Supporting the Sustainable Growth of the Islamic Finance Industry
Bank Islam Brunei Darussalam (BIBD) took part in the Brunei Islamic Finance (B.I.F) Summit 2023 as part of its commitment to promote sustainable growth in the Islamic finance industry.
The summit, which took place from 12th June until 14th June 2023 at the International Convention Centre (ICC), was organised by the Brunei Institute of Leadership and Islamic Finance (BILIF) in collaboration with the Islamic Development Bank (IsDB) and World Bank Group.
Themed “Securing a Resilient & Sustainable Future Through Innovative Islamic Finance”, the summit is held in conjunction with the Brunei Mid-Year Conference and Exhibition (MYCE) 2023, and aims to serve as a prominent platform for renowned experts, leaders, and practitioners in Islamic Finance to convene and engage in meaningful discussions on key issues, opportunities, and challenges facing the industry.
BIBD, one of the main sponsors sponsor of the summit, recognises the importance of such events in fostering knowledge exchange and as one of the largest financial institutions in the Brunei, the bank remains committed to driving sustainable growth and contributing to the development of Brunei Darussalam as an Islamic Finance hub.
BIBD also participated in a panel discussion titled ‘Islamic Social Finance – A Feasible Antidote?’ which was part of the summit’s three-day programme.
BIBD’s Head of Government Relations and Special Projects, Hj Mohammad Yusri bin Hj Wahsalfelah joined the discussion and pointed out that Islamic Social Finance should be one of the key solutions to social situations.
He said that much like Islamic banking, Islamic Social Finance shares the objective of promoting greater social welfare and well-being of the people.
“By adhering to Islamic principles and values of the Maqasid Shariah, Islamic Social Finance aims to ensure that financial activities are conducted in a manner that aligns with the broader goals of social justice and equitable wealth distribution,” he said.
He added that this form of finance, which includes Zakat and Waqf, serves as a powerful tool to foster social and economic growth by channeling funds towards initiatives that benefit marginalised communities, support education, healthcare and provide opportunities for economic empowerment.
“To effectively achieve these objectives, collaboration with various stakeholder is essential. Partnerships with governments, relevant agencies, and the people themselves, enable Islamic Social Finance to maximise its impact,” Hj Mohammad Yusri said.
“To ensure the success of Islamic Social Finance programmes, it is crucial to have solid and clear programmes in place. These programs should outline the specific objectives, target beneficiaries, and measurable outcomes as well as continuous and structured monitoring. By establishing transparent frameworks, stakeholders can better understand the purpose and impact of their contributions, inspiring confidence and encouraging further participation.”
He also shared about BIBD’s multi-agencies collaborative initiatives with the Brunei government and other stakeholders such as the BIBD Advocating Long-Life Learning for an Aspiring Future (BIBD ALAF) and BIBD Special Entrepreneurial Empowerment & Development Scheme (BIBDSEED) and the Projek Tunas.
“We are honored to be part of the Brunei Islamic Finance Summit 2023, which serves as an important platform for knowledge sharing and collaboration among industry experts. BIBD remains steadfast in our commitment to promoting Islamic Finance, and we look forward to engaging in future fruitful discussions that will contribute to the growth and development of the industry,” he said.
The summit, supported by the Brunei Darussalam Central Bank (BDCB), serves as an excellent opportunity for Brunei Darussalam to demonstrate its potential as an Islamic Finance Hub and showcase the expertise of local talents in the field.
BIBD, at the summit, is also showcasing its range of retail, corporate and institutional banking products and services as well as its variety of sustainable corporate social responsibility programmes.
BIBD also participated in a thought-provoking panel discussion titled “Islamic Fintech and Resilient & Sustainable Future: Bringing Them All Together”, on Day 2 of the summit, moderated by BIBD’s Head of Innovation, Adi Shamsul bin Haji Sabli.
Emphasizing BIBD’s commitment to driving innovation and sustainable growth within the Islamic finance industry, Adi Shamsul guided the esteemed panelists through a lively conversation that explored the intersection Islamic fintech and vital role of technology in fostering resilience and sustainability in the Islamic financial ecosystem.
From 1st June until 5th July 2023, MYCE sets its focus in the areas of Islamic, Technology and Innovation, Current Affairs and Environment. The 5-week event will run a series of conferences and exhibitions every week to promote knowledge sharing and increase business activities in various sectors.
BIBD’s support of the B.I.F Summit and the MYCE 2023 mirrors the bank’s commitment to contribute to the United Nations Sustainable Development Goals (SDGs) – including eradicating poverty (SDG 1), promoting inclusive and quality education (SDG 4), promoting sustainable economic growth (SDG 8), and fostering partnerships for sustainable development (SDG 17).
This support also aligns with the Maqasid Shariah principles of preserving religion, life, intellect, lineage and property through the promotion of social justice, equitable distribution of wealth and welfare of the society.
Additionally BIBD is also demonstrating its commitment to helping the nation achieve the Brunei Vision 2035 and demonstrates BIBD’s leading role in the sustainability agenda.