Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
5. Use of word “Islamic bank”
Official textFrom Attorney General's Chambers, unchanged
No person, whether incorporated or not, other than an
Islamic bank shall, without the written consent of the Authority —
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;
use the word “Islamic bank” or any of its derivatives in any language, or any other word indicating that it transacts
Islamic banking business, in the name, description or title under which the person or body of persons is transacting business in
Brunei Darussalam; or
make or continue to make any representation to that effect in any bill head, letter paper, notice, advertisement or in any other manner.
Nothing in this section shall prohibit an association of
Islamic banks formed for the protection of common interests from using the word “Islamic bank” or any of its derivatives in any language as a part of its name or description of its derivatives.
Islamic Banking
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000, imprisonment for a term not exceeding 2 years or both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.
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;
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