More Innovative BIBD Products In The Pipeline
By Za'im Zaini

Bandar Seri Begawan - Haji Muhammad Syaippudin Bin Haji Abdullah, Managing Director of BIBD in an exclusive interview with Bulletin, said that BIBD will introduce more innovative Shariah compliant investment products in the future, which may eventually create enough volume to offer the products to outside investors.

Educating the locals is also one of BIBD's main priorities, which is to ensure they understand the importance of financial planning and the related risk and rewards of an investment programme, he said.

On BIBD's new product and future plans, Haji Muhammad Syaippudin said, "for the time being, this product is geared towards the domestic requirements but over the long run maybe beginning next year we can offer this product overseas.

"For the time being, we want to offer the products to our domestic clients. The idea here is to provide them with an alternative platform for investment so that they can better invest their money instead of spending their money on unnecessary expenditure, and hopefully use this investment product, which gives quite a high return compared to the rates given by other financial institution.

"It will encourage them to save. Ultimately we want to create a sense of awareness and to inculcate a savings culture among Bruneians," he said.

Lately, BIBD has gone more into investment and when asked to comment, the Managing Director said, "We are now more focused on developing our investment banking division.

"Our objective is that we want to expand the role of this division not only to manage the domestic fund but also initially to become fund managers for other institutions to manage their funds".

On future plans for BIRD, he said, "We have a number of plans for the future. If you talk specifically on investment products, we will soon be launching two new products, a short term three-month investment, followed by another principle protected fund before the end of the year. And hopefully by next year, we will introduce more investment products that are in full compliance with Shariah principle." -- Courtesy of Borneo Bulletin

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