In force2024 Revised EditionCurrent version · 2024 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Islamic Banking Act · 2024 Revised Edition · Part · Powers of Control Over Islamic Banks
Islamic Banking Act · 2024 Revised Edition · Part · Powers of Control Over Islamic Banks
Official textFrom Attorney General's Chambers, unchanged
The Authority may at any time make an investigation, under conditions of confidentiality, of the books, accounts and transactions of any
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic bank in Brunei Darussalam, if he has reason to believe that any
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;
Islamic bank —
is carrying on its business in a manner likely to be detrimental to the public interest or the interests of the creditors or depositors of such Islamic bank;
has insufficient assets to cover its liabilities to the public; or
is contravening any provision of this Act.
Islamic Banking
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
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;
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