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 · Unclaimed Balances
Islamic Banking Act · 2024 Revised Edition · Part · Unclaimed Balances
Official textFrom Attorney General's Chambers, unchanged
An Islamic bank that holds any money of a kind referred to in section 85 in an account referred to in section 84(1) shall make reasonable efforts —
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;
to identify and locate the owner of the money; and
to ensure that the money is paid to the owner of the money.
Money held by an Islamic bank in an account is not unclaimed money, notwithstanding the provisions of section 84, unless, after making reasonable efforts and after a reasonable period has passed, the Islamic bank is unable to ensure that the money is paid to the owner of the money.
This section does not apply in respect of any money that is not unclaimed money because of section 87.
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;