Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
4. Licensing of Islamic banks
Official textFrom Attorney General's Chambers, unchanged
No Islamic banking business shall be carried on in
Islamic banking business
“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;
Brunei Darussalam except by a company which is in possession of a licence granted under this Act or under the International Banking Order, 2000
company
“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
(S 53/2000).
Nothing in subsection (1) applies to the business which a moneylender may conduct in accordance with a licence granted to him under section 3 of the Moneylenders Act (Chapter 62) or to the business which a finance company may conduct in accordance with the licence granted to it under the Finance Companies Act (Chapter 89).
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $1,000,000, imprisonment for a term not exceeding 5 years or both and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day during which the offence continues after conviction.
Terms defined in s 2
company
Defined · s 2“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies 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 7
Part
Reserve Funds, Dividends, Balance Sheets and Information
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