Bank Rakyat studies potential entry in Brunei

Brunei official's invitation prompted lender to consider bringing its banking operations to the oil-rich sultanate.

Bank Rakyat will conduct a study on the banking business potential in Brunei, says its Managing Director Datuk Kamaruzaman Che Mat.

He said bank officials would be sent to the oil-rich sultanate next month to speak to the relevant authorities.

"We'll focus on prospects of the banking business and the potential for the Ar-Rahnu syariah-compliant Islamic pawnbroking concept," he told reporters after launching the bank's Creativity and Innovation Day Wednesday.

Earlier this month, Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said Bank Rakyat had been invited to open a branch in Brunei.

The offer to the cooperative bank was made by a government official during his visit to Brunei.

View the full story in Bernama.