BANDAR SERI BEGAWAN
Bank Islam Brunei Darussalam (BIBD), the Sultanate’s largest Islamic financial insitution, has been, once again, recognised as the Best Retail Bank in Brunei by The Asian Banker – the region’s leading financial services, research, benchmarking and intelligence consultancy.
This marked the seventh consecutive year the bank has won and retained the prestigious award.
The latest accolade solidified BIBD’s position as Southeast Asia’s second strongest Islamic bank and one of the strongest banks in Asia-Pacific by balance sheet.
The bank’s asset size as at The Asian Banker’s Award in 2018, stood at $10 billion.
The award win also reflected BIBD’s consistent commitment to creating a unique customer experience through the provision of industry leading infrastructure, products and services.
According to the the Asian Banker, BIBD was commended for a number of accomplishments and initiatives which include solidifying its position as a leader of core retail banking services and financial inclusion.
Leveraging its superior domestic market share, BIBD’s strategy to promote a culture of savings and financial literacy within Brunei was spearheaded by strengthening its retail deposit franchise, which already holds over half of all domestic jurisdiction’s deposit, the Asian Banker said.
BIBD was also recognised for its introduction of BIBD Aspirasi late last year, a unique investment programme that allows customers to earn attractive dividends and have the opportunity to be winners in the monthly, quarterly and grand prize draws.
The attractive proposition was launched to support national and AMBD’s objectives of promoting a savings culture and prudent financial management among Bruneians.
The Asian Banker also acknowledged BIBD’s active push for the digitalisation of its banking platforms which has created an ecosystem that will help transform Brunei into a cashless society and the gradual decashing of the economy.
BIBD’s processes and infrastructure optimisation to increase its banking efficiency and productive was also cited as another criteria for the accolade.
BIBD Managing Director and CEO Mr Mubashar Khokhar said: “Despite challenging market environments, BIBD’s retail business segment has continued to perform outstandingly and this has rewarded us with the recognition of being the Best Retail Bank in Brunei for seven consecutive years.”
“Alhamdulillah, our sincere gratitude goes to our customers, associates, regulators and stakeholders whose support has driven us forward and contributed to the progress as well as development of Brunei’s financial services sector.”
The award was presented by The Asian Banker’s Managing Editor Foo Boon Ping, in a ceremony held at the Empire Hotel and Country Club recently.