Syariah Financial Supervisory Board Act · 2024 Revised Edition
Section 14
Official textFrom Attorney General's Chambers, unchanged
Every financial institution shall apply to the Authority for the approval by the Board with respect to its submission that its Islamic product or services is in accordance with Hukum Syara’ before it enters into any business transaction with respect thereto.
financial institution
“financial institution” means any of the institutions set out in the Schedule;
In an application for approval under subsection (1), the financial institution shall comply with such requirements as the Board or Authority may determine.
Board
“Board” means the Syariah Financial Supervisory Board established by section 3;
Board to approve appointments etc.
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by section 3(1) of the Brunei Darussalam Central Bank Order, 2010;
Board
Defined · s 2“Board” means the Syariah Financial Supervisory Board established by section 3;
financial institution
Defined · s 2“financial institution” means any of the institutions set out in the Schedule;
Islamic product
Defined · s 2“Islamic product” means any product of any financial institution submitted by it to be in accordance with Hukum Syara’;