The Islamic Corporation for the Development of the Private Sector and Bank Islam Brunei Darussalam Sign Expression of Intent to Advance Shariah-Compliant Private Sector Development in Brunei Darussalam
- ICD and BIBD, Brunei's largest Islamic financial institution, sign an Expression of Intent in Bangkok on the sidelines of the World Bank Annual Meeting on 15 October 2026.
- The collaboration aims to explore Shariah-compliant financial solutions to support private sector growth, with a particular focus on Micro, Small and Medium Enterprises (MSMEs) in Brunei Darussalam.
- The partnership seeks to advance entrepreneurship, business development, and economic diversification in alignment with Brunei Vision 2035.
- The EoI establishes a framework for knowledge exchange, institutional collaboration, and the exploration of opportunities across areas of mutual interest in the Islamic finance sector.
Bangkok, Thailand, 15 October 2026 -- The Islamic Corporation for the Development of the Private Sector (ICD) and Bank Islam Brunei Darussalam Berhad (BIBD) have signed an Expression of Intent (EoI) to explore opportunities for collaboration in Shariah-compliant financing and private sector development in Brunei Darussalam, with a specific focus on MSMEs, entrepreneurship, and strategic sectors contributing to the country's economic diversification goals.
The signing took place in Bangkok on 15 October 2026, on the sidelines of the World Bank Annual Meeting, bringing together two leading institutions in the Islamic finance and multilateral development finance space.
The EoI reflects the shared commitment of both institutions to strengthening access to Shariah-compliant financial solutions for businesses in Brunei Darussalam. ICD and BIBD will explore avenues to deepen cooperation across areas of mutual interest, with particular attention to MSMEs, which play a vital role in driving economic activity, generating employment, and broadening the country's economic base. The partnership also recognizes the importance of supporting entrepreneurship and business development as key engines of long-term, sustainable growth.
Beyond financing, the EoI establishes a foundation for closer institutional ties between ICD and BIBD, enabling both parties to share insights, exchange expertise, and build on their respective strengths in Islamic finance. This engagement is expected to contribute to the continued development of Brunei Darussalam's financial sector while reinforcing the country's progress toward the objectives set out in Brunei Vision 2035. The collaboration reflects a broader recognition that partnerships between multilateral development finance institutions and leading domestic financial institutions can serve as effective catalysts for inclusive and diversified economic growth.
Mohammad Asheque Moyeed, Acting General Manager of the Banking Department at ICD commented: “This is a landmark opportunity designed to support funding for private sector enterprises in our member country, Brunei Darussalam, through a partnership with BIBD, the leading financial institution in the country. Through this Expression of Intent, both organizations aim to unlock new opportunities and attract greater participation from Islamic banks in our member countries and other international markets into Brunei's dynamic economy. It reinforces our commitment to expanding and diversifying Islamic finance globally”
Commenting on the signing, Hazimah ‘Izzati binti Pehin Dato Haji Adanan, Acting Deputy Managing Director, said: "BIBD welcomes the opportunity to work with ICD and explore areas of shared interest that can support Brunei Darussalam's development priorities. Partnerships such as these provide valuable opportunities to exchange perspectives, share experience and strengthen relationships with institutions across the Islamic finance industry. We look forward to exploring how our collaboration can contribute to business growth and support the country's broader economic diversification agenda.
This Expression of Intent is consistent with ICD's mandate to mobilise private sector investment and expand access to Shariah-compliant financial solutions across its 56 member countries. By engaging with established domestic institutions such as BIBD, ICD continues to build the institutional partnerships necessary to deliver meaningful development impact, support the growth of underserved business segments, and advance the role of Islamic finance as a driver of sustainable economic development across its member states.
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About Bank Islam Brunei Darussalam Berhad (BIBD)
BIBD is Brunei’s largest Islamic financial institution, managing assets of over B$11 billion and serving more than 345,000 customers through 14 branches across all four districts. Headquartered in Bandar Seri Begawan, BIBD operates under the ethos of being “Bruneian at Heart”, guided by the principles of Maqasid Shariah to deliver Shariah-compliant, customer-centric financial solutions.
Through the BIBD Group Sustainability Framework, the Bank is committed to driving environmental and social progress while aligning with national goals such as Brunei Vision 2035. BIBD’s community-focused initiatives reinforce its role as a key partner in the nation’s development and prosperity.
BIBD has maintained an A- (Stable) credit rating from S&P Global since 2015 and holds internationally recognised ISO certifications covering quality management, business continuity, information security, environmental management, and occupational health and safety, including ISO 9001:2015, ISO 22301:2019, ISO/IEC 27001, ISO 14001:2015, and ISO 45001:2018.
The Bank continues to receive prestigious international recognition for its leadership in Islamic banking, sustainability, wealth management, and innovation. In 2026, BIBD was named Best Islamic Financial Institution in Brunei Darussalam by Global Finance, Best Sustainable Islamic Bank by the Global Islamic Finance Awards (GIFA), and Best Bank for Islamic Wealth Management Solutions in Brunei Darussalam by the Cambridge Islamic Funds Awards (CIFA). The Bank was also recognised at the International Banker Awards with Best Innovation in Retail Banking – Brunei and Sustainable Bank of the Year – Brunei.
These achievements build upon a longstanding track record of excellence and industry leadership. Over the years, BIBD has been recognised as Strongest Bank in Brunei by The Asian Banker (2016–2024), Best Retail Bank (2013–2022), Bank of the Year by The Banker (2023), and Safest Bank in Brunei by Global Finance (2023), among numerous other accolades.
For more information, please visit www.bibd.com.bn. Follow BIBD on Instagram, Facebook, YouTube and TikTok.
About ICD
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB's activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody's, A+ by Fitch, and A by S&P. For more information, visit www.icd-ps.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).
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