IBBD provides a bigger contribution towards enhancing Brunei’s economy

By the command of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Sultan and Yang Di-Pertuan of Brunei Darussalam, the Ministry of Finance announces that the merging process between the Islamic Bank of Brunei Limited, IBB and the Brunei Islamic Development Bank Limited - IDBB have been implemented in accordance with the process of the law and obtained sanction from the High Court.

Following the merger, His Majesty consented to the formation of a new Islamic Bank known as the Islamic Bank of Brunei Darussalam Berhad-IBBD, which will take over the management, operation and integration of the two banks based on the process which was provided under the law including the taking over of all work forces comprising the officers and staff, on trial period of the two banks, assets and dependents from IBB and IDBB banks as well as its subsidary companies. The merging process will be carried out in stages to ensure continuity and the smooth running of the banks’ operation and transaction so that its services to customers are not affected.

His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam also consented to the appointment of the Board of Directors, the Syarie Advisory committee and the Managing Director of the new Islamic Bank. The appointments, for a period of two years, are effective from today, 2nd Muharram 1427 Hijrah corresponding to 1st February 2006.

Members of the Board of Directors are the Minister of Development, Pehin Dato Paduka Haji Abdullah as Chairman and Deputy Chairman is the Minister of Culture, Youth and Sports, Pehin Retired Major General Dato Seri Pahlawan Haji Mohammad. The Board’s members are Pehin Dato Paduka Seri Laila Jasa Haji Ahmad Wally Skinner; The Syariah High Court Judge, Dato Seri Setia Haji Metussin and Senior Assistant Managing Director of BIA, Haji Bahrin bin Abdullah. The Managing Director is Haji Muhammad Syaippudin bin Haji Abdullah while the Corporate Secretary is Haji Mohd Rozaiman bin Dato Paduka Haji Abd Rahman.

Members of IBBD’s Syarie Advisory committee are the Syariah High Court Judge, Pehin Dato Paduka Seri Setia Ustaz Haji Salim as Chairman, while the members are the Deputy State Mufti, Pehin Dato Paduka Seri Setia Ustaz Haji Suhaili, the Syariah High Court Judge Dato Seri Setia Ustaz Haji Metussin and Head Istinbat Officer at the State Mufti Department, Haji Japar bin Haji Mat Dain @ Maidin and the Secretary is the Head Religious Research Officer of the State Mufti Department, Haji Mazanan bin Haji Yusuf.

With the merger, the new Islamic Bank, IBBD, hopefully would provide a bigger contribution towards enhancing Brunei’s economy especially in the Financing sector and Islamic Banking, through better and more competitive services by venturing into new fields such as Investment banking, fund management, corporate advisory, investment advisory and others and assisting in facilitating the bank to venture into other opportunities to expand its operations at the international level.

The government of His Majesty, through the Ministry of Finance, will continue to provide encouragement, through continuous monitoring and supervision merely to further strengthen this sector so that it will continue to expand inline with the development of international banking and for Brunei Darussalam and the public to obtain full benefits from the development of the country’s banking sector. (1st Feb 2006)