| Danial Norjidi |
HIS Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office attended and officiated the Brunei Darussalam Islamic Investment Summit (BIIS) 2017 yesterday.
The two-day summit is hosted by the Centre for Islamic Banking, Finance and Management (CIBFM) with the support of Autoriti Monetari Brunei Darussalam (AMBD).
Themed ‘Globalisation of Islamic Finance: The Road Ahead’, the objective of the summit is to provide a useful platform for leaders, scholars and experts to share their knowledge and experience as well as to exchange views on current issues in Islamic finance with special focus on globalisation of Islamic finance.
Yang Amat Mulia Pengiran Lela Cheteria Sahibun Najabah Pengiran Anak Haji Abdul Aziz bin Pengiran Jaya Negara Pengiran Haji Abu Bakar, the Chief of Adat Istiadat Negara also attended the ceremony.
His Royal Highness was greeted upon arrival to the opening ceremony by Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong, the Minister of Home Affairs, in his capacity as the Deputy Chairman of AMBD Board of Directors; Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, the Minister at the Prime Minister’s Office and Minister of Finance II; and other Board members of AMBD as well as members of the BIIS 2017 organising committee.
The ceremony began with the singing of the national anthem, followed by a recitation of Al-Quran verses by Awangku Muhd Adibul Amin bin Pengiran Haji Marjuki.
At the ceremony, His Royal Highness delivered an opening sabda, after which His Royal Highness received a pesambah from Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar.
Prior to His Royal Highness’ sabda, welcoming remarks were delivered by the Minister of Home Affairs.
In his speech, the minister said, “Since the last summit in 2013, technological advances, legislative and regulatory requirements have improved and expanded the financial infrastructure and ecosystem of Brunei Darussalam.
“Earlier this year, AMBD released the Financial Sector Blueprint providing the strategic direction for Brunei Darussalam’s financial sector for the next 10 years to transform the country into a hub for Islamic finance. This aspiration is founded upon rising financial inclusiveness and literacy as well as the development of sophisticated and resilient human capital.”
The minister said that the summit provides an important platform for the sharing of experience, knowledge and views on the current challenges in Islamic finance with special focus on its globalisation and future direction.
“We are privileged to have with us an esteemed group of distinguished scholars and experts to lead and facilitate discussion in this growing global industry.
“Globalisation of Islamic finance has accelerated in the last few decades, facilitated by the rapid pace of standardisation, availability of information and advancement of communication technology.
“We have also witnessed the proliferation of Islamic financial institutions, greater participation in international Islamic financial markets, and increased cross border flows. Therefore, the theme of this year’s summit ‘Globalisation of Islamic Finance: The Road Ahead’ is indeed timely, given the myriad of opportunities and challenges.”
The minister shared that, over the next two days, speakers, panelists and participants will have the opportunity to deliberate on emerging issues including the promotion of social and responsible values, innovations in Sukuk and the digitalisation of Islamic finance.
“These issues are indeed pertinent and important in our efforts to further develop Islamic finance in Brunei Darussalam,” he added, expressing his hope that participants will take home invaluable knowledge gained from the interaction and networking during the summit.
The event saw a keynote presentation delivered by Sheikh Esam M Ishaq, a member of the High Council of Islamic Affairs, Government of Bahrain, which was entitled, ‘Sukuk – Traditional and Innovative Strategies’.
In his talk he highlighted that as Islamic finance assets and the number of Sukuk issuances increases, it is important to ensure that the substance from this growth does not deviate from theories and principles. He also emphasised the need for proper standardisation and harmonisation of sukuk as per the general principles of Syariah structures.
A number of other local and international speakers have also been invited to speak at the conference, including Dato Seri Setia Awang Haji Metussin bin Haji Baki; Datuk Dr Mohd Daud bin Bakar, founder and Group Chairman of Amanie Advisors; Professor Dr Obiyathulla Ismath Bacha, Professor of Finance and the Head of the Graduate Studies Department, International Centre for Education in Islamic Finance (INCEIF); and Dr Mohd Hairul Azrin bin Haji Besar, member of the National Syariah Financial Supervisory Board, to name a few.
To bless the ceremony yesterday, a Doa Selamat was read by YB Pehin Datu Imam Dato Paduka Seri Setia Ustaz Haji Awang Abdul Hamid bin Bakal.
His Royal Highness visited exhibition booths of a number of financial institutions and programme partners show-casing, among other things, Islamic financial products and services.
His Royal Highness also took a group photo with the AMBD Board of Directors and members of BIIS 2017. Before leaving the ceremony, His Royal Highness received a Junjung Ziarah by the AMBD Board of Directors and members of BIIS 2017.
Yesterday’s opening ceremony was also attended by Cabinet Ministers, members of councils, hi-gh commissioners, ambassadors and permanent secretaries.
The two-day summit is being attended by around 200 participants from government ministries and agencies, the financial industry as well as the private sector.
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