Ada Pertanyaan? Hubungi Kami 
Ada Pertanyaan? Hubungi Kami Fathan Qorib, Robert Sidauruk
In order to help sharia banks grow their businesses, Bank Indonesia (BI) will codify all sharia banking products into a single instrument. The approach to be adopted is that if a sharia product is listed in the code, no further permits will need to be obtained from BI prior to offering that product to consumers.
While at present there are various types of sharia banking products available, permit processes at BI are slowing down further product innovation. This is primarily because sharia banks are currently required to secure a permit for every new sharia banking product that will be offered.
According to Ahmad Buchori, Director of Sharia Banking at BI, the current permit requirements are meant to ensure all sharia banking products properly conform to applicable sharia principles.
“If the products are listed in the code, banks will only be required to provide a report to BI before offering the product,” added Ahmad in Jakarta on Wednesday.
While the codification will cover various sharia banking products, Ahmad indicated that there are several products that will not be listed in the codification book. One type of product that falls into this category are sharia products that require modern or sophisticated transactions. For these produces, banks will still be required to secure the relevant permit from BI.
Achmad K. Permana, Head of Bank Permata Syariah, welcomed BI’s proposal for the codification. Permana believes that the codification can be used as a reliable reference source by sharia banks to improve their businesses and also as a strategic tool to developing new products.
Permana also believes that the codification will address current issues related to process inefficiencies at BI. Sharia banks, according to Permana, do not have reliable information on whether or not sharia banking products that they want to put to the market will be considered new products. This situation has lead to a backlog of permit applications at BI.
“BI is currently processing all permit applications for sharia banking products one by one, this is such a waste of time,” Permana emphasized.
(hot/kc)
Fathan Qorib, Robert Sidauruk
In order to help sharia banks grow their businesses, Bank Indonesia (BI) will codify all sharia banking products into a single instrument. The approach to be adopted is that if a sharia product is listed in the code, no further permits will need to be obtained from BI prior to offering that product to consumers.
While at present there are various types of sharia banking products available, permit processes at BI are slowing down further product innovation. This is primarily because sharia banks are currently required to secure a permit for every new sharia banking product that will be offered.
According to Ahmad Buchori, Director of Sharia Banking at BI, the current permit requirements are meant to ensure all sharia banking products properly conform to applicable sharia principles.
“If the products are listed in the code, banks will only be required to provide a report to BI before offering the product,” added Ahmad in Jakarta on Wednesday.
While the codification will cover various sharia banking products, Ahmad indicated that there are several products that will not be listed in the codification book. One type of product that falls into this category are sharia products that require modern or sophisticated transactions. For these produces, banks will still be required to secure the relevant permit from BI.
Achmad K. Permana, Head of Bank Permata Syariah, welcomed BI’s proposal for the codification. Permana believes that the codification can be used as a reliable reference source by sharia banks to improve their businesses and also as a strategic tool to developing new products.
Permana also believes that the codification will address current issues related to process inefficiencies at BI. Sharia banks, according to Permana, do not have reliable information on whether or not sharia banking products that they want to put to the market will be considered new products. This situation has lead to a backlog of permit applications at BI.
“BI is currently processing all permit applications for sharia banking products one by one, this is such a waste of time,” Permana emphasized.
(hot/kc)