Islamic Banking Act · 2024 Revised Edition · Part · Prohibited Business
42. Relief for overseas Islamic banks from compliance with certain limitations
Official textFrom Attorney General's Chambers, unchanged
On an application in writing made to the Authority by an
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic bank whose head office is situated outside Brunei Darussalam, the
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;
Authority may relieve the Islamic bank from compliance with any of the restrictions or limitations imposed by any of sections 35, 37 and 38 in relation to any transaction falling within those sections and specified in the application.
The Authority shall not grant relief under subsection (1) unless the Authority is satisfied that such grant is in the public interest or the interests of the creditors or depositors of the Islamic bank; and any relief from compliance may be made subject to such conditions as the Authority thinks fit.
An order under subsection (1) shall be effective for a period ending on such date as the Authority may specify; but no such relief may be granted to have effect for a period longer than 2 years from the date of the commencement of this Act.
Islamic Banking
The Authority may grant relief under subsection (1) in respect of transactions entered into by an Islamic bank before or within 3 months after the date of commencement of this Act.
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