A Hire Purchase Order 2006 briefing jointly organized by Baiduri Finance Berhad and HSBC Finance Brunei Berhad was held at The Rizqun International Hotel today. The objective of the event was to help all parties affected to be familiar with the new Hire Purchase Order, as well as gain insight as to better serve their customers.

By Command of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, the Notification of the Hire Purchase Order on 16th March 2006 is an Order to regulate the form and contents of hire purchase agreements and the rights and duties of parties to such agreements. These parties include financial institutions as owners, members of the public as hirers or guarantors, and motor dealers.

The General Manager of Baiduri Finance Berhad, Haji Haliluddin bin Dato Haji Talib and Managing Director of HSBC Finance Brunei Berhad, Mr Au Thien Kiong, felt it was not only the responsibility of government regulators but financial institutions as part of their corporate social responsibility to educate and create public awareness. Regulations of the new Hire Purchase Order hold parties accountable in their representation of hirers. Through this accountability, misrepresentation and anomalies will be avoided, as well as prevent fraudulent cases.

The briefing was presented by Dunstan Sim and Andrew Ong from CCW Partnership Advocates and Solicitors followed by a Question and Answer session where participants were able to raise any queries and concerns.

This event has helped all parties to the new Hire Purchase Order to obtain coverage together, get acquainted to the new Hire Purchase Order, and get them to provide better service to their customers.

In attendance were representatives from Financial Institutions Division from Ministry of Finance, Economic Planning and Development Department of the Prime Minister’s Office, Land Transport Department Ministry of Communications, Business and Entrepreneurial Development Ministry of Industry and Primary Resources, Bank Islam Brunei Darussalam, Perbadanan Tabung Amanah Islam Brunei, and the Brunei Automobile Traders Association. Approximately 80 people attended the event, the first of its kind to be held in Brunei Darussalam.