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Brunei

Brunei Darussalam (‘Abode of Peace’) is situated on the north-west coast of Borneo Island. The sultanate is one of the oldest ruling dynasties in Asia. Brunei became a British Protectorate State in 1888, and on 23 February 1984 assumed full independence as a sovereign nation. A Council/Cabinet was established with His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam taking the office of Prime Minister, and later other ministerial positions. The constitution establishes Brunei as a Malay Islamic Monarchy.

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  • To date, a total of 14 institutions have been licensed as investment advisors pursuant to Securities Order 2001 by the Brunei International Financial Centre, which enables them to provide investment advisory services in and from within Brunei Darussalam.
  • More than 9,700 international business companies have been incorporated under International Business Companies Order 2000.

1. Introduction

a. History and background

Brunei Darussalam (‘Abode of Peace’) is situated on the north-west coast of Borneo Island. The sultanate is one of the oldest ruling dynasties in Asia. Brunei became a British Protectorate State in 1888, and on 23 February 1984 assumed full independence as a sovereign nation. A Council/Cabinet was established with His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam taking the office of Prime Minister, and later other ministerial positions. The constitution establishes Brunei as a Malay Islamic Monarchy.

The currency of Brunei is the Brunei dollar (BND), which is tied to the Singapore dollar (SGD).

b. Legal system

Brunei’s legal system is based on English common law. Islamic Shariah law also applies to areas such as Islamic banking and finance, matrimonial cases, probate and administration of estates, and other matters pertaining to Muslim law. Brunei has an independent judiciary, a body of written common law judgments and statutes, and legislation enacted by the Sultan. The local magistrates’ courts try most cases. More serious cases go before the High Court, and in cases of appeal to the Court of Appeal presided over by United Kingdom judges, as arranged between the UK and Brunei. Final appeal in civil cases can only be made to the Judicial Committee of the Privy Council in London.

Editorial board
Khairul A Khairuddin TEP
HMR Trust Ltd, Brunei Darussalam

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