Islamic Banking Act · s 30

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30.
Disclosure of interest by directors
(1) Every director of an Islamic bank who has in any manner whatsoever, whether directly or indirectly, an interest in a financing facility, or proposed financing facility from that Islamic bank shall, as soon as practicable, send a declaration in writing of the nature of the interest to the secretary of the Islamic bank and the secretary shall cause that declaration to be circulated forthwith to all the directors.
(2) The requirements of subsection (1) do not apply in any case where —
(a) the interest of the director consists only of being a member or creditor of an institution which is interested in a financing facility or proposed financing facility from that Islamic bank; and
(b) the interest of the director may properly be regarded as of a trivial nature.
(3) For the purposes of subsection (1), a general notice given to the board of directors of an Islamic bank by a director to the effect that he is an officer or member of a particular institution and is to be regarded as having any interest in any financing facility which, after the date of the notice, may be made to that institution is deemed to be a sufficient declaration of interest in relation to any financing facility so made if —
(a) it specifies the nature and extent of his interest in that institution;
(b) his interest is not different in nature or greater in extent than the nature and extent so specified in the notice at the time any financing facility is made; and

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(c) it is given at a meeting of the directors of the Islamic bank or the director takes reasonable steps to ensure that it is declared at the next meeting of the directors after it is given.
(4) Every director of an Islamic bank who holds any office or possesses any property whereby, whether directly or indirectly, duties or interest might be created in conflict with his duties or interest as director shall declare at a meeting of the directors of that Islamic bank the fact and the nature, character and extent of the conflict.
(5) The declaration referred to in subsection (4) shall be made at the first meeting of the directors held —
(a) after he becomes a director of the Islamic bank; or
(b) if he is already a director, after he commences to hold the office or to possess the property, as the case may be.
(6) Where any declaration is made under subsection (1) or (4), the secretary of the Islamic bank shall cause the declaration (if not actually made at the meeting) to be read at the next meeting of the directors after it is so made and shall record each such declaration in the minutes of the meeting at which it is made or read.
(7) Any director who is in contravention of subsection (1) or (4)
is guilty of an offence and liable on conviction to a fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both.

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s 30Disclosure of interest by directors

(1)

Every director of an Islamic bank who has in any manner whatsoever, whether directly or indirectly, an interest in a financing facility, or proposed financing facility from that Islamic bank shall, as soon as practicable, send a declaration in writing of the nature of the interest to the secretary of the Islamic bank and the secretary shall cause that declaration to be circulated forthwith to all the directors.

(2)

The requirements of subsection (1) do not apply in any case where —

(a)

the interest of the director consists only of being a member or creditor of an institution which is interested in a financing facility or proposed financing facility from that Islamic bank; and

(b)

the interest of the director may properly be regarded as of a trivial nature.

(3)

For the purposes of subsection (1), a general notice given to the board of directors of an Islamic bank by a director to the effect that he is an officer or member of a particular institution and is to be regarded as having any interest in any financing facility which, after the date of the notice, may be made to that institution is deemed to be a sufficient declaration of interest in relation to any financing facility so made if —

(a)

it specifies the nature and extent of his interest in that institution;

(b)

his interest is not different in nature or greater in extent than the nature and extent so specified in the notice at the time any financing facility is made; and

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(c)

it is given at a meeting of the directors of the Islamic bank or the director takes reasonable steps to ensure that it is declared at the next meeting of the directors after it is given.

(4)

Every director of an Islamic bank who holds any office or possesses any property whereby, whether directly or indirectly, duties or interest might be created in conflict with his duties or interest as director shall declare at a meeting of the directors of that Islamic bank the fact and the nature, character and extent of the conflict.

(5)

The declaration referred to in subsection (4) shall be made at the first meeting of the directors held —

(a)

after he becomes a director of the Islamic bank; or

(b)

if he is already a director, after he commences to hold the office or to possess the property, as the case may be.

(6)

Where any declaration is made under subsection (1) or (4), the secretary of the Islamic bank shall cause the declaration (if not actually made at the meeting) to be read at the next meeting of the directors after it is so made and shall record each such declaration in the minutes of the meeting at which it is made or read.

(7)

Any director who is in contravention of subsection (1) or (4)

is guilty of an offence and liable on conviction to a fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both.