Jumat, Juni 29, 2012 | Issue Number : 1945

Fit and Proper Test for Sharia Banks and Sharia Businesses Unit

Indra A Pambudy

Bank Indonesia (“BI”) Regulation No. 14/6/PBI/2012 of 2012 on Fit and Proper Test for Sharia Banks and Sharia Businesses Unit (“BI Regulation”) was issued on 18 June 2012. It implements Law No. 21 of 2008 on Sharia Banking. It is aimed at creating a healthy banking system and improving bank’s compliance to the prevailing laws and regulations. The BI Regulation consists of 71 Articles divided into 12 Chapters.

The following groups of stakeholders must undergo the fit and proper test (Article 3 of the BI Regulation):

a.	Candidate(s) or prospective member(s) of: controlling shareholders, board of commissioners, board of directors for Sharia Banks, board of directors for Sharia Business, and head of representatives for foreign office
b.	Current member of: Controlling shareholders, board of commissioners, board of directors for Sharia Banks, board of directors for Sharia Business, and head of representatives for foreign office
c.	Those no longer holding the above-mentioned positions, but involved or responsible in the conduct of Sharia Banks, Sharia Business or Foreign Representative Office that is undergoing a fit and proper test

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Indra A Pambudy

The following groups of stakeholders must undergo the fit and proper test (Article 3 of the BI Regulation):

a.	Candidate(s) or prospective member(s) of: controlling shareholders, board of commissioners, board of directors for Sharia Banks, board of directors for Sharia Business, and head of representatives for foreign office
b.	Current member of: Controlling shareholders, board of commissioners, board of directors for Sharia Banks, board of directors for Sharia Business, and head of representatives for foreign office
c.	Those no longer holding the above-mentioned positions, but involved or responsible in the conduct of Sharia Banks, Sharia Business or Foreign Representative Office that is undergoing a fit and proper test

......