Finance Companies Act · 2021 Revised Edition · Part · Regulation of Business
20. Restrictions on trade by finance companies
Official textFrom Attorney General's Chambers, unchanged
No finance company shall engage. whether on its own account or on a commission basis, and whether alone or with others, in the wholesale or retail trade, including the import or export trade, except for the purpose of carrying on its financing business or Islamic financing business.
finance company
"finance company" means any company licensed under this Act, to carry on financing business or Islamic financing business, and all branches and offices in Brunei Darussalam of such a company is deemed to be one finance company for the purpose of this Act:
Except as provided in this Act. a licensed finance company shall not carry on any kind of business other than financing business or Islamic financing business.
financing business
"financing business" means the business of - (a) borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and a undertaking to repay the money on call or after an agreed maturity period; (b) lending money to the public or to a company on the basis that the public or the company undertakes to repay the money, whether within an agreed period of time or not, or by installments, and shall include the business of financing…
Terms defined in s 2
finance company
Defined · s 2"finance company" means any company licensed under this Act, to carry on financing business or Islamic financing business, and all branches and offices in Brunei Darussalam of such a company is deemed to be one finance company for the purpose of this Act:
financing business
Defined · s 2"financing business" means the business of - (a) borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and a undertaking to repay the money on call or after an agreed maturity period; (b) lending money to the public or to a company on the basis that the public or the company undertakes to repay the money, whether within an agreed period of time or not, or by installments, and shall include the business of financing…
Islamic financing business
Defined · s 2"Islamic financing business" means financing business the aims and operations of which do not involve any element which is not approved by Hukum Syara ':
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Minimum Liquid Assets
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Inspection of Finance Companies
Part 7
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