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Last modified: 12/10/2015 02:03 PM |

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by: i:0#.w|bnmof\mohayazeed_jasni

  

PRESS RELEASE

AMENDMENTS TO NOTICE NO.1/2013 ON THE REGULATION

 OF INTEREST/PROFIT RATES AND DEPOSIT RATES

 

1.         Autoriti Monetari Brunei Darussalam (AMBD), on Friday, 15th Sya'ban 2017 corresponding to 12th May 2017, issued amendments to the Notice on Regulation of Interest/Profit rates to all banks and Perbadanan Tabung Amanah Islam Brunei (TAIB).

2.         The amendments allow banks to price their lending/financing rates based on their internal risk appetites and the borrower's credit worthiness. Additionally, a number of deposit rates have been deregulated to allow banks to price their deposit rates according to their funding needs.

3.          The amendments will also empower customers to compare lending/ financing and deposit rates across different banks, thus enhancing competition. This is in line with Pillar 2 of the Brunei Darussalam Financial Sector Blueprint (2016-2025) - towards a more competitive and innovative financial institutions and services.

4.          In addition, the amendments will enhance efficiency in financial intermediation that can further support the growth of the financial sector in the long term and in so doing increases the sector's contribution to the country's Gross Domestic Product (GDP).  

5.          The amendments together with other enhancements to Brunei Darussalam's financial infrastructures such as the establishment of the Credit Bureau in 2012, and the Collateral Registry System in December 2016, have helped financial institutions to make more informed decisions in assessing the borrowers' credit worthiness. AMBD's enhancement is set to continue with plans to expand the Credit Bureau's services to include credit scoring and rating services.

6.         In summary, the maximum lending/financing rates and minimum deposit rates which have been deregulated, with effect from 12th May 2017, are as follows: -

(a)   Consumer and Corporate Loans/Financing –   

i.     Credit facilities fully secured by:

 Img 01.JPG

ii.     Credit facilities to the following sectors:

 Img 02.JPG

(b)   Minimum Deposit Rates for Brunei Dollar Deposits -

 Img 03.JPG

7.       Under this notice, the Effective Interest Rates (EIR)/ Annualised Profit Rates (APR) charged by the banks to customers shall not be excessive and shall reflect a reasonable risk premium over their cost of funds. All banks are also required to publish the EIR/APR and deposit rates applicable on a quarterly basis on the banks' websites and at their respective branches.   

8.       To ensure a healthy competitive market, AMBD will closely monitor the rates offered in the market and reserves the right to intervene from time to time.

9.       Members of the public are also advised to be financially smart by reviewing the lending/ financing and deposit rates offered before acquiring a financing facility or making a deposit respectively.

10.   For more information or enquiries, members of the public can visit AMBD's website at www.ambd.gov.bn; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari.

Autoriti Monetari Brunei Darussalam

Date :    21 Sya'ban 1438/  18 May 2017

Ref :       AMBD/COMMS/3

Download Malay here

Download English here

  

AMBD'S RESPONSE TO CONCERNS ON TDSR

1.             Autoriti Monetari Brunei Darussalam (AMBD) would like to thank Azlan Othman for his article in Borneo Bulletin titled 'Call to review TDSR limit' published on Friday, 5 May 2017 and Concerned's Letter to Editor on Opinion page titled 'Total Debt Service Ratio, an unrealistic measure' published on Wednesday, 10 May 2017.

2.             AMBD would like to share the main objective of introducing the Total Debt Service Ratio (TDSR) among others, is to reduce household debt. Excessive household debt is a source of vulnerability to the social economy of the country. The TDSR policy helps to promote responsible lending by the banks and finance companies and responsible borrowing behaviour of the public. This will foster a healthy and sustainable credit market which in turn contributes to economic and financial stability.

3.             TDSR is commonly implemented at a similar or lower ceiling in other jurisdictions by the Financial Supervisory Authorities and Central Banks to address specific issues. The Monetary Authority of Singapore explained their TDSR framework in a joint press release dated 10 March 2017 as follows:

"The TDSR framework aims to encourage prudent borrowing by households and strengthen credit underwriting standards by financial institutions. Under this framework, property loans extended by a financial institution should not exceed a TDSR threshold of 60%".

In Oman, the TDSR for personal loans (including credit cards and motor vehicle financing) is set at 50% rising to 60% if residential mortgage loans are included. In a circular to the banks dated 23 May 2012, the Central Bank of Oman stated the reason for this is to address the rising level of personal indebtedness in housing loans and other personal loans.

4.             AMBD would like to elaborate further on the current TDSR policy:-

i.          AMBD does not impose the TDSR on borrowers with Net Monthly Income below BND1,750. However, to ensure that they have access to credit/financing, banks and finance companies are given discretion to provide lending based on their current internal credit policy on TDSR;  

ii.          Rental income are included as part of the borrower's Gross Monthly Income subject to certain conditions as stipulated by AMBD; and

iii.          Any car rental facilities with fixed periodic repayment obligations, offered by entities (directly or indirectly) under the purview of AMBD are subject to the TDSR policy.

AMBD will continue to monitor the conditions in the domestic credit market and will review the TDSR policy from time to time in line with one of its objectives - to maintain financial stability.

5.       Since the introduction of the TDSR policy in June 2015, and taking into account other enhancements to the financial infrastructure, such as the establishment of the Credit Bureau in 2012, AMBD has observed several positive outcomes as follows: -

i.          The household indebtedness as measured by Personal loans (including credit cards), has declined by 28.6% from BND2.3 billion in 2010 to BND1.6 billion in 2016. Prior to the introduction of TDSR in 2015, there were instances where loans were given to customers who had no ability to repay.  Household indebtedness also reached a worrying level where 30% of loan applicants earning Net Monthly Income above BND1,750 had TDSR above 70%. This indicated households were heavily in debt prior to the TDSR policy. 

As an example, a customer with Net Monthly Income of BND2,000 with TDSR of 90% would only have BND200 as take-home pay which is equivalent to BND6 a day. The TDSR is therefore intended to help households to have enough disposable income for necessities such as food, clothes, education, savings, insurance, emergencies, and other expenses. Since the introduction of TDSR, the number of loan applicants who are heavily in debt have declined to 6% as of March 2017;

ii.          Based on the data submitted by finance companies, the number of repossessed motor vehicles has shown a decline of 39% from 2,879 in 2014 to 1,764 in 2016. The decline in repossessions indicates that the customers have significantly improved their repayment capability to meet their debt obligations. This also shows that finance companies have reduced their risk of customers' default effectively with the TDSR policy, as evident from the declining net non-performing loan ratio from 0.6% in 2014 to 0.5% in 2016; and

iii.          AMBD has observed an increase in preference of owning residential properties rather than taking a loan for an additional car for example, where residential mortgage loan/financing has increased by 52% from BND0.9 billion in 2010 to BND1.4 billion in 2016.

