Islamic Finance in Brunei Darussalam has been implemented since 1992 with the establishment of Perbadanan Tabung Amanah Islam Brunei (TAIB) regulated under the TAIB Act (Chapter 163). This is then followed by the incorporation of Islamic Banks pursuant to the Islamic Banking Act (Chapter 168), which saw the establishment of The Islamic Bank of Brunei Berhad (1993) and The Islamic Development Bank of Brunei Berhad (2000).
The development of Islamic Banking in Brunei has shown the industry strengthening its retail banking portfolio surpassing the conventional banks. The growth of the industry is commendable but as it develops and offers complex financial services, this provides challenges to the regulators in ensuring the sustainability of the industry and importantly its Shariah compliance.
Acknowledging this, the workshop aims to refresh the participants’ understanding on the operation of Islamic Bank, its various operational activities and observation of Shariah compliance in the offering of their products and services. Thus, at the end of the workshop, it is hoped that the participants will be familiar with the Islamic Banking operations and Shariah governance whilst able to identify the respective areas of regulatory concerns.
Through the workshop, the participants shall be able to grasps the Islamic Banking operation and governance with clear understanding on among others the followings:
a. Basic understanding of the Islamic banking and its difference with its conventional counterpart.
b. The important element in Islamic banking contracts, Shariah requirements and governance framework.
c. Products and services implemented and offered by Islamic Banks.
d. Similarities and differences of Islamic banking practices globally.
e. Regulatory guidelines and issues surrounding the industry.
f. Shariah Governance framework globally and Shariah review.
Mohd Hairul Azrin is a faculty member in the School of Business and Economics, Universiti Brunei Darussalam prior which he had been part of the Brunei Islamic Banking Industry since the year 2000. He starts his career with The Islamic Bank of Brunei Berhad attached in its Internal Audit Department. In 2008, he is entrusted as the Head of Sharia Division, Bank Islam Brunei Darussalam Berhad ensuring Sharia compliance while at the same time providing room for innovation in product offering. Azrin graduated with a first class honors in Bachelor of Accounting program and holds an MBA specializing in Islamic Banking and Finance from The International Islamic University Malaysia. He is currently awaiting the conferment of his PhD in Accounting and Finance from the University of Glasgow, with interest in the area of accounting and Islamic finance.