Leading international credit rating agency S&P Global has affirmed its A- rating on Bank Islam Brunei Darussalam (BIBD).
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.
According to S&P Global, the rating reflects BIBD’s strong market share and diversified businesses in Brunei.
The report also took note of BIBD’s business position as the largest bank in Brunei, coupled with very strong capitalisation.
S&P also took note of BIBD’s diversified deposit base with strong liquidity, mentioning that the bank was a beneficiary of flight to quality during the COVID-19 pandemic, reflecting its status as the largest bank in the country.
Apart from receiving these ratings from S&P, BIBD was also recently conferred as The Asian Banker’s Best Managed Bank in Brunei as well as Best Retail Bank for the eighth year in a row.
These milestones prove that BIBD is aligned with the nation’s aspirations to advance Brunei’s financial sector and reflects BIBD’s ability to stand at par with some of the best banks in the region.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II who is also Chairman of BIBD Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew Abdullah in a statement said “Alhamdulillah, this affirmation highlights the bank’s strong capabilities against international benchmarks, and is a reflection of BIBD’s aspirations to become the best Islamic bank in the Asia Pacific region.”
According to S&P, their stable outlook on BIBD reflects their expectation that BIBD will maintain its high systemic importance in Brunei and that the Bank’s financial profile will remain steady, said BIBD in a statement.
Also commenting on the rating, BIBD Managing Director Mubashar Khokhar said that this rating is particularly meaningful in the prevailing COVID-19 environment, where the ratings of many financial institutions have been adversely impacted.
“This is truly a testament to BIBD customers and stakeholders’ firm support towards BIBD as a leading Islamic financial institution,” said the managing director.
He added: “This would not have been possible without the strong support and guidance from our Board of Directors and Syariah Advisory Body, as well as the commitment from the bank’s management team and staff.”
The Bruneian | BANDAR SERI BEGAWAN