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 · Invitations to Make Deposits
Islamic Banking Act · 2024 Revised Edition · Part · Invitations to Make Deposits
Official textFrom Attorney General's Chambers, unchanged
Subject to section 96 and to subsection (2) of this section, no person other than an Islamic bank shall issue, publish or otherwise facilitate any person to issue or publish an advertisement containing —
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;
any invitation to make a deposit or to enter into or offer to enter into any agreement to make a deposit;
any information which is intended or might reasonably be presumed to be intended to lead directly or indirectly to the making of a deposit.
Subsection (1) does not apply to the publication by any person of any such advertisement for or on behalf of an Islamic bank.
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $5,000,000, imprisonment for a term not exceeding 5 years or both.
agreement
“agreement” means an agreement whether formal or informal and whether express or implied;
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;
Part