BIBD To Issue Syariah-Compliant Investment Plan
By Khairunnisa Ibrahim

Bandar Seri Begawan - Bank Islam Brunei Darussalam Bhd is taking the lead in the regional Islamic finance industry by introducing a fully Syariahcompliant investment certificate that can be traded or marketed before its maturity date.

Known as the BIBD Certificate Musyarakah Musahamah and Al Bai', the short-term, innovative investment plan has a maturity period of six months, and once available, it stands to generate higher rates of return compared to savings and investment products offered by other local banks.

The announcement was made by the Minister of Culture, Youth and Sports, Pehin Orang Kaya Seri Dewa Major General (Rtd) Dato Seri Pahlawan Hj Mohammad Hj Daud, who is also the Deputy Chairman of BIBD.

The minister highlighted the bank's efforts to introduce new, innovative Syariah-based derivative and structural investment products, adding that BIBD is currently cooperating with international financial institutions to gain the technical know-how and technology transfer. He was optimistic that these efforts would produce positive results, "especially in enhancing the knowledge and skills of BIBD employees regarding innovative and sophisticated financial products".

Since its establishment in the country 13 years ago, Islamic finance and banking has made positive contributions to the local economy, especially in the private sector. One of the factors that lead. To such encouraging growth, pointed out the minister, are the public's growing confidence in Islamic finance institutions and products - as evidenced by the increased interest in this sector by both Muslim and non-Muslim investors, corporate bodies and individuals.

The minister was speaking yesterday at the official opening ceremony for the bank's Muara branch at its new location. The branch was previously located at the Muara Port Department building, which ceased operations on February 10.

According to BIBD Managing Director, Hj Muhammad Syaippudin Hj Abdullah, the move was made to take advantage of the more strategic and commercially viable location of the new premises to better serve the customers and business people in Muara and the surrounding areas.  -- Courtesy of The Brunie Times

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