The Principal Legislation Regulating Islamic Banks and Finance Companies

The various legislation that have a direct influence on Islamic banking and finance in Brunei Darussalam are as follows:

• Constitution of Brunei Darussalam, 1959. Section 2 defines Islamic religion as the Islamic Religion according to the Shafeite sect of Ahlis Sunnah Waljamaah. The Constitution has substantial relevance to how the term Hukum Syara', in other words, Shari'ah (Islamic law), will be perceived by industry players, regulators, and the courts.
• TAIB (Chapter 163). This law established the Perbadanan Tabung Amanah Islam as a statutory Islamic trust fund, in particular to encourage savings for performing the Hajj pilgrimage. Although not categorised as a bank, the trust fund does undertake limited banking functions, such as savings accounts and the provision of housing and retail facilities. As an Islamic institution, it is required to have a religious advisory committee to ensure that its investments, dealings, and actions accord with the principles and rulings of Shari'ah.
• Shari'ah Financial Supervisory Board Order, 2006 (SBSB Order). Consonant with the objective of having some degree of certainty about what is and is not in conformity with Islamic law as practised in Brunei Darussalam, the SFSB Order provides for the establishment of a board to manage the Islamic products and services that are offered to the public by financial institutions. Section 2 of the SFSB Order defines Hukum Syara' (Islamic law) as the Laws of Islam according to the Shafeite, Hanafi, Maliki, or Hanbali sect of Ahlis Sunnah Waljamaah.

  Islamic financial business is defined as a financial business whose aims and operations are in accordance with Islamic law (as defined in the SBSB Order). The law requires that all products of an Islamic financial institution bank must be approved by the SFSB before being offered to the public. In determining what is or is not Islamic law, the SFSB Order prescribes strict procedures to be followed by the board.

  First, the board must find conformity with the accepted views of any of the four madzhabs. Second, if the board finds that such accepted views are incompatible with the public interest or that there is an absence of guidance on a matter, the board may decide the issue based on maslahah, which is defined as any public interest, benefit, ease, or welfare that is not contrary to Islamic law.

  This, in practice, makes the SFSB a secondary law-making body for Islamic banking. No one may act as a Shari'ah advisor or consultant without the prior approval of the board.

• Islamic Banking Order, 2008. This is the primary legislation governing Islamic banks. It defines Islamic banking business as any business whose aims and operations are not contrary to Hukum Syara' (Islamic law) and that consists of receiving deposits or other repayable funds from the public, paying or collecting cheques drawn by or paid by customers, and granting financing facilities to customers. Financing means the extension of credit, loans, advances, murabahah (cost plus financing), leasing, installment sale, istisna' (manufacturing contract), or any other modality not contrary to Islamic law (as defined in the IBO). Unlike its conventional counterpart, the Islamic Banking Order does not use the word including, which could mean that there is less room for flexibility in the range of products that an Islamic bank may offer without additional approval from the authority. As with the SFSB Order, Hukum Syar'a is defined as the laws of Islam according to the Shafeite, Hanafi, Maliki, or Hanbali sect of Ahlis Sunnah Waljamaah.
• Finance Companies Act, Chapter 89. This law was amended a few years ago to include and cater specifically to Islamic finance business. Now, in section 2, Islamic financing business is defined as a financing business whose aims and operations do not involve any element not approved by Hukum Syara' (Islamic law). The ijarah Thumma al-Bai' (leasing with purchase) mode is usually employed in the Islamic financing of motor vehicles.
• International Banking Order, 2002. The preamble to this order provides that it is for the regulation and licensing of bodies engaged in the business of international banking, and it includes the licensing of international Islamic banking businesses.
• International Insurance and Takaful Order, 2002. We understand that no company has been granted a license under this order. It provides for the regulation of the international insurance business and international insurance-related activities, in order to provide security and protection for long-term international insurance businesses.
• Brunei Accounting Standards Order, 2011. This order established the Accounting Standards Council to issue accounting standards applicable to companies and other incorporated and unincorporated bodies and to provide accounting standards for statutory bodies.
• Deposit Protection Order, 2010. This order is for the administration of a deposit protection scheme and the establishment of the Brunei Darussalam Deposit Protection Corporation. Islamic banks are included in this order, which is designed to provide a certain degree of stability to Islamic banks as well as conventional banks.
• Pawnbrokers' Order, 2001. This order regulates the Islamic pawnbroking business of ar-rahnu. It performs a useful function in the smaller retail market by providing quick and ready cash for microbusinesses.
• Authority Monetary Brunei Darussalam Order, 2010. This piece of legislation marks a significant milestone in the aims and aspirations of Brunei Darussalam to develop its financial sector into a financial hub—in particular, as an Islamic financial hub in this region. The order's preamble establishes and incorporates the Authority Monetary Brunei Darussalam to act as the central bank of Brunei Darussalam, formulate and implement monetary policy, advise the government on monetary arrangements, and supervise financial institutions. All financial institutions and banks, including Islamic banks, come under the supervision of the Authority Monetary Brunei Darussalam, which has taken proactive steps to support, facilitate, and promote Islamic finance in the country. It is responsible for initiating the Securities Markets Order.
• Securities Markets Order (SMO), 2012. The SMO came into force on June 25, 2013, although the Government Gazette was not made available to practitioners until November 2013. This causes obvious difficulties for practitioners and relevant users who must rely on the order for compliance and in rendering legal and other types of advice to third parties. As of this writing, the industry is awaiting the publication of the regulations made under this order.

