Written by root. Posted in BEST OF BRUNEI


Published on May 08, 2018 with No Comments

As the custodian of the vision to transform BIBD into an Islamic hub, 2018 marks the Silver Jubilee of Islamic banking in Brunei Darussalam.

In 1993, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, consented to inaugurate the Islamic Bank of Brunei (IBB) to transform Brunei into an Islamic finance hub. This made banking history in Brunei. Today, as the sole Islamic bank in the Sultanate, BIBD – formed through a merger of IBB and IDBB – has become Brunei’s flagship Islamic bank and earned the repute as the largest financial institution in the country.

BIBD’s strength is demonstrated in its financial performance. In 2017, BIBD recorded a 39% net growth in profits to approximately BND170 million, while total assets increased to BND 9.2 billion. This achievement is a direct result of the dedication and commitment of its people of over 900 employees, who have tirelessly strive to meet the needs of over 200,000 customers through continuous improvements in its services, products and technology.

Underscoring its commitment to deliver better returns, BIBD distributed a record high dividend to its shareholders in 2016.

BIBD has the largest network of branches and ATMs in the country. It also offers its customers the widest choice of preferred channels to bank. A rating of A- (Stable) from S&P Global – the highest rating for any Bruneian bank – in the past two years is a testament to the Bank’s prudent management of its risks and portfolios. BIBD is also Brunei’s largest issuer of payment cards.

BIBD was awarded “Best Retail Bank in Brunei” for six years in running (2013-2018) and is recognised as the 14th Strongest Bank in Asia Pacific (2016-2017) by The Asian Banker, along with “Best Smart Branch Project”. “Best Bank in Brunei” award by The Banker, Global Finance and other respected institutions are some of the many accolades BIBD has garnered. This is capped by its success and recognition in the banking sector with the “Best Digital Bank” and the “Best Mobile Banking Application in Brunei” awards achievement. Indeed, BIBD’s hallmark and continuous strive for progress and development have been regionally and internationally recognised.

Focused Customer Experience
BIBD is focused on improving its customer’s experience. In this regard, it has delivered many innovative solutions through efficient use of its technology platform and constant upgrades of its processes and people. Moving forward, BIBD is committed to embracing developments in the digital banking and Fintech space, delivering world-class solutions that will further enrich customer proposition with increased functionality, convenience, safety and security. BIBD is positioned to support in transforming Brunei into an increasingly cashless society.

The Engine of Growth
Aligning Brunei and its corporates with His Majesty’s vision of developing a dynamic and sustainable economy, BIBD plays a pivotal role in the promotion of local entrepreneurs and SMEs. Through its collaboration with DARe, BIBD SME 360, dedicated SME branches, and Micro Small and Medium Enterprise (MSME) initiatives, local entrepreneurs are provided with comprehensive banking solutions that complement their business needs.

BIBD has also recently launched its first community hub, BIBD CONNECTS. The hub features a convenient and unique one-stop commercial centre for the public, as well as the launch of BIBD’s first drive-through ATM. BIBD CONNECTS brings participating SMEs closer to their customers at a fraction of the existing market rental. This unique offering is the result of a strong collaboration with all stakeholders in a Private-Public Partnership, and has spearheaded the hub’s completion within a record 30 days!

In the international arena, BIBD carries the national flag through its representative offices in Singapore and Dubai. This measured and prudent approach to international expansion and reach with a keen eye on identifying and capitalising on key opportunities ensures long-term growth and sustainability.

Knowledge and Education for a Sustainable Future
As a responsible corporate citizen, BIBD strives to support Brunei’s vision to promote the accomplishments of a well-educated and highly-skilled people force. Through its collaboration with the Ministry of Education and the Ministry of Religious Affairs, BIBD’s ALAF (Advocating Life-Long Learning for an Aspiring Future) programme provides for a well-rounded education and equal opportunities to local underprivileged children to further progress.

At the same time, BIBD is dedicated to supporting national initiatives to raise awareness of and promote financial awareness and literacy, especially at the grassroots level. It also places a strong emphasis on the development of its staff and offers opportunities for training and development with internationally recognised institutions.

As the bank’s corporate image focuses on the uniquely Bruneian values that signify the nation’s ideals and Islamic roots. The emphasis of “Bruneian at Heart” illustrates BIBD’s long-standing commitment to social responsibility and Brunei Darussalam.

At BIBD, we are – Bruneian at Heart.

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