Senin, Juli 10, 2023

New Regulations on Savings and Loan Cooperatives Introduced

In order to improve community welfare and ensure the provision of adequate facilities and protection, as well as to further empower cooperatives, the Minister of Cooperatives and Small- and Medium-Scale Enterprises (Usaha Kecil dan Menengah – "UKM") has introduced Regulation No. 8 of 2023 on Savings and Loan Business Undertaken by Cooperatives, which has been in force since 27 June 2023.
The following parties are permitted to engage in cooperative savings and loan business: 1) Savings and Loan Cooperatives (Koperasi Simpan Pinjam – "KSP")/ Savings and Loan and Sharia Financing Cooperatives (Koperasi Simpan Pinjam dan Pembiayaan Syariah - "KSPPS") in their primary form, which should be established by at least nine persons and in their secondary form, which should be established by at least three persons; and 2) Savings and Loan Unit (Unit Simpan Pinjam – "USP")/ Savings and Loan and Sharia Financing Unit (Unit Simpan Pinjam dan Pembiayaan Syariah - "USPPS") Cooperatives.
Cooperatives are categorized as businesses that are associated with high levels of risk, meaning that in order to secure business licenses, the following documentation must be secured: 1) Business Identification Number (Nomor Induk Berusaha – "NIB"); 2) Business Network Permit; and 3) Savings and Loans Business Permit.
KSP/KSPPS and USP/USPPS Cooperatives are required to compile and stipulate Operational Management Standards that should be applied during the management of sharia savings and loans, as well as during the conducting of any financing business. Said standards should encompass the following areas: 1) Institutions; 2) Efforts; 3) Financing; and 4) Assets, debt and capital used as references in relation to cooperative activities, specifically fundraising and the channeling of funds.

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In order to improve community welfare and ensure the provision of adequate facilities and protection, as well as to further empower cooperatives, the Minister of Cooperatives and Small- and Medium-Scale Enterprises (Usaha Kecil dan Menengah – "UKM") has introduced Regulation No. 8 of 2023 on Savings and Loan Business Undertaken by Cooperatives, which has been in force since 27 June 2023.
The following parties are permitted to engage in cooperative savings and loan business: 1) Savings and Loan Cooperatives (Koperasi Simpan Pinjam – "KSP")/ Savings and Loan and Sharia Financing Cooperatives (Koperasi Simpan Pinjam dan Pembiayaan Syariah - "KSPPS") in their primary form, which should be established by at least nine persons and in their secondary form, which should be established by at least three persons; and 2) Savings and Loan Unit (Unit Simpan Pinjam – "USP")/ Savings and Loan and Sharia Financing Unit (Unit Simpan Pinjam dan Pembiayaan Syariah - "USPPS") Cooperatives.
Cooperatives are categorized as businesses that are associated with high levels of risk, meaning that in order to secure business licenses, the following documentation must be secured: 1) Business Identification Number (Nomor Induk Berusaha – "NIB"); 2) Business Network Permit; and 3) Savings and Loans Business Permit.
KSP/KSPPS and USP/USPPS Cooperatives are required to compile and stipulate Operational Management Standards that should be applied during the management of sharia savings and loans, as well as during the conducting of any financing business. Said standards should encompass the following areas: 1) Institutions; 2) Efforts; 3) Financing; and 4) Assets, debt and capital used as references in relation to cooperative activities, specifically fundraising and the channeling of funds.

......