Islamic Banking Act · s 21

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21.
Revocation of licence
(1) Subject to the provisions of this section, the Authority may by notice in writing revoke a licence on any of the following grounds —
(a) that the Islamic bank holding the licence has ceased to transact Islamic banking business in Brunei Darussalam;
(b) that, in connection with any application relating to the licence, information or documents has or have been furnished to the
Authority which is or are untrue or misleading in a material particular;
(c) that, in a case where the Islamic bank holding the licence is incorporated or regulated under the law of a country or territory

Islamic Banking 32
outside Brunei Darussalam, the supervisory authority in that country or territory has withdrawn its licence or authority to carry on business as an Islamic bank in that country or territory;
(d) that the Islamic bank holding the licence proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;
(e) that the Islamic bank holding the licence is carrying on its business in a manner likely to be detrimental to the public interest or the interests of the depositors of the Islamic bank or has insufficient assets to cover its liabilities to the public or its depositors;
(f) that the Islamic bank holding the licence is contravening any of the provision of this Act; or
(g) that, upon taking action under section 53, 54, 56 or 57, the
Authority considers that it is in the public interest to revoke the licence.
(2) Before revoking a licence under subsection (1), the Authority shall give the Islamic bank concerned notice in writing of its intention to do so, specifying a period which, subject to subsection (4), shall be not less than 21 days from the date of the notice, within which the Islamic bank may submit written representations to show cause why the licence should not be revoked.
(3) The Authority shall consider any representations made in response to a notice under subsection (2) before giving further consideration to the revocation of the licence.
(4) In any case where the Authority considers it necessary to do so in the public interest, the Authority may reduce the period of 21 days referred to in subsection (2) to such period of not less than 2 business days as may be specified in the notice under that subsection.
(5) If, after consideration of any representations made as mentioned in subsection (3), the Authority —
(a) revokes the licence; or
(b) varies or revokes any of the conditions of the licence,

Islamic Banking the Authority shall serve on the Islamic bank concerned notice in writing of the revocation or variation stating the reasons for its decision and the date on which the revocation or variation takes effect (being not earlier than the expiry of the period specified in the notice under subsection (2)).
(6) Any Islamic bank whose licence has been revoked pursuant to the provisions of this section may appeal to the Minister against the revocation, whose decision is final.
(7) If the Islamic bank concerned gives due notice of the appeal to the Minister the revocation shall not take effect unless it is confirmed, reversed or varied by the Minister or the appeal is for any reason dismissed or withdrawn.
(8) The bringing of an appeal by an Islamic bank under this section does not affect the exercise by the Authority of any of its powers under

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s 21Revocation of licence

(1)

Subject to the provisions of this section, the Authority may by notice in writing revoke a licence on any of the following grounds —

(a)

that the Islamic bank holding the licence has ceased to transact Islamic banking business in Brunei Darussalam;

(b)

that, in connection with any application relating to the licence, information or documents has or have been furnished to the

Authority which is or are untrue or misleading in a material particular;

(c)

that, in a case where the Islamic bank holding the licence is incorporated or regulated under the law of a country or territory

Islamic Banking 32

outside Brunei Darussalam, the supervisory authority in that country or territory has withdrawn its licence or authority to carry on business as an Islamic bank in that country or territory;

(d)

that the Islamic bank holding the licence proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;

(e)

that the Islamic bank holding the licence is carrying on its business in a manner likely to be detrimental to the public interest or the interests of the depositors of the Islamic bank or has insufficient assets to cover its liabilities to the public or its depositors;

(f)

that the Islamic bank holding the licence is contravening any of the provision of this Act; or

(g)

that, upon taking action under section 53, 54, 56 or 57, the

Authority considers that it is in the public interest to revoke the licence.

(2)

Before revoking a licence under subsection (1), the Authority shall give the Islamic bank concerned notice in writing of its intention to do so, specifying a period which, subject to subsection (4), shall be not less than 21 days from the date of the notice, within which the Islamic bank may submit written representations to show cause why the licence should not be revoked.

(3)

The Authority shall consider any representations made in response to a notice under subsection (2) before giving further consideration to the revocation of the licence.

(4)

In any case where the Authority considers it necessary to do so in the public interest, the Authority may reduce the period of 21 days referred to in subsection (2) to such period of not less than 2 business days as may be specified in the notice under that subsection.

(5)

If, after consideration of any representations made as mentioned in subsection (3), the Authority —

(a)

revokes the licence; or

(b)

varies or revokes any of the conditions of the licence,

(6)

Any Islamic bank whose licence has been revoked pursuant to the provisions of this section may appeal to the Minister against the revocation, whose decision is final.

(7)

If the Islamic bank concerned gives due notice of the appeal to the Minister the revocation shall not take effect unless it is confirmed, reversed or varied by the Minister or the appeal is for any reason dismissed or withdrawn.

(8)

The bringing of an appeal by an Islamic bank under this section does not affect the exercise by the Authority of any of its powers under