The Evolution of Regulatory Landscape of Islamic Finance in Negara
Brunei Darussalam: Issues and Challenges
Hakimah Yaacob
Faculty of Islamic Economy and Finance, University Islam of Sultan Sharif Ali (UNISSA), Brunei Darussalam
Keywords: Negara Brunei Darussalam, Regulatory Framework, evolution, Islamic finance, issues and challenges, Islamic
Finance in Brunei.
Abstract: Islamic Banking was first introduced in Brunei Darussalam in the early 1990s and according to ICD Thomson
Reuters Islamic Finance Development Indicator 2014, Brunei Darussalam ranked 10th out of 92 countries
that practise Islamic Finance. This makes Brunei Darussalam a well-placed to grow an international role in
investment management of Islamic products, and in the provision of takaful. The purpose of this paper is to
review the history of Islamic banking in Brunei from 1578 until today, including issues and challenges to the
growing market in Islamic regulatory framework of Islamic finance in Brunei. The study analysed data from
Brunei History Centre for chronological synchronisation. The findings shows that despite of being a small
country, Brunei embraces a solid growth. Based on an extensive literature review and case study, this paper
aims to highlight future improvement in shariah governance, regulatory, judiciary and Shariah standards.
Finally, greater attention should be given to the fundamental principles of Islamic finance in order to ensure
the expansion as intended by the Financial Blueprint as a hub for Islamic Finance is materialised.
1 INTRODUCTION
The growth of Islamic finance in Brunei can be
categorised into three (3) categories. The capital
market, Takaful and banking. Applying the dual
banking system equipped Brunei with strategic
equilibrium. Bruneian banks have a reputation for
high capital adequacy ratios (CAR). In 2015, the
banking sector’s average CAR was 21.5%, which is
well above the minimum regulatory requirements of
10%. Current minimum (quantum of) capital
requirements for locally incorporated banks and
overseas incorporated banks are BND100 million and
BND1 billion, respectively. These serve to ensure that
banks operating in Brunei Darussalam are financially
robust. The quality of Brunei Darussalam's banks is
reflected by their unanimous investment grade credit
ratings (AMBD, 2016). Statistics shown that
financial sector contributes to 3% for total GDP
(AMBD, 2016) recent statistics by the Department of
Economic Planning and Development show the
financial sector’s share to GDP at around 5.1%.
Building upon the platform developed and leveraging
the myriad of opportunities in Asia - the world’s
fastest growing region - Wawasan 2035 envisages
that, by 2035, the financial sector's contribution to
GDP will have expanded to 8% of GDP (AMBD,
2016). To maintain their currently good credit ratings,
Bruneian owned and incorporated banks need to be
demonstrably well-capitalised and maintain CAR at
levels above the international minimum (8% of risk
adjusted exposures) (AMBD, 2016).
2 METHOD
The study employs library research. Data collected
from the Residential Report on Borneo, primary
legislations, Acts, Standards and reports were
analysed to ensure the chronological synchronisation.
3 RESULTS
The findings shows that despite of being a small
country, Brunei embraces a solid growth. The study
has divided phases of growth into three phases. Three
(3) phases as follows;
a) The first phase from 1935- 1980 (45 years)
b) The second phase from 1981-2011(30 years)
c) The third phase from 2011-current
100
Yaacob, H.
The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges.
In Proceedings of the 1st International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP 2017) - Transforming Islamic Economy and Societies, pages 100-105
ISBN: 978-989-758-315-5
Copyright © 2018 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved

4 THE FIRST PHASE FROM 1935-
1980 (45 YEARS)
The first phase has witnessed the slow movement in
the banking system. The focus at this stage was
towards stabilizing the monetary system rather than
the banking system. This evident from the enactment
of the Coins (Import and Export) Act 1909 to control
the flow in and out of gold, silver copper coins. There
were about nine (9) banks were established during
this period. In 1935, Post Office as Saving Deposits
was established. Only in mid-1940’s, the Hong Kong
and Shanghai Banking Corporation began to operate
in Brunei and registered as a branch of a foreign bank.
In May 1958, the Standard Chartered Bank was
established. There were no financial regulations
governing the banking activities during this period
(Latif, 2004). The banking practices relied solely on
English laws.
