Developing Global Islamic Financial Market Brunei’s Next Step

Islamic banks have proved to be successful and active participators in the banking industry.  Their presence in the industry has grown in strength each year since they were first initiated in 1991.  The analysis of their financial performance has also proved that Islamic banks have the capital strength to become serious competitors to conventional banks.

The Senior Lecturer from University of Brunei Darussalam and Coordinator of the Centre for Islamic Banking, Finance and Management, CIBFM, made the remarks at the International Conference on Islamic Banking and Finance Wednesday morning.  Dayang Hajah Salma binti Haji Abdul Latif presented her paper entitled “Islamic Banking In Brunei Darussalam And The Role Of CIBFM”. 

She said the right direction should be found for Islamic banks in terms of further investment and

 growth.  The government of His Majesty, she said, has many times expressed its plan to make Brunei Darussalam a regional financial hub for Islamic banks.  This intention was first mooted in the government’s Fifth National Development Plan.  In this regard, Dayang Hajah Salma said Brunei Darussalam is ready to take the next very major step, which is to develop an international Islamic financial market.

Talking on the role of CIBFM, Dayang Hajah Salma went on to say that it is to provide the necessary support for Brunei Darussalam to create, propagate and maintain a unique Islamic foundation for banking, finance and management operations.  This mission, she further mentioned, is in line with the aspiration of UBD to play not only an academic role but, more importantly to assist the government in its national development plans.