  Before the SMO, there was no specific legislation to regulate the capital markets, whether in sukuk (Islamic bond) or other debt-based facilities. Such transactions were carried out based on a potpourri of outmoded legislation and were mostly incompatible with Islamic finance.

  The SMO covers Islamic investments and businesses; regulation of the financial markets, including the licensing of securities exchanges, market operators, and trading activities; the issuance and offers of debentures and shares of companies; investment advisor and representative investment advisor licences; and collective investment schemes and fund management.

  In brief, (1) the SMO will include the licensing of entities and persons carrying out Islamic investment business, which includes any of the regulated activities specified in the order; (2) entities wishing to engage in an Islamic investment business must be licensed by the authority for that purpose; and (3) Islamic products must obtain the prior approval of the SFSB board.

  Although provision is made for the operating of an Islamic window, it is left to be seen whether the authorities will permit such windows.

  The introduction of the SMO may provide the much-needed certainty about the laws in this area and will jump-start what is presently a sluggish industry. This would enable Brunei Darussalam to realise its aims of being a regional player for Islamic finance.

Islamic Asset Management

Islamic asset management in Brunei Darussalam is undertaken by various entities: Islamic banks and financial institutions, takaful companies, investment advisor entities, and offshore banks. Institutions such as takaful companies and banks may perform their own treasury functions or engage fund managers and investment advisors to manage their investment and/or surplus funds.

Tax and Accounting

In Brunei Darusslam, Islamic financial institutions and takaful insurance companies that are incorporated under the Companies Act (Chapter 39) will be taxed the same way as the conventional financial institutions under the Income Tax Act (Chapter 35).

Companies incorporated or registered under the Companies Act (Chapter 39) are required to file a yearly income tax return declaring the company's income for the preceding year together with a copy of the tax computation and audited financial statements under the Income Tax Act (Chapter 35); the Income Tax Act (Amendment) Order, 2008; the Income Tax Act (Amendment) (No. 2) Order, 2008; the Income Tax Act (Amendment) Order, 2009; the Income Tax (Automation Equipment) Rules, 2009; the Income Tax Act (Amendment) Order, 2010; the Income Tax Act (Amendment) (No. 2) Order, 2010; and the Income Tax Act (Amendment) Order, 2012.

