Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
19. Notification of controller etc. by Islamic bank
Official textFrom Attorney General's Chambers, unchanged
At least once in each year, every Islamic bank shall give to 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 written notice of the name of every person who, to the knowledge of the Islamic bank, is, at the date of the notice, a controller of the
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic bank.
In relation to each person named in a notice under subsection (1) as a controller of an Islamic bank, the Islamic bank shall state to the best of its knowledge —
whether he is an indirect, 10 per cent, 20 per cent,
33 per cent or majority controller (as defined in Part 2 of Schedule 1);
what percentage of shares of the Islamic bank he holds, either alone or with any associate; and
what percentage of the voting power at a general meeting of the Islamic bank he is entitled to exercise, or control the exercise of, either alone or with any associate.
The Authority may at any time by notice in writing require an
Islamic bank —
to give such a notice as is referred to in subsection (1); or
to obtain from any shareholder of the Islamic bank and to transmit to the Authority information —
as to whether that shareholder holds voting shares in the
Islamic bank as beneficial owner or as trustee; and
if he holds them as trustee, to indicate as far as he can the person for whom he holds them (either by name or
Islamic Banking by other particulars sufficient to enable those persons to be identified) and the nature of their interest.
An Islamic bank which fails to comply with subsection (1) or (3)
is guilty of an offence and liable on conviction to a fine not exceeding $20,000.
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