BANK Islam Brunei Darussalam (BIBD) has retained its strong A- rating from leading international credit rating agency Standard & Poor’s (S&P), the same rating it was first assigned in October 2015.
The rating, the highest for a Bruneian bank and on par with other notable banks in Asean, recognises BIBD’s financial and capital strength.
According to a press release, the A- rating by S&P reflects BIBD’s strong capital assessment and profitability, commended as better than the industry average, reflects its business stability and leading market share in Brunei.
It was also noted that BIBD’s liquidity ratios are stronger than that of several of its global peers.
Dato Paduka Awang Haji Bahrin bin Abdullah, Minister of Development in his capacity as Chairman of BIBD Board of Directors commented, “On behalf of the Board of Directors, we are honoured by the international reaffirmation of our capabilities as it strengthens our positioning as a leading financial institution that supports the growth and aspirations of our Bruneian and international stakeholders.
“At the same time, this will also help us pave our journey in solidifying BIBD’s credentials as a local Islamic institution with global recognitions, with well-educated and highly-skilled employees able to support a dynamic and sustainable economy, in line with Brunei Vision 2035,” the chairman added.
Commenting on the important reaffirmed rating, Mubashar Khokhar, Managing Director of BIBD said, “The S&P rating reaffirmation testifies BIBD customers and stakeholders’ firm support to the locally-owned Islamic financial institution as well as our employees’ relentless commitment in taking BIBD a step closer in achieving its mission of becoming the First Choice bank for its customers, stakeholders and employees. We remain committed to continue our attention to our financial viability and strength, while focusing on advancing our product range through innovation, technology and customer service. Ultimately, this enables us to continue providing safe and responsible financial products and services to all our customers.
“I am also deeply appreciative of the forward thinking of Brunei’s thought leaders in creating pro-business policies to support the development of businesses for the Bruneian economy. Lastly, I thank the board of directors and Shariah Advisory Body for their guidance, as well as the Bank’s dedicated management team and staff for this achievement.”
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