Islamic Banking Act · s 42

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42.
Relief for overseas Islamic banks from compliance with certain limitations
(1) On an application in writing made to the Authority by an
Islamic bank whose head office is situated outside Brunei Darussalam, the
Authority may relieve the Islamic bank from compliance with any of the restrictions or limitations imposed by any of sections 35, 37 and 38 in relation to any transaction falling within those sections and specified in the application.
(2) The Authority shall not grant relief under subsection (1) unless the Authority is satisfied that such grant is in the public interest or the interests of the creditors or depositors of the Islamic bank; and any relief from compliance may be made subject to such conditions as the Authority thinks fit.
(3) An order under subsection (1) shall be effective for a period ending on such date as the Authority may specify; but no such relief may be granted to have effect for a period longer than 2 years from the date of the commencement of this Act.

Islamic Banking
(4) The Authority may grant relief under subsection (1) in respect of transactions entered into by an Islamic bank before or within 3 months after the date of commencement of this Act.

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s 42Relief for overseas Islamic banks from compliance with certain limitations

(1)

On an application in writing made to the Authority by an

Islamic bank whose head office is situated outside Brunei Darussalam, the

Authority may relieve the Islamic bank from compliance with any of the restrictions or limitations imposed by any of sections 35, 37 and 38 in relation to any transaction falling within those sections and specified in the application.

(2)

The Authority shall not grant relief under subsection (1) unless the Authority is satisfied that such grant is in the public interest or the interests of the creditors or depositors of the Islamic bank; and any relief from compliance may be made subject to such conditions as the Authority thinks fit.

(3)

An order under subsection (1) shall be effective for a period ending on such date as the Authority may specify; but no such relief may be granted to have effect for a period longer than 2 years from the date of the commencement of this Act.

Islamic Banking

(4)

The Authority may grant relief under subsection (1) in respect of transactions entered into by an Islamic bank before or within 3 months after the date of commencement of this Act.