Bank Islam Brunei Darussalam’s transformation has contributed significantly its business growth/Shutterstockby Kudakwashe Muzoriwa
Dubai-based Fajr Capital has completed its divestment from Bank Islam Brunei Darussalam (BIBD), Brunei’s largest bank and flagship financial services institution, to Brunei Investment Agency.
Fajr Capital stated that this transaction marks another successful exit for the firm, following several recent high-profile divestments, including GEMS Education, National Petroleum Services, and other significant assets in the Middle East.
Fajr Capital said that following the acquisition of a significant minority stake in BIBD, the firm worked alongside BIBD’s shareholders to devise and begin implementation of a new value creation and growth strategy.
“Islamic financial services remain an important pillar of our investment strategy,” said Dato Paduka Iqbal Khan, the Chief Executive Officer of Fajr Capital.
The Shari’ah compliant bank’s transformation journey resulted in enhanced customer experience through the introduction of internet banking and new digital platforms, international expansion in South East Asia and the Middle East and improved financial performance with the bank’s net income more than doubling.