BIBD plans Islamic Finance academy

BANK Islam Brunei Darussalam (BIBD) plans to become the main financial services provider in Brunei, focusing on Islamic banking and strong human resources development, said the Minister of Industry and Primary Resources (MIPR), Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar, at the bank's Annual Dinner yesterday.

In his first speech since his appointment to the position of BIBD Chairman in February, Pehin Dato Hj Yahya touched on a number of significant plans for 2010. He envisioned the establishment of an "academy" for BIBD staff, which he said would provide management and leadership training in Islamic Finance leading to "cooperation with international institutions".

Pehin Dato Hj Yahya also elaborated on improving the bank's "Talent Management System", which would enhance the management of human resources for strategic planning, with a focus on incentives and rewards, as well as "Succession Planning" to identify and develop its staff to fill key organisational positions within the organisation. In addition, Pehin Dato Yahya said that he hoped these efforts would make BIBD 'the' preferred institution for job hunters in the country. He also praised the strength and dedication of the bank's employees, as a key ingredient of BIBD's success.

In his speech, Acting Managing Director of BIBD Javed Ahmad echoed these sentiments, saying that the bank's success was a direct result of their teamwork and that they were an institution not just focused on "selfish profit", but one that was looking to help national development. He praised BIBD's major successes in 2009, with reference to the bank's appointment as 'Joint Lead Manager' for Islamic Development Bank's (IDB) US$1.5 billion sukuk programme. In a previous statement, Javed said that BIBD's selection was due to its "ability to distribute the bonds to the widest possible institutional investor base in Asia".

The creation of a "Direct Sales Team" to improve and increase products and services in 2009, had been another initiative by the financial institution to bring BIBD to the forefront of consumer's banking choice. Pehin Dato Hj Yahya noted in his speech that strengthening the sales culture within the bank had been a priority in 2009, and with less than 10 people on its "Direct Sales Team", BIBD had still managed to achieve its sales targets. This was measured by the success of sales for their products such as "Account A plus", a financial product aimed at students, home financing, and savings in the form of the BIBD "Wish Campaign".

Building on their achievements, especially positive developments over the past year, the chairman said he hoped that BIBD will achieve its vision of becoming the main financial provider in the country, especially in the Islamic banking sector.

BIBD's Annual Dinner was held at the Bridex Conference Hall, Jerudong. Sixty-five recipients of BIBD received awards for their services to the bank, some having served with the institution for over 20 years. Minister of Industry and Primary Resources (MIPR), Pehin Dato Hj Yahya was guest of honour. The Brunei Times