Bandar Seri Begawan, 23 March 2011: The Government of His Majesty the Sultan and Yang Di Pertuan of Brunei Darussalam, represented by the Ministry of Finance, and Fajr Cap ital Limited announce Fajr Capital's investment in Brunei's largest bank and flagship Islamic financial institution, Bank Islam Brunei Darussalam (BIBD).
BIBD represents the first investment for Fajr Capital, an international Islamic investment firm based in Dubai that has the backing of a prominent and diverse set of institutional shareholders, including the Abu Dhabi Investment Council, the Government of Brunei Darussalam, HSBC Group, Khazanah Nasional Berhad of Malaysia and the Saudi-based Mohammed & Abdullah Alsubeaei Investment Co (MASIC).
Fajr Capital will be a minority investor with management responsibilities, drawing on its diverse financial services experience. The firm plans to strengthen BIBD's existing product and service offerings and to introduce international best practices.
Iqbal Khan, CEO of Fajr Capital, explains: "Brunei has a prosperous and stable economy, and is an attractive investment environment by any measure. Moreover, Islamic financial services represent roughly 40% of the Brunei market, which offers us a unique opportunity to demonstrate the industry's mainstream relevance."
Pehin Dato Hj Yahya Bakar, BIBD Chairman and Minister of Industry and Primary Resources, adds: "Fajr Capital will link BIBD to international markets and to Fajr Capital's distinguished set of sovereign and private shareholders. This partnership puts BIBD in a pivotal position to lead the domestic market and to claim a place for Brunei in the international Islamic financial services arena."
With this announcement, BIBD's shareholders comprise the Brunei Government, the Sultan Haji Hassanal Bolkiah Foundation (the Sultan of Brunei's charitable foundation), Fajr Capital, and some 6000 individual Bruneian investors.
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About Bank Islam Brunei Darussalam
Bank Islam Brunei Darussalam (BIBD) is an Islamic financial institution operating in Brunei Darussalam. With a capital base of approximately USD 625 million and over 25% market share, BIBD is the country's largest financial institution. While the bank has traditionally focused on consumer banking, it is also Brunei's largest provider of corporate finance. Its shareholders comprise the Brunei Ministry of Finance, the Sultan Haji Hassanal Bolkiah Foundation (the Sultan of Brunei's charitable foundation), Fajr Capital, and some 6000 individual Bruneian investors.
About Fajr Capital
Fajr Capital is an international Islamic investment firm with a focus on financial services and complementary opportunities in key Muslim markets. It is backed by a prominent and diverse set of institutional shareholders, including the Abu Dhabi Investment Council, the Government of Brunei Darussalam, the HSBC Group, Khazanah Nasional Berhad of Malaysia, and the Saudi-based Mohammed & Abdullah Alsubeaei Investment Co (MASIC), and is led by a management team with a strong understanding of Muslim markets and particular expertise in Islamic financial services. The firm is based in the Dubai International Financial Centre, with additional offices in Kuala Lumpur and London.
Media Contacts
Bandar Seri Begawan
Sonia Kaur
Bank Islam Brunei Darussalam
T: +673 323 7802
E: sonia.kaur@bibd.com.bn
Dubai
Maram Alkadhi
Fajr Capital Limited
T: +971 4 367 6160
E: media@fajrcapital.com
© Press Release 2011
