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Borneo Bulletin Yearbook 2023
BANK ISLAM BRUNEI DARUSSALAM
“The Islamic Bank of Brunei (IBB)
will be operating on an Islamic
foundation. It will carry out its
financial banking system in
accordance with ‘Syarak’ or law based
on Islamic teaching… The Islamic
financial system that we strive for will
be carried out with a broad vision.
We will sustain it infinitely and pass it
down to future generations.”
Titah by 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 at
the inauguration of Islamic Bank of Brunei on
January 13, 1993
On January 13, 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 consented to the
formation of the Islamic Bank of Brunei
(IBB).
From its beginnings as the Island
Development Bank in 1981, to the
formation of IBB in 1993 and the merger
of IBB and the Islamic Development
Bank of Brunei (IDBB) into Bank Islam
Brunei Darussalam (BIBD) in 2005, the
bank has stood as a testament to His
Majesty’s desire to consistently and
wholeheartedly fulfil the teachings of
Islam in Brunei Darussalam.
As a testament to BIBD’s positive growth
and strong corporate governance,
BIBD has been rated A- (Stable) by S&P
Global since 2015. BIBD’s growth
can largely be attributed to the
guidance of its Board of Directors
and Shariah Advisory Body who have
not only ensured that BIBD operates
in accordance to Islamic principles
and values, but also played a role
in diversifying its range of Islamic
financial products.
As a bank that is uniquely Bruneian
at Heart, BIBD continues its
commitment as a provider of Islamic
financial products and services,
facilitating the country’s economic
growth and supporting Brunei Vision
2035.
Support towards
enabling the economy
Throughout the years, BIBD has
played a key role in supporting
the country’s economy by providing
capital to businesses and organisations,
providingemployment aswell as creating
job opportunities, and facilitating the
development of key projects and foreign
direct investment.
The bank is also strongly committed
to promoting the growth of local
businesses through its SME360 service.
To further extend its services and
footprint in the region, BIBD set up
representative offices in Singapore and
Dubai, signifying its commitment to
the country’s economic diversification,
growth and development, and progress
of the Islamic financial industry in Brunei
and beyond.
Investing in people
BIBD believes in empowering the local
workforce and creating meaningful
employment opportunities while also