Bank Islam Brunei Darussalam (BIBD) participated in the 16th Islamic Financial Services Board (IFSB) Summit, a platform designed to convene key policymakers and stakeholders to discuss critical issues impacting the resilience of the Islamic Financial Services Industry (IFSI) and identify effective strategies to harness innovations and promote sustainable, inclusive, and resilient growth within the IFSI. The Summit, officially launched by Yang Berhormat Dato Dr. Amin Liew Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II, also served as a vital platform for discussions on the resilience, stability, and growth of the IFSI.
Between 8 and 9 May 2024, leading figures from the global financial landscape, including BIBD’s management, engaged in high-level discussions centred around the theme, ‘Islamic Finance: Evolution and Future Directions’. BIBD’s Chief Marketing Officer, Hjh Nurul Akmar binti Hj Mohd Jaafar, contributed in a pre-summit panel, articulating the bank’s growth and vision for leveraging traditional principles in modern financial contexts, and the Group’s future roadmap embracing advance technology and sustainability.
Jason Wong, Managing Director of BIBD Securities, delivered a presentation on ‘Climate Finance and Green Sukuk’, underscoring the bank’s commitment to sustainable economic practices and its leadership in Brunei’s burgeoning green finance sector. This session highlighted BIBD’s efforts in integrating sustainability into its operational and strategic frameworks, aligning closely with global sustainability goals.
In another session on ‘Financing Alternatives in the Islamic FinTech Market: Prospects, Opportunities, and Regulatory Perspectives’, BIBD’s Deputy Chief Information Officer, Yusof Fadli bin Sidek, explored innovative Shariah-compliant financing mechanisms. His insights into the challenges and future trends in Islamic FinTech underscored BIBD’s proactive approach in shaping a robust digital financial ecosystem.
BIBD as one of the lead sponsor of the 16th ISFB also took the opportunity to showcase some of the bank’s notable achievements throughout BIBD’s 30-year journey. This includes BIBD’s support towards the sustainable growth of Islamic finance, as evidenced through the bank’s Shariah resolutions, Sustainability Framework and digital roadmap through Olive. Also participating in the showcase was BIBD Securities, a wholly owned subsidiary of BIBD, who highlighted their role in advancing sustainable investments in the local market. BIBD Asset Management, operating under the license of BIBD Securities, is also the first local financial institution to become a signatory to the United Nations Principles of Responsible Investing (UNPRI).
The successful conclusion of the 16th IFSB Summit reinforces BIBD’s position at the forefront of the Islamic banking industry, committed to fostering financial solutions that are both innovative and Shariah-compliant. As Brunei’s biggest bank and flagship Islamic financial institution, BIBD remains dedicated to advancing the national and regional economic landscapes through strategic partnerships and continuous investment in sustainable practices.
