Islamic Banking Act · 2024 Revised Edition · Part · Reserve Funds, Dividends, Balance Sheets and Information
31. Power to obtain information and require production of documents
Official textFrom Attorney General's Chambers, unchanged
The Authority may by notice in writing served on a relevant person —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
require the relevant person to provide the Authority, at such time or at such intervals or in respect of such period as may be specified in the notice, with such information as the Authority may reasonably require for the performance of his functions under this
Act;
require the relevant person to provide the Authority with a report by an accountant or other person with relevant professional skill on, or on any aspect of, any matter about which the Authority has
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required or could require the relevant person to provide information under paragraph (a), and the Authority may require such information or report to be in such form as it is specified in the notice.
In a case falling within subsection (1)(b), the Authority may require that the accountant or other person appointed by the relevant person shall be a person nominated or approved by the Authority.
The Authority may —
by notice in writing served on a relevant person require him to produce, within such time and at such place as may be specified in the notice, such information or documents of such description as may be so specified;
authorise an officer or agent of the Authority on production of his authority, to require the relevant person to provide the appointed person forthwith with such information, or to produce to the appointed person forthwith such documents as he may specify, being such information or documents as the Authority may reasonably require for the performance of the Authority’s functions under this Act.
Where by virtue of subsection (3), the Authority has power to require the production of any information or documents from a relevant person, the Authority shall have the like power to require the production of documents from any person who appears to be in possession of them, but where a person from whom production of any documents is required under this section claims a lien on documents produced by him, the production shall be without prejudice to the lien.
Any power under this section to require a person to produce any documents includes power —
if the information or documents are produced, to take copies of them or extracts from them and to require the person in question or, where that person is an institution, any other person who is a present or a past director, controller or manager of, or is or was at any time employed by or acting as an employee of, that institution, to provide an explanation of them; and
Islamic Banking
if the documents are not produced, to require the person who was required to produce them to state, to the best of his belief, where they are.
The Authority may, by notice in writing served on any person who is or is to be a director, controller or manager of an institution which is a relevant person require him to provide the Authority, within such time as may be specified in the notice, with such information or documents as the
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;
Authority may reasonably require for determining whether he is a fit and proper person to hold the position which he holds or is to hold.
A statement made by a person in compliance (or purported compliance) with a requirement imposed by virtue of this section may be used in evidence against him.
In this section, “relevant person” includes any of the following —
an institution which is or has been a licensed Islamic bank;
any person who is or was either a subsidiary or a parent undertaking of a licensed Islamic bank or of an undertaking with which a licensed Islamic bank is or was closely linked;
any person who has a liability to any other person in respect of a deposit received in the course of an Islamic banking business;
any other person or body who is, or whom the
Authority believes or suspects on reasonable grounds to be, carrying on an Islamic banking business in or from within
Brunei Darussalam;
any subsidiary or parent undertaking of an undertaking falling within paragraph (c) or (d);
any person who is in possession or control of any document belonging to or relating to, or any information relating to, any Islamic banking business carried on by any person mentioned in paragraphs (a), (b), (c), (d) and (e);
such other person as to the Authority may determine.
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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;
document
Defined · s 2“document” includes a circular brochure, pamphlet, poster, handbill, prospectus and other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
institution
Defined · s 2“institution” means a company incorporated or registered under the Companies Act;
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