Rabu, Desember 17, 2014 | Issue Number : 2544

Operation of Microfinance Institution

The Financial Services Authority (“OJK”) has issued Regulation No. 13/POJK.05/2014 on Organizing the Business of Microfinance Institutions (“2014 Regulation”).

The core of the 2014 Regulation covers the credit operations of microfinance institutions and their disbursement of loans to micro businesses including financial obligations in maintaining their operations covering:

a.	Source of funds;
b.	Enforceable contracts for sharia-based microfinance institutions;
c.	Soundness level;
d.	Placement of funds;
e.	Mandatory reporting to OJK; and
f.	Sanctions for non-compliance.

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The Financial Services Authority (“OJK”) has issued Regulation No. 13/POJK.05/2014 on Organizing the Business of Microfinance Institutions (“2014 Regulation”).

a.	Source of funds;
b.	Enforceable contracts for sharia-based microfinance institutions;
c.	Soundness level;
d.	Placement of funds;
e.	Mandatory reporting to OJK; and
f.	Sanctions for non-compliance.

......