BIBD second strongest in Southeast Asia

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BIBD headquarters in Bandar Seri Begawan. Image: Ridhwan Kamarulzaman

BANDAR SERI BEGAWAN

Bank Islam Brunei Darussalam (BIBD) has been recognised as the second strongest bank in Southeast Asia and one of the strongest banks in Asia-Pacific by the Asian Banker (TAB).

Among Asia-Pacific’s top 500 strongest banks by balance sheet, BIBD has moved to 10th place from its previous 14th, ranked 2nd among Southeast Asian banks, and remained one of the only Bruneian banks to be featured in the list.

The ranking is based on a transparent scorecard that ranks commercial banks on six areas of balance sheet financial performance that include the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.

TAB in a statement lauded BIBD on the improvement of its score, along with strong capital and liquidity positions and its improved asset quality that contributed to the bank’s ability to achieve a robust standing in balance sheet results.

Second Minister of Finance and Economy Yang Berhormat Dato Seri Setia Dr Hj Mohd Amin Liew Abdullah who is also the bank’s chairman expressed his satisfaction over BIBD’s achievement.

“Alhamdulillah, we are both humbled and honoured to represent Brunei among the top ten strongest banks in the Asia-Pacific. This list is a matter of great pride for us as it reflects Brunei’s industrious and resilient banking landscape,” he said.

The minister added: “Ultimately, this is a result of strong ties between the government, the banking sector, regulators and all stakeholders for enabling a dynamic and conducive economy vital to the sustainable growth of Brunei Darussalam.”

BIBD Managing Director Mubashar Khokhar said the recent accomplishment will fuel the Islamic bank’s determination to develop world-class banking infrastructure with service standards measured by international benchmarks.

“As BIBD embraces an era of digital transformation and innovations, we would also like to thank the people of Brunei Darussalam who have contributed greatly towards BIBD’s achievements with their continuous trust and support,” the managing director said.

The award follows BIBD’s recent accolades for “Best Retail Bank in Brunei”, also from The Asian Banker, among the Best Banks in Asia-Pacific for Brunei Darussalam (2018) by Global Finance, as well as “Best Mobile Banking Application” and “Best Digital Bank in Brunei – 2017” by World Finance early in the year.

The Bruneian