Islamic Banking Act · 2024 Revised Edition · Part · Reserve Funds, Dividends, Balance Sheets and Information
26. Payment of dividends
Official textFrom Attorney General's Chambers, unchanged
No locally incorporated Islamic bank shall pay any dividend on its shares until all its capitalised expenditure (including preliminary expenses, organisation expenses, share selling commission, brokerage, amount of losses and any item of expenditure not represented by tangible assets) has been completely written-off.
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;
Before an Islamic bank declares any dividend, it shall apply in writing for the approval of the Authority in respect of the amount proposed to be declared, the Authority may approve the same or a reduced amount, or
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic Banking 36
prohibit payment of any dividend, having regard to the financial condition of the Islamic bank.
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;
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
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