The Income Tax Act (Chapter 35), Section 8, requires income tax to be charged for each year of assessment on the income of the company accruing in, derived from, or received in Brunei Darussalam of gains or profits from any trade, business, profession or vocation, for whatever period of time such trade, business, profession, or vocation may have been carried on or exercised. Companies incorporated or registered outside Brunei Darussalam with limited gains or profits derived from or received in Brunei Darussalam from any trade, business, profession, or vocation will also be subjected to income tax and this includes an Islamic financial institution.

The Income Tax Act (Chapter 35), Section 11, further provides that any income from any source shall be income after deducting all outgoings and expenses wholly and exclusively incurred during the period by the company, including interest, rent, repair, and maintenance of premises, plant, machinery, or fixtures, bad debts (trade nature) incurred, contribution to approved pension funds, and such other deductions as may be prescribed by laws. This means that for an Islamic financial institution whose profits arise from a Shari'ah-based financing facility, expenses properly incurred wholly and exclusively for the business are deductible. For example, in a sukuk transaction, which includes a lease of assets in return for a monthly rental under the lease, the rental paid by the lessee should be considered as incurred by the business and deductible for tax purposes.

With the consent of the Sultan, the Brunei Darussalam Accounting Standards Council (ASC) was established on August 1, 2011, under the Accounting Standards Order of 2010. The ASC issues accounting standards applicable to companies registered or incorporated under the Companies Act (Chapter 39), including Islamic banks; companies registered or incorporated outside Brunei Darussalam that establish a place of business in Brunei Darussalam; and incorporated and unincorporated bodies and statutory bodies with the following objectives in relation to the provision of financial information. The following description is a direct quotation from the Accounting Standard Order, 2010, Section 10 (1)(a)(b):

• Assist directors of companies and officers of other persons or classes of persons prescribed under Section 9(1)(b) to discharge their duties and obligations in relation to financial reporting under the Companies Act (Chapter 39) or any other written law;
• Is relevant to assessing performance, financial position, financing, and investment;
• Is relevant and reliable;
• Facilitates comparability;
• Is readily understandable; and
• To maintain investor confidence in Brunei Darussalam economy (including its capital markets).

On July 3, 2012, with the consent of the Sultan, the ASC released a ruling for the full adoption of the International Financial Reporting Standards, as set out by the International Accounting Standards Board, by companies in Brunei Darussalam, effective January 1, 2014. However, full adoption of the standards will be imposed only on institutions with public accountability, which includes banks, financial institutions (including Islamic financial institutions), and insurance and takaful companies. However, for Islamic financial institutions, modification will be allowed in order to comply with the Islamic Banking Order of 2008 and principles of Shari'ah.

Before the establishment of the ASC, the financial statements in Brunei Darussalam were mostly prepared in accordance with the provisions of the Companies Act (Chapter 39) and the accounting principles generally accepted in Brunei Darussalam. This is the same for Islamic financial institutions, except that they also need to comply with the Islamic Banking Order of 2008 and principles of Shari'ah.

Presently, no changes in tax legislation are further contemplated by the authorities for Islamic banking and finance.

Expenses (which include rental expense) that incurred wholly and exclusively in the production of income will be an allowable expense under the Income Tax Act (Chapter 35), Section 11.

Retail and Microfinance

The retail banking market in Brunei is composed of both conventional and Islamic banking institutions. There are eight conventional banks listed on the website of the Autoriti Monetari Brunei Darussalam. However, Citibank NA has announced that it will withdraw from Brunei in April 2014. The Hong Kong and Shanghai Banking Corporation Limited has also announced that it has ceased its motor vehicles hire purchase financing business.

Takaful and Re-Takaful

The Takaful Order of 2008, which came into effect on September 30, 2008, regulates takaful business carried on in Brunei Darussalam. The Takaful Order is supplemented by the Takaful Regulations of 2008.

Before the Takaful Order, takaful operators and intermediaries were governed administratively by the Ministry of Finance. The introduction of the order provided the necessary regulatory framework and introduced greater transparency for the industry and its players.

Since January 2011, the Authority Monetary Brunei Darussalam, specifically the Insurance/Takaful and Capital Market Supervision Division, was designated as the regulator, taking over from the Ministry of Finance. According to the authority, its compliance and supervision are benchmarked and guided by the International Association of Insurance Supervisors.

