OJK Regulation No. 8 of 2025 on the Publication of the Sharia Securities List and Foreign Sharia Securities List

COPY
OJK REGULATION OF THE REPUBLIC OF INDONESIA
NUMBER 8 OF 2025
CONCERNING
THE PUBLICATION OF THE SHARIA SECURITIES LIST AND FOREIGN SHARIA SECURITIES LIST BY THE GRACE OF THE MOST HIGH GOD THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that for the development of the Islamic capital market industry in Indonesia and for the growth of Islamic investment management products, changes are needed to the regulations regarding the party that becomes the Issuer of the Sharia Securities List and adjustments to the Islamic financial ratio criteria; b. that Financial Services Authority Regulation Number 35/POJK.04/2017 concerning Criteria and Publication of the Sharia Securities List is no longer in line with the development of the Islamic capital market industry, so it needs to be replaced;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning the Publication of the Sharia Securities List and Foreign Sharia Securities List;

Recalling:

1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);

DECIDES:
Establishes: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE PUBLICATION OF THE SHARIA SECURITIES LIST AND FOREIGN SHARIA SECURITIES LIST.

CHAPTER I
GENERAL PROVISIONS

Article 1
In this Financial Services Authority Regulation, the following terms are defined:

1. Securities are securities or investment contracts, whether in conventional and digital form or other forms in accordance with technological developments, that give the owner the right to directly or indirectly obtain economic benefits from the issuer or from a certain party based on an agreement and any derivatives of Securities, which can be transferred and/or traded in the capital market.
2. Sharia Principles in the Capital Market are Islamic legal principles in Sharia activities in the capital market based on the fatwa of the National Sharia Council - Indonesian Ulema Council, insofar as the said fatwa does not conflict with Financial Services Authority Regulations concerning the Implementation of Sharia Principles in the Capital Market and/or other Financial Services Authority Regulations based on the fatwa of the National Sharia Council - Indonesian Ulema Council.
3. Sharia Securities are Securities as referred to in Law Number 8 of 1995 concerning the Capital Market as amended by Law of the Republic of Indonesia Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector and its implementing regulations that:
   a. the contract, management method, and business activities; b. the assets that are the basis of the contract, management method, and business activities; and/or
   c. assets related to the said Securities and its issuer,
   do not conflict with Sharia Principles in the Capital Market.
4. Sharia Securities List is a collection of Sharia Securities established by the Financial Services Authority that are traded domestically.
5. Foreign Sharia Securities List is a collection of Sharia Securities issued by the issuer of the Sharia Securities List that only contains Sharia Securities traded abroad.
6. Investment Manager is a party whose business activities manage portfolios of Securities, collective investment portfolios, and/or other investment portfolios for the benefit of a group of clients or individual clients, except insurance companies, Islamic insurance companies, pension funds, and banks that conduct their own business activities based on legislation.
7. Sharia Investment Manager is an Investment Manager whose articles of association state that:
   a. activities and types of business; b. management methods; and/or
   c. services provided,
   are conducted based on Sharia Principles in the Capital Market.
8. Sharia Investment Management Unit is a part of an Investment Manager that has the task and responsibility to manage portfolios of Securities or collective investment portfolios that do not conflict with Sharia Principles in the Capital Market, develop, and market Sharia investment management services or products.
9. Party is an individual, legal entity, company, joint venture, association, or organized group.
10. Issuer of the Sharia Securities List, hereinafter abbreviated as PPDES, is a Party that has obtained approval from the Financial Services Authority to publish the Foreign Sharia Securities List.
11. Public Offering is the offering activity of Securities conducted by an Issuer to sell Securities to the public based on procedures regulated in Law Number 8 of 1995 concerning the Capital Market as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector and its implementing regulations.
12. Issuer is a Party that conducts a Public Offering.
13. Public Company is a Corporation with the number of shareholders and paid-up capital established by Financial Services Authority Regulation.
14. Sharia Issuer is an Issuer whose articles of association state that its activities and types of business as well as its management methods are based on Sharia Principles in the Capital Market.
15. Sharia Public Company is a Public Company whose articles of association state that its activities and types of business as well as its management methods are based on Sharia Principles in the Capital Market.
16. Capital Market Sharia Expert, hereinafter abbreviated as ASPM, is an individual who has knowledge and experience in the Sharia field who has a license to provide advice and/or supervise the implementation of Sharia Principles in the Capital Market by Parties conducting Sharia activities in the capital market and/or provide statements of Sharia compliance for Sharia products or services in the capital market.
17. Sharia Supervisory Board is a board responsible for providing advice and suggestions and supervising the fulfillment of Sharia Principles in the Capital Market towards parties conducting Sharia activities in the capital market.
18. Electronic Reporting System is a system as referred to in Financial Services Authority Regulations concerning the submission of reports through the Electronic Reporting System of Issuers or Public Companies.

