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TAIB expands to banking sector

Written by Rano Iskandar on . Posted in Business, Social News

 


The signing of the Memorandum of Understanding between Perbadanan TAIB and The Islamic Corporation for the Development of the Private Sector (ICD) earlier this morning. Seated: Yang Mulia Haji Khairuddin bin Haji Abdul Hamid, Deputy Permanent Secretary of Ministry of Finance and member of Perbadanan TAIB’s Board of Directors, Yang Mulia Madam Hajah Noorrafidah binti Sulaiman, Acting Managing Director of Perbadanan TAIB, Yang Berhormat Pehin Orang Kaya Paduka Seri Utama Dato Paduka Seri Setia Awang Haji Salim bin Haji Besar, Chief Syarie Judge, Shariah of Brunei Darussalam, Prime Minister’s Office Cum Chairman of Syariah Advisory Committee of Perbadanan TAIB, Yang Berhormat Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Md Yussof , Minister of Culture, Youth and Sports cum Chairman of Perbadanan TAIB Board of Directors, Yang Berhormat Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Othman, Minister of Religious Affair cum Advisor of Perbadanan TAIB, Yang Mulia Dato Paduka Dr. Haji Mohd Amin Liew bin Abdullah, Deputy Minister of Finance cum Deputy Chairman of Perbadanan TAIB, Yang Mulia Yusof bin Haji Abdul Rahman, Managing Director of Autoriti Monetary Brunei Darussalam and Mr. Khaled Mohamed Al Aboodi, Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD) before the signing ceremony which took place at The Empire Hotel & Country Club.
 


A new milestone for Perbadanan TAIB
 

Perbadanan TAIB today signed a memorandum of understanding with ICD, Islamic Development Bank (IsDB) Group as its aspiration into establishing Perbadanan TAIB’s Banking subsidiary. This would mean that TAIB will soon offer banking services in Brunei Darussalam. Currently the other subsidiary companies under TAIB are Insurans Islam TAIB (Takaful/Insurance) and Darussalam Holdings (Haj/Umrah services and travel agent) which are wholly owned by TAIB.

Among the attendees were Yang Berhormat Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Md Yussof , Minister of Culture, Youth and Sports cum Chairman of Perbadanan TAIB Board of Directors and Yang Berhormat Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Othman, Minister of Religious Affair cum Advisor of Perbadanan Tabung Amanah Islam Brunei.

So the birth of the banking sector in TAIB will be assisted by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group and hence today’s MOU marked a new milestone for TAIB in exploring the establishment of a Syariah-Compliaunt Bank Subsidiary in Brunei Darussalam.

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.

 

 


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 while both ministers witnessed the occasion
 


A token for the Mr. Khaled Mohamed Al Aboodi, Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD) given by Yang Berhormat Pehin Udana Khatib Dato Paduka Seri Setia Ustaz Haji Awang Badaruddin bin Pengarah Dato Paduka Haji Othman, Minister of Religious Affair cum Advisor of Perbadanan Tabung Amanah Islam Brunei
 


Dato Paduka Dr. Haji Mohd Amin Liew bin Abdullah, Deputy Minister of Finance cum Deputy Chairman of Perbadanan TAIB announced the partnership between The Islamic Corporation for the Development of the Private Sector (ICD) and Perbadanan TAIB during his welcoming remarks
 

For your information, 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.

Did you know that ICD has an authorized capital of $4 billion? Currently, the shareholders of ICD are the IsDB, 52 Islamic countries and five public financial institutions. It’s no surprise that TAIB has engaged with ICD services and it will help TAIB to be one of the competitive bank not only in Brunei Darussalam but in international waters.

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.”

TAIB has entrusted the services offered by ICD and this 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.

I wish for the best for Perbadanan TAIB and I’m excited to see what’s in store for TAIB in the banking sector as this will help to create more job employments and help to growth of our economy in Brunei Darussalam. You can also follow them on IG @taib_bn and Facebook Page

 

 


Representatives from TAIB present during the MOU
 


Haji Sabirin bin Hj Othman, Chief Risk Officer, Perbadanan TAIB, being interviewed by RTB after the MOU
 


Now let’s see how the new logo will be under Perbadanan TAIB’s subsidiary as a bank. The above logos are of Insurans Islam TAIB and Darussalam Holdings
 


Want to know more about ICD? Click image to find out.
 

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About RA

A blogger since 2002, using platforms from blogspot, joomla and now currently wordpress. A readership that stands on average of 20,000 visits per month. Also on active on social media platform on IG, Facebook and Snapchat (@ranoadidas)

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