Amendment of Syariah Commerical Bank Monthly Reporting Obligation

Bank Indonesia Regulation No. 13/12/PBI/2011 on the Amendment of Bank Indonesia Regulation No. 5/26/PBI/2003 on Monthly Reports for Syariah Commercial Banks (“Regulation”) has been issued to amend parts of Chapter III, namely Articles 9 through 19, 21, and 22.

The deadline to submit monthly reports and report corrections to Bank Indonesia for Syariah commercial banks is the 5th of every month (instead of the 12th), pursuant to Article 9 in conjunction with Article 13.

Syariah banks will be declared as late in submitting the reports, if the monthly report is not submitted by the 7th of the month of submission (instead of the 21st), pursuant to Articles 10 and 14.

If the deadline falls on a holiday it is no longer permissible to submit the report on the next working day, instead such submission now has to be done online, pursuant to Articles 12 and 16.

Article 17 (2) has been expanded and made more comprehensive, in relation to the justifications for late submission due to technical issues.

Fines for late submissions, under Article 19 (3), have been changed to IDR 100 thousand for every working day, regardless of the number of corrections (previously the fine was IDR 100 thousand for every correction, for every working day).    

Since Syariah banks are no longer regulated under Law No. 7 of 1992, as amended by Law No. 10 of 1998, on Banking (“Banking Law”), but by a special law in the form of Law No. 21 of 2008 on Syariah Banking (“Syariah Banking Law”); pursuant to Article 21, administrative sanctions imposed on Syariah commercial banks refer to Article 58 of the Syariah Banking Law (instead of Article 52 of the Banking Law).

The Regulation was issued on 17 March 2011, and will come into force for April 2011 reports.