BIBD Credits Customers for Milestone Year

Bank Islam Brunei Darussalam (BIBD) has been recognised as Brunei’s Bank of The Year 2023 by The Banker, on a commemorative year during which the
bank expresses gratitude to its customers and the community for their continued support, trust and confidence in the Group.

The Bank of the Year Awards is an annual grant of recognition acknowledging and honoring the top banks from over 140 countries that demonstrate exceptional
performance, innovation and commitment to their customers. Present to receive the award during a ceremony held on 30 November 2023 in London was BIBD’s Managing Director and CEO, Tuan Junaidi bin Haji Masri.

Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II as BIBD Chairman commented: “As we commemorate 30 years of Islamic banking in Brunei, we are humbled for the recognition bestowed upon BIBD. This prestigious award is not just a celebration of our own journey, but a testament to the collective spirit of Brunei Darussalam.”

“We acknowledge the immense responsibility that comes with this recognition. It fuels our determination to not only continue delivering exceptional Islamic banking services, but also contribute to Brunei’s economic development and social well-being,” he added. “We extend our deepest appreciation to our valued customers, whose trust and loyalty have been our guiding light throughout our journey. We are grateful for your invaluable feedback, which has enabled us to constantly innovate and evolve to meet your changing needs,” said the Chairman.

He added: As we forge ahead, sustainability remains firmly etched in our core. We are unwavering in our support for Brunei’s Vision 2035, empowering micro-enterprises and SMEs, investing in our people, and driving positive social impact. Rooted in Bruneian values, In Shaa Allah, we will strive to continue delivering excellence and push the boundaries of innovation for the benefit of our stakeholders, customers, community and country.”

On this year’s award, BIBD was recognised for its commitment to become a sustainable bank that strives to benefit the customers and the community it serves.
Another significant initiative was BIBD’s first financing that included an explicit covenant which required the customer to maintain a ‘gold rating’ under the Green Mark certification scheme (green building certification) on its building which is being used as the underlying collateral.

The Banker also attributed BIBD’s unique social financial mechanism to support marginalised groups and its highly successful Projek Tunas which has helped transform home-based and microbusinesses into viable enterprises as equally notable initiatives that deserved recognition.

“Sustainability is no longer a nice to have, but vital for the future and success of each and every bank, The Banker stated. Congratulating winners of this year’s awards, The Banker on its website lauded the receipients as “trailblazers from across the banking industry that have proven their mettle in the face of serious economic headwinds and market volatility during the past year, developing innovative products and services, modernising their infrastructure and delivering bottom line results”.

The Banker is an English-language monthly international financial affairs publication, read in over 180 countries and owned by The Financial Times Ltd. Its unique database of more than 5000 banks maps their financial strength and soundness via Tier 1 capital, their profitability and their performance versus their peers.

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