Bank Islam Brunei Darussalam Berhad (BIBD) reaffirmed its commitment to advancing Brunei Darussalam’s capital market development through its participation and collaboration in the Brunei Darussalam Capital Market Development Seminar: An Introduction to Sukuk Issuance, which brought together nearly 100 policymakers, regulators, financial industry stakeholders, and potential issuers.
Hosted by the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB), in collaboration with BIBD and the International Capital Market Association (ICMA), with the Ministry of Finance and Brunei Darussalam Central Bank (BDCB) serving as supporting partners, the seminar aimed to support the development of Brunei Darussalam’s domestic sukuk market by enhancing awareness and understanding of sukuk as an alternative financing mechanism, while highlighting practical pathways for issuers to access the capital market.
BIBD’s Acting Deputy Managing Director Hazimah ‘Izzati binti Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Awang Haji Adanan underscored the group’s strong commitment to supporting the growth of Brunei’s Islamic capital market ecosystem and expanding financing options available to local businesses beyond conventional banking facilities.
As a leading advocate for Islamic finance and capital market development in Brunei Darussalam, BIBD played a prominent role throughout the seminar through the participation of its senior leaders and subject matter experts from BIBD Securities, the group’s capital markets arm.
The seminar also featured a session on ‘Sukuk Issuance Process from a Domestic Perspective’, featuring Managing Director of BIBD Securities Jason Wong and Assistant Professor at the Faculty of Islamic Economics and Finance, Universiti Islam Sultan Sharif Ali Dr Amnisuhailah binti Abarahan, who is also a member of both BIBD and BIBD Securities Shariah Advisory Body. Moderated by Head of Capital Markets Advisory at BIBD Securities Nurul Adilah binti Haji Abu Bakar, the session explored the sukuk issuance journey through both practical and Syariah perspectives, highlighting key considerations, steps and requirements for prospective issuers and the development of Brunei Darussalam’s domestic sukuk market.
Further reinforcing BIBD’s expertise in the capital markets space, Deputy Head of Corporate Banking Group Abd Azim bin Haji Mohammad moderated a fireside chat on ‘A Deep Dive into a Successful Sukuk Issuance’, featuring PT Global Mediacom Tbk’s sukuk issuance experience. The discussion explored the lessons learned, success factors, and practical insights from successfully bringing a guaranteed sukuk to market.
Through these contributions, BIBD and BIBD Securities brought practical, market-driven experience to complement the international perspectives shared during the seminar.
Together, the sessions provided participants with a clearer understanding of the end-to-end sukuk issuance journey, from initial consideration and structuring through to documentation, execution, and issuance.
As an arranger and advisor, BIBD Securities works closely with corporates, government-linked companies, and institutional stakeholders to assess capital market solutions and navigate the sukuk issuance process. The group views these efforts as critical to building a sustainable pipeline of corporate sukuk issuances and deepening Brunei Darussalam’s capital market ecosystem.
The seminar also reflects BIBD’s broader ambitions through its Corporate Banking Group, which continues to support businesses across the country in identifying growth opportunities and accessing diversified sources of financing.
Sukuk offers corporates a Syariah-compliant avenue to raise funds, broadening access to capital beyond traditional bank financing. For BIBD, developing a robust sukuk market extends beyond the promotion of a single financing instrument. It is about strengthening the foundations of Brunei’s capital market, mobilising domestic liquidity towards productive economic activity, and enabling businesses to fund expansion, capital expenditure, strategic investments, and long-term growth initiatives.
By widening the range of financing options available, businesses can gain greater flexibility in supporting their growth ambitions while contributing to economic diversification and the development of new sectors in line with national priorities.
A thriving sukuk ecosystem requires strong collaboration between regulators, financial institutions, issuers, arrangers, advisers, and investors. While regulators play an important role in establishing a conducive framework, market participants such as BIBD and BIBD Securities continue to play a key role in building market awareness, developing capabilities, and fostering confidence in sukuk as a viable financing solution.
In her opening remarks, Chief Executive Officer of CGIF Noriko Nasu underscored the importance of greater collaboration among policymakers, regulators, financial institutions, and market participants in developing Brunei Darussalam’s corporate sukuk market, while encouraging stakeholders to translate shared knowledge into concrete actions that support the growth of a vibrant and resilient local currency sukuk market.
Meanwhile, Permanent Secretary (Fiscal) at the Ministry of Finance Haji Asrul Adrain bin POKSPDSS Dr Haji Ahmad, the guest of honour, in his welcoming remarks highlighted the importance of collaboration, capacity building, and stronger corporate participation in strengthening Brunei Darussalam’s capital market ecosystem, while encouraging participants to leverage international best practices shared throughout the seminar.
Closing the seminar, Vice President of Operations at CGIF Anuj Awasthi reaffirmed the organisation’s commitment to supporting alternative financing through credit guarantees across the ASEAN+3 region, noting that CGIF stands ready to support the next phase of sukuk market development in Brunei Darussalam.
The seminar reflects Brunei Darussalam’s broader aspirations to strengthen its capital market and encourage greater corporate participation in sukuk issuances.
Anchored by BIBD Securities’ continued involvement as an arranger, advisor, and advocate for Islamic finance, the development of a stronger corporate sukuk market can help support business growth, economic diversification, and the wider objectives of Brunei Vision 2035.
SOURCE/AUTHOR : BORNEO BULLETIN
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