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Borneo Bulletin Yearbook 2020
Since Islamic banking was first introduced
in the country back in the early 1990s, it has
played a significant role in the Sultanate’s
banking industry.
The Brunei Darussalam Financial Sector Blueprint
2016-2025 (FSBP) published by Autoriti Monetari
Brunei Darussalam (AMBD) in 2016 identifies
core areas where the financial services sector
can act as an enabler for growth in the country,
one of which is expanding Brunei Darussalam’s
Islamic finance capabilities.
The FSBP shares that a key focus of financial
sector development is the strengthening of
Brunei as an international Islamic financial hub.
According to the blueprint, Brunei has affirmed
the growing prominence of a more diverse
foreign presence and the higher level of foreign
participation in the domestic Islamic financial
markets, particularly in the Sukuk and Takaful
market.
Furthermore, initiatives will be put in place to
accelerate the internationalisation of Islamic
Finance, establishing a more significant role
for the financial system in the intermediation
of international financial flows. This will involve
the introduction of more innovative Syariah-
compliant financial products and services that
will meet the more diverse global demands for
Syariah-compliant financial solutions.
Islamic finance industry poised for
major growth
The global Islamic finance industry is poised to
play a pivotal role in the wider global economy.
With Syariah-compliant financial assets in
excess of USD2.4 trillion, the industry is forecast
to grow to USD3.8 trillion by 2023. In respect
to this, Bank Islam Brunei Darussalam (BIBD)
gathered with industry experts on November
11, 2019 to explore Islamic finance capabilities.
The forum aimed to illustrate BIBD’s capability
in providing Islamic finance solutions, and
invited speakers also shared asset classes that
showcased the resilience, sustainability and
inclusiveness of Islamic finance.
ISLAMIC BANKING