Islamic Banking Act · s 7

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7.
Application for licence
(1) A company which desires to carry on Islamic banking business in
Brunei Darussalam shall, in the prescribed form and on payment of the prescribed fee, make an application to the Authority for a licence accompanied by —
(a) a copy of the Memorandum of Association and Articles of Association or other instrument under which it is incorporated, and duly verified by a statutory declaration made by a senior officer of the company;
(b) a copy of its latest balance sheet together with such other documents (if any) as may be required by the Authority;
(c) an undertaking appropriate to the class of licence sought in a form acceptable to the Authority which may impose different undertakings for different circumstances as to the persons or

Islamic Banking 18
description of persons to or for whom the company proposes to provide Islamic banking business, and as to the service and activities proposed to be offered to and with such persons.
(2) After receiving an application under subsection
(1), the Authority may require the applicant to submit such further information as the Authority considers necessary or desirable to enable the application to be fully assessed for the purposes of this Act.
(3) Before determining an application under subsection (1), the Authority may require one or more representatives of the applicant to appear before the Authority to be interviewed with respect to the application and, at such an interview, the representatives may, with the Authority’s approval, submit further evidence.
(4) Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1)
is guilty of an offence and liable on conviction to a fine not exceeding $300,000, imprisonment for a term not exceeding 3 years or both.

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s 7Application for licence

(1)

A company which desires to carry on Islamic banking business in

Brunei Darussalam shall, in the prescribed form and on payment of the prescribed fee, make an application to the Authority for a licence accompanied by —

(a)

a copy of the Memorandum of Association and Articles of Association or other instrument under which it is incorporated, and duly verified by a statutory declaration made by a senior officer of the company;

(b)

a copy of its latest balance sheet together with such other documents (if any) as may be required by the Authority;

(c)

an undertaking appropriate to the class of licence sought in a form acceptable to the Authority which may impose different undertakings for different circumstances as to the persons or

Islamic Banking 18

description of persons to or for whom the company proposes to provide Islamic banking business, and as to the service and activities proposed to be offered to and with such persons.

(2)

After receiving an application under subsection

(1)

, the Authority may require the applicant to submit such further information as the Authority considers necessary or desirable to enable the application to be fully assessed for the purposes of this Act.

(3)

Before determining an application under subsection (1), the Authority may require one or more representatives of the applicant to appear before the Authority to be interviewed with respect to the application and, at such an interview, the representatives may, with the Authority’s approval, submit further evidence.

(4)

Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1)

is guilty of an offence and liable on conviction to a fine not exceeding $300,000, imprisonment for a term not exceeding 3 years or both.