Islamic Banking Act · s 104

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s 104Redemption of securities held by Islamic bank under liquidation

(1)

As soon as practicable after the making of an order for the winding-up of an Islamic bank, the liquidator of the Islamic bank —

(a)

shall publish a notice in the Gazette and a daily newspaper circulating in Brunei Darussalam requiring every debtor of the

Islamic bank to redeem any property he has deposited with the

Islamic bank as security for any financing that he has obtained from the Islamic bank; and

(b)

shall send a copy of that notice by registered post to every debtor whose security is held by the Islamic bank and whose name is mentioned in the statement of affairs made out under the provisions of the Insolvency Act (Chapter 247).

(2)

The notice shall specify the latest date up to which any securities may be redeemed, which date shall not be less than 3 months from the date of the notice.

(3)

Nothing in this section shall affect any powers exercisable by the

Authority by virtue of section 59 or 62.