Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
12. Branches of Islamic banks
Official textFrom Attorney General's Chambers, unchanged
No Islamic bank shall open a new branch or change the location of an existing place of business in Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —
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;
approve the application; or
refuse the application, with or without assigning any reason therefor.
No Islamic bank incorporated in Brunei Darussalam shall open a new branch, agency or office in any place outside Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic Banking 24
approve the application; or
refuse the application, with or without assigning any reason therefor.
Any Islamic bank which contravenes subsection (1) or (2)
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.
In this section, “branch” includes an automated teller machine and any place of business of the Islamic bank.
place of business
“place of business”, in relation to an Islamic bank, includes a head or main office, a branch, an agency, a mobile branch of the Islamic bank, any office established and maintained for a limited period only and any other place used by the Islamic bank for the dispensing or acceptance of money on account or for the conduct of other Islamic banking business;
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;
place of business
Defined · s 2“place of business”, in relation to an Islamic bank, includes a head or main office, a branch, an agency, a mobile branch of the Islamic bank, any office established and maintained for a limited period only and any other place used by the Islamic bank for the dispensing or acceptance of money on account or for the conduct of other Islamic banking business;
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