The past year in Brunei has seen the establishment of the Monetary Authority of Brunei Darussalam. Touted by local and international observers as a "huge step forward", this development essentially creates a central entity with central bank and itinerant monetary policy functions combined with regulatory purview and oversight powers....
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The past year in Brunei has seen the establishment of the Monetary Authority of Brunei Darussalam. Touted by local and international observers as a "huge step forward", this development essentially creates a central entity with central bank and itinerant monetary policy functions combined with regulatory purview and oversight powers. One lawyer notes: "This change indicates an evolution for the financial sector, and looks to consolidate the various authorities under one roof: it is very encouraging for the country."
The oil and gas industry continues to be a driver for the economy, with one lawyer noting that: "With the settling and signing of an agreement over a deepwater dispute between Brunei and Malaysia in the past year, there has been obvious growth in the oil and gas downstream industry."
An existing area of development continues to be Islamic finance. Practitioners have observed that the government is pushing for increased involvement in this area. Work continues to be a key driver for success in firms' portfolios. One practitioner notes: "With Dubai-based Fajr Capital buying a 30% stake in Bank Islam Brunei Darussalam (BIBD), there will definitely be an increase in interest and amount of work in Islamic finance."
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