6.              In reference to the matter of declining car sales, as stated in Azlan Othman's article, AMBD has observed that the decline in car loans have started in 2012, prior to the implementation of the TDSR. Additionally, the car market has become increasingly competitive recently due to a number of factors, including the availability of options for long-term car rentals.

7.             AMBD would like to take this opportunity to remind the public on the importance of practicing financial discipline.   In this regard, the public is advised to:-

i.          Cut down unnecessary credit cards because each card may incur annual fees and can constrain their TDSR limit;

ii.          Use debit cards as a form of reducing cash payments to credit cards as it does not involve monthly repayments and is not included in the TDSR computation;

iii.          Prioritize your spending according to needs instead of wants;

iv.          Prioritize your borrowing needs.  For example, you have landed your first job, do you take  up a loan for an expensive car or an affordable one? By choosing the affordable car, a bigger share of your TDSR can be used to help finance your first home; and

v.          Consider saving the remaining disposable income for bigger purchases instead of acquiring loans. In the example cited by Concerned, a person with an income of BND 20,000 who is left with BND 6,000 after his monthly commitments, would have more room to manage his purchases. For example, if he sets aside BND 2,000 monthly, he will be able to save BND 24,000 in one year to buy a car without taking out a loan.

For more tips and advice on financial management, AMBD publishes awareness articles and advertorials from time to time, as well as organises regular awareness events for the public.  Please visit AMBD's website at www.ambd.gov.bn, download our AMBD application for free at Google Playstore or App Store, or follow AMBD's Instagram @autoriti_monetari.

8.             The implementation of the TDSR policy continues to foster a healthy and financially-sustainable society which supports the aspiration of the Government 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 towards Vision 2035. 

9.             For any enquiries and further information, the public may contact AMBD at 2388388 or email at info@ambd.gov.bn.

Autoriti Monetari Brunei Darussalam

Date:   15 Sya'ban 1438H/  12 May 2017M

Reference: AMBD/COMMS/6

Download PDF AMBD Response - Call to review TDSR limit and TDSR An Unrealistic Measure

  

 
​ 

SUCCESSFUL ISSUANCES OF BRUNEI DARUSSALAM GOVERNMENT SHORT-TERM

SUKUK AL-IJARAH SECURITIES

 

Bandar Seri Begawan, Brunei Darussalam (May 2017) - The Autoriti Monetari Brunei Darussalam (AMBD), agent to the Government of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam in managing and administering Sukuk Al-Ijarah issuances, is pleased to​​​ announce the successful pricing of its 145th issuance of short-term Sukuk Al-Ijarah securities.

The total of the sukuk issuance was B$ 100 million with following details:

SeriesIssuance DateMaturity DateTenorRental Rate
14504 May 201703 August 201791 days0.6250%


 With this issuance, the Brunei Government has thus issued over B$10.8782 billion worth of short-term Sukuk Al-Ijarah securities since the maiden offering on 6th April 2006 and the total holdings of the Brunei Government Sukuk outstanding until 4th May 2017 stood at BND 293.2 million.​​​

  

 

PRESS RELEASE

FINANCIAL FUN FAIR

IN CONJUNCTION WITH NATIONAL SAVINGS DAY 2017

JERUDONG PARK COLONNADE

 

3 SYAABAN 1438 CORRESPONDING TO 30th APRIL 2017

 

  1. Autoriti Monetari Brunei Darussalam (AMBD) in collaboration with the Ministry of Education (MOE) and the Employee Trust Fund (TAP) and related agencies, held a Financial Fun Fair at Jerudong Park Colonnade on Sunday, 3rd Syaaban 1438 corresponding to 30th  April 2017, in conjunction with the National Savings Day 2017.

  2. The Guest of Honour for the event was Yang Berhormat Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr.) Haji Awang Abu Bakar bin Haji Apong, Minister of Home Affairs who is also the Deputy Chairman of AMBD Board of Directors. Also present were Members of the Legislative Council, other members of AMBD Board of Directors; Permanent Secretaries; Deputy Permanent Secretaries; Senior Government and AMBD Officers; Chief Executive Officers of Financial Institutions in Brunei Darussalam; as well as AMBD officers and staff.

  3. With the theme "Financially Literate Generation", the objective of the Financial Fun Fair was to create a fun environment for families to learn concepts of financial management through the various games and activities organized by participating institutions. Among the financial institutions that were present at the Financial Fun Fair were Baiduri Bank Berhad, Great Eastern Life Assurance, Takaful Brunei, Standard Chartered Bank, Insurance Islam TAIB Holdings Sdn Bhd and Bank Islam Brunei Darussalam (BIBD) and also other organization such as Junior Achievement. Each institution showcased different interactive games designed to introduce participants to themes such as savings, budgeting and debt management.

  4. The Financial Fun Fair also held a variety of activities and performance including a guest appearance by Brunei National Athletes, Fakhri Ismail, Maziah Mahusin and Jaspar Yu; a bubble show; Escape Plan and a performance by Stella School. Games organized by AMBD include Investment Block, Credit Scoring Board Game, Connect S-A-V-E, find the Good Borrower, Putt It in, Bulleye, Payday, The fishing game, Match the scam, RING-assurance and Hungry Birdz.

  5. Following the Financial Fun Fair, AMBD in collaboration with TAP will also organize a Financial Showcase at the Airport Mall, Berakas on Saturday, 23 Syaaban 1438 corresponding to 20 May 2017.

  6. For more information on National Savings Day 2017 please visit www.ambd.gov.bn or contact AMBD through email corpcomms@ambd.gov.bn

     

    Autoriti Monetari Brunei Darussalam

     

    Date:     3 Syaaban 1438 / 30 April 2017
    Ref:        AMBD/COMMS/3

    Download Malay version here

    Download English version here


  

 
​ 

SUCCESSFUL ISSUANCES OF BRUNEI DARUSSALAM GOVERNMENT SHORT-TERM

SUKUK AL-IJARAH SECURITIES

 

Bandar Seri Begawan, Brunei Darussalam (April 2017) - The Autoriti Monetari Brunei Darussalam (AMBD), agent to the Government of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam in managing and administering Sukuk Al-Ijarah issuances, is pleased to​​​ announce the successful pricing of its 144th issuance of short-term Sukuk Al-Ijarah securities.

The total of the sukuk issuance was B$ 50 million with following details:

SeriesIssuance DateMaturity DateTenorRental Rate
14413 April 201712 April 2018364 days0.8750%


 With this issuance, the Brunei Government has thus issued over B$10.7782 billion worth of short-term Sukuk Al-Ijarah securities since the maiden offering on 6th April 2006 and the total holdings of the Brunei Government Sukuk outstanding until 13th April 2017 stood at BND 293.2 million.​​​

  

PRESS RELEASE

ISLAMIC DEVELOPMENT BANK (IDB) SUKUK MODEL LAW WORKSHOP

28 Rejab 1438 corresponding to 25 April 2017

 

1.       Autoriti Monetari Brunei Darussalam (AMBD), in collaboration with the Islamic Develoment Bank (IDB), is organizing the Islamic Development Bank (IDB) Sukuk Model Law Workshop today, Tuesday, 25 April 2017 until Wednesday, 26 April 2017 at The Empire and Country Club, Jerudong.

