| Hakim Hayat |
RISING challenges and unpredictability in today’s stiff business competition environment call for businesses to be agile and geared to weather various risks such as global crises, 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 said in a sabda yesterday.
Making the remark on the occasion of the Silver Jubilee Celebration for the establishment of Insurans Islam TAIB Holdings Sdn Bhd (IITHSB) and Darussalam Holdings Sdn Bhd (DHSB) at the International Convention Centre (ICC) in Berakas, His Royal Highness cited rising challenges in regional and international spheres involving economic and geo-political issues such as trade wars, the fourth industrial revolution, climate change and natural disasters.
“All these possibilities call for us to constantly be alert and devise more objective research on its impacts to existing business activities, while at the same time formulating solving-strategies to face the possibilities of various risks including the rapid escalation to a global crisis stage,” His Royal Highness highlighted.
In this era of technological revolution, His Royal Highness also noted the crucial role of innovation in businesses and called for them to harness the latest modern technologies by merging with service delivery systems as well as a wider market and product reach.
Touching on the evolution of IITHSB and DHSB in the last 25 years, His Royal Highness said that as pioneers and contributors to the development agenda and the growth of Islamic finance in the country, the establishment of both companies has created a specific niche industry that has given new job opportunities to locals, helping to widen the scope and landscape of the job market in the country.
With both companies’ success sustained by the domestic market, His Royal Highness also highlighted the potential for their further expansion by tapping and venturing into the regional market. “This silver jubilee occasion must become a cornerstone to make re-evaluation or the needed transformation because it is tied to the development, resilience and sustainability of the business in the long run,” His Royal Highness added.
IITHSB and DHSB’s milestone of reaching 25 years should also mark as a starting point for the companies to start setting up human capital development programmes or initiatives, especially in niche Islamic expertise areas such as Haj rituals, Takaful, actuary and law, His Royal Highness noted, citing the relevance as the management concept is based on syariah-compliant practices.
With diversified skills, it becomes an added value for a progressive company, as well in capacity development to formulate new strategies so the progress and resilience of the business are guaranteed even in an economic crisis, His Royal Highness added.
Towards this goal, he called on Perbadanan Tabung Amanah Islam Brunei (TAIB), the parent company for IITHSB and DHSB, to forge further cooperation with higher education institutions and local or international industry partners to enhance the expertise and the compositional membership of its Syariah Advisory Board that encompasses knowledge on the economy, finance and law.
As a next direction, he also called on the Takaful industry in Brunei to explore new and innovative Takaful products, offer diversified, dynamic and quality services in compliance with international standards that are syariah-compliant to fulfil the needs of the public. “This is in line with the aspiration 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 to make Brunei a centre for Islamic finance”.