Islamic Banking Act · 2024 Revised Edition · Part · Reserve Funds, Dividends, Balance Sheets and Information
27. Publication and exhibition of audited accounts and statements
Official textFrom Attorney General's Chambers, unchanged
Within 3 months after the close of each financial year or within such longer period as the Authority may approve, every Islamic bank shall publish in at least one daily newspaper circulating in Brunei Darussalam, and exhibit thereafter throughout the year in a conspicuous position in each of its offices and branches in Brunei Darussalam —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
a copy of its latest audited annual balance sheet, and a copy of the profit and loss account, together with any notes thereon, and a copy of the report of the auditors;
the full and correct names of all persons who are directors for the time being of the Islamic bank;
the names of all subsidiary companies for the time being of the Islamic bank; and
in the case of an Islamic bank incorporated outside
Brunei Darussalam, the accounts of its head office and of its local operations.
A copy of each of the documents referred to in subsection (1)
shall be sent to the Authority by the Islamic bank, prior to the first publication thereof under that subsection, together with a copy of the director’s report.
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;
Together with the balance sheet and other documents required to be sent to the Authority under subsection (2), every Islamic bank shall send to the Authority —
a duly audited balance sheet showing its assets used in, and liabilities arising out of its operation in, Brunei Darussalam as at the date to which its balance sheet was made up;
a duly audited income and expense statement; and
a profit and loss account which gives an audited true and fair view of the profit and loss arising out of the Islamic bank’s operation
Islamic Banking in Brunei Darussalam for the last preceding financial year of the bank:
Provided that an Islamic bank shall be entitled to make such apportionments of expenses incurred in connection with operations or administration affecting both Brunei Darussalam and elsewhere and to add such notes and explanations as in its opinion are necessary or desirable in order to give a true and fair view of the profit and loss of its operations in
Brunei Darussalam.
In the case of an Islamic bank incorporated or established in
Brunei Darussalam, the annual balance sheet and profit and loss account of the Islamic bank referred to in subsection (1) and the balance sheet, income and expense statement and profit and loss account referred to in subsection (3) shall be in such form as the Authority may approve.
In the case of an Islamic bank incorporated outside
Brunei Darussalam, the documents referred to in subsection (1)(a) and (d)
may be in a form which complies with the law for the time being applicable in the place of incorporation or origin but the documents referred to in subsection (3) shall be in such form as the Authority may approve.
The Authority may require any Islamic bank to submit such further or additional information as the Authority may consider necessary either by way of explanation, amplification or otherwise with regard to any documents sent by the Islamic bank under subsection (2) or (3) and that information shall be submitted within such period and in such manner as the
Authority may require.
An Islamic bank which fails to comply with any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $30,000 and, in the case of a continuing offence, to a further fine not exceeding $3,000 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;
director
Defined · s 2“director” includes any person occupying the position of director of a company, whatever the title of his office, and includes a person in accordance with whose directions or instructions the directors of a company are accustomed to act and an alternate or substitute director;
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
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