2.       The Guest of Honour for the Opening Ceremony was Yang Mulia Dato Paduka Dr Awang Hj Mohd Amin Liew bin Abdullah, the Deputy Minister of Finance.

3.       The ceremony began with welcoming remarks by Yang Mulia Awang Yusof bin Hj Abd Rahman, the Managing Director of AMBD, and continued with a keynote address by the Guest of Honour, Yang Mulia Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah.

4.       This workshop is an initiative led by IDB and the Islamic Research and Training Institute (IRTI), which aims to provide a platform for subject matter experts related to Sukuk issuances to exchange views that can assist in building a robust and enabling legal framework that supports the issuance, regulation and monitoring of Sukuk.

5.       The workshop was attended by over 100 participants from central banks in the region and internationally, and officers from the local financial industry as well as officers from AMBD.

 

Autoriti Monetari Brunei Darussalam

Date: 28 Rejab 1438H / 25 April 2017M

Ref No: AMBD/COMMS/ 3

Download Malay version here 

Download Englsih version   here

  

 

PRESS RELEASE

NATIONAL SAVINGS DAY 2017 ROADSHOW

 Belalong Community Hall,  Temburong

TUESDAY, 21 REJAB 1438 CORRESPONDING TO 18 APRIL 2017

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) in collaboration with the Ministry of Education (MOE), Ministry of Religious Affairs (MORA), Radio Television Brunei (RTB), the Employee Trust Fund (TAP), Temburong District Office as well as related agencies and financial institutions, held its fifth National Savings Day 2017 roadshow at Belalong Community Hall, Temburong on Tuesday 21 Rejab 1438 corresponding to 18 April 2017.

2.       The Guest of Honour for the event was Yang Berhormat Awang Haji Emran bin Haji Sabtu, a Member of the Legislative Council and Penghulu of Mukim Bokok. Also present during at the roadshow were senior officers from AMBD, as well as senior officers from Ministry of Education, Ministry of Religious Affairs, and Temburong District Office.

3.       With the theme "Financially Literate Generation", the roadshow is hoped to increase awareness of the importance of savings, financial independence and to make individuals and households, in particular students, to be more financially-savvy in the future.  This is in line with AMBD's efforts to develop a financially literate generation and also Brunei Vision 2035's objectives towards achieving a dynamic and sustainable economy, as well as highly-skilled population.

4.       100 students from secondary schools in the Temburong District were invited to participate in interactive financial-related games and activities organized by AMBD, TAP, BIBD and Insurans Islam TAIB. The games and activities gave an introduction on financial management and also local currency. This roadshow will be the fifth roadshow from the series of roadshows held in conjunction with the National Savings Day 2017.

5.       Other events planned in conjunction with the National Savings Day 2017 are the Financial Fun Fair, which will be held at the Jerudong Park Colonnade on Sunday, 30 April 2017 from 2pm to 10pm, which will feature a host of family fun-filled programs and interactive activities; and a Financial Showcase on Saturday, 20 May 2017 from 2pm to 8pm at the Airport Mall.

6.       For more information on National Savings Day 2017, members of the public can visit AMBD's website at www.ambd.gov.bn/nsd2017; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari.

Autoriti Monetari Brunei Darussalam

Date:               21 Rejab 1438/        18 April 2017

Ref:            AMBD/COMMS/3

Download Malay version here

Download English version here

  

PRESS RELEASE

AMBD Roadshow at The Ministry of Defence

Bandar Seri Begawan, Brunei Darussalam

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) recently held a roadshow for the officers and staff of the Ministry of Defence and Royal Brunei Armed Forces (RBAF).

2.       The roadshow began with an introduction to AMBD's roles and functions followed by a presentation on the Currency Order, 2004, which served as a reminder to the audience the dos and don'ts when handling Brunei Darussalam currency notes or coins, by the Currency Management Unit. 

3.       The third presentation was titled "Credit Bureau – Its Role in Your Financial Future" by the Credit Bureau at AMBD, where they explained the role and importance of Credit Bureau, its services and the benefits of a credit report. The Self-Inquiry service, a service which allows any individuals and commercial entities to obtain their own credit reports to check if the information reported is correct and updated, was also explained during the roadshow.

4.       The roadshow continued with a presentation on the Collateral Registry System, which was launched in December 2016. The final presentation was by the Financial Consumer Issues Unit on being financially smart which explained, amongst others, the risks when one is involved with Get Rich Quick Schemes and ways to detect financial fraud. The audience was also reminded to deal only with institutions and persons that are regulated or licensed by AMBD when seeking for financial services.

5.       This roadshow is part of a series of roadshows held by AMBD to the Government Ministries with the objective of giving a better understanding on the roles of AMBD  and raising financial literacy towards officers and staffs of the government agencies.

Autoriti Monetari Brunei Darussalam

Reference: AMBD/COMMS/3

Date:   10 Rejab 1438/  7 April 2017

Download Malay version here

Download English version here

  


PRESS RELEASE

NATIONAL SAVINGS DAY 2017 ROADSHOW

MA'HAD ISLAM BRUNEI, TUTONG

THURSDAY, 16 REJAB 1438 CORRESPONDING TO 13 APRIL 2017

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) in collaboration with the Ministry of Education (MOE), Ministry of Religious Affairs (MORA), Radio Television Brunei (RTB), the Employee Trust Fund (TAP), as well as related agencies and financial institutions, held its fourth National Savings Day 2017 roadshow at Ma'had Islam Brunei, Tutong on Thursday, 16 Rejab 1438 corresponding to 13 April 2017.

2.       The Guest of Honour for the event were Members of the Legislative Council, Yang Berhormat Awang Haji Abdul Wahab bin Apong, Penghulu of Mukim Tanjong Maya and Yang Berhormat Awang Haji Ramli bin Haji Lahit, Penghulu of Mukim Telisai. Also present at the roadshow were senior officers from AMBD, as well as senior officers from Ministry of Education, Ministry of Religious Affairs and Belait District Office.

3.       With the theme "Financially Literate Generation", the roadshow is hoped to increase awareness of the importance of savings, financial independence and to make individuals and households, in particular students, to be more financially-savvy in the future.  This is in line with AMBD's efforts to develop a financially literate generation and also Brunei Vision 2035's objectives towards achieving a dynamic and sustainable economy, as well as a highly-skilled population.

4.       100 students from secondary schools in the Tutong District were invited to participate in interactive financial-related games and activities organized by AMBD, TAP, Tabung Amanah Islam Brunei (TAIB), Insurans TAIB and Junior Achievement. The games and activities gave introduction on financial management and also local currency.

5.       The next National Savings Day roadshow will be on Tuesday, 21 Rejab 1438 corresponding to 18 April 2017 in Temburong District.

