| Lyna Mohamad |
THE 8th Hafl Al-Takharruj (Convocation Ceremony) of Universiti Islam Sultan Sharif Ali (UNISSA) witnessed a significant moment yesterday, when the university, with the consent of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam and Chancellor of UNISSA, awarded His Royal Highness Prince (Dr) Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office, and Pro-Chancellor of UNISSA, with an Honorary Degree of Doctor in Islamic Finance.
Prior to the presentation of the award to His Royal Highness, His Majesty delivered a titah, which was followed by chants of Allahu Akbar.
The award summary was delivered by Acting Assistant Rector and Dean of Faculty of Islamic Economics and Finance Dr Abdul Nasir bin Haji Abdul Rani, who highlighted His Royal Highness’ role as the Chairman of the Autoriti Monetari Brunei Darussalam (AMBD) Board of Directors, since its establishment on January 1, 2011.
“His Royal Highness is a visionary leader, with spirited dedication in the development of the Islamic finance sector in Brunei Darussalam, in accordance with the titah of His Majesty to transform the country into an international Islamic finance hub,” said the Acting Assistant Rector in his award summary.
“Towards this, His Royal Highness has inspired a strategic and directive plan in the development of the finance services sector with the goal of developing Islamic banking, an Islamic capital market and Takaful, including the development of human capital, which plays a significant role in supporting the economic aspirations in accordance with Brunei Vision 2035.
“Under his leadership, AMBD is constantly committed and making strong efforts in utilising, as well as introducing international best practices, including an active role in the development of the Islamic finance services sector.
“These includes the enforcement of Securities Markets Order of 2013 and the Securities Markets Regulations of 2015, as well as the issuance of notice that permits supervised entities to operate Islamic investment businesses, either as an Islamic Investment Institution or through Islamic Window; and the implementation of the Syariah Governance Framework which came into force in April 2018, to ensure the structure, process, products and services of Islamic finance institutions in compliance with Islamic law and in accordance with the best international Syariah practices.
“His Royal Highness’ role and responsibility as the Chairman of the AMBD Board of Directors is very significant in ensuring that the Islamic finance system functions efficiently and effectively in upholding the agenda of various national economic development sectors. This includes the declaration of National Savings Day and the publication of the Brunei Darussalam Financial Sector Blueprint of 2016-2025.
“Under His Royal Higness’ leadership and guidance, AMBD, together with the Centre for Islamic Banking, Finance and Management and UNISSA have successfully carried out various initiatives and efforts in capacity-building and the empowerment of the country’s Islamic finance ecosystem.
“These include the organising of the International Conference on Islamic Finance 2012 and the 6th Muzakarah Cendekiawan Syari’ah Nusantara, as well as the launching of the 5th ASEAN Universities International Conference on Islamic Finance.
“Thanks to the leadership of His Royal Highness, Brunei Darussalam successfully placed ninth in the Islamic Finance Development Indicator Report of 2017 by ICD-Thomson Reuters, which is an upgrade from the 14th place in 2016.
“The awarding of the Honorary Degree of Doctor in Islamic Finance to His Royal Highness is based on his leadership and contributions, as well as the significant achievements of spurring growth, development and the empowerment of the Islamic finance ecosystem at national and international levels. It is therefore appropriate that His Royal Highness be highly honoured and acknowledged.”