OJK circulars address changes in business activities of Sharia Banks

The Financial Services Authority of Indonesia (OJK) issued circulars that address changes in business activities of the People's Economic Banks to become Sharia People's Economic Banks and changes in business activities of Conventional Commercial Banks to become Sharia Commercial Banks.

The circulars serve as a guideline for People’s Economic Banks and Commercial Banks to become Sharia complaint. Both circulars set out provisions on general requirements, legal entity form, capital requirements, scope of application for licenses, approval, and reporting, and procedures for submission of applications. These provisions shall come into force on the date of stipulation of the circular.

Related links (in Indonesian):

• Change in business activities for Sharia People’s Economic Banks
• Change in business activities for Sharia Commercial Banks