Islamic Banking Act · 2024 Revised Edition · Part · General
98. Board to approve Islamic product
Official textFrom Attorney General's Chambers, unchanged
An Islamic bank shall apply to the Board for approval with respect to its submission that its Islamic product is in accordance with
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;
Hukum Syara’ before it enters into any business transaction with respect thereto.
Without prejudice to subsection (1), an Islamic bank may consult the Board on Syariah matters relating to Islamic banking business.
Islamic banking business
“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;
In this section, “Board” means the Syariah Financial Supervisory
Board established by section 3 of the Syariah Financial Supervisory Board
Order, 2006 (S 5/2006).
Islamic Banking 92
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;
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;