Islamic Banking Act · s 22

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22.
Directions on revocation or surrender of licence or variation of conditions
(1) Where a licence has been revoked under section 21 —
(a) notice of the revocation shall be published in the Gazette;
and
(b) the institution concerned shall, as from the date of the revocation, cease to transact any Islamic banking business in
Brunei Darussalam except such as may be approved by the Authority for the purpose of winding-up its Islamic banking business.
(2) Without prejudice to subsection (1), where the Authority has revoked a licence or varied the conditions of a licence or a licence has been surrendered, the Authority may by notice in writing give the institution concerned such directions in writing as it thinks fit and any such direction may be revoked or varied in the same manner as it was given.
(3) Subsections (1)(b) and (2) shall not prejudice the enforcement by any person of any right or claim against the Islamic bank or by the Islamic bank of any right or claim against any person.
(4) An institution which contravenes a direction under this section or the variation of such a direction is guilty of an offence and liable on

Islamic Banking 34
conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.

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s 22Directions on revocation or surrender of licence or variation of conditions

(1)

Where a licence has been revoked under section 21 —

(a)

notice of the revocation shall be published in the Gazette;

and

(b)

the institution concerned shall, as from the date of the revocation, cease to transact any Islamic banking business in

Brunei Darussalam except such as may be approved by the Authority for the purpose of winding-up its Islamic banking business.

(2)

Without prejudice to subsection (1), where the Authority has revoked a licence or varied the conditions of a licence or a licence has been surrendered, the Authority may by notice in writing give the institution concerned such directions in writing as it thinks fit and any such direction may be revoked or varied in the same manner as it was given.

(3)

Subsections (1)(b) and (2) shall not prejudice the enforcement by any person of any right or claim against the Islamic bank or by the Islamic bank of any right or claim against any person.

(4)

An institution which contravenes a direction under this section or the variation of such a direction is guilty of an offence and liable on

Islamic Banking 34

conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.