A picture of BIBD Headquarters in the capital. Image: The Bruneian

Bank Islam Brunei Darussalam (BIBD), the country’s largest Islamic financial institution, has been named Brunei’s Bank of the Year by Frost & Sullivan, a growth partnership company with over 50 years experience in developing growth strategies for emerging businesses and public sector organisations.

Senior Vice President at Frost & Sullivan Sanjay Sing said that BIBD earned the 2020 Brunei Bank of the Year award based on its strong overall performance.

The bank in a statement said that awards recipients are identified based on in-depth interviews, analysis and extensive secondary research by Frost & Sullivan’s analysts

Companies are typically studied on their revenues, market share, capabilities and overall contribution to the industry.

This latest award comes after the bank was named Best Retail Bank in Brunei for the eighth consecutive time by The Asian Banker, as well as Best Islamic Bank in Brunei by Global Finance Magazine.

BIBD Managing Director and Chief Executive Officer Mubashar Khokar said: “Alhamdulillah, this award is a testament to the strong support of the government, the ongoing dedication of our stakeholders and regulators, as well as the trust our customers continue to show us as the nation’s Partner in Progress.”

He further said that BIBD has always been committed to contributing and supporting the sultanate and its people.

“InsyaAllah, we will continue to build on this success as we seek to position ourselves as the Best Islamic Bank in Asia-Pacific,” he said.

In making their determination for Bank of the Year, Frost & Sullivan independently analysed several key benchmarking criteria, such as customer ownership experience, addressing unmet needs, financial performance, customer purchase and service experience, Blue Ocean strategy, implementation of best practices and brand equity.

The bank also recently retained its A- rating from leading international credit ratings agency S&P Global.

The A- rating, which BIBD has held on to since 2015, currently puts the financial institution on par with other leading banks in the Asia Pacific region.

The Bruneian | BANDAR SERI BEGAWAN

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