Islamic Banking Act · s 37

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37.
Restrictions on commercial investment etc.
(1) Subject to subsection (2), an Islamic bank incorporated or registered in Brunei Darussalam shall not acquire or hold any part of the share capital of, or otherwise have an interest in, any financial, commercial, agriculture, industrial or other undertaking exceeding in the aggregate 10 per cent of the Islamic bank’s capital funds or such other percentage as the Authority may allow after taking into consideration the nature and modalities of Islamic banking business.

Islamic Banking
(2) This section does not apply with respect to —
(a) any shareholding approved in writing by the Authority in another Islamic bank or in a subsidiary undertaking of the
Islamic bank concerned formed for the carrying out of nominee, executor or trustee functions or other functions incidental to Islamic banking business;
(b) any shareholding approved by the Authority in any company set up for the purpose of the promotion of development in
Brunei Darussalam; or
(c) any shareholding which the Islamic bank acquires in the course of the satisfaction of any debt due to it, but where an Islamic bank acquires a shareholding as mentioned in paragraph (c) and, but for this subsection, that shareholding would be in breach of subsection (1), the shareholding shall be reported to the Authority and disposed of as soon as practicable.
(3) An Islamic bank which contravenes any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $150,000.

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s 37Restrictions on commercial investment etc.

(1)

Subject to subsection (2), an Islamic bank incorporated or registered in Brunei Darussalam shall not acquire or hold any part of the share capital of, or otherwise have an interest in, any financial, commercial, agriculture, industrial or other undertaking exceeding in the aggregate 10 per cent of the Islamic bank’s capital funds or such other percentage as the Authority may allow after taking into consideration the nature and modalities of Islamic banking business.

Islamic Banking

(2)

This section does not apply with respect to —

(a)

any shareholding approved in writing by the Authority in another Islamic bank or in a subsidiary undertaking of the

Islamic bank concerned formed for the carrying out of nominee, executor or trustee functions or other functions incidental to Islamic banking business;

(b)

any shareholding approved by the Authority in any company set up for the purpose of the promotion of development in

Brunei Darussalam; or

(c)

any shareholding which the Islamic bank acquires in the course of the satisfaction of any debt due to it, but where an Islamic bank acquires a shareholding as mentioned in paragraph (c) and, but for this subsection, that shareholding would be in breach of subsection (1), the shareholding shall be reported to the Authority and disposed of as soon as practicable.

(3)

An Islamic bank which contravenes any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $150,000.