Islamic Banking Act · 2024 Revised Edition · Part · General
129. Transitional licensing provisions
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding the provisions of Part 3, the Islamic bank specified in Schedule 2 shall, on or as soon as practicable after the commencement of this Act, be granted a licence under section 9 which may be made subject to such conditions, if any, as are contained in any licence under which it was carrying on Islamic banking business in
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;
Brunei Darussalam immediately before that commencement or which the
Authority may impose having regard to this Act.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Any Islamic bank which is granted a licence by virtue of this section shall comply with the provisions of sections 8(2)(d) and (e)(i)
and (ii), within a period of one year of the commencement of this Act or for such later date as the Authority may decide.
If any Islamic bank licensed by virtue of this section fails to comply with the provisions of section 8(2)(d) or (e)(i) or (ii), in accordance with subsection (2) of this section, the licence granted to it by virtue of this section shall become void except in so far as may be necessary for the purpose of winding-up its Islamic banking business.
Islamic banking business
“Islamic banking business” means business whose aims and operations are not contrary to Hukum Syara’ and which consists of receiving of deposits or other repayable funds from the public, paying or collecting cheques drawn by or paid in by customers, the granting of financing facilities to customers, and includes such other business as the Authority may authorise for the purposes of this Act;
The Authority may, in any particular case, extend the period provided by subsection (2) of this section and the period of validity of the licence concerned.
Islamic Banking 108
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;
Islamic banking business
Defined · s 2“Islamic banking business” means business whose aims and operations are not contrary to Hukum Syara’ and which consists of receiving of deposits or other repayable funds from the public, paying or collecting cheques drawn by or paid in by customers, the granting of financing facilities to customers, and includes such other business as the Authority may authorise for the purposes of this Act;