Brunei Darussalam Financial Services Articles & Analysis

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Given the restrictions on personal lending and the banking sector’s high level of liquidity, what areas would contribute to the growth of Bruneian banks?

Chapter | Islamic Financial Services from The Report: Brunei Darussalam 2014

Islamic banking and insurance, or takaful, are becoming the dominant forms of banking and insurance, and inbound foreign investments are increasingly channelled into Islamic markets. The Sultanate’s largest bank is an Islamic lender, dominating the domestic market as well as developing into an international player in Islamic finance. The rise of takaful has been aided by strong support from...

Chapter | Banking from The Report: Brunei Darussalam 2014

Local conventional and Islamic banks as well as international bank groups are all active in the small and competitive Bruneian market. Sector growth has accelerated as authorities have eased up somewhat on restrictive regulations, and banks are looking forward to an improved climate as overall economic growth revives. While the climate for banking remains competitive and the scale of the...

Following its successful chairmanship of ASEAN in 2013, Brunei Darussalam will look to continue its role as a regional leader in areas ranging from defence to commerce. The increased focus on diversification and the growth of several industries bode well for the economy, and the coming years are expected to see Brunei Darussalam further bolster its position within ASEAN and the international economy.

Insurers in Brunei Darussalam are aiming to increase penetration rates in a number of key segments of their industry, looking to boost growth in what is already a highly competitive operating environment. However, to do so they will likely need to lift the sector’s profile among their potential client base.

Life insurance has struggled to take root in Brunei Darussalam. However, with only three life insurers, American International Assurance (AIA), Great Eastern Life Insurance and Tokio Marine Life Singapore, as well as sharia-compliant coverage by Takaful Brunei Keluarga covering less than 20% of the population, there should be significant room for...