Islamic Banks Lauded As Active Partners In Banking Industry

Bandar Seri Begawan – Islamic banks have proven to be successful and active participators in the banking industry.

Their presence in the industry has grown in strength each year since they were first initiated in 1991.

The analysis of their financial performance has also showed that Islamic banks have the capital strength and become a serious competitor to the conventional banks.

This was explained by Hajah Salma Haji Abdul Latif, a senior lecturer of University Brunei Darussalam (UBD) and coordinator of the Centre for Islamic Banking, Finance and Management (CIBFM), at the International Conference on Islamic Banking and Finance yesterday.

Hajah Salma in her paper entitled "Islamic banking in Brunei and the role of CIBFM" said that the next step forward is a very important one in terms of growth and sustainability.

She said His Majesty's government has reiterated plans of making Brunei a regional financial hub for Islamic banks.

In this regard, Brunei is ready to take the next major step of developing an international Islamic financial market.

Talking on the role of CIBFM, Hajah Salma explained the need to provide the necessary support to create, propagate and maintain a unique Islamic foundation for banking, finance and management operations.

This mission is in line with UBD's aspiration to play not only an academic role but, more importantly, to assist the government in its national development plans. -- Courtesy of Radio Television Brunei 

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