Bank Islam Brunei Berhad (BIBD) held the inaugural BIBD Forum recently at The Empire Brunei, gathering industry experts to help address and discuss the misconceptions on Islamic finance as well as to understand its true potential.

According to a statement by BIBD, the full-day forum was the first thought leadership event organised by the financial institution that brought together renowned local and regional Islamic finance industry players to share their deep knowledge and experience.

“With Shariah-compliant financial assets in excess of US$2.4 trillion, the global Islamic finance is forecast to grow to US$3.8 trillion by 2023,” it added, indicating the industry’s pivotal role in the wider global economy.

Opening the forum was BIBD’s Managing Director and CEO Mubashar Khokhar who said that the dialogue was designed for knowledge sharing.

“We are inviting global thought leaders to share their views and experience on the topics pertaining to the development and challenges faced by the Islamic finance industry and its practitioners,” he said in his opening remarks.

Holding the theme ‘Islamic Finance: Perception vs Reality’ , the forum hoped to provide clarity on the capabilities of Islamic finance, its structure, pricing and the potential of how the solution is universally accepted by government, corporates and individuals alike.

“This forum will help address the various misconceptions on Islamic finance and will give the audience a clearer image of the true potentials of Islamic finance, its capacities and capabilities,” Khokhar added.

The BIBD Forum 2019 was also held to illustrate BIBD’s capability in providing Islamic finance solutions, with invited speakers sharing asset classes that showcase the resilience, sustainability and inclusive aspects of the industry.

Khokhar also recapped the ethical norms of the Shariah compliant financial system and linked them with universally accepted ethical norms of the general financial system.

Divided into several sessions, the forum saw discussions on the evolution of Islamic finance, its progression over the years and the numerous innovations introduced in Islamic finance when competing with the global financial service industry, among others.

Forum participants also touched on the topic of Sustainable Development Goals (SDG); how Islamic finance has been supporting SDG objectives as well as the sustainability of the industry.

The forum also looked into how Brunei Vision 2035 is closely aligned with the United Nations’ SDGs and how Islamic finance can create a greater impact through inclusive and responsible financing.

The BIBD Forum 2019 brought together key senior stakeholder from teh government, GLCs, regulators from AMBD and large corporates as well as Islamic finance professionals and experts from the US, UK, Dubai, Malaysia and Singapore.

Also present at the event was Minister At The Prime Minister’s Office, Minister Of Finance And Economy II And Chairman Of BIBD, Yang Berhormat Dato Seri Setia Dr. Hj Mohd Amin Liew Abdullah along with the BIBD Board of Directors, members of the BIBD Shariah Advisory Board, senior management and personnel.