Islamic Banking Act · 2024 Revised Edition · Part · General
106. Disqualification of directors and employees of Islamic banks
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding the provisions of any other written law, except with the consent in writing of the Authority, no person —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
who is or becomes bankrupt, suspends payments or compounds with his creditors;
who is or has been convicted in any country or territory of an offence involving dishonesty or fraud and has not received a free pardon for that offence; or
who has been a director of, or directly concerned in the management of, an Islamic bank which is being or has been wound up by a court or the licence of which has been revoked, shall act or continue to act as the director, manager, secretary or other officer of any Islamic bank.
Without the approval of the Authority, no person may be nominated as a director of any Islamic bank incorporated in
director
“director” includes any person occupying the position of director of a company, whatever the title of his office, and includes a person in accordance with whose directions or instructions the directors of a company are accustomed to act and an alternate or substitute director;
Brunei Darussalam.
Without the approval of the Authority, no person may be nominated as a manager or person discharging similar functions.
The Authority may at any time, by notice in writing, remove any director or manager of, or any person discharging similar functions in any
Islamic bank incorporated in Brunei Darussalam.
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;
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
director
Defined · s 2“director” includes any person occupying the position of director of a company, whatever the title of his office, and includes a person in accordance with whose directions or instructions the directors of a company are accustomed to act and an alternate or substitute director;
Islamic bank
Defined · s 2“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;