Brunei’s Credit Crunch?

I was interviewed during the brunei national day and one of the questions asked was, what I was looking out for in 2010. I guess it has been on my mind for a while now, at I answered that I was a bit worried about the near future economics in Brunei, due to the recent MOF policy imposed on credit cards. So now after much pondering, I’m sharing more what I’ve been thinking about.

The banks in brunei have been imposed a new policy by the ministry of finance, http://news.brunei.fm/2010/01/12/banks-told-to-raise-minimum-credit-card-payments/, whereby

  1. Banks cannot issue a credit card to a person who doesn’t have their pay directly transferred to the bank.
  2. Credit cards that are not accordance to this rule is frozen, but the user is still obliged to pay the repayments, and is given 36 months to repay in full.
  3. All credit cards minimum payment will be changed from 3% or 5% (depending on the bank) to 8%.

I have been pondering about the possible consequences of these policies. There are already interesting outcomes:

Continue reading

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Certificate Presentation for BINA Course Participants

24th December 2009, BINA Auditorium – It was the first time the auditorium had been used since renovation. On this day, The auditorium was used for a certificate presentation ceremony for the participants that attended the courses that were facilitated by the Brunei Industrial development Association (BINA) and Entrepreneurial Development Centre(EDC).

The courses that the participants attended were Financial Statement course, and Store management and stock control course. There was a third course that I myself did not attend. All the course participants received certificates from the guest of honor. The course facilitators in return received some souvenirs from the representatives of the course participants.

edc representative handing a souvenirAt the end of the ceremony the participants took a picture with the guest of honor and the course facilitators.

The courses are held throughout the year. There will be more courses in 2010. More information can be obtained by contacting BINA and EDC.

More pictures of the events are available on my facebook account. at

http://www.facebook.com/album.php?aid=108692&id=550578077&l=dae5a6344

Introduction to Writing a Business Plan

I have been writing a business plan since 2003 to participate in the LiveWIRE business plan awards. I won the grand prize for the livewire participant category in 2006/2007. I have also participated in the think big business plan competition. Considering I am going to submit another business plan, I thought it would be appropriate for me to share what I know. For starters I’ll just share the purpose and the structure of a business plan. I’ll cover other topics some other time.

As a disclaimer, I am not an academic business student. I do not have a degree in business or administration. I studied mathematics and science. My knowledge of business plans or business is from reading books, internet resources, participating in courses, competitions, and doing business.

First thing before writing a business plan… Choosing a business idea. Your Business Ideas should have 3 main criteria: Continue reading

Financial Statement Course by BINA

Participants of the financial statement course at BINA

I attended a 3 day course on Financial Statement that was held by BINA at Beribi. The course was held on 28th, 31st November and 2nd November 2009. (Due to overlapping events I only attended this course partially. I can only hope that I had learned enough)

The participants consisted of Cooperative members, EDC incubatees and other SME’s. The course covered topics such as:

  • The Structure of a General Ledger
  • How to fill in the General Ledger
  • Terms such as Credit, Debit, Contra
  • The importance of keeping accounts, receipts and vouchers.
  • How to translate the General Ledger into a Financial Statement.

The BINA is the Brunei INdustrilal development Authority (I don’t know how the acronym matches that way) which you can find out more by going to their website www.bina.gov.bn.

posted a few pictures at facebook. http://www.facebook.com/album.php?aid=98564&id=550578077&l=5bf6a6dd45