Islamic Banking Act · 2024 Revised Edition · Part · Reserve Funds, Dividends, Balance Sheets and Information
28. Statements to be furnished by Islamic banks
Official textFrom Attorney General's Chambers, unchanged
Every Islamic bank shall furnish to the Authority such information (including returns) at such time and in such manner as 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 may reasonably require for the proper discharge of its functions.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic Banking 38
Every Islamic bank shall furnish to the Authority —
not later than 15 days after the last day of each month a statement in the form approved by the Authority showing the assets and liabilities of its banking offices and branches in
Brunei Darussalam at the close of business on the last business day of the preceding month;
not later than one month after the last day of each quarter of a calendar year, a statement in a form approved by the Authority giving an analysis of financing granted by its offices and branches in
Brunei Darussalam as at the 31st day of March, 30th day of June,
30th day of September and the 31st day of December, respectively;
not later than 3 months after the close of its financial year a statement in a form approved by the Authority showing the income and expenditure in respect of its Islamic banking business in
Brunei Darussalam;
any such statistical or other such information as may be requested by the Authority at any time.
The Authority may require any statement submitted to it pursuant to subsection (1) to be accompanied by a certificate —
of the auditor appointed by the Islamic bank pursuant to section 99; or
of any other auditor appointed by the Authority pursuant to that section, as to whether, in the opinion of the auditor, the statement is correct.
Any information received from an Islamic bank under this section shall be under strict conditions of confidentiality as between the
Islamic bank and the Authority.
Nothing in this section shall prevent the Authority from preparing and publishing consolidated statements aggregating information furnished under this section.
Islamic Banking
Any Islamic bank which fails or neglects the provisions of this section is guilty of an offence and liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
Financing facilities to directors, associates etc.
financing facilities
“financing facilities” means — (a) the granting of financing and other facilities whereby a customer of the Islamic bank has access to funds or financial guarantees; or (b) the incurring by an Islamic bank of other liabilities on behalf of the customer;
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;
financing
Defined · s 2“financing” means the extension of credit, loans, advances, murabahah, leasing, instalment sale, istisna’ or any other modality that is not contrary to Hukum Syara’;
financing facilities
Defined · s 2“financing facilities” means — (a) the granting of financing and other facilities whereby a customer of the Islamic bank has access to funds or financial guarantees; or (b) the incurring by an Islamic bank of other liabilities on behalf of the customer;
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
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