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
The Authority may establish or cause to be established an indemnity and fidelity fund for the benefit of depositors or other persons to whom the Islamic bank may be liable upon such conditions as the Authority may think fit. The Authority may consult Islamic banks for the purpose of establishing such conditions.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
The Authority may require any Islamic bank to enter into a takaful contract for the protection of depositors or other persons to whom 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;
Islamic bank may be liable in the conduct of its licensed business upon such
Islamic Banking 102
conditions as the Authority may think fit. The Authority may set different conditions in respect of any Islamic bank.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
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;