BIBD Prensents New Investment Product
By Za'im Zaini

Bandar Seri Begawan - Bank Islam Brunei Darussalam-Berhad (BIBD) yesterday held a public presentation on the region's first tradable investment product at retail level, which is BIBD Certificate of Musyarakah Musahamah and Al-Bai' (Tradable Musyarakah Certificate), at Mutiara Ballroom, Sheraton Utama Hotel in the capital.

Among those present were Pehin Orang Kaya Seri Dewa Major General (Rtd) Dato Seri Pahlawan Awang Hj Mohammad bin Hj Daud, Minister of Culture, Youth and Sports, who is also Deputy Chairman of BIBD Berhad, as well as members of BIBD Board of Directors.

With the introduction of the new investment product, it will provide an alternative means of investment for customers that are based on the Musyarakah Musaaamah and Al-Bai concept. Dividend yield is indicated at a rate of 3.125 per cent per annum and will be paid after a maturity period of 180 days. This innovative investment product is also the first syariah compliant investment product of its kind in the region, which offers the convenience of trading certificates.

In an opening remark by Haji Muhammad Syaippudin bin Haji Abdullah, BIBD's Managing Director, he said that the bank would be looking to introduce more syariah compliant investment products, which support the Ministry of Finance's call to instill a saving and investment culture among Bruneians.

Meanwhile in a presentation by Zulhazransa Haji Emran, Asset and Fund Management Division of BIBD, he said that the investment product will be offered for subscriptions on a "first-come-first-serve" basis starting from February 21 to 22 and should be issued by February 23.

This was followed by a question and answer session.

Allocation of the certificates will be limited. Once fully subscribed, the application period will be closed prior to February 22. The minimum unit value for each subscription is BND 5,000.

Those interested are advised to visit Perdana World Banking, 41h floor, BIBD headquarters and BIBD Kuala Belait or call at tel: 2238000, 8000, 2235745 or 2235741 for further details. -- Courtesy of Borneo Bulletin

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