Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
11. Capital ratios
Official textFrom Attorney General's Chambers, unchanged
The Authority may require Islamic banks to maintain capital funds in Brunei Darussalam in proportion to their total assets or to every category of assets at such ratio as may be determined by the Authority.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Any Islamic bank incorporated in Brunei Darussalam shall not, at any time, have a capital adequacy ratio of less than 10 per cent or such other percentage as may be determined by the Authority, as calculated in accordance with such form, content and manner as may be determined by the
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;
Authority by notice in writing.
Any licensed Islamic bank which fails to comply with any requirement of the Authority under subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
Subject to the provisions of any other written law, an
Islamic bank incorporated in Brunei Darussalam shall not reduce its paid-up capital during the currency of its licence without the approval of the
Authority.
The Authority may suspend or restrict the operations of an
Islamic bank which fails to comply with subsection (2) or (4) or any requirement of the Authority under subsection (1).
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;
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;
Part 7
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Prohibited Business
Part
Minimum Assets Requirements
Part
Powers of Control Over Islamic Banks
Part
Overseas Branches and Representative Offices of Domestic Islamic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part