IFB Brunei

REGULATIONS

SYARIAH AND GOVERNANCE

At present Brunei Darussalam has a two-tier Syariah governance structure comprising:

  • A centralised Syariah Financial Supervisory Board (SFSB), for which AMBD is the secretariat. The SFSB is established under the Syariah Financial Supervisory Board Order, 2006. It has amandate to ascertain the Islamic law on any financial matter, to issue rulingson matters referred to it, and to advise on any Syariah issues relating to Islamic financial business, activities or transactions.  

  • An internal Syariah Advisory Body (SAB) within each Islamic financial institution (IFI). IFIs/SABs may consult with the SFSB, through AMBD, on Syariah matters relating to any business which is based on Syariah principles. SABs will be responsible for IFI’s adherence and implementation SFSB guidelines and regulation as and when they are developed. SABs need to maintain necessary talent and manpower for building robust risk management frameworks for adherence to SFSB guidelines on Islamic Finance. 

To download a copy of the Syariah Financial Supervisory Board (SFSB) Order, 2006, click here

Members of the Syariah Financial Supervisory Board

Yang Mulia Yusof bin Haji Abd Rahman

Deputy Chairman
Managing Director, Autoriti Monetari Brunei Darussalam
Yang Berhormat Pehin Datu Seri Maharaja Dato Paduka Seri Setia Dr Ustaz Haji Awang Abdul Aziz bin Juned

Member
State Mufti of Brunei Darussalam (Ex-Officio)
Yang Dimuliakan Pehin Orang Kaya Paduka Setia Raja Dato Paduka Seri Setia Haji Awang Suhaili bin Haji Awang Mohiddin

Member
Syariah Appeals Court Judge
Yang Mulia Dato Seri Setia Dr Haji Japar bin Haji Mat Dain @ Maidin

Member
Deputy State Mufti, State Mufti’s Office
Yang Mulia Dato Seri Setia Awang Haji Metussin bin Haji Baki

Member
(Independent member)
Yang Mulia Dato Seri Laila Jasa Professor Dr Anwarullah Shafiullah

Member
Islamic Law Expert, Ministry of Religious Affairs
Yang Mulia Dayang Hajah Nor Hashimah binti Haji Mohd Taib

Member
Assistant Solicitor General, Attorney General Chambers
Yang Mulia Dato Seri Setia Dr. Awang Haji Mazanan bin Haji Yusof

Alternate Member
Head Istinbat Officer, State Mufti’s Office
Yang Mulia Dr. Awang Mohd Hairul Azrin bin Haji Besar

Alternate Member
School of Business and Economics, Universiti Brunei Darussalam Lecturer.

AMBD acts as the Secretariat to the SFSB through the Islamic Financial Advisory Unit (IFAU). As a Secretariat, IFAU is responsible to facilitate and support the SFSB’s role in ensuring and certifying that Islamic financial products offered in Brunei Darussalam are Syariah-compliant.