BANKING & FINANCE
Bridging Transformation and Supporting National Aspiration
Brunei Darussalam is actively pursuing economic diversification to ensure long- term sustainability, moving beyond its traditional reliance on oil and gas. This ambitious undertaking necessitates a robust financial infrastructure capable of nurturing innovation and supporting emerging industries. In this crucial endeavour, Bank Islam Brunei Darussalam (BIBD) stands as a pivotal force, fostering a dynamic economic landscape, while also driving entrepreneurial growth and transformation.
A Pillar Of Strength and Stability
BIBD holds a strong financial position, with substantial total group assets at over BND10 billion as of 2023. With a customer base exceeding 345,000 spanning retail, corporate and international segments, the BIBD Group operates with a commitment to providing comprehensive Shariah- compliant financial solutions.
Subsidiaries include BIBD At-Tamwil Berhad, BIBD Securities Sdn Bhd, BIBD (Middle East) Limited and Syarikat Takaful Brunei Darussalam Sdn Bhd (Associate).
Recognised For Commitment to Excellence
The bank has consistently demonstrated excellence, earning numerous awards. Notably, BIBD received ‘The BrandLaureate International Brand of the Year Award 2024, Singapore – Sustainability – Banking & Finance,’ recognising its leadership in banking and financial excellence, with a strong focus on sustainability.
Furthermore, BIBD’s steadfast A- (Stable) rating from S&P Global since 2015 underscores its commitment to Islamic finance and community service, while also showcasing its solid capitalisation and funding profile. The bank’s consistent renewal of ISO 9001:2015 (Quality Management System) certification is a testament to its relentless pursuit of service excellence and adherence to international standards. Critically, its achievement of ISO 27001:2013 (Information Security Management) certification in August 2022, and maintained since then, underscores a formidable cybersecurity posture.
Supporting Brunei's Smart Nation Goal
As the nation’s largest financial institution, BIBD is committed to empowering businesses and individuals to thrive in the digital age.
BIBD’s NEXGEN platform, comprising of NEXGEN Online and the NEXGEN Wallet mobile app as well as BIBD BizNet, allows for ease of access to banking services. Recognising the importance of user trust, the NEXGEN Wallet underwent a crucial upgrade in 2024. The introduction of a device binding feature, One-Time Password (OTP) and Favourite Accounts reduces risk of unauthorised access and fraudulent transactions.
In 2023, BIBD’s launch of Olive under its subsidiary, BIBD At-Tamwil, marked a transformative step in Brunei’s banking industry. Olive allows users to complete financing applications, open accounts and manage transactions remotely, making BIBD the first financial institution in Brunei to offer a fully paperless financing application process. Over 75 per cent of financing applications are now approved in real-time.
As of April 2024, 70 per cent of BIBD At-Tamwil’s active customer base has adopted Olive. Looking ahead, BIBD At- Tamwil has set a firm aim to onboard 90 per cent of its customer base onto the Olive platform by the end of 2025. Olive’s phased expansion will also integrate with the bank and other BIBD Group subsidiaries, creating a unified digital banking ecosystem.
Already demonstrating its commitment to a connected financial future through Olive’s integration with the National Digital Payments Network Sdn Bhd (ndpx), BIBD is actively preparing the NEXGEN platform for similar connectivity. This will enable faster and more secure transactions, expanding its digital ecosystem and fostering a more inclusive network.
A Holistic Ecosystem For The Business Community
Recognising that a thriving business landscape is essential for sustainable economic prosperity, BIBD has established a robust initiative designed to nurture and empower these businesses.
BIBD’s commitment to MSME development is exemplified through the comprehensive services offered under the BIBD SME360 initiative. SME360 extends beyond financial advice to encompass networking opportunities and market access, catalysing the growth of local businesses. Through programmes such as BIBD SEED, the bank empowers aspiring entrepreneurs, particularly women, by providingessential skills, knowledge, and financial support needed to launch and grow their businesses.
The bank also provides a marketplace to showcase business products and services through Projek Tunas, in collaboration with the Ministry of Home Affairs, private sector entities and local NGOs. Through events such as the BIBD Mega Karnival and Ramadhan Eco Bazaar, entrepreneurs gain valuable exposure and are encouraged to embrace cashless payment methods like QuickPay and bank transfers. The bank also invites MSMEs to prestigious events such as the Islamic Development Bank (IsDB) Group Day with a global audience.
As a natural progression from supporting the growth of MSMEs, BIBD’s Structured Finance (SF) team provides specialised support to larger corporate clients. BIBD also launched the Asian Desk in 2018 to address the banking needs of its corporate clients including facilitating foreign direct investment (FDI) companies and its employees.
Through BIBD’s Corporate Banking Group, the bank has demonstrated robust capabilities to cater to national and infrastructure projects, large-scale endeavours and facilitate FDI.
Bridging The Digital
BIBD actively cultivates a culture of innovation through a multi-faceted strategy including roadshows, strategic collaborations and consistent social media communication. The bank strives to ensure the benefits of digital advancement are accessible to all, particularly the most vulnerable segments of society.
This commitment is demonstrated through BIBD’s participation in the ‘Digital WARGAMAS’ programme. Organised by the Authority for Info- communications Technology Industry of Brunei Darussalam (AITI), this quarterly outreach is dedicated to enhancing the digital literacy of senior citizens. BIBD. further expanded its commitment to digital inclusion through the ‘Digital Komuniti’ programme in collaboration with AITI to enhance digital literacy and promote online safety awareness.
BIBD’s multifaceted approach to entrepreneurial transformation, encompassing financial support, digital innovation and a commitment to sustainability, is crucial for Brunei’s economic diversification and alignment with the 21st-Century Industrial Revolution 4.0. By acting as a financial catalyst and empowering businesses to adapt and thrive, BIBD plays a pivotal role in shaping Brunei’s future and ensuring the realisation of Brunei Vision 2035.