BRUNEI: Brunei is well-placed to ride the next wave of growth in the Asian Islamic finance industry, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group, said on Thursday.
Islamic finance has reached systemic importance in Brunei as the country is located in the heart of a region that contains five of the 10 largest Muslim countries by population, he added.
His remarks came as ICD and Perbadanan Tabung Amanah Islam Brunei (Perbadanan TAIB) signed a Memorandum of Understanding (MoU) and advisory agreement to explore the establishment of a Shariah-compliant banking subsidiary in Brunei Darussalam.
“I believe that this undertaking will not only serve under-banked markets, but it will also contribute to the economic development and well-being of Brunei through efficient, Shariah compliant means,” said Al-Aboodi.
The partnership will see Perbadanan TAIB moving to the next level in the financial services sector of Brunei Darussalam, supporting local economy growth as well as to opening avenues for business opportunities both in and outside the country.
Perbadanan Tabung Amanah Islam Brunei is a statutory body established in Brunei Darussalam under the Perbadanan Tabung Amanah Islam Act with its objective essentially to operate as a savings institution for Haj Pilgrims, mass market depositors and also offering simple Shariah compliant financing products.
Signing on behalf of Perbadanan TAIB was Yang Mulia Haji Khairuddin bin Haji Abdul Hamid, deputy permanent secretary of the Finance Ministry and a member of Perbadanan TAIB’s board of directors. Al-Aboodi represented ICD.
Brunei ‘well-placed to spur Islamic finance growth’
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