CHAPTER II
SHARIA SECURITIES LIST

First Section
Contents of the Sharia Securities List and Criteria for Sharia Stocks

Article 2
(1) The Sharia Securities List contains:
a. Sharia Securities in the form of Sharia stocks including rights to pre-emptive subscription of Securities and Sharia warrants issued by Sharia Issuers or Sharia Public Companies; b. Sharia Securities in the form of Sharia stocks including rights to pre-emptive subscription of Securities and Sharia warrants issued by Issuers or Public Companies that do not state that their activities and types of business, management methods, and/or services provided are based on Sharia Principles in the Capital Market, provided that the said Issuer or Public Company meets the following provisions:

1. does not conduct business activities that conflict with Sharia Principles in the Capital Market;
2. does not conduct transactions that conflict with Sharia Principles in the Capital Market; and
3. has financial ratios:
   a) total interest-based debt compared to total assets does not exceed 45% (forty-five percent); and b) total interest income and other non-halal income compared to total business income and other income does not exceed 5% (five percent); and
   c. Other Securities, which include:
4. Sharia Securities other than stocks issued through Public Offering; and
5. Sharia Securities other than stocks issued:
   a) without through Public Offering; and b) in accordance with provisions of legislation in the capital market sector. (2) The limit of the financial ratio of total interest-based debt compared to total assets as referred to in paragraph (1) letter b number 3 letter a) will be adjusted to not exceed 33% (thirty-three percent) which is applied in a phased manner with stages established by the Financial Services Authority. (3) The Financial Services Authority may establish different financial ratios from the financial ratios as referred to in Article 2 paragraph (1) letter b number 3, taking into account the conditions and development of the Islamic capital market.

Article 3
Business activities that conflict with Sharia Principles in the Capital Market as referred to in Article 2 paragraph (1) letter b number 1 include:
a. gambling and other activities classified as gambling; b. ribawi financial services;
c. risk trading that contains elements of uncertainty (gharar) and/or gambling (maisir);
d. producing, distributing, trading, and/or providing:

1. goods or services that are haram in substance (haram li-dzatihi);
2. goods or services that are haram not because of substance (haram li-ghairihi) established by the National Sharia Council - Indonesian Ulema Council;
3. goods or services that damage morality and are harmful; and/or
4. other goods or services that conflict with Sharia Principles in the Capital Market based on the determination of the National Sharia Council - Indonesian Ulema Council; and
   e. conducting other activities that conflict with Sharia Principles in the Capital Market based on the determination of the National Sharia Council - Indonesian Ulema Council.

Second Section
Information Sources for Compiling the Sharia Securities List

Article 4
(1) The compilation of the Sharia Securities List is conducted based on the results of examination of information submitted by Issuers or Public Companies to the Financial Services Authority. (2) Issuers or Public Companies must submit information as referred to in paragraph (1) to the Financial Services Authority through the Electronic Reporting System. (3) The Board of Directors of the Issuer or Public Company is responsible for the truthfulness and accuracy of the information as referred to in paragraph (2).

Article 5
(1) In establishing the Sharia Securities List, the Financial Services Authority may request additional information from Issuers or Public Companies. (2) Issuers or Public Companies must submit additional information as referred to in paragraph (1) that is needed by the Financial Services Authority.

Article 6
(1) Issuers or Public Companies are exempted from the obligation to submit reports through the Electronic Reporting System as referred to in Article 4 paragraph (2) in the event that:
a. the Financial Services Authority states that the Electronic Reporting System is experiencing disturbances; and/or b. a situation occurs beyond the ability and power of the Issuer or Public Company which includes:

1. natural disasters, war, riots, fires, strikes that significantly affect the ability of the Issuer or Public Company to submit the said information through the Electronic Reporting System; and/or
2. other events that significantly affect the ability of the Issuer or Public Company to submit the said information as established by the Financial Services Authority.
   (2) In the event of conditions as referred to in paragraph (1), the submission of information as referred to in Article 4 paragraph (2) by the Issuer or Public Company is conducted by:
   a. being handed over or sent directly to the correspondence address of the Financial Services Authority headquarters in the form of electronic documents; or b. sent via email addressed to the email address established by the Financial Services Authority. (3) In the event that the conditions as referred to in paragraph (1) have been resolved, the Issuer or Public Company must resubmit the information that has been submitted as referred to in paragraph (2) through the Electronic Reporting System.