6.       Other events planned in conjunction with the National Savings Day 2017 are the Financial Fun Fair, which will be held at the Jerudong Park Colonnade on Sunday, 30 April 2017 from 2pm to 10pm, which will feature a host of family fun-filled programs and interactive activities; and a Financial Showcase on Saturday, 20 May 2017 from 2pm to 8pm at the Airport Mall.

7.       For more information on National Savings Day 2017, members of the public can visit AMBD's website at www.ambd.gov.bn/nsd2017; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari.

Autoriti Monetari Brunei Darussalam

Date:               16 Rejab 1438/        13 April 2017

Ref:            AMBD/COMMS/3

Download Malay version here

Download English version here

  

PRESS RELEASE

VIDEO ON GET RICH QUICK SCHEME 
AND USE OF BRUNEI DARUSSALAM'S NOTES

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) has found that there is a foreign video circulating through the social media, promoting an investment similar to a get-rich-quick scheme, and using images of Brunei Darussalam's notes, to attract the public.

2.       AMBD would like to remind the public to be careful when participating in any schemes or financial transactions.  The public is advised not to be easily enticed by any investment advertisements and to conduct due diligence and check the legitimacy of such individuals/company as well as the inherent risks associated before agreeing into any financial transactions.

3.       The list of persons and institutions licensed by AMBD may be obtained through the AMBD App or AMBD's website at http://www.ambd.gov.bn, where an Alert List is also available on the website. The Alert List is a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by AMBD or whose activities raise a suspicion of illegal activity. This list is without prejudice to any further assessment by AMBD regarding the activities of the companies concerned.

4.       AMBD would also like to remind the public that in accordance with section 21(1) of the Currency Order 2004, it is an offence to use the Brunei Darussalam currency note or coin, in any advertisement except without the permission of AMBD. Any persons who is found committing such offence is liable on conviction to a fine, imprisonment for a term not exceeding 15 years or both.
5.       For any enquiries or further information, please contact AMBD at 2388388 or email info@ambd.gov.bn

 

Autoriti Monetari Brunei Darussalam

Date:      15 Rejab 1438H/    13 April 2017M
Reference: AMBD/COMMS/3

Download Malay version here

Download English version here

  

PRESS RELEASE

NATIONAL SAVINGS DAY 2017 ROADSHOW

PENGIRAN ANAK PUTERI HJH RASHIDAH SA'ADATUL BOLKIAH SECONDARY SCHOOL

LUMUT

MONDAY, 13 REJAB 1438 CORRESPONDING TO 10 APRIL 2017

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) in collaboration with the Ministry of Education (MOE), Ministry of Religious Affairs (MORA), Radio Television Brunei (RTB), the Employee Trust Fund (TAP), as well as related agencies and financial institutions, held its third National Savings Day 2017 roadshow at Pengiran Anak Puteri Hjh Rashidah Secondary School on Monday, 13 Rejab 1438 corresponding to 10 April 2017.

2.       The Guest of Honour for the event were Members of the Legislative Council, Yang Berhormat Awang Haji Abdul Hamid bin Haji Mumin, Penghulu Mukim Liang and Yang Berhormat Awang Hanapi bin Mohd Siput, Ketua Kampung Labi 1. Also present during at the roadshow were senior officers from AMBD, as well as senior officers from Ministry of Education, Ministry of Religious Affairs and Belait District Office.

3.       With the theme "Financially Literate Generation", the roadshow is hoped to increase awareness of the importance of savings, financial independence and to make individuals and households, in particular students, to be more financially-savvy in the future.  This is in line with AMBD's efforts to develop a financially literate generation and also Brunei Vision 2035's objectives towards achieving a dynamic and sustainable economy, as well as highly-skilled population.

4.       100 students from secondary schools in the Belait District were invited to participate in interactive financial-related games and activities organized by AMBD, TAP, Bank Islam Brunei Darussalam (BIBD), Takaful Brunei Keluarga and Junior Achievement. The games and activities gave introduction on financial management and also local currency.

5.       The next National Savings Day roadshows will be on Thursday, 13 April in Tutong District, followed by Temburong District on Tuesday 18 April.

6.       Other events planned in conjunction with the National Savings Day 2017 are the Financial Fun Fair, which will be held at the Jerudong Park Colonnade on Sunday, 30 April 2017 from 2pm to 10pm, which will feature a host of family fun-filled programs and interactive activities; and a Financial Showcase on Saturday, 20 May 2017 from 2pm to 8pm at the Airport Mall.

 7.       For more information on National Savings Day 2017, members of the public can visit AMBD's website at www.ambd.gov.bn/nsd2017; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari. 


Autoriti Monetari Brunei Darussalam

Date:               13 Rejab 1438/        10 April 2017

Ref:            AMBD/COMMS/3

Download Malay version here

Download English version here

  

PRESS RELEASE

NATIONAL SAVINGS DAY 2017 ROADSHOW

SEKOLAH MENENGAH KATOK

GADONG

THURSDAY, 9 REJAB 1438 CORRESPONDING TO 6 APRIL 2017

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) in collaboration with the Ministry of Education (MOE), Ministry of Religious Affairs (MORA), Radio Television Brunei (RTB), the Employee Trust Fund (TAP), as well as related agencies and financial institutions, held its second National Savings Day 2017 roadshow at Sekolah Menengah Katok, Gadong on Thursday, 9 Rejab 1438 corresponding to 6 April 2017.

2.       The Guest of Honour for the event were members of the Legislative Council, Yang Berhormat Awang Iswandy bin Ahmad, and Yang Berhormat Haji Tahamit bin Haji Nudin, Penghulu of Mukim Gadong 'A'. Also present during at the roadshow were senior officers from AMBD, as well as senior officers from Ministry of Education, Ministry of Religious Affairs, and Brunei and Muara District Office.

3.       With the theme "Financially Literate Generation", the roadshow is hoped to increase awareness of the importance of savings, financial independence and to make individuals and households, in particular students, to be more financially-savvy in the future.  This is in line with AMBD's efforts to develop a financially literate generation and also Brunei Vision 2035's objectives towards achieving a dynamic and sustainable economy, as well as highly-skilled population.

4.       100 students from secondary schools in the Brunei-Muara District were invited to participate in interactive financial-related games and activities organized by AMBD, TAP, Junior Achievement, Baiduri Bank, Bank Islam Brunei Darussalam and State Street. The games and activities gave introduction on financial management and also local currency. This is a follow-up from the first roadshow, which was held in Chung Hwa Middle School on Tuesday, 4 April 2017.

5.       The next National Savings Day roadshow will be on Monday, 10 April in Belait District, followed by Tutong District and Temburong District on Thursday 13 April and Tuesday 18 April respectively.

6.       Other events planned in conjunction with the National Savings Day 2017 are the Financial Fun Fair, which will be held at the Jerudong Park Colonnade on Sunday, 30 April 2017 from 2pm to 10pm, which will feature a host of family fun-filled programs and interactive activities; and a Financial Showcase on Saturday, 20 May 2017 from 2pm to 8pm at the Airport Mall.

