Bank Islam Brunei Darussalam Berhad (BIBD) and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, signed an Expression of Intent (EoI) to explore areas of cooperation that support private sector growth and broaden access to Shariah-compliant financing in Brunei Darussalam. The signing took place in Bangkok on the sidelines of the IMF – World Bank Annual Meeting.
The EoI reflects a shared commitment to expanding access to Shariah-compliant financial solutions for businesses of all sizes, including Micro, Small and Medium Enterprises (MSMEs) and corporate clients, while fostering entrepreneurship and supporting the development of strategic sectors that contribute to Brunei Darussalam’s long-term economic growth.
Through the collaboration, both organisations will explore opportunities of mutual interest to drive business growth, encourage innovation, and advance economic diversification in line with Brunei Vision 2035.
As Brunei Darussalam’s largest Islamic financial institution, BIBD believes that a vibrant and resilient private sector is essential to creating sustainable economic opportunities, strengthening local industries and supporting national development.
The collaboration with ICD reflects the bank’s continued commitment to working with strategic partners to expand opportunities for businesses and contribute to a more diversified and future-ready economy.
The EoI provides a platform for both parties to exchange knowledge, share expertise and build stronger industry connections.
It also creates opportunities to explore practical ways of supporting private sector growth through Islamic finance.
Through this partnership, BIBD seeks to strengthen links between local businesses and the broader regional and international Islamic finance market, opening doors to new opportunities for Brunei’s business community.
Commenting on the signing, Acting Deputy Managing Director of BIBD Hazimah ‘Izzati binti Pehin Dato Haji Adanan said, “BIBD welcomes the opportunity to work with ICD and explore areas of shared interest that can support Brunei Darussalam’s development priorities. Partnerships such as these provide valuable opportunities to exchange perspectives, share experience and strengthen relationships with institutions across the Islamic finance industry.
“We look forward to exploring how our collaboration can contribute to business growth and support the country’s broader economic diversification agenda.”
For BIBD, the initiative is in line with its continued commitment to Brunei Vision 2035.
By supporting businesses, encouraging wider economic participation and fostering sustainable growth, the bank hopes to contribute to a stronger and more diversified economy that will benefit future generations.
SOURCE/AUTHOR : BORNEO BULLETIN
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