Islamic Banking Act · s 4

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s 4Licensing of Islamic banks

(1)

No Islamic banking business shall be carried on in

Brunei Darussalam except by a company which is in possession of a licence granted under this Act or under the International Banking Order, 2000

(S 53/2000).

(2)

Nothing in subsection (1) applies to the business which a moneylender may conduct in accordance with a licence granted to him under section 3 of the Moneylenders Act (Chapter 62) or to the business which a finance company may conduct in accordance with the licence granted to it under the Finance Companies Act (Chapter 89).

(3)

Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $1,000,000, imprisonment for a term not exceeding 5 years or both and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day during which the offence continues after conviction.