The Takaful Order and its counterpart, the Insurance Order of 2008 (for conventional insurance), are comparatively similar in their licensing frameworks and registration requirements as well as their capital, deposit, and other prudential provisions.

An entity seeking registration must either be locally incorporated in Brunei or have registered a branch under the Brunei Companies Act (Chapter 39). If the applicant is incorporated in Brunei, the minimum paid-up share capital requirement is B$8 million. On the other hand, if it is to be registered as a branch, it must maintain a surplus of assets over liabilities equivalent to B$8 million and also fulfill certain prescribed requirements under the Takaful Order, both before and after being registered.

The essential difference between the two is logically the nature of the products offered by the takaful operators, which are underpinned by Shari'ah principles and approved by Brunei's SFSB.

Takaful is similar but not identical to a cooperative system of reimbursement or mutual responsibility to safeguard one another in case of loss. Compensation is paid out of a fund, a common pool contributed to by members. This concept is guided and inspired by Shari'ah based on the need of Muslims to provide for mutual cooperation, responsibility, and protection from mishaps for the common good. The basis of such a concept calls for policyholders to cooperate among themselves by contributing to a fund in which the losses and liabilities are divided and shared based on an agreed-upon system.

Depending on the individual products, the takaful models commonly employed in Brunei are based on the mudaraba (profit-sharing) and/or the wakalah models incorporating the concept of tabarru (donation). Unlike conventional insurers, a takaful operator is guided by Islamic law when investing the funds and assets of the contributors.

In Brunei, there are presently two takaful operators offering general takaful and family takaful. The first is Syarikat Takaful Brunei Darussalam (born from the merger of Takaful IBB and Takaful BIBD in July 2010), through its subsidiaries, Takaful Brunei Keluarga and Takaful Brunei Am. The second is Insurans Islam TAIB (a subsidiary of TAIB), through its subsidiaries, Insurans Islam TAIB General Takaful and Insurans Islam TAIB Family Takaful. There are currently no re-takaful operators in Brunei.

Currently, these fairly new takaful operators underwrite a very comprehensive range of takaful products for the individual and businesses, ranging from automobile takaful to retirement and medical schemes to public liability takaful. According to one source, as of 2012 the market share of takaful is as follows: Family takaful is 30 percent, life takaful is 70 percent, general takaful is 45 percent, and nonlife general takaful is 55 percent.

In spite of the comprehensive range of products offered, broader acceptance in Brunei of takaful remains a challenge beyond serving the customers who are religiously inclined. Although products, quality service, and pricing are always relevant factors, perception issues remain when measured against longer established and better capitalised conventional insurers. It has been reported that whereas automobile takaful already commands a significant market share (but in a segment where claims are high), underwriting risks in the nonlife sectors represent a bigger challenge when competing with conventional players. One industry player has called for greater visibility and assistance from the government through its sponsored national infrastructure projects.

Sovereign Sukuk

In September 2013, the Authority Monetary Brunei Darussalam announced, as managing and administering agent on behalf of the government of Brunei, its 93rd and 94th issuance of the ijarah sukuk under the government's short-term money market program to institutional investors, raising approximately B$200 million. Since April 2006, the Brunei government has reportedly issued more than B$6.23 billion.

Although this is promising news, Brunei lags significantly behind in sukuk issuance compared to Malaysia and the Gulf Cooperation Council (GCC), which issued the bulk of sukuk in 2012. As one of the few countries in the world with a budget surplus and an economy that is primarily dominated by the public sector, including government-linked entities such as Brunei LNG and Brunei Shell Petroleum, it is arguable that the impetus and environment is just not conducive to the issue of sukuk (or even conventional bonds) to raise capital to finance projects, investments, and expansions.

