BIBD Middle East (ME) Limited, a wholly owned subsidiary of Bank Islam Brunei Darussalam (BIBD), has signed a Memorandum of Understanding with Bank Syariah Indonesia (BSI) to foster cooperation in the region at the Ritz Carlton, Dubai International Center finance recently.

The MoU will unlock cooperation opportunities in treasury, trade finance, transaction banking, Islamic syndicated finance, remittances and human capacity development, among others.

BSI is a state-owned Islamic bank in Indonesia officially founded in early 2021 as a result of a merger between state-owned Syariah banks.

Signing on behalf of BIBD was BIBD Senior Executive ME Syed Alwi bin Syed Abdillah Alkaff.

“As BIBD Group’s focal point within the Gulf Cooperation Council (GCC), BIBD is committed and eager to explore new opportunities to grow our business in this region and this MoU will pave the way for us to forging new relationships and cooperation will help us achieve our goal and align with the group’s sustainability strategy and framework,” said Syed Alwi.

BIBD ME’s range of activities includes arranging investment transactions; advice on financial products; and credit organization and counselling. In February 2017, BIBD established a presence in Dubai through BIBD ME, an entity regulated by the Dubai Financial Services Authority (DFSA) which granted BIBD ME a Category 4 license to conduct financial activities Islamic as an Islamic financial institution.

BIBD ME Managing Director Syed Alwi bin Syed Abdillah Alkaff (fourth from left) at the signing ceremony. PHOTO: BIBD