4.1 Oil and Gas Industry
The fast growth in oil industry resulted in several new
banks established. The National Bank of Brunei
Berhad was established in 1964. Other banks were
established such as in the Malayan Banking in 1960,
the United Malayan Banking Corporation in 1963, the
National Bank of Brunei Berhad in 1964 and the
Citibank in 1971. The Overseas Union bank was
established in 1973 and the Island Development Bank
was established in 1980. The Motor Vehicle
Insurance third Party Risk Act Cap 90, was enforced
on 28
th
of February 1950 to make provision for the
protection of third parties against risks arising out of
the use of motor vehicles. Since 1909, there are laws
governing bankers and coinage. Section 2 of the
Coins (Import and Export) Act 1909, defines a
“banker” as any company incorporated in Brunei
Darussalam including any company registered under
Part IX of the Companies Act (Chapter 39) and
carrying on the business of banking under a licence
issued under any written law in force in Brunei
Darussalam; “money-changer” means a person who
carries on the business of money-changing as his
chief business.
4.2 The Coins (Import and Export) Act
190
The Coins (Import and Export) Act 1909 was enacted
to regulate the import and export of coins into and
from Brunei Darussalam. section 5 (1) states that any
person who in contravention of any notification
published under section 3 or 4 imports or exports or
attempts to import or export any coin in such
notification specified to the amount of $5 in nominal
value or upwards in the case of copper or bronze coin,
or of $25 in nominal value or upwards in the case of
silver coin, shall be guilty of an offence: Penalty, a
fine of $2,000, and any coin so imported or exported
or attempted to be imported or exported in
contravention of any such notification shall be
forfeited.
The mushrooming of unregulated money lending
activities with high interest led to the enactment of
Money Lenders Act effective in 1922. In order to
control the exorbitant charge of interest, the law was
introduced. “Money lenders” means any person who
habitually lends money at interest: Provided that this
expression shall not include the Government or a
banker who is licensed as such under the provisions
of section 4 of the Banking Act. No person was
allowed to carry on the business of a moneylender
unless he is registered as such and has obtained a
licence from the State Secretary (sec 3(3) Money
Lenders Act, 1922). The rate of interest to be charged
on loans shall not exceed 15 per cent per annum if
secured and 24 per cent per annum on note of hand
only (sec 5 sec 3(3) Money Lenders Act, 1922)
Section 6 required every moneylender shall keep a
register showing the name, sex, age and nationality of
every person to whom a loan is made, the amount
actually lent, the rate of interest, and the security if
any; and such register shall be produced for the
inspection of any magistrate on demand.
4.3 The Banking Act 1957
The Banking Act, Cap 95 was introduced on 1
st
of
January 1957 to regulate deposit taking activities. The
Act defines deposit as a sum of money or any precious
metal, any precious stone or any article which is
comprised, in part or in whole, of any precious metal
or precious stone, and any other article or thing as
may be prescribed by the Minister, received, paid or
delivered on terms (a) under which it will be repaid
or returned, with or without interest or at a premium
or discount; or (b) under which it is repayable or
returnable, either wholly or in part, with any
consideration in money or money’s worth. This was
repealed by section 131 of the Banking Order, 2006
[S 45/2006] w.e.f. 04-03-2006. It is interesting to note
that at this stage, the acceptance of deposit does not
confine only to paper money by also precious stones.
In comparative, Malaysia adopt the same definition
on deposit and incorporated into Islamic Financial
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101

Services Act 2013 as well as the Financial Services
Act 2013 only in 2013.
On 5th August 1966, the Participating
Governments of Malaysia, Singapore and Brunei,
signed an agreement to amend clause 18(a) of the
Currency Agreement to allow the Board of
Commissioners of Currency to continue to issue
currency for the three countries for a further period of
six months until 11th June 1967. The original
provision was that the Board would have to relinquish
its powers to issue currency notes not later than 11th
December 1966, and coins a year later. On 12
th
of
June 1967, Bank Negara Malaysia, the Board of
Commissioners of Currency, Singapore and the
Brunei Currency Board replaced the Board of
Commissioners of Currency, as the sole currency
issuing authorities in Malaysia, the Republic of
Singapore and the State of Brunei respectively. In
1967, The Brunei Currency Board (BCB) was
established by the 1967 pursuant to section 3(1) of the
Currency Act.
