Islamic Banking Act · 2024 Revised Edition · Part 7
22. Directions on revocation or surrender of licence or variation of conditions
Official textFrom Attorney General's Chambers, unchanged
Where a licence has been revoked under section 21 —
notice of the revocation shall be published in the Gazette;
and
the institution concerned shall, as from the date of the revocation, cease to transact any Islamic banking business in
Brunei Darussalam except such as may be approved by the Authority for the purpose of winding-up its Islamic banking business.
Without prejudice to subsection (1), where the Authority has revoked a licence or varied the conditions of a licence or a licence has been surrendered, the Authority may by notice in writing give the institution concerned such directions in writing as it thinks fit and any such direction may be revoked or varied in the same manner as it was given.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Subsections (1)(b) and (2) shall not prejudice the enforcement by any person of any right or claim against the Islamic bank or by the Islamic bank of any right or claim against any person.
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;
An institution which contravenes a direction under this section or the variation of such a direction is guilty of an offence and liable on
institution
“institution” means a company incorporated or registered under the Companies Act;
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conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.
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;
institution
Defined · s 2“institution” means a company incorporated or registered under the Companies Act;
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;
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