The contribution of financial services to the GDP was 6.4 percent in 1998. There are 9 banks operating in Brunei. The 2 largest foreign banks in the country are the Hong Kong and Shanghai Banking Corporation (HSBC) and Standard Chartered Bank. There are a number of Malaysian banks and 3 locally incorporated banks: the Islamic Bank of Brunei (IBB), Baiduri Bank, and the Development Bank of Brunei (DBB). The IBB offers savings and loan facilities in accordance with Islamic principles. The other Islamic financial institution is the Tabung Amanah Islam Brunei (Brunei Islamic Trust Fund, TAIB). The financial sector also includes a number of locally incorporated and international finance and insurance companies. The authorities have been preparing to implement a comprehensive financial regulatory system via the proposed new Banking Act.