93Receiving, taking or acceptance of deposits prohibited, except under and in accordance with licence granted under section 4
94Unsolicited calls
95Advertisements for deposits
96Non-applicability of sections 93, 94 and 95
97Fraudulent inducement in relation to deposits

General

98Board to approve Islamic product
99Auditing
100Clearing House and settlement of balance between banks
101Declaration of Islamic bank holidays
102Priority of deposit liabilities
103Priority of deposit liabilities inter se
104Redemption of securities held by Islamic bank under liquidation
105Execution of instruments under seal
106Disqualification of directors and employees of Islamic banks
107Offences by directors, managers, agents etc.
108Offences by bodies corporate
109Indemnity
110Indemnity and fidelity fund
111Duty of registered Islamic bank to furnish undertaking for liabilities
112Power of Authority to compound
113Publication of list of Islamic banks
114General penalty for offences not otherwise provided for
115Offences triable in High Court
116Prosecutions
117Recovery of fees, expenses etc.
118Relationship between this Act and Chapter 39
119Mergers
120Approval by Authority for merger of certain Islamic banks
121Condition for issue of certificate of approval
122Effect of merger
123Amendment of Schedules
124Application of Act
125Exemptions
126Regulations
127Power to issue guidelines etc.
128Savings
129Transitional licensing provisions

Schedules

Schedule 1 (Section 2(1)) Interpretation of “Associate”, “Parent” and “Subsidiary” Undertakings Part 1 Associate 1. (1) in This Act, “Assoc...
SCHEDULE 1 — (continued) “settlement” includes any disposition or arrangement under which property is held on trust; “son” includes step-so...
SCHEDULE 1 — (continued) (2) In sub-paragraph (1)(a), (b), (c) and (d), “the relevant paragraph”, in relation to a controller, means whiche...
SCHEDULE 1 — (continued) (f) it has a participating interest in the undertaking and either actually exercises a dominant influence over the...
SCHEDULE 1 — (continued) Participating interests 8. (1) A “participating interest” is an interest held by an undertaking in the shares of a...
SCHEDULE 1 — (continued) (c) in relation to an undertaking without capital, are to interests — (i) conferring any right to share in the pro...
SCHEDULE 1 — (continued) (b) where the shares are held in connection with the granting of financing as part of normal business activities a...
SCHEDULE 2 (section 129(1)) ISLAMIC BANK SUBJECT TO TRANSITIONAL LICENSING Bank Islam Brunei Darussalam Berhad. Islamic Banking 116
SCHEDULE 3 (section 58(2)) PART 1 FURTHER DISCLOSURE NOT PROHIBITED Column 1 Column 2 Column 3 Purposes for which customer information may...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) PART 2 FURTHER DISCLOSURE PROHIBITED Column 1 Column 2 Column 3 Purposes for which customer information may be dis...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) PART 3 INTERPRETATION In this Schedule, unless the context otherwise requires — “advocate and solicitor” means an...
SCHEDULE 4 (section 122) EFFECT OF MERGER Interpretation 1. In this Schedule, unless the subject or context otherwise requires — “customer”...
SCHEDULE 4 — (continued) Transfer of undertakings 2. (1) On the effective date, the undertakings of the existing Islamic banks shall, by vi...
SCHEDULE 4 — (continued) Islamic banking business 4. Without prejudice to the generality of paragraphs 2 and 3, the following provisions sh...
SCHEDULE 4 — (continued) (d) the custody of any document, goods or other property held by an existing Islamic bank as bailee for any other...
SCHEDULE 4 — (continued) (2) Without prejudice to the generality of sub-paragraph (1), where by any order of the court or by any trust deed...

Islamic Banking Act · 2024 Revised Edition · Part · General

125. Exemptions

No plain-English summary for s 125 yet. See the rest of this law

Official textFrom Attorney General's Chambers, unchanged

The Minister may, with the approval of His Majesty the Sultan and

Minister

Defined · s 2

“Minister” means the Minister of Finance and Economy;

Open s 2

Yang Di-Pertuan, subject to such conditions and for such period or periods as he thinks fit, exempt in writing any Islamic bank specified in Schedule 2

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;

Open s 2

from any of the provisions of this Act.

Terms defined in s 2

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;
Open s 2
Minister
Defined · s 2
“Minister” means the Minister of Finance and Economy;
Open s 2

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Schedules

Details

Islamic Banking Act · s 125

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Where this comes from

Attorney General's Chambers · Islamic Banking Act, 2024 Revised Edition. Reader record updated on 2 Oct 2026.

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