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Brunei approves Islamic Banking Order 2008

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Points of Essence:

  • Brunei has undertaken a massive revamp of its Islamic finance regulation and supervision. Islamic Banking Order 2008 and Takaful Order 2008 were introduced as part of the legislative reforms. This set of legislation aims at better regulating and supervising of Islamic finance. It is uncertain whether Brunei will also come up with a legislation on Islamic investment and capital market.  Apart from providing condusive environment for enhancing the growth of Islamic finance business in Brunei, the two Orders will encourage competition among Islamic finance players. Brunei Times has the report.

Order to expand and strengthen Islamic banking and takaful

Minister of Finance 2, Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abd Rahman Hjai Ibrahim

BRUNEI MUARA
Tuesday, November 25, 2008
Focus will be on captive insurance, re-insurance centre takaful & re-takaful

BY THE consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, the Ministry of Finance recently introduced the Islamic Banking Order 2008, aimed at expanding the Islamic banking sector in Brunei at the same time increasing the competitiveness among players by creating a level playing field as well as strengthening the supervision and regulation of Islamic banking activities.

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Written by Suapi Shaffaii

November 28, 2008 at 11:24 am