In force2024 Revised EditionCurrent version · 2024 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Islamic Banking Act · 2024 Revised Edition · Part · General
Islamic Banking Act · 2024 Revised Edition · Part · General
Official textFrom Attorney General's Chambers, unchanged
Where an Islamic bank becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of that Islamic bank in
Islamic bank
“Islamic bank” means a company which carries on Islamic banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
Brunei Darussalam shall be available to meet all deposit liabilities of the
Islamic bank in Brunei Darussalam.
The deposit liabilities shall have priority over all unsecured liabilities of the bank other than the preferential payments specified in section 147 of the Insolvency Act (Chapter 247).
Islamic bank
“Islamic bank” means a company which carries on Islamic banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;