Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
7. Application for licence
Official textFrom Attorney General's Chambers, unchanged
A company which desires to carry on Islamic banking business in
company
“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
Brunei Darussalam shall, in the prescribed form and on payment of the prescribed fee, make an application to the Authority for a licence accompanied by —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
a copy of the Memorandum of Association and Articles of Association or other instrument under which it is incorporated, and duly verified by a statutory declaration made by a senior officer of the company;
a copy of its latest balance sheet together with such other documents (if any) as may be required by the Authority;
an undertaking appropriate to the class of licence sought in a form acceptable to the Authority which may impose different undertakings for different circumstances as to the persons or
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description of persons to or for whom the company proposes to provide Islamic banking business, and as to the service and activities proposed to be offered to and with such persons.
After receiving an application under subsection
, the Authority may require the applicant to submit such further information as the Authority considers necessary or desirable to enable the application to be fully assessed for the purposes of this Act.
Before determining an application under subsection (1), the Authority may require one or more representatives of the applicant to appear before the Authority to be interviewed with respect to the application and, at such an interview, the representatives may, with the Authority’s approval, submit further evidence.
Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1)
document
“document” includes a circular brochure, pamphlet, poster, handbill, prospectus and other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
is guilty of an offence and liable on conviction to a fine not exceeding $300,000, imprisonment for a term not exceeding 3 years or both.
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;
company
Defined · s 2“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
document
Defined · s 2“document” includes a circular brochure, pamphlet, poster, handbill, prospectus and other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
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