Javed Ahmad

Brunei's BIBD eyes benchmark-sized Islamic loan this year

Bank Islam Brunei Darussalam (BIBD) is helping to arrange a benchmark-sized Islamic syndicated loan which it hopes to close later this year for a petrochemical project in the oil-rich sultanate. Currency and tenor are being finalised for the deal, said Javed Ahmad, BIBD's managing director. The new syndicated loan could open a much wider pipeline of deals in Brunei, which might be denominated in both local and foreign currencies, Ahmad said. Besides, in the medium term BIBD will consider establishing a regional footprint across Asia to enhance its growth prospects, with Malaysia and Indonesia offering the greatest opportunities, Ahmad said.

Bank Islam Brunei sells stake to Fajr Capital

Bank Islam Brunei Darussalam (BIBD) has sold an undisclosed minority stake to Dubai-based Islamic investment firm Fajr Capital as the Asian bank bids to extend its international reach.
Brunei's government has a 45 percent stake in the bank, while the Sultan of Brunei's charitable foundation owns a 25 percent stake.
Javed Ahmad, managing director at BIBD, declined to comment on the exact size of the deal or its value, but when talk surfaced last June that a stake sale might be in the offing,

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