BANDAR SERI BEGAWAN – Bank Islam Brunei Darussalam (BIBD), the nation’s largest Islamic financial institution, has amassed an asset size of over $10 billion, according to a statement released by the bank on Sunday.

The statistics were shared during the bank’s annual staff dinner on Saturday, where managing director Mubashar Khokhar said BIBD recorded a profit of $147.9 million in 2018, down 12 percent from the previous year.

However, the bank’s total asset size has increased from $9.2 billion in 2017 to $10 billion in 2018, an increase of eight percent.

No further details were given.

BIBD currently dominates domestic market position, accounting for 61 percent of Brunei’s banking profit before tax.

BIBD was formed in 2005 through the merger of Islamic Bank of Brunei and Islamic Development Bank of Brunei. Its main shareholders are Brunei’s Ministry of Finance, the Sultan Haji Hassanal Bolkiah Foundation, Fajr Capital Limited, and approximately 6,000 individual Bruneian investors.

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