BIBD reinforces commitment to sustainable development and regional cooperation
- News, Sustainability
Bank Islam Brunei Darussalam (BIBD) reaffirmed its dedication to sustainable development and regional cooperation at the 14th Executive Board Meeting of the China-ASEAN Interbank Association (CAIBA) and the ASEAN Plus Three Interbank Cooperation Mechanism (APTIBCM).
In a keynote address delivered in Luang Prabang, Laos, Hj Mohammad Yusri bin Hj Wahsalfelah, Head of Government Relations and Special Projects at BIBD, outlined the Bank’s comprehensive approach to addressing key areas such as human resource development, Environmental, Social, and Governance (ESG) initiatives, infrastructure connectivity, and economic development within the ASEAN Plus Three framework.
Recognising the pivotal role of human capital, BIBD has implemented initiatives to nurture talent and skills, including continuous learning and development programs.
The Bank’s flagship Corporate Social Responsibility programme, BIBD ALAF, provides educational support to underprivileged students, aligning with Brunei Vision 2035 and the United Nations Sustainable Development Goals (UN SDGs).
BIBD launched the comprehensive BIBD Sustainability Framework in 2021 which is built on three pillars: environmental protection, responsible entrepreneurship, and inclusive social impact.
In line with this the Bank is committed to sustainable funding, having pledged B$2 billion by 2030.
BIBD actively collaborates with the Brunei Darussalam National Council on Climate Change and supports national strategies to reduce carbon emissions, promote renewable energy, and protect natural resources.
In 2023, BIBD underwrote Brunei’s first financing with a green covenant and launched the “Projek Alam Mampan” initiative for environmental restoration.
On the social front, BIBD supports marginalised groups through tithe, women entrepreneurship, and micro business empowerment.
BIBD also upholds strong governance and is committed to responsible investing. Its subsidiary, BIBD Securities, was the first in Brunei to sign the UN PRI, aligning its investment strategies with ESG factors.
BIBD supports youth empowerment through initiatives like the BIBD Sustainability Youth Leadership Awards and the Eco-Alam Festival.
In terms of infrastructure connectivity, BIBD is involved in digital transformation initiatives, such as the Olive digital platform, to support Brunei’s transition to a cashless society.
BIBD is committed to fostering economic growth in sectors such as digital transformation, Islamic finance, and SME development. The Bank’s SME360 program offers tailored financial
solutions and support to small and medium enterprises.
BIBD remains open to exploring mutually beneficial projects that drive the green agenda and promote sustainable economic growth.
The Bank is also keen to participate in regional initiatives aligned with the ASEAN Plus Three objectives, such as green recovery, sustainable infrastructure, and trade facilitation.
BIBD’s approach to promoting trade and investment aligns with the broader objectives of the ASEAN Plus Three framework.
The Bank is ready to support initiatives like the ASEAN Single Window for trade facilitation and explore efforts to strengthen regional supply chains.
