Islamic Banking Act · 2024 Revised Edition · Part · Prohibited Business
43. Effect of certain pre-commencement transactions to be regularised
Official textFrom Attorney General's Chambers, unchanged
The provisions of this section apply if, at any time before the date of commencement of this Act, an Islamic bank has entered into any transaction which, if this Act had commenced, would have been contrary to any of the provisions of this Part and would continue to be so immediately before such commencement.
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;
Within 6 months of the date of commencement of this Act, the
Islamic bank shall submit to the Authority a statement of any such transaction as is referred to in subsection (1) and, subject to the provisions of this Part, shall forthwith (and within the limitations of the provision in question) take such steps as are necessary to secure that (had this Part been in force at the material time) the Islamic bank would no longer be in breach of the provision.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
An Islamic bank which fails to comply with 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