Under Section 9(1) of the Currency Act, the
Board has the sole right to manage and issue currency
notes and coins in Brunei Darussalam. According to
section 13 of the Act, such currency notes and coins
are legal tender at their face value, unless mutilated
or imperfect. In 1967, the Currency
Interchangeability Agreement between Singapore
and Brunei allowing both countries to interchange the
currencies at par. Under this agreement, the authority
and banks of both countries are obliged to accept and
exchange each other currencies without charge.
The individual currencies are acceptable as
customary tender when circulating in the country in
which they are not legal tender. For 45 years, this
phase witnessed the growth of financial system
alongside the monetary system. The Currency
Interchangeability Agreement between Singapore
and Brunei in 1967 allowing both countries to
interchange the currencies at par. Under this
agreement, the authority and banks of both countries
are obliged to accept and exchange each other
currencies without charge. The individual currencies
are acceptable as customary tender when circulating
in the country in which they are not legal tender
(AMBD, 2016). There was no legal provisions at this
stage for Islamic Banking.
5 THE SECOND PHASE FROM
1981-2011 (30 YEARS)
The second phase witnessed the strengthening of
financial system towards sustainability. So many
things going on during this phase. The Islamic
Banking Act 1992 was first enacted on 2
nd
December
1992 to regulate and control the activities of Islamic
banking institutions. In September 1990, His Majesty
the Sultan of Brunei initiated the formation of Islamic
bank in Brunei. In his royal speech to the Islamic
Religious Council Meeting. His Majesty the Sultan of
Brunei initiated the formation of Islamic bank in
Brunei. In his royal speech to the Islamic Religious
Council Meeting held in September 1990, he stressed
that the establishment of an Islamic bank is important
because it is a ‘fard kifayah’ obligation for each
Muslim country and Negara Brunei Darussalam. This
command is the apex of Islamic banking foundation.
The setting up of a committee known as Formation of
Islamic Bank Committee (Latif, 2004).
Perbadanan Tabung Amanah Islam Brunei is a
body corporate established in Brunei Darussalam
under the Perbadanan Tabung Amanah Islam Brunei
Act (Cap 163). TAIB was officially launched by His
Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin
Waddaullah ibni Al-Marhum Sultan Haji Omar ‘Ali
Saifuddien Sa’adul Khairi Waddien, Sultan and Yang
Di-Pertuan of Negara Brunei Darussalam, the
Present Monarch who is also the Supreme Executive
Authority of the Country on the 29th September 1991.
The launching of TAIB marked a new beginning for
Brunei Darussalam as TAIB was the first Financial
Institution that conducted all its activities in
accordance with Islamic faith. (TAIB, 2017).
The pawn brokers Act 2002 was introduced to
regulate the pawn broking system according to
Hukum Syara’. Consist of 37 provisions with two
schedules, the pawn broking Act signifies Shariah as
the rule of life. Pawnbroker is defined as any person
who, under a valid licence, carries on the business of
receiving articles from pawners as security and grants
them loans under the provisions of this Order. It is
interesting to note that Brunei recognises the function
of Shariah court in the banking system. Provision no
2(3) states that if any conflict or doubt arises when
interpreting any word or expression relating to
Hukum Syara', it shall be the discretion of the Syariah
Courts to decide the meaning of such word or
expression. Unlike other Commonwealth countries,
Malay text shall prevail as written in the
Pawnbroker’s Act 2002. In addition, this Act is
applicable for both Muslim and Non-Muslim. Section
6 further clarifies, that Syariah court shall have the
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exclusive jurisdictions to entertain any claim in
relation to pawn broking activities which is under the
Part II of the Syariah Court Act (Ch 184). "Court"
means the Syariah Subordinate Courts, the Syariah
High Court or the Syariah Appeal Court, as the case
may be, established under subsection (1) of section 6
of the Syariah Courts Act (Chapter 184. "Court" here
means the Syariah Subordinate Courts, the Syariah
High Court or the Syariah Appeal Court, as the case
may be, established under subsection (1) of section 6
of the Syariah Courts Act (Chapter 184 The Banking
Act 1957 was repealed by section 131 of the Banking
Order, 2006 [S 45/2006] w.e.f. 04-03-2006.
