Islamic Banking Act · s 12

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12.
Branches of Islamic banks
(1) No Islamic bank shall open a new branch or change the location of an existing place of business in Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —
(a) approve the application; or
(b) refuse the application, with or without assigning any reason therefor.
(2) No Islamic bank incorporated in Brunei Darussalam shall open a new branch, agency or office in any place outside Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —

Islamic Banking 24
(a) approve the application; or
(b) refuse the application, with or without assigning any reason therefor.
(3) Any Islamic bank which contravenes subsection (1) or (2)
is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
(4) In this section, “branch” includes an automated teller machine and any place of business of the Islamic bank.

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s 12Branches of Islamic banks

(1)

No Islamic bank shall open a new branch or change the location of an existing place of business in Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —

(a)

approve the application; or

(b)

refuse the application, with or without assigning any reason therefor.

(2)

No Islamic bank incorporated in Brunei Darussalam shall open a new branch, agency or office in any place outside Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —

Islamic Banking 24

(a)

approve the application; or

(b)

refuse the application, with or without assigning any reason therefor.

(3)

Any Islamic bank which contravenes subsection (1) or (2)

is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.

(4)

In this section, “branch” includes an automated teller machine and any place of business of the Islamic bank.