Tabung Amanah Islam Brunei (Taib) has said it will continue to offer Shariah-compliant structured deposits despite it not being regulated as a bank.
“Despite constraints due to Taib's non-banking status, we are committed to giving our clients diversified and competitive capital-protected, Shariah-compliant deposit products that have high returns,” said MD Datin Hjh Urai.“This has been made possible by our extensive access to risk markets via our global strategic partners and alliances; capable in-house research teams; and the full support of our various committees, the boards of directors and the Shariah Advisory Committee."
Speaking this week at the opening of a new branch of the Islamic financial services provider at Brunei Darussalam, Hjh Urai said that Taib had seen an increase of more than 3% in deposits and savings over the last two months, and a 20% increase in financing products. She also said that Taib, which aims its products at retail and corporate clients, would be expanding its product range during 2008.
In June this year, Taib offered Brunei’s first ever investment-linked deposit called Taib Baraka Deposit Certificate. The five-year Shariah product offered growth linked to the SGAM AI Baraka Index.
