Steady economic growth and political stability on the cards for Brunei

Source: OBG.

Brunei is likely to continue on its current trajectory of steady economic growth and political stability, says the Oxford Business Group (OBG) in an introduction to The Report: Brunei Darussalam 2016, naming an increasing focus on economic diversification, further exploration and improved efficiency in the oil and gas industry and the ongoing growth of non-energy sectors in the country as plus points.

The report includes a chapter on Brunei's Islamic financial services. OBG notes that Brunei has attracted attention as an Islamic finance hub with its strong Islamic banking sector, a growing takaful industry and an expanding market for sukuk. Its location is also in its favour as the region contains five of the 10 largest Muslim countries by population*, OBG said.

"With some two-thirds of the world’s Muslims living in Asia, many of them in seriously under-banked markets, such as Indonesia, the region continues to hold strong potential for the industry," states OBG in the chapter introduction online. The chapter also contains an interview with Javed Ahmad, Former Managing Director of Bank Islam Brunei Darussalam (BIBD).

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*According to Maps of the World, the five Asian countries with top-ten Muslim populations as of January 2016 are: Bangladesh, India, Indonesia, Iran and Pakistan. Turkey, straddling Europe and Asia, is also in the top 10.