Regulatory AlertsChange of Business Activities of Rural Banks to Sharia Rural Banks
The Financial Services Authority (OJK) of Indonesia issued Circular Letter No. 7/SEOJK.03/2023 to regulate the conversion of Rural Banks (BPR) into Sharia Rural Banks (BPRS). This regulation outlines the procedural requirements and business activity changes necessary for BPRs to transition to the Sharia banking system. It became effective on February 21, 2023, under the Banking and Sharia Banking sub-sector.
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