Islamic Banking Act · 2024 Revised Edition · Part · Powers of Control Over Islamic Banks
65. Moratorium
Official textFrom Attorney General's Chambers, unchanged
If the Authority considers it to be in the public interest, the
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Authority may issue a direction prohibiting the Islamic bank from carrying on Islamic banking business or from doing or performing any act or function connected with Islamic banking business or any aspect thereof that may be specified in such direction.
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;
If the Authority considers it to be in the public interest, the
Authority may apply to the High Court for an order staying the commencement or continuance of any proceedings by or against the Islamic bank in regard to any business of the Islamic bank.
Any direction made under subsection (1) shall be valid for a period not exceeding one year, without prejudice to the making of a subsequent direction or directions.
So long as a direction under subsection (1) remains in force, the licence granted to that Islamic bank under this Act shall be suspended.
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
Overseas Branches and Representative Offices of Domestic Islamic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part