Islamic Banking Act · 2024 Revised Edition · Part · Overseas Branches and Representative Offices of Domestic Islamic Banks
67. Control of establishment etc. of overseas branches and representative offices
Official textFrom Attorney General's Chambers, unchanged
An Islamic bank which is incorporated in Brunei Darussalam shall not establish or maintain any overseas branch or overseas representative office thereof without the approval 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;
Islamic Banking
If, before the commencement of this Act, an Islamic bank already maintains overseas branch or overseas representative office, then, at that commencement, approval under subsection (1) is deemed to have been given to the Islamic bank concerned in respect of that branch or office.
By notice in writing served on a licensed Islamic bank, the
Authority may at any time attach to an approval granted or deemed to have been granted under subsection (1) or (2), in respect of any overseas branch or overseas representative office such conditions, or amend or cancel any conditions so attached, as the Authority may think appropriate.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
If the Authority considers it appropriate to do so —
in order to protect the public interest or the interests of the creditors or depositors; or
in order to protect the reputation of Brunei Darussalam in relation to financial matters; or
where the Authority has given a notice under section 21(1)
revoking the licence of the Islamic bank concerned, the Authority may revoke an approval granted or deemed to have been granted under subsection (1) or (2) in respect of an overseas branch or overseas representative office.
Where the Authority refuses to grant approval under subsection (1) or revokes an approval under subsection (4), the Authority shall notify the bank in writing of such refusal or revocation.
An Islamic bank which fails to comply with subsection (1) or with any condition attached under subsection (3) 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.
Islamic Banking 80
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
Unclaimed Balances
Part
Invitations to Make Deposits
Part