Article 7
Provisions concerning the submission of information by Issuers or Public Companies as referred to in Article 4 paragraph (2) are established by the Financial Services Authority.

Third Section
Establishment and Use of the Sharia Securities List

Article 8
(1) The Financial Services Authority establishes the Sharia Securities List periodically 2 (two) times in 1 (one) year:
a. The first Sharia Securities List is conducted at the latest 5 (five) working days before the end of the month of May and becomes effective on June 1; and b. The second Sharia Securities List is conducted at the latest 5 (five) working days before the end of the month of November and becomes effective on December 1. (2) In the event of certain conditions, the Financial Services Authority may establish the Sharia Securities List at times different from the establishment times as referred to in paragraph (1). (3) The Sharia Securities List as referred to in paragraph (1) is announced by the Financial Services Authority through the Financial Services Authority website and/or other mass media.

Article 9
In the event of a Public Offering, corporate actions, information, or facts from Issuers or Public Companies that can cause the fulfillment or non-fulfillment of the Sharia Securities criteria as referred to in Article 2, the Financial Services Authority may:
a. announce the addition of Securities that meet the Sharia Securities criteria in the Sharia Securities List; or b. announce that certain Sharia Securities in the Sharia Securities List no longer meet the Sharia Securities criteria.

Article 10
The Sharia Securities List established by the Financial Services Authority as referred to in Article 8 must be used as a reference by:
a. Parties that issue Sharia Securities indices domestically; b. Sharia Investment Managers or Investment Managers that have Sharia Investment Management Units managing portfolios of domestic Sharia Securities;
c. Securities Companies that have online trading systems for Sharia; and
d. Other Parties that conduct the compilation and/or management of portfolios of domestic Sharia Securities for the benefit of their clients or the benefit of other Parties in accordance with provisions of legislation.

Article 11
(1) Every Party that violates the provisions as referred to in Article 10 is subject to administrative sanctions. (2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties that cause the violation as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) include:
a. written warning; b. fines, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities for part or all; e. revocation of business licenses; f. cancellation of approval; and/or g. cancellation of registration. (5) Administrative sanctions as referred to in paragraph (4) letters b to g are imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (4) letter a. (6) Administrative sanctions in the form of fines as referred to in paragraph (4) letter b can be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letters c to g. (7) The procedure for imposing administrative sanctions as referred to in paragraph (3) is conducted in accordance with provisions of legislation in the capital market field.

CHAPTER III
FOREIGN SHARIA SECURITIES LIST

First Section
Objectives, Publication, Contents, and Compilation of the Foreign Sharia Securities List

Article 12
(1) The Foreign Sharia Securities List can only be issued by the PPDES.
(2) The Foreign Sharia Securities List as referred to in paragraph (1) can:
a. be used limitedly for the benefit of other Parties; and/or b. be announced to the public.

Article 13
(1) The Foreign Sharia Securities List can contain Sharia Securities in the form of:
a. Sharia stocks traded on foreign stock exchanges; b. sukuk recorded on foreign stock exchanges;
c. Sharia commercial paper with a maturity of 1 (one) year or more traded abroad; and/or
d. foreign Sharia-based mutual funds; and/or e. other Foreign Sharia Securities.
(2) PPDES is prohibited from including Sharia Securities that have been included in the Sharia Securities List established by the Financial Services Authority in the Foreign Sharia Securities List.

Article 14
In selecting Sharia stocks to be included in the Foreign Sharia Securities List, PPDES can use the following mechanisms:
a. referring to foreign Sharia stocks established by regulators in other countries, index providers, and/or other Parties; and/or b. conducting its own selection of foreign Sharia stocks to be included in the Foreign Sharia Securities List.

Article 15
In the event that the compilation of the Foreign Sharia Securities List is conducted using the mechanism of referring to foreign Sharia securities established by regulators in other countries, index providers, and/or other Parties as referred to in Article 14 letter a, PPDES must:
a. include the names of regulators in other countries, index providers, and/or other Parties; and b. ensure that regulators in other countries, index providers, and/or other Parties:

1. have a Sharia Supervisory Board; and
2. use Sharia stock selection criteria at least including:
   a) business activity selection; b) interest-based debt ratio; and c) non-halal income ratio.

