Islamic Banking Act · 2024 Revised Edition · Part · Prohibited Business
41. Power of Authority to secure compliance
Official textFrom Attorney General's Chambers, unchanged
If at any time called upon in writing by the Authority to do so, an
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic bank shall satisfy the Authority by the production of such evidence or information as the Authority may require, that the Islamic bank is not in contravention of any of the preceding provisions of this Part.
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;
For the purpose of securing compliance with the preceding provisions of this Part and with sections 11, 25 and 38, the Authority may by notice in writing require any licensed Islamic bank to prepare a statement aggregating its assets, liabilities or profits, as the case may be, with the assets, liabilities or profits of all or related companies or parties; and the
Islamic bank shall comply with that requirement within such time as is specified in the notice.
An Islamic bank which fails to comply with any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $150,000.
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;
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