His Majesty Leads Another Attack On Sars

Bandar Seri Begawan - His Majesty Sultan Hassanal Bolkiah of Brunei has undertaken a renewed attack on Sars.

The current deadly outbreak of Severe Acute Respiratory Syndrome (Sars) came under royal eye yesterday when His Majesty declared open two imposing financial buildings in the capital yesterday.

His Majesty was speaking at the opening ceremony of two Takaful buildings of the Islamic Bank of Brunei.

The grand ceremony was also in conjunction with Takaful IBB Berhad's 10th year anniversary.

Touching on global problems the Brunei ruler noted that the world continues to face challenges that are of grave concern. One such problem was the current outbreak of Sars.

"Until now, the epidemic has shown no signs of subsiding. It has not only taken lives but also severely affected normal daily life everywhere," the Brunei ruler noted.

HRH Prince Haji Al-Muhtadee Billah, the Crown Prince and HRH Prince Mohammad Bolkiah

HRH Prince Haji Sufri Bolkiah, and HRH Prince Abdul Mateen

"It's very clear the disease also affects business, hotel, air travel, tourism and other sectors, thus threatening overall economic growth.

"The effects of SARS epidemic are beginning to be felt in regional and international financial sectors," he said.

"The situation in Brunei is well under control with the people being able to carry on with their normal life. However, there's no room for negligence, and there should be a strategy and plan for any challenge," the ruler warned.

His Majesty also spoke on Brunei involvement in Islamic banking and finance at the international level, adding that the international community has great faith in the country's ability in the field.

His Majesty also touched on the development of Islamic Banking in Brunei.

His Majesty said many people had questioned the ability of the system in developing the country's economy, since its inception a decade ago.

His Majesty Sultan Haji Hassanal Bolkiah said that Brunei cannot afford to be negligent in facing the ever-changing challenges in today's world.

Also present were His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince, His Royal Highness Prince Mohammad Bolkiah, His Royal Highness Prince Haji Sufri Bolkiah, and His Royal Highness Prince Abdul Mateen.

A student of the Haji Hasanal Bolkiah Tahfiz Al-Quran Institute, Abdul Qayum Haji Aminuddin, presented an al-Quran reading.

The Minister of Health, in his welcoming address, said that to date the Takaful industry or the Islamic insurance industry accounts for about 26.57 percent of all insurance cover in the country.

Of the total, Takaful IBB operates 16 point one percent of the market.

His Majesty also touched on the development of Islamic Banking in Brunei.

His Majesty says many people have questioned the ability of the system in developing the country's economy, since its inception a decade ago.

"A decade on, the Islamic Banking and Financial System has become a strong mover of economic growth.

"The system has developed rapidly and been able to acquire a healthy increase in market share, not only in Muslim countries but all over the world too. A component of Islamic Banking that continues to gain popularity is the takaful or insurance.

"Although the business is still very young, the three takaful companies in Brunei have shown their ability to compete with conventional insurance companies.

"Recently, His Majesty's government through the Brunei and Thailand joint commission agreed that Brunei's Islamic Financial Institutions would help relevant parties in Bangkok establish Thailand's first Islamic Bank.

"A number of experienced Bruneians will be assigned for this noble duty. In 1996, two Takaful companies from Brunei and the other Takaful companies in the region established "ASEAN Retakaful International" to provide insurance services to the region's and international takaful.

His Majesty then signed a plaque marking the opening of the new buildings and received a souvenir from the chairman of the Takaful IBB Berhad. -- Courtesy of Radio Television Brunei

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