Regulatory Alerts2009-01-29
Bank Indonesia Regulation Number 11/3/PBI/2009 Concerning Sharia Commercial Banks
Bank Indonesia issued Regulation Number 11/3/PBI/2009 to establish comprehensive legal stipulations for the establishment, ownership, and governance of Sharia Commercial Banks. The regulation mandates a two-stage licensing process requiring a minimum paid-up capital of one trillion rupiah and imposes strict fit-and-proper tests for controlling shareholders and board members. It further defines corporate governance structures, including the composition of the Board of Commissioners and Directors, and requires the establishment of a Sharia Supervisory Board to ensure compliance with Islamic principles.
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