ICD and Perbadanan TAIB sign MOU and Advisory Agreement on Islamic Banking Subsidiary
14 December 2016
News & Press Release
Bandar Seri Begawan, Wednesday, 14 December 2016 – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group, and Perbadanan Tabung Amanah Islam Brunei (Perbadanan TAIB) signed a Memorandum of Understanding (MOU) and Advisory Agreement to explore the establishment of a Syariah-compliant Banking Subsidiary in Brunei Darussalam.
The Signing Ceremony took place at The Empire Hotel and Country Club, Jerudong.
The Guest of Honour to the Signing Ceremony was the Adviser of Perbadanan TAIB, Yang Berhormat Pehin Udana Khatib Dato Paduka Seri Setia Uztaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Othman, the Minister of Religious Affairs of Brunei Darussalam.
Also in attendance were Yang DiMuliakan Pehin Datu Lailaraja Major General (Rtd.) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof, Minister of Culture Youth and Sports cum Chairman of Perbadanan TAIB, Mr Khaled Al-Aboodi, Chief Executive Officer of ICD, and senior officers of the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, Perbadanan TAIB and IDB Group and other invited guests.
Signing on behalf of Perbadanan TAIB was Yang Mulia Haji Khairuddin bin Haji Abdul Hamid, Deputy Permanent Secretary of Ministry of Finance and member of Perbadanan TAIB’s Board of Directors whilst Mr Khaled Al-Aboodi represented ICD.
During the signing, Mr. Khaled Al-Aboodi said, “Brunei is well-placed to ride the next wave of growth in the Asian Islamic finance industry. Given that Islamic finance has reached systemic importance in Brunei and that the country is located in the heart of a region that contains five of the 10 largest Muslim countries by population, I believe that this undertaking will not only serve under-banked markets, but it will also contribute to the economic development and well-being of Brunei through efficient, Syariah compliant means.”
The Partnership will see Perbadanan TAIB moving to the next level in the financial services sector of Brunei Darussalam, supporting local economy growth as well as to opening avenues for business opportunities both in and outside the country.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group, ICD was establish in November 1999 to promote economic development of its member countries in accordance with the principal of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution of exports. ICD also provides advice to governments and private sector group on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management particles and enhance to role of market economy. ICD operations complement the activities of the IDB.
Perbadanan Tabung Amanah Islam Brunei is a statutory body established in Brunei Darussalam under the Perbadanan Tabung Amanah Islam Act (Cap 153) with its objective essentially to operate as a savings institution for Haj Pilgrims, mass market depositors and also offering simple Syariah compliant financing products.
Perbadanan TAIB has two subsidiary companies: Insurance Islamic TAIB Holdings Sdn Bhd (Takaful/Insurance) and Darussalam Holdings Sdn Bhd (Haji/Umrah Services, Service Agent), in both of which it has a 100% shareholding.