BIBD takes part in Islamic Week to support Brunei MYCE 2022

Bank Islam Brunei Darussalam (BIBD) recently participated in a dialogue as part of the Brunei Mid-Year Conference and Exhibition (MYCE) 2022.

The dialogue was held as part of programme for the ‘Islamic Week’, one of the five themes to be featured during the five-week conference and exhibition.
It was organised by the Ministry of Religious Affairs (MoRA) in collaboration with the Seri Begawan Religious Teachers University College and Universiti Islam Sultan Sharif Ali.

The discussion, which centred on the topic of wakaf (endowment), was themed “Challenges of integrating traditional and contemporary Wakaf” which deliberated the issue of lack of wakat utilisation towards the development of Ummah due to lingering misconceptions on the true purpose and benefiaries of wakaf.

Taking part in the dialogue session was Dr Hajah Mas Nooraini Haji Mohiddin, the Dean of the Faculty of Shariah and Law at UNISSA and member of the BIBD Shariah Advisory Body who said that proper and efficient utilisation of wakaf offers prosperity and ensures the well-being of the society.

“In the past, people were used to understand wakaf solely as a religious act but in reality, the utilisation of wakat is limitless. It goes beyond religious acts.”

She added effective wakaf management will further the development of economy, quality of education and lifestyle, as well as create good leaders and role models – in line with the principles of Maqasid Shariah which forms the foundation of BIBD and a reflection of the bank’s ‘Bruneian at Heart’ DNA.

“We need to instil confidence in the community that wakaf is an efficient form of asset that can be further developed for the benefits of the nation, religion, economy and community. We also need to consider utilising efficient banking approaches and methods for this goal. With the number of customers that we have at BIBD which accounts for almost half of the population, there is great potential for crowdfunding.”

The forum aimed at enhancing the understanding of waqaf and its role in generating and stabilising the economy and sought to highlight the privileges and advantages of waqaf institutions as an agent in developing the Ummah.

Among the bank’s divisions taking part in the ‘Islamic Week’ which is held from June 1 until 4, are BIBD Securities and BIBD Shariah Division showcasing their most recent products and initiatives.

BIBD Securities Sdn Bhd in December last year, launched a new Shariah-compliant ESG (environmental, social and corporate governance) Fund suitable for investors seeking to invest in products that promotes sustainable economic growth, in alignment with the global commitment towards the United Nations Sustainable Development Goals (SDGs).

The ESG fund is the first Shariah-compliant ESG Fund available in Brunei which provides a solution for investors that seek a Shariah-compliant and sustainable strategy – introduced as part of the BIBD Group’s Sustainability Framework.

Meanwhile BIBD’s Shariah Division launched a collection of selection resolutions on Shariah-related matters in 2020.

The compilation contains a total of 53 resolutions selected by the BIBD Shariah Advisory Body from 1993 – when the body was established – until 2016. The compilation is divided into three parts, namely 13 selected SAB-Islamic Bank of Brunei (IBB) resolutions (1993- 2005), five SAB-Islamic Development Bank of Brunei (IDBB) resolutions (2000-2005) and 35 SAB-BIBD resolutions (2006- 2016).

Each selected resolution shares the background of problems and financial issues. Organised by the Ministry of Primary Resources and Tourism through the Tourism Development Department, Brunei MYCE is back for the 2nd year with experts and business leaders from Brunei Darussalam and all over the world who will be addressing various concerns pertaining to the five fields: Islamic, Digital Technology, Energy, Climate Change and Economy.

As one of the main sponsors of MYCE 2022, BIBD will be majorly involved and supporting the 5-week event which will feature thematic exhibitions, conferences and over 100 speakers to promote knowledge sharing and business activities in various sectors.

This showcases the bank’s commitment to be a Partner in Progress as the nation strives towards achieving Brunei Vision 2035 as well as demonstrates BIBD’s role in the sustainability agenda as the largest Islamic Financial Institution that stands on its strong roots and foundation of Maqasid Shariah which aligns with the SDG 2020.

This article was first published on 04 June 2022 in our Weekly Epaper issue 196 |


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