability agenda is deeply rooted in its commitment to Maqasid Shariah, a set of Islamic principles that prioritise the preservation of religion, life, intellect, lineage, and property. This commitment is further reflected in the bank’s support for the UN SDGs and its alignment with Brunei Vision 2035. BIBD has pledged to invest B$2 billion by 2030 in sustainability-related projects, demonstrating its dedication to addressing environmental and social challenges both locally and globally. 

BIBD actively collaborates with the Brunei National Climate Change Council (BNCCC) through BCCO to advance climate resilience initiatives and contribute to the nation’s transition to a low-carbon economy. The bank also encourages local businesses to adopt greener practices, fostering a more inclusive and resilient financial landscape for Brunei. Through its sustainability initiatives, BIBD aims to directly benefit its customers and communities while upholding the highest ethical and environmental standards. 

The CEO Forum saw a panel discussion between Ahmad Zaiemaddien bin Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi, Head of the Brunei Climate Change Office; Encik Faroze Nadar, Executive Director of UNGCMYB and YB Dato Hj Ramli Mohd Tahir, Managing Director of KDEB Waste Management as panel to a fireside chat exploring their respective sustainable journeys. The session served as an open forum, engaging guests in discussions about the current state of affairs and charting the desired future direction, all through the lens of sustainability. 

As a member of the UNGC, BIBD will annually report on its sustainability achievements through the Communication on Progress (COP), ensuring transparency and accountability. By embracing the UNGC principles and actively participating in sustainability initiatives, BIBD positions itself as a leader in driving positive change and creating a more sustainable future for Brunei and beyond.