The Banking Order 2006 mainly to cater the
conventional banking system was introduced. The
Act consists of 131 provisions with four schedules.
The Hire Purchase Act was enacted in the same year.
Another landmark break through was the Syariah
Financial Supervisory Board Order was enacted. An
Order to establish the Syariah Financial Supervisory
Board and to provide for the control of the
administration and business dealings of financial
institutions concerning Islamic products and any
matters connected therewith and incidental thereto
(S1(2) Shariah Financial Services Board (2006).The
Order Introduced the two-tier relationship of
governance between the SFSB at AMBD with the
Shariah Advisory Board at Local IFI level. AMBD is
the Syariah Governance Framework (SGF).
The purpose of this framework is to help ensure
that the structure, processes, products and services of
Islamic Financial Institutions (IFIs) are in accordance
with Syariah principles. In addition, the Syariah audit
will continue to be conducted to ensure that the post
approval of Islamic products and services continue to
comply with Syariah principles. Another initiative
will be to provide a product approval guideline which
will provide a set of procedures for the IFIs to follow
when determining the category of approval required
from SFSB/AMBD for new Islamic financial
products or any enhancement/variation made to an
existing product (AMBD, 2016). Islamic Banking
was further strengthened by the Islamic Banking
Order 2008. The Act consist of 131 sections with four
schedules. Islamic banking business is defined as
business of aim and operations are in accordance with
Hukum Syara’ which consist of receiving deposits or
other repayable funds from public, paying or
collecting cheques drawn by or paid in by customer,
the granting of financing facilities to customers and
includes such other businesses as the authority may
authorise for the purpose of the Order.
Unconventional definition to the banking
activities, hukum syara’ is defined as the Laws
according to Shafiite, Hanafi, Maliki or Hanbali Sect
of the ahli Sunnah waljamaah. The provision
intended to accept the resolutions of shariah within
the accepted and recognised school as stated therein.
Deposit Protection Order, 2010 was introduced to
administer the deposit protection scheme aimed at
protecting depositors against the loss of their deposit
in the unlikely event the member institution
(banks/finance companies) unable to meet its
obligations to depositors. The Takaful Oder was
initiated in 2008 within this phase.
Another landmark breakthrough was the
establishment of the Authority Monetary Brunei
Darussalam. His Majesty the Sultan and Yang Di-
Pertuan Negara Brunei Darussalam has consented to
the Authority Monetary Brunei Darussalam Order,
2010 which commenced on 1st January 2011. The
Autoriti Monetari Brunei Darussalam Order, 2010,
amongst other things, provides for the establishment
of Autoriti Monetari Brunei Darussalam (AMBD), its
Board and matters connected to the objects,
operation, administration, functions, powers and
duties of AMBD that includes relations between
AMBD and the Government; relations between
AMBD and the banks and financial institutions; and
consequential and related amendments to other
written laws that govern the activities supervised by
AMBD.
“Insya Allah, selaras dengan amalan terbaik
antarabangsa, Kerajaan Beta juga akan melakar
satu sejarah baru dalam hal ehwal kewangan,
dengan penubuhan sebuah autoriti monetari yang
digelar Autoriti Monetari Brunei Darussalam
(AMBD) atau Monetary Authority of Brunei
Darussalam yang akan berkuatkuasa pada 1
Januari, 2011. Badan ini akan
bertanggungjawab, termasuk keatas dasar-dasar
monetari, pengawalseliaan institusi kewangan
dan pengurusan matawang.”
– excerpt from His Majesty the Sultan and
Yang Di-Pertuan Negara Brunei Darussalam
Titah in conjunction with His Majesty’s 64
th
Royal
Birthday (15
th
July 2010)
(http://www.ambd.gov.bn/about-ambd 2017).
