BANDAR SERI BEGAWAN
Bank Islam Brunei Darussalam (BIBD), the sultanate’s largest Islamic financial institution, is incentivising Bruneians to save and invest their money following the official launch of its first ever digital certificate of deposit today.
The fixed-income product, named BIBD Aspirasi, is available via the bank’s mobile and online NEXGEN platforms.
“The planned launch of BIBD Aspirasi represents a step forward for BIBD NEXGEN series, as we want to promote saving culture and financial management,” Hjh Nurul Akmar Hj Md Jaafar, the bank’s Head of Retail Banking, told the media yesterday.
The launch of Aspirasi is in conjunction with the National Savings Day, which is organised by the country’s central bank, the Autoriti Monetari Brunei Darussalam (AMBD), today.
The digital certificate of deposit provides customers with basic investment opportunities and offers better returns than general savings accounts – which gives a return of 0.15 per cent per annum.
With a return rate of 0.2 per cent per annum, the BIBD Aspirasi allows Bruneians to start an e-certificate with as low as $500 and a maximum of $100,000 with one-time to subscription fee of $5.
Subsequent investments can be made with a minimum of $50 per investment.
“We noticed that the market has not offered products that are easily accessible to investors. BIBD Aspirasi opens the opportunity to do so,” said Hajah Nurul.
Despite also being available in branches, BIBD Aspirasi’s availability on the mobile and online NEXGEN platforms provides ease of access to monitor the investment progress or make instant redemption – removing the need for physical safekeeping at home.
To attract more savers and investors, BIBD is giving away an annual grand prize of $250,000, with a quarterly prize of $25,000 and monthly prizes of $2,500 when they purchase BIBD Aspirasi e-certificates.
Each investment into BIBD Aspirasi entitles BIBD account holders to an entry ticket per investment of $50 into the monthly, quarterly and annual grand prize.
BIBD Aspirasi is a component of the bank’s overall efforts to stress the importance of savings which includes financial planning talks carried out by its certified financial planners to promote better financial management skills to the people in the sultanate.