Islamic Banking Act · s 46

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46.
Minimum asset requirements
(1) The Authority may by notice in writing to each Islamic bank require such bank to hold at all time a minimum amount of specified assets in
Brunei Darussalam. In determining the minimum amount of specified assets the Authority shall take into consideration the nature and modalities of
Islamic banking business.
(2) The minimum amount of specified assets referred to in subsection (1) shall be expressed as a percentage which the assets shall bear to the deposits and other liabilities of each Islamic bank, either jointly or separately.
(3) The following are specified assets for the purposes of this section —
(a) the assets specified in section 44(6)(a), (b) and (c);
(b) financing facilities granted to persons in Brunei Darussalam;
(c) securities issued by the Government, or by any public authority established by any written law, and any other securities in accordance with Hukum Syara’ issued in Brunei Darussalam and approved for the purposes of this section by the Authority; and

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(d) other assets in Brunei Darussalam which may be approved by the Authority for the purposes of this section.
(4) On being called upon to do so by the Authority, an Islamic bank which fails to comply with any of the requirements under subsection (1)
is liable to pay a penalty of $3,000 per day or such other amount as the
Authority may determine for every day during which the failure continues.
(5) An Islamic bank which fails or refuses to pay the penalty under subsection (4) is guilty of an offence and liable on conviction to a fine not exceeding $150,000.

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s 46Minimum asset requirements

(1)

The Authority may by notice in writing to each Islamic bank require such bank to hold at all time a minimum amount of specified assets in

Brunei Darussalam. In determining the minimum amount of specified assets the Authority shall take into consideration the nature and modalities of

Islamic banking business.

(2)

The minimum amount of specified assets referred to in subsection (1) shall be expressed as a percentage which the assets shall bear to the deposits and other liabilities of each Islamic bank, either jointly or separately.

(3)

The following are specified assets for the purposes of this section —

(a)

the assets specified in section 44(6)(a), (b) and (c);

(b)

financing facilities granted to persons in Brunei Darussalam;

(c)

securities issued by the Government, or by any public authority established by any written law, and any other securities in accordance with Hukum Syara’ issued in Brunei Darussalam and approved for the purposes of this section by the Authority; and

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(d)

other assets in Brunei Darussalam which may be approved by the Authority for the purposes of this section.

(4)

On being called upon to do so by the Authority, an Islamic bank which fails to comply with any of the requirements under subsection (1)

is liable to pay a penalty of $3,000 per day or such other amount as the

Authority may determine for every day during which the failure continues.

(5)

An Islamic bank which fails or refuses to pay the penalty under subsection (4) is guilty of an offence and liable on conviction to a fine not exceeding $150,000.