Bank Islam Brunei Darussalam (BIBD), Brunei’s largest bank, is planning to be the first company listed on the Brunei Stock Exchange when it’s launched in 2017, says Javed Ahmad, former Managing Director of BIBD.
How would you describe Brunei’s financial backdrop?
Thirty years ago, there were no domestic financial institutions in Brunei; they were all foreign. But over the last 25 years, we have gone from zero to representing 65 percent of domestic banking.
What makes Islamic finance in Brunei globally competitive?
In most parts of the world, you would not see Islamic banks playing a dominant role because Islamic banking is a new-starter. They are large players, but not the leaders. We are the exception here: BIBD is among the only Islamic institutions globally that leads its national industry.
Why should China consider Brunei a hub for Islamic finance and how can BIBD play a part?
Countries likely to benefit from the “One Belt, One Road” initiative, those on the ancient Silk Road, were once the meeting places of Muslims, Christians and Jews in a melting pot of commerce and trade. Today, that revived vision will require financial resources from all over the world and Islamic finance could mobilize that capital. BIBD can participate through our co-operation agreement with the China Development Bank.