Brunei has for many years been a significant player in the ASEAN region. Its very strong ties with the United Kingdom, Singapore and regional countries have led to the build-up of considerable commercial activity. The economy has been dominated by the oil and liquefied natural gas industries and Government expenditure patterns. Brunei Darussalam's exports consist of three major commodities, namely: crude oil, petroleum products and liquefied natural gas. However, the country has entered a new phase of development in its drive towards economic diversification and maturity.

Prior to formal establishment of BIFC, Brunei was already a busy commercial centre, as witness to the existing active presences in the domestic Banking sector of HSBC, Standard Chartered, Citibank, Overseas Union Bank, RHB, Maybank, Baiduri Bank, Islamic Bank of Brunei Berhad, Islamic Development Bank of Brunei and The Brunei Islamic Trust Fund (TAIB). All major accounting firms have significant presences, and there are some twenty law firms. Foreign professional expertise in support of BIFC is welcomed not just by Government, but also by the people.

The Brunei political system is based on the country's written Constitution and the tradition of the Malay Islamic Monarchy. Alcohol and drug abuse is almost totally absent, and a serene and secure social environment prevails. Brunei maintains tranquil and moderate Islamic traditions which flow through into its unique capabilities for Islamic as well as conventional financial growth. Fair dealing and avoidance of usury produces a philosophy that has much in common with English-based equitable principles. Religious freedom is guaranteed under the Constitution, and the country's commitment to the rule of law is built on the strong foundations of the inherited systems of English Common Law and the independence of its judiciary. These rights and benefits are firmly entrenched and continuously enjoyed.

Thus Brunei Darussalam is a small but significant and influential jurisdiction. The attributes of a financial centre are deployed to speed up growth in the financial services sector and are a means to an end rather than an end in itself.