Article 16
In the event that the compilation of the Foreign Sharia Securities List is conducted using the self-selection mechanism as referred to in Article 14 letter b, PPDES must include Sharia stocks with the following provisions:
a. Sharia stocks are issued by Sharia institutions; and/or b. Sharia stocks are selected based on criteria as referred to in Article 2 letter b.

Article 17
PPDES must store all documents regarding the publication of the Foreign Sharia Securities List for a period in accordance with provisions of legislation regulating company documents.

Article 18
(1) In ensuring the fulfillment of Sharia Principles in the Capital Market over Sharia Securities included in the Foreign Sharia Securities List, the Sharia Supervisory Board must conduct a review of every Foreign Sharia Securities List that is published. (2) The results of the review of the Foreign Sharia Securities List as referred to in paragraph (1) are compiled in a statement of Sharia compliance from the Sharia Supervisory Board with a stamp, included in the Appendix on Format 1 which is an inseparable part of this Financial Services Authority Regulation.

Second Section
Parties that Publish the Foreign Sharia Securities List

Article 19
(1) Parties that publish the Foreign Sharia Securities List must obtain approval from the Financial Services Authority to conduct activities as PPDES. (2) PPDES as referred to in paragraph (1) must:
a. be a legal entity located in Indonesia; b. have a Sharia Supervisory Board that has an ASPM license from the Financial Services Authority as regulated in Financial Services Authority Regulations concerning Capital Market Sharia Experts; and
c. have at least 1 (one) person assigned in the compilation of the Foreign Sharia Securities List, who has knowledge regarding Sharia Principles in the Capital Market proven by a certificate of knowledge regarding Sharia Principles in the Capital Market issued in the last 3 (three) years or work experience in the Islamic capital market field for at least 2 (two) years.
(3) Parties as referred to in paragraph (1) must submit an application for approval to the Financial Services Authority before conducting activities as PPDES.

Article 20
(1) Sharia Investment Managers and/or Investment Managers that have Sharia Investment Management Units managing investment products with underlying assets of foreign Sharia securities are exempted from the obligations:
a. to compile the Foreign Sharia Securities List; and b. to become PPDES.
(2) Foreign Sharia Securities that are underlying assets as referred to in paragraph (1) must meet the Sharia Securities criteria established by the Financial Services Authority, regulators in other countries, Sharia index providers, and/or other Parties.

Article 21
(1) The application for approval as referred to in Article 19 paragraph (3) must be submitted in the form of printed documents to the Financial Services Authority, compiled in a letter of application for approval as PPDES included in the Appendix on Format 2 which is an inseparable part of this Financial Services Authority Regulation. (2) In the event that the Financial Services Authority has provided an electronic system for PPDES approval applications, PPDES approval applications must be submitted through the system electronically. (3) Provisions concerning the submission of PPDES approval applications electronically as referred to in paragraph (2) are established by the Financial Services Authority.

Article 22
(1) Applicants applying for approval to become PPDES to the Financial Services Authority must be accompanied by complete documents:
a. documents related to the applicant:

1. proof of payment of levies for the application for approval as PPDES;
2. a statement of the Board of Directors or equivalent position as a Party responsible for the compilation of the Foreign Sharia Securities List, compiled in a statement of the Board of Directors responsible for the compilation of the Foreign Sharia Securities List included in the Appendix on Format 3 which is an inseparable part of this Financial Services Authority Regulation; and
3. proof of competency knowledge regarding Sharia Principles in the Capital Market from employees assigned in the compilation of the Foreign Sharia Securities List or work experience in the Islamic capital market field;
   b. documents related to the Sharia Supervisory Board:
4. photocopy of the ASPM license;
5. a letter of appointment of the Board of Directors or equivalent position to the Sharia Supervisory Board as a Party responsible for the fulfillment of Sharia compliance of the Foreign Sharia Securities List that is published; and
6. a stamped statement regarding the willingness of the Sharia Supervisory Board to the appointment of the Board of Directors or equivalent position as a Party responsible for the fulfillment of Sharia compliance of the Foreign Sharia Securities List that is published, using the statement of the Sharia Supervisory Board about willingness as a Party responsible for the fulfillment of Sharia compliance of the Foreign Sharia Securities List that is published included in the Appendix on Format 4 which is an inseparable part of this Financial Services Authority Regulation; and
   c. documents related to the Foreign Sharia Securities List:
7. standard operating procedures for the compilation of the Foreign Sharia Securities List with

using company letterhead and stating the approval date and signed by members of the Board of Directors;
2. information regarding the purpose of issuing
the Foreign Sharia Securities List; and
3. in the event that the Foreign Sharia Securities List
is compiled with reference to foreign Sharia securities determined by a regulator in another country, an index provider, and/or other parties as referred to in Article 14 letter a, must be accompanied by:
a) information regarding the regulator in another country, index provider, and/or other parties that serve as the reference at minimum including:

