The 2006 Insurance Order and Insurance Regulations began a process of sector consolidation by implementing new requirements, such as a higher paid-up capital of $6.2m, up from $778,800. The government’s concerted efforts to reduce overall levels of personal debt in the Sultanate are expected to help the insurance sector grow and develop. Fronting business makes up a large part of activity in the...
Brunei Darussalam Financial Services
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Chapter | Islamic Financial Services from The Report: Brunei Darussalam 2013
Islamic services have long been a part of the financial mix within Brunei Darussalam. For the past two decades, Islamic banking, takaful (sharia-compliant insurance) and Islamic capital market products have been taking root and growing. These services now compete strongly against their conventional counterparts and continue to capture market share. With the government promoting sharia-compliant...
The banking sector has performed well historically, with a 70% increase in assets over 12 years. From 2007 to June 2012 total commercial banking assets in the Sultanate grew 30.5% to BN$20.1bn ($15.7bn). The sector is currently facing a period of re-adjustment, absorbing the implications of a more mature regulatory environment and looking at ways to support the government’s development plans. In...
As ASEAN chair in 2013, Brunei Darussalam has a regional agenda to push forward alongside its domestic plans for the year. Chief among its local priorities is developing alternative resources streams in its economy, which has long been driven by its oil and natural gas revenues.
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