7.       For more information on National Savings Day 2017, members of the public can visit AMBD's website at www.ambd.gov.bn/nsd2017; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari.

Autoriti Monetari Brunei Darussalam
Date:               9 Rejab 1438/          6 April 2017

Ref:            AMBD/COMMS/3

Download Malay version here

Download English version here

  

PRESS RELEASE

NATIONAL SAVINGS DAY 2017 ROADSHOW

CHUNG HWA MIDDLE SCHOOL

BANDAR SERI BEGAWAN

WEDNESDAY, 7 REJAB 1438 CORRESPONDING TO 4 APRIL 2017

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) in collaboration with the Ministry of Education (MOE), Ministry of Religious Affairs (MORA), Radio Television Brunei (RTB), the Employee Trust Fund (TAP), as well as related agencies and financial institutions, held its first National Savings Day 2017 roadshow at Chung Hwa Middle School, Bandar Seri Begawan on Tuesday, 7 Rejab 1438 corresponding to 4 April 2017.

2.       The Guest of Honour for the event was Yang Berhormat Awang Ong Tiong Oh, Member of the Legislative Council who is also the Chairman of the Board of Directors of Chung Hwa Middle School. Also present during at the roadshow were senior officers from AMBD, as well as senior officers from Ministry of Education, Ministry of Religious Affairs, Brunei and Muara District Office, and Chung Hwa Middle School.

3.       With the theme "Financially Literate Generation", the roadshow is hoped to increase awareness of the importance of savings, financial independence and to make individuals and households, in particular students, to be more financially-savvy in the future.  This is in line with AMBD's efforts to develop a financially literate generation and also Brunei Vision  2035's objectives towards achieving a dynamic and sustainable economy, as well as highly-skilled population.

4.       100 students from secondary schools in the Brunei-Muara District were invited to participate in interactive financial-related games and activities organized by AMBD, TAP, Baiduri Bank, Junior Achievement and Great Eastern. The games and activities gave introduction on financial management and also local currency .

5.       The next roadshow will be on Thursday 6 April in Brunei-Muara District, followed by roadshows in Belait District, Tutong District and Temburong District on Monday 10 April, Thursday 13 April and Tuesday 18 April respectively.

6.       Other events planned in conjunction with the National Savings Day 2017 are the Financial Fun Fair, which will be held at the Jerudong Park Colonnade on Sunday, 30 April 2017 from 2pm to 10pm, which will feature a host of family fun-filled programs and interactive activities; and a Financial Showcase on Saturday, 20 May 2017 from 2pm to 8pm at the Airport Mall.

7.       For more information on National Savings Day 2017, members of the public can visit AMBD's website at www.ambd.gov.bn/nsd2017; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari.


Autoriti Monetari Brunei Darussalam

Date:                Rejab 1438/              April 2017

Ref:            AMBD/COMMS/3

Download Malay version here

Dwonload English version here

  

The Autoriti Monetari Brunei Darussalam (AMBD) is pleased to invite suitably qualified applicants to apply for the following position:

General Requirements:

  • Applicants for the position must be citizens of His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam;
  • Strong communication and analytical skills with good organizational and planning skills coupled with high capability in report writing; and
  • Be fluent in oral & written Malay and English as well as being IT literate.

1.       MANAGER/MANAGER TRAINEE [M4]

CORPORATE COMMUNICATIONS

MAIN RESPONSIBILITIES:

  • To plan, monitor, and manage the media, local and international, through organized events and/ or media releases, and evaluating the effectiveness of the activities;
  • To plan, monitor, and manage public relations, through relaying key messages to the public and responding to queries and complaints, and evaluating the effectiveness of the activities;
  • To plan, monitor, manage and evaluate the effectiveness of marketing campaigns;
  • To plan, monitor, manage and evaluate the effectiveness of information and management messages disseminated internally; and
  • To perform any other duties as may be assigned from time to time.
     

MINIMUM REQUIREMENTS:

  • Possess good bachelor degree qualification with Honors in Corporate Communications, Public Relations or any other relevant majors from universities or institutions accredited by Ministry of Education, Brunei Darussalam;
  • Having work experience in related fields is an advantage; and
  • Having the ability to use Adobe Photoshop, InDesign and other creative design softwares will be an advantage.

 

2.       MANAGER/MANAGER TRAINEE [M4]

FINANCIAL INTELLIGENCE (AML)

To perform Financial Intelligence Unit's functions and tasks as lead agency in AML/CFT, in accordance to FATF Recommendations.

MAIN RESPONSIBILITIES:

  • To monitor compliance of Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) to relevant AML/CFT laws and FATF Recommendations;
  • To plan and conduct off-site and on-site examinations for AML/CFT supervision on FIs and DNFBPs;
  • To prepare examination reports on FIs and DNFBPs;
  • To conduct outreach and training to FIs and DNFBPs; and
  • To perform any other duties as may assign from time to time.

MINIMUM REQUIREMENTS:

  • Possess good bachelor degree qualification with Honors in relevant subjects including but not limited to areas of Audit, Finance, Banking or Business Management from universities or institutions accredited by Ministry of Education, Brunei Darussalam; and
  • Having an ACAMS AML Certification or ICA Certification is an advantage.

 

3.       MANAGER/MANAGER TRAINEE [M4]

INTERNAL AUDIT (INFORMATION TECHNOLOGY)

To perform detailed evaluation of internal control, and perform audit reviews of computer information systems. 

MAIN RESPONSIBILITIES:

  • To perform general and application control reviews for simple to complex computer information systems as per audit work plan, including consulting with system administrators and other related employees on various operational issues related to information systems, and on general business operations as needed during the course of the audit;
  • To perform information control reviews to include system development standards, operating procedures, system security, programming controls, communication controls, backup and disaster recovery, and system maintenance, including performing IT security reviews to address audit objectives to mitigate information technology risks regarding the confidentiality, integrity, and availability of business information;
  • To assess and evaluate compliance with relevant laws, regulations, and policies relevant within the scope of AMBD operations;
  • To prepare required audit working papers in compliance with the Institute of Internal Auditors (IIA) IPPF standards, such as audit memos, audit reports and questionnaires to ensure that adequate documentation exists to support the completed audit and conclusions, including preparation of written and oral reports and other technical information in a pertinent, concise, and accurate manner for distribution to Head of Internal Audit;  
  • To follow up on IT audit findings to ensure that management has taken corrective action(s), including coordinating and interacting with external auditors, system administrators and any related consultants;
  • To determine and recommend improvements in risk management controls and implementation of system changes or upgrades; and
  • To maintain audit management system for Internal Audit Unit; including assisting and training other internal audit staff in the use of computerised audit techniques, and when required in developing methods for review and analysis of information systems.

