The ICD-Refinitiv report ranked Brunei on the 11th place for Islamic Finance institutes, among the 135 economies.
The ICD-Refinitiv Islamic Finance Development Indicator is an index that is set to measure the total development of the Islamic finance industry among more than 10 main metrics such as CSR, governance, knowledge and awareness.
Brunei got 36 points, compared to the top-place Malaysia with 111 points, Indonesia with 72 points and Bahrain with 67 points.
Hajah Noorrafidah Sulaiman, the deputy Managing Director at AMBD (Autoriti Monetari Brunei Darussalam) stated that this report shows that the regulatory landscape in Brunei is on the top place (governance is at 51 points), while ranking among the top five in awareness and second in the conference indicator.
She also stated that the islamic finance sector in the country was face with big growth in market share in the overall finance sector in assets’ terms.
The total assets of the Islamic Banks is estimated at BND11.4 billion in comparison to the BND6.9 billion for the conventional banks in 2020 in the first quarter.
Insurance companies proceed with their domination in the insurance/takaful sector. The growth of the Takaful operators’ assets is valued at 6.2% year on year, amounting to BND595.7 million in 2020.
Source: The Star