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Article: Brunei banks on finance sector.
- Article from:
- Sunday Business (London, England)
- Article date:
- August 20, 2000
CopyrightCOPYRIGHT 2000 Sunday Business Publishing. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BRUNEI is trying to establish itself as an international finance centre (IFC) in one of several initiatives to broaden its economy beyond the traditional source of income, oil and gas.
In the past two months, Sultan Hassanal Bolkiah has enacted seven pieces of legislation to prepare for trustee and offshore banking services for both western and Islamic institutions and customers.
Ministry of finance officials have closely examined other offshore banking venues around the world and believe Brunei has a good chance of capturing market share by complementing existing centres. 'We are striving to fall somewhere between Singapore and Bahrain,' said Robert ...