Islamic Banking Act · s 47

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47.
Regulation of profit margins etc. of Islamic banks
(1) The Authority may determine and announce the profit margins payable to or by Islamic banks, or the rates of commission and any other charges of whatsoever nature payable to Islamic banks.
(2) Subsection (1) applies only to profit margins, commission and any other such charges payable by persons resident in, or in respect of business carried on in Brunei Darussalam but, subject to that and to subsections (3) and (4), it applies to all Islamic banks.
(3) Subsection (1) does not apply to transactions between
Islamic banks.
(4) Without prejudice to subsections (1) and (2), the Authority may limit any determination under subsection (1) to transactions of such class or description as may be specified in the determination.
(5) To the extent that any profit margins, commission or any other such charges to which a determination under subsection (1) applies purports to be greater than that permitted by the determination, the profit margins, commission or charge shall be irrecoverable, whether by way of proceedings, set-off or otherwise, and any such profit margins, commission or charge already paid after such determination shall forthwith be repaid by the
Islamic bank.

Islamic Banking 58

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s 47Regulation of profit margins etc. of Islamic banks

(1)

The Authority may determine and announce the profit margins payable to or by Islamic banks, or the rates of commission and any other charges of whatsoever nature payable to Islamic banks.

(2)

Subsection (1) applies only to profit margins, commission and any other such charges payable by persons resident in, or in respect of business carried on in Brunei Darussalam but, subject to that and to subsections (3) and (4), it applies to all Islamic banks.

(3)

Subsection (1) does not apply to transactions between

Islamic banks.

(4)

Without prejudice to subsections (1) and (2), the Authority may limit any determination under subsection (1) to transactions of such class or description as may be specified in the determination.

(5)

To the extent that any profit margins, commission or any other such charges to which a determination under subsection (1) applies purports to be greater than that permitted by the determination, the profit margins, commission or charge shall be irrecoverable, whether by way of proceedings, set-off or otherwise, and any such profit margins, commission or charge already paid after such determination shall forthwith be repaid by the

Islamic bank.

Islamic Banking 58