IsDB Group Day Spotlights Economic Collaboration And New Ventures In Brunei

The Islamic Development Bank (IsDB) Group, in partnership with Bank Islam Brunei Darussalam (BIBD) and the Ministry of Finance and Economy in Brunei, hosted its first IsDB Group Day. Held at the Balai Khazanah Islam Sultan Haji Hassanal Bolkiah, this event aimed to strengthen economic ties and foster new business opportunities between Brunei Darussalam and the 57 member countries of the IsDB Group.

During the opening ceremony, Dr. Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Minister of Finance and Economy II, delivered a speech. Amer Bukvic, Director of the IsDB Group Regional Hub of Indonesia, also provided a keynote address. The event featured presentations from key IsDB Group entities, a workshop on Islamic finance and strategic partnerships, and B2B meetings to promote direct business and investment opportunities.

The event emphasised bolstering support for Brunei's private sector through various IsDB Group entities. These included the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), Islamic Development Bank Group Business Forum (THIQAH), and International Islamic Trade Finance Corporation (ITFC). These engagements aimed to enhance B2B interactions, facilitate knowledge exchange, and explore new markets for mutual benefit.

In his address, Dato Dr. Amin highlighted Brunei's significant growth in Islamic finance, with assets reaching B$13.3 billion. This positions Brunei as a key player globally in this sector. He discussed opportunities for deeper collaboration between Brunei and the IsDB in infrastructure, agriculture, MSMEs, and sustainable projects while emphasizing the strong relationship between Brunei and The Organisation of Islamic Cooperation (OIC) and the potential for further cooperation.

Bukvic commented, "We mark the significant milestone in our partnership as we gather to celebrate IsDB Group Day—a Day that symbolizes the strength of our shared commitment to fostering sustainable development and inclusive growth." He added that "the Country Engagement Framework (CEF) signals a new chapter in our cooperation, setting the stage for deeper engagement in areas that align with Brunei's strategic vision."

The event also saw the signing of a Memorandum of Understanding (MoU) between BIBD and IsDB Group. This MoU focuses on joint financing, treasury activities, trade finance, human capacity development, sustainable development, and investment. It aims to enhance BIBD's support for Brunei's economic goals while advancing IsDB Group's mission of promoting sustainable development.

This inaugural event marked a significant milestone in enhancing economic collaboration between Brunei Darussalam and IsDB member countries. By focusing on private sector support through various IsDB entities and signing an MoU with BIBD, it set a strong foundation for future cooperation aimed at fostering sustainable development.

With inputs from SPA