Bank Indonesia (BI) believes that the Syariah Banking sector is an emerging sector and one which has the potential to serve the interests of a much broader cross-section of the community. To this end, BI has issued Regulation No. 11/15/PBI/2009 which sets out how a conventional bank converts into a Syariah bank. The regulation establishes a simple model which must be followed by all conventional banks seeking to become a Syariah bank.
The regulation covers both conventional banks and community credit banks. Ultimately, both a conventional bank and a community credit bank require the approval of BI.
There are basic requirements that must be satisfied before this approval is to be granted. These requirements include, among others:
-
Any intention to convert to Syariah bank requires the conventional bank to include this as part of the conventional bank business plan;
-
The Articles of Association must be amended to reflect the new business requirements;
-
All capital requirements must be met;
-
Amendment of the roles of directors and commissioners to comply with Syariah banking requirements;
-
Establish a Syariah Supervisory Board; and
-
Submit an initial financial report as a Syariah bank.
There are administrative sanctions and fines available to BI in the event of breach of the provisions.
The regulation has been in force since 29 April 2009.
Bank Indonesia (BI) believes that the Syariah Banking sector is an emerging sector and one which has the potential to serve the interests of a much broader cross-section of the community. To this end, BI has issued Regulation No. 11/15/PBI/2009 which sets out how a conventional bank converts into a Syariah bank. The regulation establishes a simple model which must be followed by all conventional banks seeking to become a Syariah bank.
The regulation covers both conventional banks and community credit banks. Ultimately, both a conventional bank and a community credit bank require the approval of BI.
There are basic requirements that must be satisfied before this approval is to be granted. These requirements include, among others:
-
Any intention to convert to Syariah bank requires the conventional bank to include this as part of the conventional bank business plan;
-
The Articles of Association must be amended to reflect the new business requirements;
-
All capital requirements must be met;
-
Amendment of the roles of directors and commissioners to comply with Syariah banking requirements;
-
Establish a Syariah Supervisory Board; and
-
Submit an initial financial report as a Syariah bank.
There are administrative sanctions and fines available to BI in the event of breach of the provisions.
The regulation has been in force since 29 April 2009.
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