With a view to optimizing the Sharia banking system for micro, small, and medium-size enterprises, and in accordance with Article 61 of Bank Indonesia (BI) Regulation No. 11/23/PBI/2009 on Sharia Community Credit Banks (‘BPRS’), BI issued Circular No. 11/34/DPbS on 23 December 2009. Among other things, the regulation sets out the licensing regimen for the establishment and management of a BPRS in Indonesia.
An in-principle license must first be obtained in order to establish a BPRS, while a business license is required to engage in subsequent banking activities. BI will evaluate the applications for BPRS in-principle and business licenses at its discretion.
The relevant application forms are contained in the regulation’s Attachments, and must be submitted along with a series of supporting documents detailed fully in Sections A and B of the Circular. The necessary documents include, but are not limited to: Deed of Establishment; organization structure plan; market and economic feasibility study; business plan; working procedures; capital payment evidence, and; registries of shareholders, candidates for Board of Commissioners, and Directors of the Sharia Supervisory Board. Business licensing additionally requires submission of evidence that the BPRS is prepared to engage in operations; details about this are contained in Sections A and B.
Apart from initial applications, approval must also be secured for any buyback of shares, the establishment and management of a bank branch or cashier office, and certain deposit withdrawals.
In addition to licensing, the regulation specifies reporting procedures for BPRS banking activities, changes of capital and ownership structure, appointments and dismissals of those on the Board of Commissioners and Sharia Supervisory Boards, changes of name and address, and terminations of certain activities.
License applications and reports must be addressed to the relevant local BI office, and also to the Directorate of Sharia Banking at the Head Office of BI.
This regulation repeals and replaces its 2004 predecessor, Circular No. 6/31/DPbS, and has been in force since 23 December 2009.
With a view to optimizing the Sharia banking system for micro, small, and medium-size enterprises, and in accordance with Article 61 of Bank Indonesia (BI) Regulation No. 11/23/PBI/2009 on Sharia Community Credit Banks (‘BPRS’), BI issued Circular No. 11/34/DPbS on 23 December 2009. Among other things, the regulation sets out the licensing regimen for the establishment and management of a BPRS in Indonesia.
An in-principle license must first be obtained in order to establish a BPRS, while a business license is required to engage in subsequent banking activities. BI will evaluate the applications for BPRS in-principle and business licenses at its discretion.
The relevant application forms are contained in the regulation’s Attachments, and must be submitted along with a series of supporting documents detailed fully in Sections A and B of the Circular. The necessary documents include, but are not limited to: Deed of Establishment; organization structure plan; market and economic feasibility study; business plan; working procedures; capital payment evidence, and; registries of shareholders, candidates for Board of Commissioners, and Directors of the Sharia Supervisory Board. Business licensing additionally requires submission of evidence that the BPRS is prepared to engage in operations; details about this are contained in Sections A and B.
Apart from initial applications, approval must also be secured for any buyback of shares, the establishment and management of a bank branch or cashier office, and certain deposit withdrawals.
In addition to licensing, the regulation specifies reporting procedures for BPRS banking activities, changes of capital and ownership structure, appointments and dismissals of those on the Board of Commissioners and Sharia Supervisory Boards, changes of name and address, and terminations of certain activities.
License applications and reports must be addressed to the relevant local BI office, and also to the Directorate of Sharia Banking at the Head Office of BI.
This regulation repeals and replaces its 2004 predecessor, Circular No. 6/31/DPbS, and has been in force since 23 December 2009.
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