Perbadanan Tabung Amanah Islam Brunei (TAIB) has been a cornerstone of Brunei's financial landscape since its establishment on 29 September 1991. Inaugurated by the Sultan of Brunei Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, TAIB was the nation's first financial institution to operate entirely in accordance with Islamic principles, marking a significant milestone in Brunei's banking sector. As the first fully Shariah-compliant financial entity in the country, TAIB sets the standard for Islamic banking, which remains central to its operations. Its founding mission was to provide financial services that align with Islamic principles while addressing the diverse needs of the local population. Over the years, TAIB has expanded its offerings to include a wide range of products and services, from personal and corporate banking to insurance. "Our journey has always been about evolving with our customers’ needs and delivering value at every step," remarked Mohamad Amin Al-Shukri Haji Zahari (Amin), TAIB’s chief information officer. Mohamad Amin Al-Shukri Haji Zahari, Chief Information Officer, TAIB The financial institution (FI) plays a critical role in Brunei’s economy, supporting key initiatives such as financial inclusion and digital transformation. Its partnerships with national platforms like National Digital Payments Network (NDPX) and global payment platforms like NIUM underscore its commitment to advancing the country’s digital economy. "TAIB goes beyond banking services; it stands as a comprehensive financial institution committed to empowering individuals, driving business success, and fostering the nation’s economic development," said Haji Mohammad Zainolamin bin Haji Zainie (Zainolamin), head of retail banking. By staying true to its roots while embracing modernisation, TAIB has positioned itself as a leader in both traditional and digital banking. Haji Mohammad Zainolamin bin Haji Zainie, Head of Retail Banking, TAIB TAIB's commitment to inclusive banking Over the years, TAIB has expanded its products and services to meet the evolving needs of its customers. It has developed and introduced innovations in deposit products, mobile banking, real-time and digital payment services, underscoring its efforts to provide inclusive, Shariah- compliant, and technology-driven financial solutions. "Our goal is not just to provide banking services but to create solutions that address customer needs holistically," explained Amin. TAIB’s strategy focuses on leveraging technology and Islamic finance principles to meet modern banking challenges. Retirement Saver Account for inclusive retirement planning In line with its mission to offer inclusive financial products, TAIB introduced the Retirement Saver Account to provide flexible retirement savings options for both locals and expatriates. This offers systematic savings with voluntary contribution, empowering individuals to plan for retirement on their terms," explained Jacky Teo Kian Kee, head of product development and marketing. Customers can contribute as they wish, with no restrictions, earning monthly declared hibah and special annual hibah for maintaining their deposits. In 2023 and 2024, the account provided a total of 2.5% per annum hibah payout, aligning with national employee trust fund savings rates. Jacky Teo Kian Kee, Head of Product Development and Marketing, TAIB The account’s inclusivity is a cornerstone of its design. "While Shariah-compliant, it is open to everyone, ensuring broader accessibility," added Zainolamin. TAIB’s approach positions the Retirement Saver account as a financial empowerment tool. "It’s not just about saving money; it’s about giving customers control over their financial futures," remarked Amin. This flexibility makes the product relevant in a world where retirement planning increasingly requires customisable solutions. Enhancing wealth with TAIB Deposit Certificates The TAIB Deposit Certificates (TDC) exemplify TAIB’s focus on financial inclusion. With a minimum deposit of just BND 100 ($75), this product offers low-risk savings accessible to a wide demographic. The certificates operate on a profit-sharing model with the Shariah concept of Mudharabah Muthlaqah, distributing 70% of returns to customers upon maturity. "Transparency is at the heart of this product. Customers know exactly how their savings are performing," said Teo. Over the past two years, returns have consistently exceeded 2%, making it a competitive choice in Brunei’s market. TAIB’s investment in digitalisation has further enhanced the product. Accounts can now be opened online in under three minutes, eliminating the need for branch visits. "This digital transformation aligns with our commitment to frictionless banking," explained Zainolamin. The accessibility of TAIB Deposit Certificates has made them particularly popular among younger, tech-savvy customers. By simplifying the process and