Islamic Banking Act · 2024 Revised Edition · Part · Licensing of Islamic Banks
9. Determination of application for licence
Official textFrom Attorney General's Chambers, unchanged
On receipt of an application for a licence under section 7(1), the
Authority shall, subject to subsection (2), within a period of 4 months or such extended time as the applicant and the Authority shall decide, grant or refuse the licence applied for.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Where the Authority intends to refuse a licence, the Authority shall serve on the applicant notice in writing stating that it is considering taking that decision for the reasons stated in the notice.
An applicant on whom notice is served under subsection (2) may, within 28 days of the service of the notice, submit written representations to the Authority.
The Authority shall consider any representations made in response to a notice under subsection (2) before giving further consideration to the matter to which the notice relates.
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If, after considering any representation made under subsection (3), the Authority refuses to grant the licence, the Authority shall serve on the applicant notice thereof in writing.
Any applicant who is aggrieved by the refusal of the Authority to grant a licence may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision is final.
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;
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