Yet it is evident that there is a great demand and appetite for Islamic securities by investors in Brunei, as is the case regionally, and this may augur well for the long-term development of an Islamic capital market here. A good example of this is the recent successful $150 million (in Singapore dollars) five-year sukuk (carrying a yield of 6.5 percent) by Swiber Capital in Singapore, where reportedly 46.3 percent was taken up by Brunei investors. With banks that operate in Brunei carrying excess liquidity and facing challenges to place them out in a limited domestic market along with very low deposit rates at 25–30 basis points, says one banking officer, investments and savings in safe Islamic securities in the form of sukuk carrying a competitive yield represents an attractive investment alternative.

There have been calls for the government to reassess the nature of ijarah sukuk, which it has issued thus far under its short-term ijarah sukuk program by issuing medium to long-term tenures and allowing tradability. Currently, these sovereign sukuk are issued short-term with 91-day tenures, and institutional investors who have subscribed may hold on to them only until maturity. It is uncertain whether government-linked entities that may have large capital requirements will take the lead, but in the case of the government, it is suggested that it could drive the initiative forward and, underpinning such issuances could possibly be the many planned major national infrastructure projects that are likely to take place in the coming years in Brunei.

The general view is that sukuk with longer tenure will be more attractive to investors and may foster the development of a secondary market for these instruments by enabling the local institutional investors to trade and offer them to retail investors. When the sukuk is tradable, it generally duplicates functions of tradable securities in mobilising resources from the markets and injects liquidity into businesses and the government while also providing a stable source of income for investors. Over time, the issuance and trade of these instruments carrying a fixed or floating rate of return is likely to lead to the development of a local market benchmark for investors.

Debt Capital Markets

The Islamic debt capital market in Brunei Darussalam exists in limited forms. This is the result of many factors, but perhaps one of the main factors is that the government of Brunei is the single largest project initiator and does not require financing to fund its projects. The case could be made that the government of Brunei is the most suitable agency to spearhead capital market activities in which the public could participate—for example, infrastructure projects and initial public offerings of government-owned companies. These could inculcate an investment and savings culture, which may encourage other lesser entities to look at the capital market for funding needs instead of relying on traditional banks.

Presently, there are only two domestic sukuk issuance groups in Brunei Darussalam. The first is the BLNG and (the then) Islamic Development Bank of Brunei (now part of the BIBD). Their ijarah sukuk program, with a value of US$100,000, started in 2005 and was approved in late 2006.

The other sukuk is the government of Brunei's ijarah sukuk short-term money market program, started in 2006. However, the SFSB had approved another sukuk called BSP Sukuk al-Ijarah in 2010, although it does not seem to have been launched.

Other capital market financing projects ae based in the oil and gas sectors, construction, and real estate, and they have employed the concepts of istisna', ijarah mausufah fi al-dzimmah,[ ijarah leasing, and al-bai' bithaman aajil. Larger debt financing has funded the construction of ships to transport liquefied natural gas.

Cross-Border Financing

The BIBD has taken an initial but positive role in the capital market with a number of notable Shari'ah-compliant deals. In 2011, it provided funding of US$75 million to Turkiye Finans Katilim Bankasi under the BIBD's murabahah financing facility model. More recently, BIBD acted as a lead manager for Kuveyt Turk Katilim Bankasi Sukuk issuance, and in March 2013, it was the mandated lead arranger in the structured syndicated murabahah financing for Turkiye Finans Katilim Bankasi. The BIBD was also a lead manager for a sukuk issuance in Indonesia.

Regulatory Issues

The legislation listed earlier comprises the principal laws that regulate Islamic banking and finance in Brunei Darussalam. Two pertinent secondary laws are mentioned here, because they have a substantial influence on Islamic banking. The efficacy and contents of the secondary legislation are of great importance because they can be seen as complementary to and facilitating the natural growth of Islamic finance. Unsuitable or inadequate secondary legislation will thwart the development of Islamic finance. Two examples illustrate the present difficulties:

