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Ministry of Finance
FINANCE COMPANIES
Market Structure
At present there are 3 finance companies operating
in Brunei Darussalam. Out of 5 finance companies, 2 are locals and IBB Kredit Berhad is
the only finance company that provide Islamic services.
- Apart from IBB Kredit Berhad, Brunei
Islamic Trust Fund widely known as TAIB is also engaged in Islamic
Banking activities including providing financing of motor vehicles.
Enactment
Finance
Companies Act Cap. 89, Emergency (Finance Companies Act) (amendment) order, 1995
Companies Act
Cap. 39
Emergency
(Islamic Trust Fund), order 1991
Regulation
Annual licence Fees for both local and foreign
finance companies are:-
- Head Office - B$15,000
- Branch - B$5,000.
- All finance companies are required to submit the following
financial returns:-
- Consolidated Statement of Assets and Liabilities- Quarterly
- Appendix II. a Schedule (Reserve Requirement)- Monthly
- Appendix III Schedule (Statement of Assets and
Liabilities)- Monthly
Supervision
- Monitoring of finance companies:-
- To ensure that finance companies are run in the best
interest of the public and the depositors.
- At present only conducts off-site supervision by analysing
financial returns of the finance companies.
- Major focus of supervision are:-
- Investment
- Provision
- State of Assets
- Administration Quality
- Awareness towards Financial Acts and Regulations
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