Islamic Banking Act · 2024 Revised Edition · Part · Powers of Control Over Islamic Banks
61. Islamic bank under control of Authority
Official textFrom Attorney General's Chambers, unchanged
Where the Authority has assumed control of the business of an
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Islamic bank in pursuance of section 59, the Islamic bank shall submit its business into the control of the Authority; and shall provide the Authority with such facilities as the Authority may require to carry on the business of the Islamic bank.
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;
Where the Authority has assumed control of the business of an
Islamic bank in pursuance of section 59, the Authority shall remain in control of, and continue to carry on the business of, that Islamic bank in the name and on behalf of the Islamic bank until such time as the Authority is satisfied that —
the reasons for which the Authority assumed control of the business have ceased to exist; or
it is no longer necessary in the public interest that the
Authority should remain in control of the business.
Islamic Banking
Where the Authority has assumed control of the business of an
Islamic bank in pursuance of section 59 or has ceased to control the business of such an Islamic bank in pursuance of this section, the Authority shall provide public notification of that fact in the Gazette and such newspaper as the Authority considers appropriate.
An Islamic bank which fails to comply with subsection (1) or with any requirement of the Authority thereunder is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 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;
Part
Overseas Branches and Representative Offices of Domestic Islamic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part