Section 2
Interpretation
(1)
In this Act, unless the context otherwise requires —
“agreement” means an agreement whether formal or informal and whether express or implied;
“associate undertaking” shall be construed in accordance with
Part 1 of Schedule 1;
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010
(S 103/2010);
[S 103/2010; S 17/2021]
“company” means a body corporate incorporated or registered in
Brunei Darussalam under the Companies Act (Chapter 39);
“controller” shall be construed in accordance with Part 2 of
Schedule 1;
“deposit liability”, without prejudice to section 103(3), means liability in respect of a deposit (as defined in subsection (3) of this section) including, where appropriate, a sum due as a debt to the Authority by virtue of section 62(4), and “depositor” and related expressions shall be construed accordingly;
“director” includes any person occupying the position of director of a company, whatever the title of his office, and includes a
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person in accordance with whose directions or instructions the directors of a company are accustomed to act and an alternate or substitute director;
“document” includes a circular brochure, pamphlet, poster, handbill, prospectus and other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
“financing” means the extension of credit, loans, advances, murabahah, leasing, instalment sale, istisna’ or any other modality that is not contrary to Hukum Syara’;
“financing facilities” means —
(a)
the granting of financing and other facilities whereby a customer of the Islamic bank has access to funds or financial guarantees; or
(b)
the incurring by an Islamic bank of other liabilities on behalf of the customer;
“Hukum Syara’ ” means the Laws of Islam according to the
Syafeite, Hanafi, Maliki or Hanbali sect of the Ahli Sunnah
Waljamaah;
“institution” means a company incorporated or registered under the Companies Act (Chapter 39);
“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” 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;
“licence” means a licence granted under section 4 or 23;
“licensed moneylender” means a person licensed under section 3
of the Moneylenders Act (Chapter 62);
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“Minister” means the Minister of Finance and Economy;
“officer”, in relation to a company includes —
(a)
a director, the secretary or an employee of the company;
(b)
a receiver or manager of any part of the undertaking of the company appointed under a power contained in any instrument; and
(c)
the liquidator of the company appointed in a voluntary winding-up;
“owner of money” means the person who is entitled to the money
(or the person who would be so entitled except for the operation of the Limitation Act (Chapter 14)), and includes his executors, administrators and assigns and the lawful attorney or agent of such person, executors, administrators or assigns;
“parent undertaking” shall be construed in accordance with Part 3
of Schedule 1;
“place of business”, in relation to an Islamic bank, includes a head or main office, a branch, an agency, a mobile branch of the
Islamic bank, any office established and maintained for a limited period only and any other place used by the Islamic bank for the dispensing or acceptance of money on account or for the conduct of other Islamic banking business;
“public company”
means a company incorporated in
Brunei Darussalam under the Companies Act (Chapter 39) other than a private company;
“Registrar of Companies” has the same meaning as in section 2(1) of the Companies Act (Chapter 39);
“share”, in relation to an institution, means a share in the share capital of that institution and includes an interest in such share;
“subsidiary undertaking” (and references to a subsidiary) shall be construed in accordance with Part 3 of Schedule 1;
“undertaking” shall be construed in accordance with Part 3 of