Bank Indonesia (BI) has already put into place a number of systems to support payments in Indonesia. These include, among others, the Bank Indonesia Real Time Gross Settlement (BI-RTGS) and the Bank Indonesia National Clearing System (SKNBI). This Regulation, No. 11/30/PBI/2009, has been issued with a view to putting in place mechanisms that will allow Syariah Banks and Syariah Business Units from being part of any gridlock in the payments system that has the potential to cause instability in the broader financial system.
Generally, BI is to provide intra-day liquidity facilities to Syariah banks and Syariah business units who are participants in the BI-RTGS system. It is expected that these liquidity facilities will assist both Syariah banks and business units in meeting their respective financial obligations with regards to payments.
Syariah banks and business units may avail themselves of these liquidity facilities provided they meet the criteria listed in the regulation. These criteria include, among others:
-
The bank or business unit holds Syariah based State Commercial Paper; and,
-
That the bank or business unit is part of the BI-RTGS system or the BI-Scripless Securities Settlement System (BI-SSSS).
The regulation repeals and replaces BI Regulation No. 7/24/PBI/2005.
The regulation has been in force since 7 July 2009.
Bank Indonesia (BI) has already put into place a number of systems to support payments in Indonesia. These include, among others, the Bank Indonesia Real Time Gross Settlement (BI-RTGS) and the Bank Indonesia National Clearing System (SKNBI). This Regulation, No. 11/30/PBI/2009, has been issued with a view to putting in place mechanisms that will allow Syariah Banks and Syariah Business Units from being part of any gridlock in the payments system that has the potential to cause instability in the broader financial system.
Generally, BI is to provide intra-day liquidity facilities to Syariah banks and Syariah business units who are participants in the BI-RTGS system. It is expected that these liquidity facilities will assist both Syariah banks and business units in meeting their respective financial obligations with regards to payments.
Syariah banks and business units may avail themselves of these liquidity facilities provided they meet the criteria listed in the regulation. These criteria include, among others:
-
The bank or business unit holds Syariah based State Commercial Paper; and,
-
That the bank or business unit is part of the BI-RTGS system or the BI-Scripless Securities Settlement System (BI-SSSS).
The regulation repeals and replaces BI Regulation No. 7/24/PBI/2005.
The regulation has been in force since 7 July 2009.
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