With an expanding value-added processing industry and growing international interest, Brunei Darussalam’s halal sector has the potential to become a cornerstone of the Sultanate’s diversification efforts.
Brunei Darussalam
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Expectations are high for Brunei Darussalam’s downstream energy sector, as Pulau Muara Besar (PMB) island prepares to welcome the country’s first oil refinery and aromatics cracker complex, highlighting the Sultanate’s growing potential as a destination for value-added processing.
Further solidifying the importance of Islamic finance in Brunei Darussalam’s developing capital market, the country’s financial regulator said in June it is preparing to issue long-term sharia-compliant bonds in the near future.
Plans to launch a stock exchange in Brunei Darussalam by 2017 will bolster its capital markets in line with plans for regional market integration as well as aid the broader drive to diversify its economy away from dependence on oil and gas.
With the year-end target launch of the ASEAN Economic Community (AEC) looming, Brunei Darussalam is moving to make its business climate more competitive via a raft of regulatory changes.
Banks in Brunei Darussalam have so far weathered the impact of falling oil prices, winning plaudits from credit rating agencies for their resilience and stability.