Islamic Banking Act · 2024 Revised Edition · Part · Minimum Assets Requirements
46. Minimum asset requirements
Official textFrom Attorney General's Chambers, unchanged
The Authority may by notice in writing to each Islamic bank require such bank to hold at all time a minimum amount of specified assets in
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Brunei Darussalam. In determining the minimum amount of specified assets the Authority shall take into consideration the nature and modalities of
Islamic banking business.
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;
The minimum amount of specified assets referred to in subsection (1) shall be expressed as a percentage which the assets shall bear to the deposits and other liabilities of each Islamic bank, either jointly or separately.
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;
The following are specified assets for the purposes of this section —
the assets specified in section 44(6)(a), (b) and (c);
financing facilities granted to persons in Brunei Darussalam;
securities issued by the Government, or by any public authority established by any written law, and any other securities in accordance with Hukum Syara’ issued in Brunei Darussalam and approved for the purposes of this section by the Authority; and
Islamic Banking
other assets in Brunei Darussalam which may be approved by the Authority for the purposes of this section.
On being called upon to do so by the Authority, an Islamic bank which fails to comply with any of the requirements under subsection (1)
is liable to pay a penalty of $3,000 per day or such other amount as the
Authority may determine for every day during which the failure continues.
An Islamic bank which fails or refuses to pay the penalty under subsection (4) 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;
financing facilities
Defined · s 2“financing facilities” means — (a) the granting of financing and other facilities whereby a customer of the Islamic bank has access to funds or financial guarantees; or (b) the incurring by an Islamic bank of other liabilities on behalf of the customer;
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
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