    MINIMUM REQUIREMENTS:
  • Possess good bachelor degree qualification with Honors in Information Technology or any other relevant majors from universities or institutions accredited by Ministry of Education, Brunei Darussalam;
  • Applicants with a Master Degree in related majors is an advantage;
  • Having the professional qualifications/certifications in Project management, Auditing  System implementation, System administration, Microsoft SQL administration, Vendor management, Troubleshooting or any other relevant fields is an advantage; and
  • Having the work experience in audit/audit IT/IT or any other related fields is an advantage.
     

4.       MANAGER/MANAGER TRAINEE [M4]

LEGAL AFFAIRS

To provide sound legal advice to all relevant departments under AMBD and to ensure effective management of overall legal risk.

MAIN RESPONSIBILITIES:

  • To draft, prepare, vet and review legal documents, including Contracts, Memorandum of Understanding, Notices, etc;
  • To deal with complex matters that cut across legal and finance related areas;
  • To provide sound legal advice  to  all departments  within AMBD and its Management;
  • To examine materials, such as publications, advertisements, etc., for legal implications which may affect AMBD;
  • To represent the Legal Affairs Unit in meetings, seminars, courses, etc.;
  • To contribute to the development of the AMBD's strategic plans; and
  • To perform any other duties as may be assigned from time to time.

MINIMUM REQUIREMENTS:

  • Possess good bachelor degree qualification with Honors in Law (LLB) from universities or institutions accredited by the Ministry of Education, Brunei Darussalam.
  • Having qualifications such as Barrister Professional Training Course qualification or a Masters in Law (LLM) qualification or its equivalent is an advantage. 
     

5.       MANAGER/MANAGER TRAINEE [M4]

BANKING (EXAMINER)

To perform ongoing onsite examination of banks and finance companies.

MAIN RESPONSIBILITIES:

  • To prepare risk based on-site examination reports for the concerned bank's management and for AMBD's management;
  • To provide reports to AMBD's senior management on licensees' compliance with AMBD's requirements through on-site examinations;
  • To follow up on findings and observations during the on-site examination and provide information to AMBD's senior management and bank's management accordingly;
  • To prepare information as and when requested by other departments and agencies;
  • To implement AMBD's Strategic Plan and Banking Unit's Work Plan; and
  • To perform any other duties as may be assigned from time to time.

    MINIMUM REQUIREMENTS:
  • Possess good bachelor degree qualification with Honors in Economics/Banking & Finance or any other related majors from universities or institutions accredited by the Ministry of Education, Brunei Darussalam;
  • Possess a minimum of 5 years of working experience in the banking sector or auditing of banks, preferably in risk management, internal audit or compliance in a Multinational Bank or audit of banks;
  • Having professional qualifications such as Institute of Bankers, Recognised Audit Qualification or any other relevant professional status (Institute of Internal Auditors, CPA, etc.) is an advantage; and
  • Possess intermediate knowledge in Islamic Banking and Finance.

6.       MANAGER/MANAGER TRAINEE [M4]

BANKING SUPERVISION

To regulate and supervise the activities of the banks and finance companies.

MAIN RESPONSIBILITIES:

  • To supervise and monitor respective financial institutions in accordance with AMBD regulatory requirements;
  • To process licensing and other regulatory applications received from respective financial institutions;
  • To prepare information requested by other departments and agencies;
  • To assist on any international matters such as attending supervisory or other meetings;
  • To implement the AMBD's Strategic Plan and the Banking Unit's work plan; and
  • To perform any other duties as may be assigned from time to time.

MINIMUM REQUIREMENTS:

  • Possess good bachelor degree qualification with Honors in Economics/Banking & Finance or any other related majors from universities or institutions accredited by the Ministry of Education, Brunei Darussalam;
  • Having minimum of 3 years of work experience in the banking sector or audit of banks, preferably in risk management, internal audit or compliance in a Multinational Bank or audit of banks is an advantage;
  • Having professional qualifications such as Institute of Bankers, Recognised Audit Qualification or Professional Status (Institute of Internal Auditors, CPA, etc.) is an advantage; and
  • Possess intermediate knowledge in Islamic Banking and Finance.

 

7.       MANAGER/MANAGER TRAINEE [M4]

FINANCIAL CONSUMER ISSUES

To assist in undertaking tasks, especially those relating to the complaints handling from financial consumers and market conduct of licensed financial institutions in Brunei Darussalam.

MAIN RESPONSIBILITIES:

  • To oversee the administration of complaints handling and to provide guidance;
  • To analyze trends of Financial Consumers' Complaints and to provide recommendation for future policy directions;
  • To ensure that Financial Institutions comply with the directions set by AMBD in relation to market conduct, transparency and disclosure;
  • To undertake on-site and off-site supervision with regards to market conduct;
  • To conduct research on areas of relevance; and
  • To perform any other duties as may be assigned from time to time.

MINIMUM REQUIREMENTS:

  • Possess good bachelor degree qualification with Honors in Law (LLB), Psychology or any other equivalent relevant majors from universities or institutions accredited by the Ministry of Education, Brunei Darussalam.
  • Applicants with a Master degree qualification or its equivalent is an advantage.

8.       MANAGER/MANAGER TRAINEE [M4] 

CAPITAL MARKET

  • To undertake review of listing applications by company(s) seeking listing and admission to the Brunei Darussalam Securities Exchange (BNX);
  • To monitor and supervise listed entities on compliance to pre listing requirements and post listing obligations; and
  • To monitor and supervise the Brunei Darussalam Securities Exchange (BNX).

MAIN RESPONSIBILITIES: 

            I.            Listing and Supervision of Markets:

  • To facilitate pre-submission consultations with the issuer and advisor to discuss potential issues pertaining to the IPO application such as practical / implementation issues and regulatory issues;
  • To undertake compliance review of company(s) offering documents with respect to public offerings under the Securities Markets Order, 2013 and Securities Market Regulations, 2015;
  • To prepare recommendation/proposal for Listing committee approval for Listing and admission of a company to Brunei Darussalam Securities Exchange (BNX);
  • To monitor and review issuer/company compliance to pre and post listing obligation; and
  • To undertake day to day administrative functions handling related activities of listed entities such as announcements.
     

             II.         Supervision of Securities Exchange:

  • To supervise and undertake real time monitoring of exchange activities
  • To provide pre and post market summary on the exchange activities and prepare report for the Authority;
  • To identify irregular and suspicious market activities;
  • To initiate initial investigation on suspicious and irregular market activities; and
  • Undertake periodical examination on Exchanges operations and activities.

MINIMUM REQUIREMENTS:

  • Possess good bachelor degree qualification with Honors in Law or Capital Markets / Accounting/ Finance / Economics from universities or institutions accredited by Ministry of Education, Brunei Darussalam;
  • Having work experience in Banking industry or companies holding CMSL is an advantage; and
  • Having qualified as a Chartered Accountant is an advantage.

     

9.       MANAGER/MANAGER TRAINEE [M4] 

ISLAMIC FINANCIAL ADVISORY
 
To assist Principal Syariah Advisor in providing Syariah advice focusing on Islamic monetary, treasury and investment management.