The establishment of AMBD indicates a new
milestone in the development of the financial sector
in Brunei Darussalam. It also underscores the
commitment of the Government of His Majesty the
Sultan and Yang Di-Pertuan Negara Brunei
Darussalam in achieving and maintaining a sound and
dynamic financial system; by continuously
implementing appropriate measures, and embarking
on necessary financial sector reforms in support of the
national economic development objectives (AMBD,
The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges
103

2016). AMBD is a statutory body, acting as the
central bank of Brunei Darussalam which undertakes
several core functions, chief of which is the
formulation and implementation of monetary
policies, the regulation and supervision of financial
institutions as well as currency management. Four
divisions previously under the Ministry of Finance
merged to form AMBD, i:e The Financial Institutions
Division or FID, The Brunei Currency and Monetary
Board or BCMB, The Brunei International Financial
Center or BIFC, Part of the Research and
International Division or RID.
The AMBD Order 2010 consists of 79 sections
with two (2) schedules. Section 1(2) of the AMBD
Order 2010 states that the establishment and
incorporation of the Authority Monetary Brunei
Darussalam is to act as the central bank of Brunei
Darussalam, to formulate and implement monetary
policy, to advise the Government on monetary
arrangements and to supervise financial institutions,
and to provide for the transfer to it certain other
functions and assets of the Government and for
matters connected therewith or incidental thereto. The
principal objectives of the establishment is clearly
written as follows:
(a) to achieve and maintain domestic price
stability;
(b) to ensure the stability of the financial system,
in particular by formulating financial
regulation and prudential standards;
(c) to assist in the establishment and functioning
of efficient payment systems and to oversee
them; and
(d) to foster and develop a sound and progressive
financial services sector
6 THE THIRD PHASE FROM
2011-CURRENT
The author is of the view that this phase is towards
internationalisation towards creating enabling
financial stability. This phase also witnessed the
diversification of economy as outlined in the
Financial Blueprint Sector 2016-2035. The author
would say this is the phase where the International
financial strategic being embedded into the as policy
of the country. In order to cope with the international
standards, there are several laws and orders being
enacted to ensure the Conventions are complied with.
AMBD, as member of the International Organization
of Securities Commissions (IOSCO) and a full
signatory to the IOSCO Multilateral Memorandum of
Understanding, the unit is also responsible in
ensuring continuous alignment to the best
international standards and practices set by (AMBD,
2016) The securities markets recently saw regulatory
reform through the introduction of the Securities
Markets Order, 2013 which repeals the Securities
Order, 2001 and the Mutual Funds Order, 2001.With
the new legislation and accompanying regulations in
place, a new streamlined licensing structure for
capital market intermediaries has been introduced and
minimum financial requirements have been enhanced
with values ranging from BND100,000 to BND2
million depending on the regulated activities
undertaken. These capital requirements are
cumulative depending on the number of activities.
The new legislation also provides for licensing,
recognition or designation of a wide range of market
operators including securities exchanges, clearing
house, central securities depository, trading facilities
and credit rating agencies. Furthermore, it aims to
enhance investor confidence and protection with
strengthened ongoing disclosure requirements
(AMBD, 2016).
In order to ensure relevancy in the market, AMBD
is undertaking many initiatives to align the remaining
gaps relative to international standards, such as
requiring banks and insurance/ takaful companies to
prepare their financial statements in accordance to the
International Financial Reporting Standards (IFRS).
AMBD also is working towards enhancing the
legislation and producing accompanying notices and
guidelines to ensure that the regulatory framework is
on par with the International Association of Insurance
Supervisors (IAIS) Core Principles in proportion to
the development of the market. Historically, Brunei
Darussalam’s sukuk issuances have mostly been
sovereign sukuk. Since 2006, the Government has
maintained a continuous program of sukuk (Islamic
bonds) issuance, with progressively longer
maturities. AMBD has issued the Financial Blueprint
2016-2025 delineates financing diversification
projecting to strengthen the Islamic Finance. The
Securities Market Order, 2013, with implementing
regulations issued in 2015, has strengthened the
regulatory foundation of Brunei Darussalam’s capital
markets sector. The Order outlines provisions for the
public offering of securities including sukuk and other
Syariah compliant securities.