1. Stamp Act (Chapter 34). The stamp duty law in its unamended state is outdated and imposes significant additional costs on Islamic banking customers because of Shari'ah's emphasis on trade transactions (buy and sell, and often resell or lease and buy back). This results in dual and often multiple stamp duty chargeable instruments showing supporting transactions to endorse a single financing facility to make it Shari'ah-compliant. These transactional documents can attract stamp duty on a fixed or ad valorem basis. Generally, when the instrument shows a conveyance of some property, stamp duty is chargeable on an ad valorem basis. This creates an unequal playing field. In Islamic finance, the multiple transactions are often facilitative in nature—that is, they are “pass-through” transactions with legal but no economic consequences. For example, in a sukuk transaction, the buying and selling of, and the eventual leasing back of, an asset will attract ad valorem stamp duty. When the government of Brunei is involved, the difficulties may be ameliorated by establishing the supporting Special Purpose Vehicles as an offshore international business company under which it is exempted from tax and stamp duties and other fees. However, this is only piecemeal and does not adequately address the crux of the issue. The high rate of stamp duty in Brunei Darussalam has an adverse effect on Islamic finance, although where a charge or collateral is taken as security for repayment, it will equally affect both conventional and Islamic banking. What is required to remedy this situation is not piecemeal or ad hoc cures but wholesale amendments to the Stamp Act.
2. The Land Code (Chapter 40). This legislation dates back to the early 20th century and is unsuitable in part for the purposes of Islamic banking. In particular, the prescribed forms of memoranda of relating charges over land are ill-suited to meet the peculiar requirements of Islamic financial transactions. In order to facilitate charges granted in favour of Islamic banks as security for payment, it is necessary to substantially reword the contents of the prescribed forms, which, while tedious, have so far not presented any real legal challenge. Therefore, statutory prescribed forms that were originally prescribed to support conventional forms of banking and security taking can be suitably modified to fit the peculiar needs of Islamic finance and security taking.

Human Resources Development

In the field of human resources development and Islamic banking and finance, Brunei Darussalam has been a slow starter. Nonetheless, concrete and substantial steps have been taken in recent years to educate, train, and provide experience to an increased pool of candidates to lead Brunei Darussalam toward its desire to be a regional hub for Islamic banking and finance. Although this objective is not easy to achieve and is perhaps easier said than done, a number of positive developments in education have been put in place. The main initiatives are described here.

The Centre for Islamic Banking, Finance and Management was established by the Ministry of Finance in 2010 as a limited company and a centre for learning specialising in the further education and training of human resources involved in the finance industry, including Islamic banking and finance. It is a significant step in the development and training of personnel for Islamic banking and finance in Brunei Darussalam. One substantive educational program is the Fiqh Mu'amalat Professional Program, which aims to enhance and deepen the knowledge and practical understanding of participants in fiqh mu'amalat (law of transactions) in the field of Islamic finance to cater to Brunei Darussalam's current and future needs. In particular, it provides practical education with the various commonly used Islamic concepts, principles, and contracts in Islamic finance along with useful illustrations, examples, explanations, and discussions. Well-known experts in Islamic finance are introduced to the participants to share their views and to discuss often difficult and controversial issues. I was a participant in this program, and in my view, this program will do much to introduce and strengthen knowledge, understanding, and practical experience in fiqh mu'amalat in Islamic finance.

The Universiti Islam Sultan Sharif Ali is the first university in Brunei Darussalam to introduce a double-degree program for undergraduates in legal studies based on common law and Shari'ah, in which students will graduate with both a bachelor of law degree and a bachelor of Shari'ah law (BSL) degree. The first class is expected to graduate in 2016. Last year, the first class of the single bachelor of law program graduated from the university; its program had incorporated eight specially tailored courses in Shari'ah, apart from the core substantive and professional common law–based courses. The additional Shari'ah subjects will enhance the graduate law students' understanding of Shari'ah—in particular, fiqh mu'amalat—by contributing to developing a new generation of practitioners in Islamic finance who understand both conventional law and Islamic law. This can be seen as a first step to producing legal practitioners who are multidisciplined. This university has a separate program called Diploma in Shari'ah, which trains students to become Shari'ah scholars and provides a natural springboard for those who wish to enter the field of Islamic finance by pursuing a one-year course for a master's in Islamic finance.

