Islamic Banking Act · s 129

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129.
Transitional licensing provisions
(1) Notwithstanding the provisions of Part 3, the Islamic bank specified in Schedule 2 shall, on or as soon as practicable after the commencement of this Act, be granted a licence under section 9 which may be made subject to such conditions, if any, as are contained in any licence under which it was carrying on Islamic banking business in
Brunei Darussalam immediately before that commencement or which the
Authority may impose having regard to this Act.
(2) Any Islamic bank which is granted a licence by virtue of this section shall comply with the provisions of sections 8(2)(d) and (e)(i)
and (ii), within a period of one year of the commencement of this Act or for such later date as the Authority may decide.
(3) If any Islamic bank licensed by virtue of this section fails to comply with the provisions of section 8(2)(d) or (e)(i) or (ii), in accordance with subsection (2) of this section, the licence granted to it by virtue of this section shall become void except in so far as may be necessary for the purpose of winding-up its Islamic banking business.
(4) The Authority may, in any particular case, extend the period provided by subsection (2) of this section and the period of validity of the licence concerned.

Islamic Banking 108

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s 129Transitional licensing provisions

(1)

Notwithstanding the provisions of Part 3, the Islamic bank specified in Schedule 2 shall, on or as soon as practicable after the commencement of this Act, be granted a licence under section 9 which may be made subject to such conditions, if any, as are contained in any licence under which it was carrying on Islamic banking business in

Brunei Darussalam immediately before that commencement or which the

Authority may impose having regard to this Act.

(2)

Any Islamic bank which is granted a licence by virtue of this section shall comply with the provisions of sections 8(2)(d) and (e)(i)

and (ii), within a period of one year of the commencement of this Act or for such later date as the Authority may decide.

(3)

If any Islamic bank licensed by virtue of this section fails to comply with the provisions of section 8(2)(d) or (e)(i) or (ii), in accordance with subsection (2) of this section, the licence granted to it by virtue of this section shall become void except in so far as may be necessary for the purpose of winding-up its Islamic banking business.

(4)

The Authority may, in any particular case, extend the period provided by subsection (2) of this section and the period of validity of the licence concerned.

Islamic Banking 108