BIBD announces a target commitment of BND 2 billion towards sustainability funding by 2030

Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Minister of Finance and Economy II and Chairman of BIBD made the announcement at the ASEAN Business and Investment Summit 2021, held earlier today.

 

According to Yang Berhormat Dato, “Sustainability, which is also rooted to the Maqasid Shariah, is a key underlying value that will determine and shape our future. With the global movement and increasing awareness on transitioning to a sustainable economy, BIBD strives to be a catalyst of change by being a responsible business that actively works to make the world a better and greener place. Through this target commitment, and the Bank’s Sustainability Framework, BIBD seeks to take the lead on business practices and activities in the domestic market by promoting stewardship among Brunei corporates, supported by digitalisation, sustainability funding, community education and social inclusion by BIBD.”

 

He added, “Brunei Darussalam is also a signatory to the UN 2030 Agenda, therefore BIBD, as the largest financial institution in Brunei, hopes to play a pivotal role in supporting the nation’s sustainability drive, in line with our role as a Partner in Progress. In Shaa Allah, by embedding sustainability into our business, we can become a sustainable financial institution for the future that will empower the nation in its recovery from COVID-19 and beyond.

 

” BIBD’s Sustainability Framework marks the Bank’s clear focus and strategic decision to support a wider commitment to sustainability, supporting not only the government but also the private sector. The Bank is already working with key stakeholders such as the Brunei National Climate Change Secretariat as well as the Brunei Vision 2035 Secretariat under the Prime Minister’s Office as part of a Whole of Nation approach.

 

The Framework will be integrated into BIBD’s overall business strategy through 3 pillars, namely Environmental Protection, Responsible Entrepreneurship and Inclusive Social Impact.

 

BIBD’s Managing Director and CEO, Mubashar Khokhar said “As a Partner in Progress for Brunei, BIBD has always actively supported the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam to achieve the country's national aspiration of developing a dynamic and sustainable economy. Our Sustainability Framework is strongly aligned between the Maqasid Shariah — our fundamental principles and values that shape us as an Islamic financial institution — and a wider set of sustainability principles; the 17 United Nations Sustainable Development Goals (UN SDGs). Supporting these principles is also deeply intertwined with our 'Bruneian At Heart' DNA that aims to preserve the well-being of our people and society.”

 

While BIBD has always supported sustainability and the UN SDGs through its CSR initiatives, as evidenced by programmes such as BIBD ALAF, Community for Brunei, BIBD SEED and BIBD Connects, the Bank is now actively seeking to embed these principles into its business practices. BIBD Asset Management recently became the first financial institution in Brunei to become a signatory to the United Nations Principles of Responsible Investing, marking the first of many steps that the BIBD Group will be taking on its journey towards a more sustainable future for the nation and beyond.