The financial sector
comprises of conventional and islamic financial
institutions which offers products and services ranging
from banking to pawn broking. Domestic financial
institutions are licensed to offer products and services
to residents, while international financial institutions
are licensed to offer products and services to non-residents
Brunei Currency Board
Baiduri Bank Berhad (Commercial Bank)
Bank Islam Brunei Darussalam Berhad (BIBD)
Perbadanan Tabung Amanah Islam Brunei (TAIB)
Standard Chartered Bank
Baiduri Finance Berhad (Local)
IBB Kredit Berhad (Local)
HSBC Finance Berhad (Foreign)
Defunct banks in Brunei
The Islamic Development Bank of Brunei Berhad (IDBB)
The Islamic Bank of Brunei Berhad (IBB)
There are nine banks
that are providing full banking services in the country.
Eight are commercial banks and one is a development bank.
Two of these are locally incorporated. International
banks such as Citibank NA, Hong Kong and Shanghai
Banking Corporation and Standard Chartered Bank have
been operating branches in the state for decades. The
financial sector also includes a number of locally
incorporated and international finance and insurance
Among the banks are Baiduri Bank Berhad, Development
Bank of Brunei Bhd., Islamic Bank of Brunei, Malayan
Banking Berhad, Overseas Union Bank Ltd and United
Malayan Banking Corporation Berhad. Interest rates are
set by the Association of Banks. Currently, there are
five finance companies namely Baiduri Finance Berhad,
IRB Finance Berhad, Mortgage and Finance Berhad,
Standard Chartered Finance (Brunei) Berhad and Tabung
Amanah Islam Brunei. The authorities have been preparing
to implement a comprehensive financial regulatory system
via the proposed new Banking Act.
There is no foreign exchange control. Banks permit non-resident
account to be maintained and there is no restriction on
borrowing by non-residents.
BANKING IN BRUNEI
Brunei Darussalam is well served by several
commercial banks with branches throughout the country.
The first banking was opened more than fifty years ago
when the Government set up the Post Office Savings Bank
(POSB) in 1935.
Brunei Darussalam operates a Currency Board system and
has no Central Bank. The Government under the Banking
Acts and Finance Companies Act regulates the banking
industry. The Ministry of Finance through the Financial
Institutions Division closely regulates all banking
activities to ensure a stable and fiscally sound
business environment. The Brunei Currency Board is
responsible for issuing and managing the currency.
The Brunei Dollar is at par with the Singapore Dollar
and are both freely traded in the respective countries.
There are currently no exchange controls in Brunei.
Money changer facilities are also available.
The banks continue to support local businessmen in their
endeavor and thus help in the development of Brunei
There are 9 banks (3 incorporated in Brunei) with
branches throughout the country.
List of Banks:
Baiduri Bank Berhad
Development Bank of Brunei Berhad
Islamic Bank of Brunei Berhad (IBB)Berhad
Malayan Banking Berhad
Overseas Union Bank (OUB)
Standard Chartered Bank
Sime Bank Berhad
Brunei HSBC The
Group, one of the world's largest banking and financial
services organisations, had its beginnings in Asia more
than 130 years ago.HSBC's international network
comprises around 9,500 offices in 85 countries and
territories in Europe the AsiaPacific region the
Americas the Middle East and Africa
Economy of Brunei
This small, wealthy economy is a mixture of foreign
and domestic entrepreneurship, government regulation,
welfare measures, and village tradition. Crude oil and
natural gas production account for nearly half of its
GDP. Substantial income from overseas investment
supplements income from domestic production. The
government provides for all medical services and
subsidizes rice and housing.
Brunei's leaders are concerned that steadily increased
integration in the world economy will undermine internal
social cohesion although it became a more prominent
player by serving as chairman for the 2000 Asia-Pacific
Economic Cooperation (APEC) forum. Stated plans for the
future include upgrading the labour force, reducing
unemployment, strengthening the banking and tourism
sectors, and, in general, further widening the economic
The national airline, Royal Brunei, is trying to make
Brunei a hub for international travel between Europe and
Australia/New Zealand, and also has services to major
Asian destinations. Brunei is increasingly importing
from other countries.
Swiss Bank accounts options
Offshore Banking Guide
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