Sustainability As Our Foundations for Growth
What is Sustainability?
The United Nations (UN) Brundtland Commission in 1987 defined sustainability as “meeting the needs of the present without compromising the ability of future generations to meet their own needs”.
According to Environmentalscience.org, an environmental science education site, sustainability is the study of how natural systems function, remain diverse and produce everything it needs for the ecology to remain in balance. It also acknowledges that human civilisation takes resources to sustain our modern way of life.
In short, sustainability looks to protect the natural environment, human well-being and ecological health while giving way for innovation to take place without depleting natural or physical resources to that they remain available for a long time.
Maqasid Shariah aims to realise the benefit of mankind and to protect them from corruption, injustice and evil which may affect their affairs both in this world and the hereafter.
Maqasid Shariah is known as the preservation and promotion of Faith, Life, Mind, Progeny and Wealth.
BIBD, as an Islamic bank, has always been guided by the Maqasid Shariah, which has become the foundation of the principles and values that support our undertakings and complement our vision.
Partner in Progress – Supporting the Nation
BIBD takes pride in its role as a Partner in Progress in the nation’s economic and social development. This is reflected in our alignment to His Majesty the Sultan’s Brunei Vision 2035 along with our efforts in supporting the development of a dynamic and sustainable economy.
By adopting a Whole-of-Nation approach and collaborating with key stakeholders from the public and private sector, BIBD is committed to carrying out impactful collaborations that can serve the nation, the industry, our customers as well as our community.
Responsible corporate citizen
These days most organisations operate with the conscience and values that will positively impact their businesses, the communities they serve and the environment. Corporate citizenship refers to the social responsibility of a business and the extent to which it adheres to environmental, cultural, legal, ethical and economic obligations to protect and improve the standard of living of the community in which the company operates without compromising profitability.
At BIBD, the noble and righteous values of Maqasid Shariah serve as our foundation and shape our DNA as an Islamic bank to ensure that we become a model corporate citizen that facilitates the growth of our industries responsibly whilst benefitting the communities we serve in a sustainable manner.
Activities Prior To The Formulation of the BIBD Sustainability Framework (BIBD SF)
Several notable sustainability initiatives were carried out during the months leading up to the formulation of the BIBD Sustainability Framework (BIBD SF) as the Bank reinforced its commitment to support sustainable environmental activities in making the world a greener place such as:
- Use of recycled paper on office-issued annual calendars and festive packets for Hari Raya and Chinese New Year.
- In 2021, recycling boxes were provided at key branches for customers to bring in their used packets for recycling.
- Distribution of reusable bags to visitors of Gerai Ramadhan in April and May 2021.
In June and July 2021, the Bank’s staff also participated in cleaning campaigns at several beaches across Brunei in support of the Ministry of Development, through the Department of Environment, Parks and Recreation (JASTRE). These efforts were carried out to signify the Bank’s commitment and aim to support sustainable environment activities that fully align with BIBD’s business values with the UNSDG goals that Brunei has been supporting since 2015.
The BIBD Sustainability Framework (BIBD SF)
The BIBD Sustainability Framework was launched in October 2021 during the ASEAN Business Investment Summit (ABIS). The Sustainability Framework is strongly aligned with the Maqasid Shariah — the fundamental principles and values that shape BIBD as an Islamic financial institution — and a wider set of sustainability principles; the 17 United Nations Sustainable Development Goals (UN SDGs).
Supporting these principles is also deeply intertwined with our ‘Bruneian at Heart’ DNA that aims to preserve the well-being of our people and society.
The framework marks the Bank’s clear focus and strategic decision to support a wider commitment to sustainability and will be adopted into BIBD’s overall business strategy through 3 pillars, namely Environmental Protection, Responsible Entrepreneurship, and Inclusive Social Impact.
With the concerted efforts by the Sustainability Transformation Group, BIBD is aiming for a target commitment of B$2 billion towards sustainability funding by 2030. Through this target commitment, and the Bank’s Sustainability Framework, BIBD seeks to take the lead on business practices and activities in the domestic market by promoting stewardship among Brunei corporates, supported by digitalisation, sustainability funding, community education and social inclusion by BIBD.