Islamic Banking Act · 2024 Revised Edition · Part · Unclaimed Balances
87. Certain money not unclaimed money
Official textFrom Attorney General's Chambers, unchanged
Money held by an Islamic bank in an account is not unclaimed money at any particular time notwithstanding the provisions of section 84, if at that time, the recovery of the money by its owner is not barred by operation of law and —
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;
the Islamic bank holding the money also holds other money
(not being unclaimed money) of the owner in an account; or
the Islamic bank knows or has reason to believe that the owner of the money wishes to retain the money in the account.
However, an Islamic bank is deemed not to have reason to believe that an owner wishes to retain money in an account merely because the owner does not respond to a communication from the Islamic bank, or does not respond as specified in the communication, even if the terms of the
Islamic Banking communication suggest that the owner’s failure to respond indicates such a wish.
For the purposes of this Act, money is not unclaimed money if —
the money is, or is of a class, prescribed as exempt from the operation of this Act;
the money is held by an Islamic bank that is, or is of a class, prescribed as exempt from the operation of this Act; or
the amount of money in the account concerned does not exceed $100 or such other amount as may be prescribed.
Terms defined in s 2
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;