MAIN RESPONSIBILITIES:

  • To provide Syariah advice on monetary and reserve investment matters;
  • To review and provide assessment on relevant documentation;
  • To conduct research on the development of Islamic finance particularly in the Syariah-related matters;
  • To monitor and develop the expertise & performance of the local Syariah Scholars; and
  • To perform any other duties as may be assigned from time to time.
MINIMUM REQUIREMENTS: 
  • Possess good bachelor degree qualification with Honors specifically in Syariah, Islamic Finance, Investment or any other relevant majors from universities or institutions accredited by Ministry of Education, Brunei Darussalam;
  • Having the knowledge and/or work experience in monetary, treasury and investment or any other related fields is an advantage; and
  • Good written and oral communication skills in Arabic language is an advantage.

10.   ASSISTANT OFFICER [S1] 

BANKING

To assist to regulate and supervise the activities of the banks and finance companies. 

MAIN RESPONSIBILITIES: 

  • To perform operational tasks of unclaimed balances, credit cards, finance companies' advertisements, etc.;
  • To monitor payment of all fees received from licensed institutions;
  • To process applications received from respective financial institutions;
  • To conduct research and analysis under the supervision of a senior officer; and
  • To deal with other administrative matters assigned from time to time.

MINIMUM REQUIREMENTS:

  • Possess good HND qualification in Business Accounting and Finance or any other relevant majors from colleges/universities or institutions accredited by Ministry of Education, Brunei Darussalam;

  • Having the work experience in the related fields is an advantage; and

  • Having the basic knowledge in Islamic Banking and Finance is an advantage. 

11.   ASSISTANT OFFICER [S1]

FINANCIAL CONSUMER ISSUES

To assist in undertaking tasks, especially those relating to Financial Literacy Initiative/Financial Awareness Programs.

MAIN RESPONSIBILITIES:

  • To assist in organizing and conducting financial awareness and education outreach events/programs and activities, for example, National Savings Day and roadshows;
  • To  assist in liaising with other government and private sector agencies to enhance inter-agency collaboration in promoting financial literacy;
  • To assist in the preparation of financial awareness publications such as articles, advertorials, brochures and posters;
  • To prepare financial literacy games to suit different age and target groups;
  • To assist in preparing customized financial literacy programs;
  • To undertake research in areas of relevance; and
  • To perform any other duties as may be assigned from time to time.

MINIMUM REQUIREMENTS:

  • Must possess good HND qualification in Business and Finance or in any other relevant majors, from colleges, universities or institutions accredited by Ministry of Education, Brunei Darussalam.

 

12.   ASSISTANT OFFICER [S1]

ACCOUNT AND FINANCE

To assist manager in performing finance activities of AMBD.

MAIN RESPONSIBILITIES:

  • To prepare the settlement transaction for AMBD Payments;
  • To prepare the entries into Accounting Systems;
  • To be responsible for Petty Cash Claims and upkeep of Cash Book;
  • To perform verification works;
  • To perform reconciliation works;
  • To monitor the Cash Flow; and
  • To perform any other duties as may be assigned from time to time.

MINIMUM REQUIREMENTS:

Possess good HND qualification in Finance or Accounting or in any other relevant majors from colleges, universities or institutions accredited by Ministry of Education, Brunei Darussalam.


Interested applicants are requested to submit online only through Online Job Application Form (NO physical submission nor sent via email will be entertained) with the following items:- 1) Application form; 2) a full resume; 3) a recent passport-sized photograph; 4) a copy of your IC; and 5) only copies of relevant academic certificates.

Applications should be received by AMBD not later than 11.30 am on Friday, 14th April 2017.

ONLY SHORTLISTED CANDIDATES WILL BE NOTIFIED

  

PRESS RELEASE

PRESS CONFERENCE ON NATIONAL SAVINGS DAY 2017

"FINANCIALLY LITERATE GENERATION"

3 Rejab 1438 corresponding to 31st March 2017

 

1.       His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, Senior Minister at the Prime Minister's Office, as Chairman of Autoriti Monetari Brunei Darussalam (AMBD) declared the first National Savings Day on 28th May 2015.

2.       The objective of National Savings Day is to increase the level of financial literacy in Brunei Darussalam through encouraging a savings culture and instilling prudent financial management habit, as well as increasing awareness on the financial products and services in the country.  

3.       The theme for this year's National Savings Day, "Financially Literate Generation", was chosen to reflect the goal to raise a financially literate and independent generation.

4.       AMBD is collaborating with the Ministry of Education, Ministry of Religious Affairs, Radio Televisyen Brunei, and Tabung Amanah Pekerja (TAP), as well as other related agencies and financial institutions, to organize a number of activities. Among the activities are roadshows to secondary schools at all four districts, where the students will be able to participate in interactive games financial and currency management.

5.       On Sunday, 30 April 2017, a Financial Fun Fair will be held at The Jerudong Park Playground and will feature a host of family fun-filled interactive programs and activities by AMBD, TAP and relevant financial institutions and agencies.

6.       In addition to this, AMBD is also organizing a radio promo competition for secondary students and a video promo competition. This financial awareness themed competition will increase the participants' financial and encourage their understanding through creative outlets.

7.       A Financial Showcase will also be held at the Airport Mall, on Saturday, 20 May 2017. This showcase will bring together financial institutions and related agencies, showcasing their savings and savings-related products. AMBD will also be announcing the winners of the radio and video promo competition during this showcase.

8.       For more information on National Savings Day 2017, members of the public can visit AMBD's website at www.ambd.gov.bn/nsd2017; download AMBD App from the App Store or Google Playstore; or follow AMBD on Instagram at @autoriti_monetari.
 

Autoriti Monetari Brunei Darussalam

Date:                3 Rejab 1438/ 31 March 2017

Ref:                   AMBD/R/FCP/NSD2017 

Download Malay version here

Download English version here

  

PRESS RELEASE

Clarification on the FinTech Regulatory Sandbox Guidelines

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) have found that there have been individuals misinterpreting and misusing AMBD's Press Release on The FinTech Regulatory Sandbox Guidelines as a means of legitimizing unlicensed schemes.

2.       AMBD would like to clarify that The FinTech Regulatory Sandbox Guidelines is meant for companies registered under the Companies Act (Chapter 39), or business registered under the Business Names Act (Chapter 92), that wish to test innovative products or services that involve activities that are likely to be regulated by AMBD. This testing phase is carried out with regulatory support from AMBD.

3.       Once the application to enter the Fintech Regulatory Sandbox is approved, a FinTech Regulatory Sandbox will allow a company to test their products or services with pre-agreed rules and limits that are meant to contain the risks associated with the failure of the company or the test involved.

4.       At the end of the testing period, the company will be required to comply with the relevant rules and regulations (including licensing of the product and/ or service) in order to continue its operations.

5.       Currently, there are no companies that are approved to operate in the FinTech Regulatory Sandbox. AMBD will be continuously updating information on the FinTech Regulatory sandbox, including the approved companies, on our website.

