Team size: Nine

Key team members: Effendy Othman, Hjh Amanda PD Hj Abas, Noraha Abdul Malek, Farah Li Omar, Cornelia Yong, Shariah Liyana Nadzirah Malai Hj Hashim, Ahmad Nazree Hj Omar, Muhammad Haris Chong Abdullah, Rafi’ah Ibrahim.

What are the most significant cases or transactions that your legal team has recently been involved in?

In the preceding year, our division spearheaded the legal review for four Green Sukuk prospectuses, which the Bank successfully subscribed to. These Green Sukuks meld the ethical ethos of Islamic Banking with sustainable investment, emphasising renewable energy, eco-friendly technology, and green infrastructure. This initiative captivated potential investors and charted our course toward global sustainability objectives.

One of our notable undertakings was managing a complex cross-border case tied to a significant financing project default payment. From the onset, we relied on our internal expertise, ensuring the Bank’s rights were protected while effectively managing costs and minimising risks. It was not until we had strategically positioned ourselves that we engaged external solicitors, ensuring their involvement was timed for maximum impact. This approach was instrumental in our successful recovery of approximately USD$22 m. Handling diverse jurisdictions and intricate legal frameworks, this achievement underscores our commitment to the Bank’s interests and our ability to coordinate effectively internationally.

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?

In today’s digital landscape, the Legal and Corporate Secretarial team at BIBD values technology’s potential. However, we firmly believe that no digital solution can entirely supplant the essential qualities of critical thinking, sound judgment, and accountability that define an outstanding legal team. With this philosophy, we embarked on focused discussions about leveraging IT. Our objective? To drive efficiency in a fiscally responsible manner while ensuring our team can enhance their ethical and professional attributes.

Hence, rather than diving headfirst into expensive external solutions, we looked introspectively, posing the question: “How can we amplify the potential of our existing resources to elevate our operational efficiency?” Our achievements below are reflective of this strategic introspection:

Reimagining the Document Management System (DMS): While the Bank already had DMS, the team’s innovative vision saw a broader application. Beyond its conventional role, we expanded its functions to manage the Bank’s key legal documents and monitor outsourcing arrangements, ensuring we meet regulatory standards. This strategic adaptation of the DMS facilitated streamlined processes and fostered better collaboration and centralisation of the Bank’s legal documents.

Proactive with the Expiration Reminder Software: Instead of waiting for oversights, we took a preemptive approach by utilising a software tool to set up alerts for legal documents approaching expiration dates, ensuring timely renewals, and reducing potential oversights. This was not just about using a tool but about forecasting a common challenge and addressing it head-on.

The Kanban Board’s Integration: We embraced the Kanban Board for its simplicity, recognising that less automation means more hands-on engagement from our team. The Kanban Board cultivates a culture of discipline and ownership among our members by requiring direct involvement in task management. We believe that the key to effective management is not just about digitisation but about fostering a discipline that builds character and ensures that the team remains engaged and accountable in its tasks. In essence, the Kanban Board serves as a perfect blend of manual input and digital visualisation.

Further, one of our key ongoing projects is digitising our Board forum. This digital transformation initiative aims to streamline the board’s operations, facilitate efficient communication, and ensure that board materials and discussions are securely archived and easily retrievable.

Our journey in enhancing operational efficiency goes beyond just tools; it is rooted in the thoughtful strategy that steers our choices. We have strived to be resourceful, efficient, and committed to delivering effective legal services in every initiative.

Apart from legal matters, has the team worked on other company initiatives?

The Legal and Corporate Secretarial team at BIBD extends its contributions beyond traditional legal services, as evidenced by its establishment of the BIBD Group Code of Ethics and the BIBD Group Corporate Governance Framework in 2022.

The Code serves not merely as a set of guidelines for employee behaviour but as a testament to the bank’s dedication to Islamic ethical values, whilst the BIBD Group Corporate Governance Framework further exemplifies our commitment to transparent and ethical operational practices. This governance framework fortifies the bank’s institutional integrity, ensuring our operations resonate with global best practices and Shariah principles.

One of the central features of the Code and the Governance Framework is the emphasis on sustainable environment and community development initiatives. We wanted these documents to reflect that our operations, products, and services embrace the wider Shariah values, which go beyond legal tenets to include its broader ethical and sustainability values, championing the belief that while we continue to thrive economically, we must also prioritise the wellbeing of our community, the environment, and uphold our core values, align with the bank’s motto of being “Bruneians at Heart.”.

The team’s commitment to push for real action on these principles does not stop with mere guidelines. Instead, in the Code, the team offered practical steps employees can incorporate into their daily activities to contribute towards BIBD’s ethical and sustainable growth from paper conservation to responsible waste disposal and energy conservation. The team hopes that by incorporating practical steps, the Code provides a tangible roadmap for all BIBD employees, underscoring the small yet significant actions that cumulatively lead to impactful change.