Islamic Banking Act · 2024 Revised Edition · Part · Prohibited Business
36. Non-financial businesses
Official textFrom Attorney General's Chambers, unchanged
No Islamic bank in Brunei Darussalam shall carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, whether in Brunei Darussalam or elsewhere, any business except for —
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;
Islamic banking business;
any business the conduct of which is regulated or authorised by the Authority under any other written law;
any business which is incidental to the business which the
Islamic bank may carry on under paragraph (a) or (b);
any business or class of business as the Authority may approve, subject to such conditions as the Authority may impose in any particular case.
Nothing in this section shall be construed as exempting an
Islamic bank from any requirement which apart from this section, the
Islamic bank is required to comply with under any written law for the conduct of any business.
Any Islamic bank which contravenes this section or fails to comply with any condition imposed or prescribed under this section is guilty of an offence and liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000
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;
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
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