The Universiti Brunei Darussalam has been offering a master's in Islamic banking for a number of years. This program has already produced a pool of practitioners who are instructed in Islamic banking and finance, and it is ongoing. The trainers for this program are both local and foreign experts in the field and are thus able to provide a healthymixture of views and ideas for the students to learn about Islamic finance at an international level.

Conclusion

Although Brunei Darussalam has had two decades of Islamic banking and finance experience, it did not generate sufficient interest in its development and advancement. However, more recent events have given a fresh impetus to rekindle the spirit of Islamic banking and finance in Brunei Darussalam. In particular, the mandate that the government of Brunei Darussalam is to be administered and governed in accordance with the principles and rules of Islam, the education and training of human resources geared toward religious knowledge, the increased awareness of the people about what is permitted and not permitted in Islam, and the relevant authorities taking an active role will all create a milieu that is friendlier to Islamic banking and finance and will work toward the betterment and advancement of Islamic banking and finance in the country.

Investors and those with an interest in establishing Islamic finance and investments in Brunei Darussalam may look into specific investment areas, such as Islamic finance–based public-private partnerships to take over certain existing public utilities. This could be suitable to be privatised, and a portion of the equity in the utility owned by the investing public Islamic-based public funds could be used to invest in suitable domestic industries and those in the region. The investment vehicles can be one or more of the various types of sukuk structures or other suitable Islamic structures to fit the particular circumstances.

About The Authors

Muhd Jamil Abas bin Abdul'Ali is a practising lawyer with more than 30 years of legal experience in banking and commercial work. He currently specialises in Islamic finance and in derivative and structured products legal regulatory advisory work (conventional and Islamic). From 1980 to 1989, Muhd Jamil held the posts of counsel, deputy senior counsel, and deputy public prosecutor in the attorney general's office. He was appointed magistrate in 1986 and deputy chief registrar of the high court in 1989.

Muhd Jamil joined the law firm Abrahams, Davidson & Co. as a partner in October 1990 and was senior partner from about 2000 until he retired as a partner in April 2010. He is currently a legal advisor to the firm. He also lectures part-time at University Brunei Darussalam and Universiti Islam Sultan Sharif Ali on legal issues in Islamic banking and finance.

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Tan Thiam Swee is a partner with Abrahams, Davidson & Co. He has been in practice for over 20 years in Malaysia and Brunei Darussalam, and his background is in corporate, commercial, banking, and property practice areas with transactional experience in mergers and acquisitions, capital markets, corporate finance, securities and mutual funds laws, and corporate and debt restructuring schemes.

Prior to joining the Abrahams, Davidson & Co. in 2003, Tan Thiam practised law in Kuala Lumpur with a well-known firm and was the principal counsel in a number of successfully completed major corporate and debt restructuring schemes in Malaysia where he advised and acted for Pengurusan Danaharta Nasional Berhad (the Malaysian National Debt Restructuring Agency), merchant banks, and publicly listed companies.

Tan Thiam obtained his law degree from University of Sheffield, England, and was called to the English bar as a Barrister with Inner Temple. He was also admitted as an Advocate & Solicitor in Singapore and Malaysia. Bernard has been ranked in Chambers Asia and IFLR 1000 in successive years.

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Lee Yun Chin is a partner of Lee & Raman. She is a fellow of CPA Australia and a member of the Brunei Institute of Certified Public Accountants. She has over 20 years of experience in the Brunei accounting profession. She is a Registered Public Accountant in Brunei Darussalam since year 2001. She joined Lee & Raman in April 1992 and admitted as a partner of the firm in 2002.

Lee Yun has experience in the audits of clients involved in many types of industries. She has particular expertise in the designing, tailoring, and setting up of computerised accounting systems for small and medium-size businesses. She has gained wide-ranging experience in handling both tax compliance and corporate secretarial matters for clients. She has also been involved in investigation matters and works closely with clients' legal teams.