Brunei Banking System The evolution of financial institutions in Brunei Darussalam has been marked by rapid growth over the last decade.

The evolution of financial institutions in Brunei Darussalam has been marked by rapid growth over the last decade. This is demonstrated by the presence of a number of financial institutions of international standing and reputation, the advent of new financial instruments, the development of securities, the extensive nature of the financial transactions that are entered into and the numerous financial services that are now provided. The relaxation of exchange controls and the development of Islamic institutions have also played their part in making the financial scene in Brunei Darussalam vastly different from what it was at the time of the passing of the Banking Act in 1957.

Financial system in Brunei Darussalam basically can be divided into 2 categories: Banking System and Non-Bank Financial Institutions as follows:-

BANKING SYSTEM

COMMERCIAL BANKS

Market Structure

The Banking System in Brunei Darussalam comprises of commercial banks, which play an important role in Brunei financial sector. Out of 9 banks presently licensed to conduct businesses within the country, 6 are foreign owned and represented by branch operations.

The only banking institution which provides Islamic banking services is the Islamic Bank of Brunei Berhad which was officially launched on 13 January 1993 giving opportunities and fair options for the public to choose. This also helps to enhance the financial sector by creating fair competition among the other conventional financial institutions.

Bank Services

The commercial banks provide full banking services as follows:

Accepting Deposits
Provision of Loans
Issuing Bank Guarantee
Fund Management
Issuing Letter of Credit
Money Changer Management

Enactment

Banking Act Cap. 95
Emergency (Islamic Bank) Order, 1992

Regulation

Annual Licence Fees for both local and foreign banks are :-
Head Office - B$50,000
Branch - B$10,000
Automatic Teller Machine (ATM) (off-site) - B$3000

All banks are required to submit the following financial returns:-

Direction of Lending for all banking operations in Brunei Darussalam Quarterly
Consolidated monthly statement of Assets and Liabilities for all banking operations in Brunei Darussalam Monthly

Appendix II. a Schedule (Reserve Requirement) Monthly
Appendix III Schedule (Statement of Assets and Liabilities) Monthly

Capital Adequacy Computation Monthly

Supervision

Monitoring of commercial banks:-

To ensure that banks are run in the best interest of the public and the depositors.
At present only conducts off-site supervision by analysing the financial returns of the banks.

Major focus of supervision are:-

Investment
Provision
State of Assets
Administration Quality
Awareness towards Financial Acts and Regulations

List of Commercial Banks

	LOCAL BANKS	ADDRESS	TEL. /TELEX./FAX. NO./EMAIL/WEBSITE
1	Baiduri Bank Bhd. (Mr. Pierre Imhof) General Manager	Block 'A', Unit 1 – 4, Kiarong Complex, Lebuhraya Sultan Hassanal Bolkiah, Bandar Seri Begawan BE1318, Brunei Darussalam	Tel. No.: (2) 455111 Telex.: 2433/2434 Fax.: (2) 455599 Email : baiduri@brunet.bn Website : www.baiduri.com
2	Islamic Development Bank of Brunei Bhd. (Pengiran Datin Paduka Hajah Urai bte Pengiran Ali) Managing Director	Ground - 4th Floor, Setia Kenangan Complex, Kampong Kiulap, Gadong BE1518. Brunei Darussalam	Tel. No.: (2) 233430 Fax.: (2) 233429 Email : dbb@brunet.bn
3	Islamic Bank of Brunei Bhd. (YB Pehin Orang Kaya Putera Maharaja Dato Seri Setia Haji Abu Bakar bin Haji Apong) Chairman (Haji Mohd Roselan Haji Mohd Daud) Managing Director	Lot 159, Bangunan IBB Jln Pemancha P. O. Box 2725 Bandar Seri Begawan BS8711 Brunei Darussalam	Tel. No.: (2) 235686 Telex.: 2320 Fax.: (2) 235722 Email : ibb@brunet.bn Website: www.ibbbrunei.com
	FOREIGN BANKS	ADDRESS	TEL. /TELEX./FAX. NO./EMAIL/WEBSITE
1	Citibank N. A. (USA) (Mr. Glen R. Rase) Vice-President and Country Corporate Manager	Darussalam Complex 12 - 15 Jalan Sultan, Bandar Seri Begawan BS8811, Brunei Darussalam	Tel. No.: (2) 243983/4/5/6 Telex.: 2224 Fax.: (2) 225704/237344
2	The Hongkong and Shanghai Banking Corporation Ltd. (Mr. Marcus J. Hurry) Chief Executive Officer	Jalan Sultan / Jalan Pemancha Bandar Seri Begawan BS8811 Brunei Darussalam P. O. Box 59 Bandar Seri Begawan BS8670 Brunei Darussalam	Tel. No.: (2) 242305 Telex.: 2273/2213 Fax.: (2) 241316 Email : hsbc@brunet.bn
3	Malayan Banking Bhd. (Malaysia) (Encik Azizul Abdul Rashid) Branch Manager	No 1 Jalan McArthur Bandar Seri Begawan BS8811 Brunei Darussalam	Tel. No.: (2) 242494 Telex.: 2316 Fax.: (2) 226101 Email : maybank@brunet.bn
4	United Overseas Bank Limited (Singapore) (Mr. Sia Kee Heng) Vice-President and Manager	Unit G.5, RBA Plaza Jalan Sultan Bandar Seri Begawan BS8811 Brunei Darussalam P. O. Box 2218 Bandar Seri Begawan BS8674 Brunei Darussalam	Tel No.: (2) 225477 Telex.: 2256 Fax.: (2) 240792 Email : uobbsb@brunet.bn Website : www.uobgroup.com
5	RHB Bank Bhd.(Malaysia) formerly United Malayan Banking Corp Bhd name changed to Sime Bank Bhd (Malaysia] (Encik Hashim bin Hassan) Branch Manager	Unit G02, Block D Bangunan Yayasan Sultan Haji Hassanal Bolkiah Bandar Seri Begawan BS8711 Brunei Darussalam	Tel. No.: (2) 222515 Telex : 2207 Fax : (2) 237487 Email : rhbbsb@brunet.bn
6	Standard Chartered Bank (Mr Hans Theilkuhl) Chief Executive Officer	51 - 55 Jalan Sultan Bandar Seri Begawan BS8811 Brunei Darussalam P.O. Box 186 Bandar Seri Begawan BS8670 Brunei Darussalam	Tel. No.: (2) 242386/242389 Telex.: 2223 Fax.: (2) 242390 Email :SCB.Brunei@bn.Standardchartered.com

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