Senin, Juni 3, 2024

OJK Prepares Draft Regulation on the Issuance of the Indonesian Sharia Securities and Overseas Sharia Securities Lists

The Financial Services Authority (Otoritas Jasa Keuangan - "OJK") is currently preparing a Draft Regulation on the Issuance of the Indonesian Sharia Securities List and Overseas Sharia Securities List ("Draft Regulation"), which will feature seven chapters that cover 36 articles.
The Draft Regulation states that the list of Indonesian sharia securities will include: 1) Sharia securities in the form of sharia shares, including preemptive rights and warrants issued by sharia issuers and sharia public companies (collectively referred to as "Sharia Shares Issued by Issuers and Public Companies"); 2) Sharia Shares Issued by Issuers and Public Companies that do not state any activities or business types, management methods and/or services and that are provided based on sharia principles through the capital market, provided that issuers or public companies fulfill certain conditions (i.e. the relevant main business activities must align with sharia principles within the capital market and transactions must align with sharia principles within the capital market. Meanwhile, the interest-based total debt compared to total assets must not exceed 33.3% and total interest and non-halal income compared to total business income must not exceed 5%); and 3) Other types of securities (e.g. non-share sharia securities that are issued through public offerings).
Meanwhile, overseas sharia securities may comprise sharia securities that take the following forms: 1) Sharia shares that are traded through overseas stock exchanges; 2) Sukuk shares that are traded through overseas stock exchanges; 3) Sharia commercial bonds (surat berharga) with maturities (jatuh tempo) of a minimum of one year that are traded overseas; and 4) Other types of overseas sharia securities.

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The Financial Services Authority (Otoritas Jasa Keuangan - "OJK") is currently preparing a Draft Regulation on the Issuance of the Indonesian Sharia Securities List and Overseas Sharia Securities List ("Draft Regulation"), which will feature seven chapters that cover 36 articles.
The Draft Regulation states that the list of Indonesian sharia securities will include: 1) Sharia securities in the form of sharia shares, including preemptive rights and warrants issued by sharia issuers and sharia public companies (collectively referred to as "Sharia Shares Issued by Issuers and Public Companies"); 2) Sharia Shares Issued by Issuers and Public Companies that do not state any activities or business types, management methods and/or services and that are provided based on sharia principles through the capital market, provided that issuers or public companies fulfill certain conditions (i.e. the relevant main business activities must align with sharia principles within the capital market and transactions must align with sharia principles within the capital market. Meanwhile, the interest-based total debt compared to total assets must not exceed 33.3% and total interest and non-halal income compared to total business income must not exceed 5%); and 3) Other types of securities (e.g. non-share sharia securities that are issued through public offerings).
Meanwhile, overseas sharia securities may comprise sharia securities that take the following forms: 1) Sharia shares that are traded through overseas stock exchanges; 2) Sukuk shares that are traded through overseas stock exchanges; 3) Sharia commercial bonds (surat berharga) with maturities (jatuh tempo) of a minimum of one year that are traded overseas; and 4) Other types of overseas sharia securities.

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