TAIB Supports Islamic Financial Institutions Vision

Perbadanan TAIB supports vision of Islamic financial institution
on: March 26, 2017

| Azlan Othman |

THE setting up of Perbadanan Tabung Amanah Islam Brunei (TAIB) is the starting point of an Islamic financial institution in the country to support the far-sighted vision of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam to establish an Islamic financial institution to carry out a financial system without interest, Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof, Minister of Culture, Youth and Sports who is also the Chairman of Perbadanan TAIB Board of Directors said.

Speaking at Perbadanan TAIB’s 25th anniversary celebrations at the International Convention Centre, Berakas yesterday, Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi said Perbadanan TAIB was set up on September 29, 1991 under Section 163 of the TAIB Brunei Order to manage funds and implement bank management, financing, trade and investment and to take part in industrial and economic projects domestically and abroad and other aspirations.

Transactions in accordance to Hukum Syarak is a new change inaugurated in this country. The public understanding in general on Islamic financial system was initially low. Perbadanan TAIB had to frame-out continuous educational programmes to create an awareness on the Islamic financial system, he said.

“For instance, among the programmes conducted with the cooperation of various government agencies was the Employees Trust Fund (TAP) which was to manage financing according to Islam. The programme was to make the public aware about financial management according to Syariah for the present and hereafter. These efforts were challenging to Perbadanan TAIB but had to be carried out as a responsibility to fulfil collective obligation or ‘Fardhu Kifayah’,” he said.

Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi also said throughout 25 years of its establishment, Perbadanan TAIB has stood out as an Islamic financial institution that gave priority in nurturing the habit of saving to perform Haj.

From the savings account called Al-Wadiah introduced during its establishment, Perbadanan TAIB promoted the savings culture by introducing various accounts from infant to adulthood to support the culture of savings for the future, he said.

“At the end of December 31, 2016 (before auditing), 202,993 savings accounts were opened. If we compare to the population of Brunei Darussalam which stood at 432,687 people, 46.91 per cent of the total population are account holders of Perbadanan TAIB.”

Meanwhile for Tekad Haji or Haj account, there has been an 11 per cent growth annually (or 977 accounts annually) over the past 17 years. This indicates that efforts of Perbadanan TAIB to nurture the savings habit has been successful, thanks due to the efforts of several branches in the four districts for customers to conveniently carry-out transactions.

Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi also said cooperation and support from the Brunei Islamic Religious Council (MUIB) of the Ministry of Religious Affairs in tithe saving service for Perbadanan TAIB saving holders has also brought awareness and facilities to depositors to fulfil the obligation to pay tithe (Zakat) for their savings. Perbadanan TAIB is a sole Islamic financial institution that provides such service.

The collection of tithe savings has shown an increase with the highest ever recorded being at the end of December 31, 2015 totaling $4.27 million or an increase of 224 per cent compared to 2001 when the tithe saving service was introduced, he said.

Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi said to mark Perbadanan TAIB’s 25th anniversary, several programmes have been arranged in the form of education, religious, small and medium sized entrepreneurs and patriotism in line with the Brunei Vision 2035.

The activities conducted since September 29, 2016 include the Tarbiyyah project for underprivileged children registered with MUIB, premier talk and entrepreneurship programme among others.

Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi also highlighted the award to 10 finalists of the TAIB entrepreneurship programme conducted in cooperation with DARe (Darussalam Enterprise) to support the government’s initiative in developing small and medium enterprises (SMEs).

Meanwhile, as an effort by Perbadanan TAIB for entrepreneurs to develop and contribute towards economic diversification, Perbadanan TAIB is offering financing without profits under the ‘Qardhul Hasan’ concept with a maximum of $25,000 subject to terms and conditions. Such a scheme will assist entrepreneurs to achieve and realise their business target in the next three to five years.

An educational assistance programme for students under the category of Poor and Destitute and registered under MUIB and the Community Development Department (JAPEM) will also be held. Assistance provided will be obtained from the Public Charitable Fund of Perbadanan TAIB. It is aimed to build educational human capacity and to enhance their lifestyle.

Courtesy of Borneo Bulletin


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