6.       AMBD would also like to inform members of the public that an Alert List has been published on the AMBD website. The Alert List is a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by AMBD or whose activities raise a suspicion of illegal activity. This list is without prejudice to any further assessment by AMBD regarding the activities of the companies concerned.

7.       For list of persons and institutions licensed by AMBD, members of the public can obtain it through the AMBD App, which can be downloaded on both the 'App Store' and 'Google Playstore'; or visit AMBD's website at http://www.ambd.gov.bn. Please follow AMBD on Instagram at @autoriti_monetari.

 

Autoriti Monetari Brunei Darussalam,

Date: 1 Rejab 1438 / 29 March 2017

Ref: AMBD/COMMS/3

Download Malay version here

Download English version  here

  

 
​ 

SUCCESSFUL ISSUANCES OF BRUNEI DARUSSALAM GOVERNMENT SHORT-TERM

SUKUK AL-IJARAH SECURITIES

 

Bandar Seri Begawan, Brunei Darussalam (March 2017) - The Autoriti Monetari Brunei Darussalam (AMBD), agent to the Government of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam in managing and administering Sukuk Al-Ijarah issuances, is pleased to​​​ announce the successful pricing of its 143rd issuance of short-term Sukuk Al-Ijarah securities.

The total of the sukuk issuance was B$ 100 million with following details:

SeriesIssuance DateMaturity DateTenorRental Rate
14323 March 201721 September 2017182 days0.6875%


 With this issuance, the Brunei Government has thus issued over B$10.7282 billion worth of short-term Sukuk Al-Ijarah securities since the maiden offering on 6th April 2006 and the total holdings of the Brunei Government Sukuk outstanding until 23rd March 2017 stood at BND 393.2 million.​​​

  

 PRESS RELEASE

False Information on Issuance of New Currency

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) has recently found that there have been false information circulating among members of the public via social media and text messages concerning the issuance of new Brunei Dollars currency notes.

2.       AMBD would like to advise members of the public to be cautious and not to be deceived when receiving  any information from unofficial sources, particularly on matters relating to monetary policies, currency issuance, and the regulation of financial institutions. Members of the public are also advised not to disseminate any unverified and false information.  

3.       AMBD would also like to remind members of the public that in accordance with section 13 of the Currency Order, 2004, it is an offence for any person to issue any currency notes and coins, or any document or token, which resembles or is likely to pass as legal tender, and shall be liable upon conviction to a fine and imprisonment of maximum 15 years.  

4.       Any news on the issuances of new currency notes and coins, for circulation and commemorative, will be announced through official AMBD media platforms.

5.       More information on Brunei Darussalam's currency notes and coins can be obtained through the AMBD App, which can be downloaded from the App Store and the Google Playstore; or visit AMBD's website at http://www.ambd.gov.bn; or follow AMBD on Instagram at @autoriti_monetari.

Autoriti Monetari Brunei Darussalam

Date: 28 Jamadilakhir 1438 / 27 March 2017

Ref: AMBD/COMMS/3

Download Malay version here

Download English version here

  


PRESS RELEASE

IMPLEMENTATION OF BRUNEI AUTOMATED CLEARING HOUSE DIRECT CREDIT

1.       Autoriti Monetari Brunei Darussalam (AMBD), with the collaboration of Brunei Association of Banks (BAB), introduced direct credits into the Automated Clearing House (ACH) system on 3rd March 2017. This follows the implementation of the Brunei Real Time Gross Settlement (RTGS) system for high-valued electronic transfers between banks in 2014, and the implementation of the ACH system for automated cheque process last year.

2.       Direct credit is an electronic transfer of multiple low value payments through the ACH system. The payment is initiated by the paying bank, and will send funds directly into the beneficiary customers' bank accounts at least one day earlier than cheques.

3.       Direct credit is a fast, convenient and inexpensive process of depositing money into customers' accounts of another bank such as for payrolls, pensions, supplier payments, dividend payments, etc. It has been used globally, and is recognized as one of the most cost effective and efficient methods of sending funds to a customer's account.

4.       Cheques and cash are comparatively expensive means of payment, and are less secure than their modern electronic counterparts. By using direct credit, the process of handling personal financial information will be more efficient, and will eliminate fraudulent activity risks when it comes to transaction relating to physical cheques.
5.       The Brunei Darussalam Financial Sector Blueprint 2016-2025 (FSBP) sets a specific objective to reduce the use of physical cheques by approximately 50% by 2020, aligning with our neighbours in the region, and also to ensure that all high-value inter-bank cheques be replaced by Brunei RTGS payments for rapid risk-free settlement. AMBD and the banks will continue to work together in preparing policies that are relevant, which will encourage customers to choose the more reliable, efficient and secure electronic methods.   

6.       AMBD's next innovative phase is developing plans and policies for an interoperable market infrastructure for retail payments. This may include payment cards, internet banking, mobile phone payments and other new technology payment instruments, in line with AMBD's initiative to promote e-payment economy. In parallel, AMBD will also be implementing a Central Securities Depository (CSD) to automate securities and depository for Government Sukuk and other potential securities that are registered in Brunei Darussalam.
 

Autoriti Monetari Brunei Darussalam

Date :    3 Jamadilakhir 1438 / 2 March 2017

Ref :       AMBD/COMMS/2017/3

Download Malay version here

Donwload English version here

  


PRESS RELEASE

THE FINTECH SANDBOX

Design and Technology Building, Anggerek Desa

Monday, 30 Jamadilawal 1438 corresponding to 27 February 2017

 

  1. Autoriti Monetari Brunei Darussalam (AMBD) hosted The FinTech Sandbox event today on Monday 30th Jamadilawal 1438 corresponding to 27th February 2017 at the Design and Technology Building, Anggerek Desa.
     
  2. The event began with the recitation of Surah Al-Fatihah and was followed by welcoming remarks delivered by the Guest of Honour, Yang Mulia Awg Yusof bin Hj Abd Rahman, Managing Director of AMBD. In his opening remarks, YM Awg Yusof highlighted that the global financial industry continues to face innovative developments, including the development of FinTech. YM Awg Yusof then shared steps that are being undertaken by AMBD to encourage the growth of FinTech companies in Brunei Darussalam, and at the same time, ensuring the stability of Brunei Darussalam's financial industry.
     
  3. The event continued with the launching of the AMBD FinTech Office, a virtual facilitation office where all information, including enquiries, concerning FinTech in Brunei Darussalam may be directed. The FinTech Regulatory Sandbox Guidelines was also launched during the event, a guideline which will allow FinTech companies to test their financial products or solutions in a safe and efficient manner, while receiving regulatory support from AMBD.
     
  4. The event was attended by various stakeholders including government and regulatory agencies, technology companies, representatives from the financial industry, entrepreneurs and students from higher education institutions.

 

Autoriti Monetari Brunei Darussalam

Date: 30 Jamadilawal 1438/ 27 February 2017

Reference: AMBD/COMMS/3

Download Malay version here

Download English version here

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