Consisting of both Islamic and conventional insurers, the Sultanate’s insurance sector has held steady in recent times, despite strong external pressures on Brunei Darussalam’s economy. Non-life remains a dynamic segment, with Islamic takaful products making up the bulk of these general insurance premiums. This pattern looks set to continue in the year ahead, too, with the next 12 months also...
Brunei Darussalam Financial Services
Commanding the second-highest GDP per capita of all ASEAN nations, at $40,979 in 2014, Brunei Darussalam remains one of the most advanced economies in the South-east Asian region. This is in large part due to the Sultanate’s well-developed energy sector; however, with oil and gas prices falling substantially from mid-2014, new efforts are being made to increase the efficiency of production and diversify the economy to ensure future stability and sustainability.
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How would you assess the potential of digital banking to boost financial inclusion in developing economies?
Interviews & Viewpoints | Osman Jair, Managing Director, Insurans Islam TAIB; and Chairman, Brunei Insurance and Takaful Association (BITA): Interview from The Report: Brunei Darussalam 2016
How have standardisation efforts affected the industry, including for takaful (Islamic insurance)?
Articles & Analysis | Regional efforts to standardise and liberalise the insurance market impact Brunei Darussalam from The Report: Brunei Darussalam 2016
The year 2016 marks the first year of operation for the ASEAN Economic Community (AEC), while it is also an important milestone in the creation of another, even larger international trading group, the Trans-Pacific Partnership (TPP). The Sultanate has been a key supporter of both groupings, as well as a long-time member of another regional...
Articles & Analysis | Low insurance penetration in Brunei Darussalam offers room for growth as takaful expands from The Report: Brunei Darussalam 2016
Consisting of both Islamic and conventional insurers and insurance products, the Sultanate’s insurance sector has held steady in recent times, despite strong external pressures on Brunei Darussalam’s economy. Non-life remains a dynamic segment, with Islamic takaful products making up the bulk of these general insurance premiums. This...
Articles & Analysis | Islamic bonds expand Brunei Darussalam's financial base from The Report: Brunei Darussalam 2016
Brunei Darussalam made headlines in April 2016 with the announcement of several sukuk (Islamic bond) offerings ahead of the launch of a standalone stock exchange in the Sultanate. Efforts to expand the scope of the financial sector are aimed at ensuring a greater diversity of public and private sector financing, specifically in support of...
Articles & Analysis | Islamic financial services poised to grow in importance and scope in Brunei Darussalam from The Report: Brunei Darussalam 2016
With a strong Islamic banking sector, a growing Islamic insurance (takaful), industry and an expanding market for Islamic bonds (sukuk), Brunei Darussalam has recently been drawing much attention internationally as a centre for Islamic financial services (IFS). Indeed, Brunei Darussalam is now amongst the nine countries worldwide...