'Role Of Islamic Services In MME Growth Most Timely’
By Suria Rina PHA

Bandar Seri Begawan - The substantial role of Islamic banking, finance and management in the development of micro-and medium-sized enterprises is not only relevant. But most timely for Brunei Darussalam.

This was said by Deputy Minister of Industry and Primary Resources Datu Paduka Haji Hamdillah Hj Abdul Wahab in his speech during the closing ceremony of the 1st International Islamic Conference on Inclusive Financial Sector Development on "Enhancing Islamic Financial Services for Micro-Medium-Sized Enterprises (MMEs)” at Indera Kayangan Ballroom, Empire Hotel and Country Club in Jerudong.

"It's heartening to realise that despite the tact that Islamic knowledge has been with us for more than 1,400 years, ICs never been so extensively applied in these three areas - banking, finance and management - as in the last four to live decades, he said, adding that "prior to this, we would have applied the Western know ledge wholly in the management and development of MM Es.

"Today, we have learnt that Islamic knowledge is not only more applicable in economic development o fan Islamic country but it also folds neatly with our Islamic way of life.- The guest of honour also said His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has emphasised on many occasions the importance of partnership between private and public sectors, the role or non-governmental organisations and the members of the public in contributing to the development of MMEs.

In order to ensure success of Brunei's economic diversification plan. "We need to work harder and smarter together, said the deputy minister.

He noted that there is an average increase of 312 new companies annually. "It is clear that we are on the right track. But the questions we should nom he asking are: Is this number encouraging? Are the majority of these companies registered merely as shelf companies? Or did these companies only manage to break even? Or have they prospered and expanded rapidly from MMES with more potential for further growth and ready to export?"

He also said, "There are more than 195 cooperatives in the country and less than 30 per cent of them are ails e and maybe well. A structural solution is necessary beyond the need to create bushiest opportunities which His Majesty's Government is working hard to

I le believed that the conference "gave us an opportunity to help about alternative financial schemes that go beyond the collateral-based traditional approach".

The guest of honour also cautioned. "Closing this conference should not be an end in itself but a means to an end. We should continue to explore ways and means to apply in a serious and productive way the knowledge we have gained from this conference in the context of our respective commercial markets."

Meanwhile, Steering Committee chairman and Universiti Brunei Darussalam vice chancellor Dab Paduka Dr Haji Ismail bin Haji Duraman in his speech, hoped that the conference had further participants' understanding of MMEs.

The closing ceremony also saw the presentation of a souvenir to the deputy minister.

The1st International Islamic Conference on Inclusive Financial Sector Development was organised by UBD's Centre Mr Islamic Banking, Finance and Management and Jeddah Islamic Research and Training Institute.-- Courtesy of Borneo Bulletin

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