Jumat, Juni 7, 2024

Guidelines on Sharia Banking Musyarakah Financing Products and Cooperation Between BPRS and P2P Financing Services Introduced

The Chief Executive of Banking Supervision at the Financial Services Authority (Otoritas Jasa Keuangan – "OJK"), Dian Ediana Rae ("Chief Executive"), has affirmed that the OJK is continuing to work to strengthen the characteristics of various sharia banking products, as well as to improve the prudential principle and overall risk management of Sharia Rural Banks (Bank Perkreditan Rakyat Syariah – "BPRS").
In line with these initiatives and in an effort to implement the mandates set under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector ("Law 4/2023"), the OJK has now introduced the following guidelines: 1) Guidelines on Sharia Banking Musyarakah Financing Products ("Musyarakah Financing Guidelines"); and 2) Guidelines on Channeling Cooperation Between BPRS and Fintech Peer-to-Peer ("P2P") Financing ("BPRS-P2P Guidelines").
The aforementioned Musyarakah Financing Guidelines were drafted by the OJK in cooperation with the National Sharia Board (Dewan Syariah Nasional – "DSN") of the Indonesian Clergy Council (Majelis Ulama Indonesia – "MUI"), and will hopefully complement existing OJK frameworks by adding further details and technical aspects regarding the implementation of musyarakah financing. Broadly speaking, the Musyarakah Financing Guidelines address a wide variety of provisions, the scope of which ranges from parties involved in musyarakah financing to the capital and scopes of relevant businesses.
According to the Chief Executive, the BPRS-P2P Guidelines were drafted in order to further support the BPRS digitalization process, while the drafting process itself was carried out by the OJK in collaboration with various sharia financial service industries, including P2P organizers. The BPRS-P2P Guidelines were also drafted in cooperation with DSN MUI and broadly address the following aspects: 1) Risk management and governance aspects; 2) Eligible forms of agreements; and 3) Available cooperation processes and schemes.
For more on this story, see Hukumonline: “OJK Perkuat Karakteristik Produk Bank Syariah dan Manajemen Risiko BPRS”.

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The Chief Executive of Banking Supervision at the Financial Services Authority (Otoritas Jasa Keuangan – "OJK"), Dian Ediana Rae ("Chief Executive"), has affirmed that the OJK is continuing to work to strengthen the characteristics of various sharia banking products, as well as to improve the prudential principle and overall risk management of Sharia Rural Banks (Bank Perkreditan Rakyat Syariah – "BPRS").
In line with these initiatives and in an effort to implement the mandates set under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector ("Law 4/2023"), the OJK has now introduced the following guidelines: 1) Guidelines on Sharia Banking Musyarakah Financing Products ("Musyarakah Financing Guidelines"); and 2) Guidelines on Channeling Cooperation Between BPRS and Fintech Peer-to-Peer ("P2P") Financing ("BPRS-P2P Guidelines").
The aforementioned Musyarakah Financing Guidelines were drafted by the OJK in cooperation with the National Sharia Board (Dewan Syariah Nasional – "DSN") of the Indonesian Clergy Council (Majelis Ulama Indonesia – "MUI"), and will hopefully complement existing OJK frameworks by adding further details and technical aspects regarding the implementation of musyarakah financing. Broadly speaking, the Musyarakah Financing Guidelines address a wide variety of provisions, the scope of which ranges from parties involved in musyarakah financing to the capital and scopes of relevant businesses.
According to the Chief Executive, the BPRS-P2P Guidelines were drafted in order to further support the BPRS digitalization process, while the drafting process itself was carried out by the OJK in collaboration with various sharia financial service industries, including P2P organizers. The BPRS-P2P Guidelines were also drafted in cooperation with DSN MUI and broadly address the following aspects: 1) Risk management and governance aspects; 2) Eligible forms of agreements; and 3) Available cooperation processes and schemes.
For more on this story, see Hukumonline: “OJK Perkuat Karakteristik Produk Bank Syariah dan Manajemen Risiko BPRS”.

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