In 1993, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam inaugurated the Islamic Bank of Brunei (IBB) with the intention of transforming Brunei into an Islamic finance hub. This year marks the silver jubilee of Islamic banking in Brunei, and as the flagship Islamic bank and the largest financial institution in the country, Bank Islam Brunei Darussalam (BIBD) is the custodian of this vision.
BIBD’s strength is reflected in its financial perfor- mance. In 2016, BIBD recorded a net growth in prof- its of growth of 21 per cent to BND122 million while total assets surged 28 per cent to BND9 billion. It was a product of dedication and commitment from more than 900 BIBD employees tirelessly striving to meet the needs of more than 200,000 customers from all walks of life through continuous improve- ments in its service, products and technology.
Underlining its commitment to deliver better returns, BIBD distributed a record high dividend to sharehold- ers in 2016 that was more than double the dividend paid in the previous year.
BIBD has the largest network of branches and ATMs in the country. It also offers its customers the most channels to bank. A rating of A- (Stable) from S&P Global – the highest for any Bruneian bank – for the past two years is testament to the prudent way the bank is managing its risks and portfolios. BIBD is also Brunei’s largest issuer of payment cards.
BIBD’s relentless progress and development has been underscored by its collection of prestigious awards. BIBD has been selected for the “Best Retail Bank in Brunei” award by The Asian Banker for the past five years (2013-2017) and was also rec- ognised as the 14th Strongest Bank in Asia Pacific by the same organisation for the past two years. In the past, BIBD has also received the “Best Smart
Branch Project” regional award, and the “Best Bank in Brunei” award from The Banker, Global Finance, and other respected institutions. Its success in the digital banking arena was recognised recently with the awards for “Best Digital Bank” and “Best Mobile Banking Application in Brunei”.
BIBD is always focused in improving its customer’s experience with the bank. It has delivered many innovative solutions through the efficient use of its technology platform and the consistent upgrading of its processes and people.
Going forward, BIBD is committed to embracing developments in the digital banking and Fintech space to deliver world-class solutions that enrich the customer proposition with increased function- ality, convenience, safety and security, and helping transform Brunei into a cashless society.
Aligning Brunei and its corporates closer towards His Majesty’s vision of developing a dynamic and sustain- able economy, BIBD plays a pivotal role in the promo- tion of Brunei’s entrepreneurs and SMEs. Through its collaboration with DARe, the BIBD SME 360 initiative, dedicated SME branch, and Micro Small and Medium Enterprise (MSME) initiatives, local entrepreneurs are provided comprehensive banking solutions that com- plement their business needs.
Internationally, BIBD carries the national flag through its representative offices in Singapore and Dubai. A measured and prudent approach to international expansion ensures long-term growth and sustainabil- ity, with a keen eye on identifying and capitalising on key opportunities.
BIBD strives to support the country’s vision to promote the accomplishments of Brunei’s well-educated and highly-skilled people. Through its collaboration with the Ministry of Education, and Ministry of Religious Affairs, BIBD’s ALAF (Advocating Life-Long Learning for an Aspiring Future) programme ensures that under- privileged Bruneians are provided a well-rounded education and equal opportunities to progress further.
At the same time, BIBD is dedicated to supporting national initiatives to raise awareness of and promote financial awareness and literacy, especially at the grassroots levels. It also places a strong emphasis on the development of its staff and offers them opportu- nities for training and development with internation- ally recognised institutions.
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