Islamic Banking Act · 2024 Revised Edition · Part 7
23. Other categories of licence and fees
Official textFrom Attorney General's Chambers, unchanged
The Authority may also grant —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
an Islamic merchant bank licence for the purpose of carrying on Islamic merchant banking business, including corporate finance, the underwriting of share and securities issues, mergers and acquisitions, portfolio investment management, management consultancy and such other fee-based activities as may be specified by the Authority in the licence; or
such other licence as the Authority deems necessary.
Subject to this Act, the grant of a licence under subsection (1)
shall be subject to the restriction that the licensee may not offer, conduct or provide Islamic banking business except in respect of the services named or described in the undertaking accompanying the application for the licence, as mentioned in section 7(1)(c).
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;
Every licensee shall pay such annual fee or fees as may be prescribed.
In granting such licence, the Authority may impose such conditions as it considers fit.
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 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;
share
Defined · s 2“share”, in relation to an institution, means a share in the share capital of that institution and includes an interest in such share;
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