Regulatory Alerts2023-07-27
Added · Updated
Circular of the Financial Services Authority of the Republic of Indonesia Number 10/SEOJK.03/2023 Concerning the Implementation of Products of Sharia People's Economic Banks
This circular replaces existing provisions for Sharia People's Economic Bank (BPRS) product implementation, categorizing products into 'Basic' and 'Advanced' and defining 'New Products' based on novelty or significant development. BPRS must include New Products in their business plans and adhere to principles of adequate capital and effective risk management, supported by detailed written policies and procedures. For new Advanced Products, BPRS must obtain approval from the Financial Services Authority (OJK) through one of three mechanisms: a limited pilot project, direct approval without a pilot project (if requiring other authority permits and no material impact on risk profile/health rating), or instant-approval for BPRS meeting specific risk and composite health ratings (1 or 2 for risk, 1 for composite health in the last two periods), with OJK reviewing instant-approval applications within 10 working days.
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