BIBD Middle East (ME) Limited, a wholly-owned subsidiary of Bank Islam Brunei Darussalam (BIBD), signed a memorandum of understanding (MoU) with Bank Syariah Indonesia (BSI) to foster cooperation in the region at The Ritz Carlton, Dubai International Financial Centre recently.

The MoU will unlock opportunities for cooperation in the area of treasury, trade finance, transactional banking, Islamic syndicated financing, remittance and human capacity development, among others.

BSI is a state-owned Islamic bank in Indonesia officially founded in early 2021 as a result of a merger between state-owned Syariah banks.

Signing on behalf of BIBD was Senior Executive Officer at BIBD ME Syed Alwi bin Syed Abdillah Alkaff.

“As the focal point for the BIBD Group in the Gulf Cooperation Council (GCC), BIBD is committed and eager to look into new opportunities to expand our business in this region and this MoU will pave the way for us to forge new relationship and cooperation that will help us achieve our goal and align with the group’s strategy and sustainability framework,” Syed Alwi said.

BIBD ME’s range of activities include arranging deals in investments; advising on financial products; and arranging and advising on credit. In February 2017, BIBD established a presence in Dubai through BIBD ME, an entity regulated by the Dubai Financial Services Authority (DFSA) which has granted BIBD ME with a Category 4 License to conduct Islamic Financial Business as an Islamic Financial Institution.

-- Courtesy of Borneo Bulletin