7 ISSUES AND CHALLENGES
Based on the above, the growth of regulatory growth
in Islamic banking and finance in Brunei Darussalam
considerably fast. The first phase growth ranges
among strengthening the position of currency and
monetary identity. By separation of 1967, Brunei
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104

started to hail as the main player in the banking
industry resulted from the rapid and robust growth in
oil and gas industry. However there are still
improvements to be made as follows:
1. The need for establishment of Muamalat Court
for dispute settlement. Currently, all disputes
goes to the civil courts. Shariah muamalat
issues are unique and requires interpretations
and recognition in principles. In comparative,
Malaysian has established Muamalat Court in
2014 but still facing difficulties among judges
who are incompetent to understand shariah.
Alternatively, a centre of alternative dispute
resolution should be established.
2. In order to boost with rapid growth in islamic
finance, AMBD should issue Shariah standards
and Guidelines directing industries on the
Modus operandi of each contract. Compliance
of shariah is taken seriously in shariah, and
therefore need Guidelines in order to faster the
growth.
3. Products should be diversified and modified
vehemently to suit the culture and custom of
banking in faith in Brunei.
4. Over reliance Bank Islam Brunei Darussalam
(BIBD) only is not a wise decision. It is reported
that BIBD exposure to market is 60% (AMBD,
2016).There must be more players in the market
to avoid any unexpected market risks in future.
5. The muqtadha al-aqd is an important elements
to ensure the products is in line with shariah.
Therefore it is pivotal to understand that
muqtadha al-aqd is followed and recognised in
the legal documents.
6. Brunei is a country that embraces and a strict
follower of Shafie school of thought. The author
believes the authority should treats the issuance
of standards and guidelines as urgent. This is to
control improper influences over the financial
systems under the name of ijtihad.
8 CONCLUSION
The concluding remarks for the evolution of
regulatory Landscape of Islamic finance in Brunei is
moderate but solid. We can see many drastic changes
has been done in the third phase. For every deed there
are always issues and challenges. The author has full
believe that Brunei will be the hub for Islamic
Finance. With good reputation, in terms of political,
economy and high societal values, Islamic finance
will grow blossom. There are efforts to issue shariah
guidelines and still in the pipeline. It is interesting to
note that the growth of Islamic banking in Malaysia
have little influence over Brunei. However, we have
witness the evolution endures their own identity. As
envisaged, the products in Brunei banking should be
diversified. However, diversification must be guided
properly to safeguards the value of shariah
compliance. The education and training must be made
aggressively. The establishment of CIBFM was a
good move for future human development. However,
CIBFM should create a niche for Muslim identity but
internationally recognised to suit Malay Islamic
Monarch at the same time to adhere to the Brunei
Vision 2035. They cannot replicate the existing
training models available in the market. The have to
renew vow on professional accreditation associate
with professional bankers association. This is
important to unlock the potential capable talent.
Shariah governance framework is pivotal. A good
governance framework reflects a good and well
managed organisation. This is material to safeguards
the Shariah compliance sanctity. Knowledge capacity
among industry players is very important. Their
knowledge will be enhanced through trainings and
knowledge sharing session. The desk officer that
deals with customers first hand, need to be upgraded
and well informed. The misrepresentation from them
may lead to the implication of gharar yassir. Relying
on the concept of ‘Negara Zikir’ and ‘Melayu Islam
Beraja’ Brunei has never being phased out in the
Islamic Financial system. We notice in every single
regulation and policy issued, emphasized was given
to Islamic values. Applause should be given to the
authority for being modest but solid.
REFERENCES
AMBD, 2016. Brunai Darussalam - Financial Sector
Blueprint 2016-2025. s.l.:Autoriti Monetari Brunei
Darussalam.
AMBD, 2017. Autoriti Monetari Brunei Darussalam.
[Online] Available http://www.ambd.gov.bn/about-
ambd [Accessed 4 September 2017].
Latif, 2004. Islamic Banking in Brunei and The Future Role
of Centre for Islamic Banking, Finance and
Management (CIBFM). s.l.:IRTI Publication.
TAIB, 2017. Tabung Amanah Islam Brunei. [Online]
Available at:
http://www.taib.com.bn/abouttaib/profile.htm
[Accessed 30 October 2017].
Laws of Brunei, Money Lenders Act 1922.
Shariah Financial Services Board 2006.
The Banking Act 1957
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