offering competitive returns, TAIB demonstrates how traditional banking products can be reimagined for modern needs. TAIB Virtual Experience (VX) aims to redefine digital banking The TAIB Virtual Experience (TAIBVX) platform is a cornerstone of its digital strategy. Launched in late 2021, the platform integrates mobile, web, and corporate banking, offering customers a seamless, real-time experience. "TAIBVX enables customers to access their account balances and transactions instantly, eliminating delays," said Amin. The platform’s user-friendly interface and enhanced functionalities have made it indispensable for both retail and corporate clients. The TAIBVX platform’s integration with Brunei’s instant payment system (IPS) is a game-changer. As the only FI in Brunei connected to IPS, TAIB enables real-time fund transfers and QR code-based payments, setting new standards for efficiency and convenience. "Our digital banking ecosystem is designed to empower customers while maintaining a strong focus on security and reliability," remarked Teo. Leading real-time payments Real-time payments are a cornerstone of TAIB’s innovation strategy. By leveraging IPS integration, TAIB will transform how individuals and businesses transact. Customers can make instantaneous payments, facilitating greater participation in Brunei’s digital economy. "Our real-time payment solutions are designed to be fast, secure, and user-friendly," said Zainolamin. TAIB’s merchant payment solution for ecommerce, the External Payment Interface (EPI), allows customers to make payments directly from their accounts without requiring manual confirmations or reconciliations. "EPI simplifies payments for merchants and reduces errors, making it a key enabler of digital commerce," added Teo. TAIB will also introduce an improved quick response (QR) code payment solutions following Brunei Darussalam’s National QR Code standard. These innovations are particularly beneficial for small merchants, enabling them to accept digital payments seamlessly. "The adoption of QR Code standard will be a turning point for many small businesses in Brunei," Amin noted. TAIB is now exploring regional payment interoperability through initiatives like Nexus, through NDPX aiming to connect Brunei with neighbouring economies. "Cross-border payments are the future, and we are committed to being part of that ecosystem," said Zainolamin. Pioneering future innovations TAIB’s forward-looking approach explores emerging technologies, such as generative artificial intelligence (AI), to enhance and personalise customer experiences. Generative AI allows TAIB to enhance its customer service capabilities by anticipating customer needs and delivering tailored solutions. "AI enables us to proactively address customer challenges, offering products and services that align with their specific financial goals," explained Teo. TAIB is also focusing on improving payment processes through initiatives such as "Request to Pay." This functionality gives customers greater control over their transactions, allowing them to approve payments at their convenience. "This feature provides flexibility and transparency, which are essential in modern banking," added Amin. TAIB is also leveraging advanced analytics to streamline internal operations, enhance fraud detection, and optimise decision-making processes. "Data-driven insights allow us to improve efficiency and reduce risks, ensuring a safer and more reliable banking experience for our customers," noted Amin. TAIB’s commitment to innovation is complemented by its emphasis on sustainability and exploring green financing initiatives to support environmentally friendly projects. "We want to align our growth with Brunei’s broader goals of environmental sustainability and economic resilience," said Teo. By combining technology with a focus on sustainability and inclusivity, TAIB is building a future-ready financial ecosystem that benefits both its customers and the wider community. Shaping the future TAIB highlights its ability to blend tradition with innovation through products like the Retirement Saver Account and TAIB Deposit Certificates that empower customers with flexible, Shariah-compliant solutions, while platforms like the Virtual Experience (VX) and integration with NDPX redefine convenience and accessibility. "Our focus has always been on creating meaningful financial solutions that empower our customers and drive economic growth," summarised Teo. By leveraging advanced technologies, fostering inclusivity, and aligning with national priorities, TAIB is shaping the future of banking in Brunei and beyond. As TAIB continues to expand its offerings and explore new frontiers, it remains a beacon of excellence in the financial sector. Its journey from a pioneering Islamic bank to a leader in digital transformation is a testament to its vision, resilience, and unwavering commitment to its customers.
