Brunei’s Islamic finance sector has experienced substantial growth, mirroring global trends.
Despite global challenges, Islamic finance has shown remarkable resilience, where
Islamic financial assets worldwide have surged by 69 per cent in the last five years, with the global industry projected to reach USD5.9 trillion by 2026.
Reflecting this global growth, over half of Brunei’s total financial sector assets were held by Islamic financial institutions, reaching BND13.3 billion in 2023, predominantly driven by banks and financial institutions, which account for more than 95 per cent of Islamic financial assets, while Takaful entities represent just under 5 per cent.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohammad Amin Liew bin Abdullah shared this in his speech at the opening ceremony of Islamic Development Bank (IsDB) Group Day held at Balai Khazanah Islam Sultan Haji Hassanal Bolkiah on Thursday.
Source: Borneo Bulletin
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September 20, 2024
