Islamic Banking Act · 2024 Revised Edition · Part · Reserve Funds, Dividends, Balance Sheets and Information
Section 29
Official textFrom Attorney General's Chambers, unchanged
Every Islamic bank shall send to the Authority, not later than 15 days after the last day of each month, a statement in a form approved by the Authority showing particulars of financing facilities by it to —
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;
any of its directors;
any firm in which it or any of its directors is a partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor;
any undertaking that is, a group undertaking in relation to the
Islamic bank;
any of its officers, employees or other persons being persons receiving remuneration (exclusive of benefit and allowance) from it, where the amount of the financing facilities exceeds one year’s remuneration of the officer, employee or other person;
any private or public company in which the Islamic bank or any of its directors, officers, employees or other persons who receive remuneration from the company has an interest as a director, manager, agent or guarantor; or
any individual in whom, and any firm or company in which, any of its directors has an interest, directly or indirectly, as declared under the provisions of section 30, other than financing facilities particulars of which have already been supplied pursuant to paragraphs (a), (b), (c), (d) and (e).
If, from an examination of the particulars supplied by an
Islamic bank under subsection (1), it appears to the Authority that any financing facilities falling within that subsection are being or have been granted to the detriment of the public interest, the Authority may by order in writing —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic Banking 40
prohibit the Islamic bank concerned from granting any further financing facilities falling within subsection (1) or impose such restrictions on the grant thereof as the Authority thinks fit; and
direct the Islamic bank to secure repayment of any such financing facilities already made within such time and to such extent as may be specified in that order.
In this section, “director” includes the wife, husband, father, mother, son and daughter of a director.
director
“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;
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;
company
Defined · s 2“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
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;
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;
public company
Defined · s 2“public company” means a company incorporated in Brunei Darussalam under the Companies Act other than a private company;
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