Historic Brunei-Bahrain MOU To Boost Islamic Banking In Sultanate
By Malai Hassan Othman

Bandar Seri Begawan - Brunei's Bahrain connection is expected to boost the sultanate's budding Islamic banking as the two Muslim nations agreed to promote and encourage joint cooperation in investment and financial sectors.

Brunei and Bahrain sealed their desire to deepen their friendship with a memorandum that would pave the way for them to strengthen bilateral economic relations as well as in other areas of cooperation.

The two countries closed ranks yesterday by signing the Memorandum of Understanding aimed to make their relationships progresses beyond the routine diplomatic and political domains.

This historic move came as a highlight of the current visit of His Highness Shaikh Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain to Brunei.

His Highness and his high-level delegation arrived in Brunei for the 3-day working visit on Friday.

Brunei and Bahrain lauded their move to strengthen their ties as significant as it reflected the wish of both Islamic nations to deepen their relationships through more economic cooperation and investment.

Both countries have agreed to focus on joint efforts to promote and encourage cooperation in the investment and financial sectors.

The fields of co-operation, amongst others, include co-operation in investment, banking and financial services including Islamic banking, financial information and relevant training activities. Also in the itinerary was initiative to create joint venture schemes to promote investment and financial sectors.

A joint coordinating committee is also about to be set up to implement and coordinate the objectives of the MOU, according to a press statement issued by Brunei's Ministry of Finance.

Signing on behalf of Brunei was Dato Paduka Awang Haji Yaakub bin Abu Bakar, the deputy Minister of Finance while H.E Abdullah Hassan Said, the Bahrain;s Minister of Finance and National Economy signed on behalf of his country.

The historic event, held at the Empire Hotel in Jerudong, was also seen as a good sign for Brunei's renewed efforts to accelerate its economic diversification programs.

Under the so-called strategy to 'kick-start' the economic diversification plan, Brunei hopes to bring in about $4 billion foreign investment into the country to develop Sungai Liang into world class industrial zone and to develop Pulau Muara Besar as a first class global hub.

The Bahrain connection would come in handy in this program. (Courtesy of Borneo Bulletin)

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