1. institution name;
2. name of the Sharia Supervisory Board;
3. mechanism or criteria for selecting Sharia
   securities used;
4. period of issuing foreign Sharia securities
   including the issuance date and/or effective date; and
5. information regarding the use of paid references, in the
   event of using paid references; and b) photocopy of the cooperation contract with the regulator in another country, index provider, and/or other parties, if a cooperation contract is conducted. (2) In the event that the applicant is not a financial services institution that has received a license from the Financial Services Authority, the approval application as referred to in Article 19 paragraph (3) besides being accompanied by the document completeness as referred to in paragraph (1) must be accompanied by additional documents:
   a. photocopy of the latest articles of association or similar document that has received approval from the competent authority; b. company organizational structure;
   c. photocopy of the Taxpayer Identification Number (NPWP)
   in the name of the applicant; d. identity of the applicant; e. domicile letter of the applicant; f. photocopy of the establishment document along with its amendments; g. list of names and data of members of the Board of Directors and members of the Board of Commissioners or other equivalent organs, which includes:

1. latest curriculum vitae signed
   by the respective individual;

2. photocopy of valid ID card/passport;

3. photocopy of foreign worker permit for Board of Directors
   members of foreign nationality from the competent authority in accordance with applicable legislation; https://jdih.ojk.go.id/

4. latest 4x6 cm passport-sized photos with a
   red background, 2 (two) sheets;

5. photocopy of the latest formal education diploma
   that has been legalized; and

6. photocopy of the Taxpayer Identification Number (NPWP) card for
   members of the Board of Directors and members of the Board of Commissioners.
   Article 23
   Standard operating procedures for compiling the Foreign Sharia Securities List as referred to in Article 22 paragraph (1) letter c number 1, must at minimum contain:
   a. for the compilation of the Foreign Sharia Securities List that refers to foreign Sharia securities determined by a regulator in another country, an index provider, and/or other parties as referred to in
   Article 14 letter a:

7. procedures regarding the selection of parties from the regulator in
   another country, index provider, and/or other parties that will serve as the reference;

8. purpose of issuing the Foreign Sharia Securities List;

9. procedures for collecting information on foreign Sharia securities from the parties serving as the reference;

10. procedures for compiling and determining foreign Sharia securities from the regulator in another country, index
    provider, and/or other parties into the Foreign Sharia Securities List;

11. procedures for monitoring and changing the Foreign Sharia
    Securities List;

12. period of issuance, date of issuance, and
    effective date of the Foreign Sharia Securities List; and

13. procedures for review of compliance with Sharia Principles in the Capital Market on the Foreign Sharia Securities List
    by the Sharia Supervisory Board before issuance; and b. for the compilation of the Foreign Sharia Securities List that uses its own selection mechanism as referred to in Article 14 letter b, at minimum contains:

14. procedures for collecting data related to the Foreign Sharia
    Securities List and mechanisms for requesting additional information;

15. procedures for selecting Sharia Securities and criteria for selecting Sharia stocks used;

16. purpose of issuing the Foreign Sharia Securities List;

17. procedures for compiling and determining the Foreign Sharia Securities List;

18. procedures for monitoring and changing the Foreign Sharia
    Securities List; and

19. procedures for review of compliance with Sharia Principles in the Capital Market on the Foreign Sharia Securities List
    by the Sharia Supervisory Board before issuance. https://jdih.ojk.go.id/

Article 24
The Financial Services Authority may request changes and/or additional information related to the completeness of documents submitted for the approval application for PPDES as referred to in
Article 19 paragraph (3).
Article 25
(1) The Financial Services Authority conducts a review of the completeness of documents for the approval application for PPDES as referred to in Article 22. (2) The Financial Services Authority sends a letter to the applicant no later than 30 (thirty) days since the review as referred to in paragraph (1), which states that the application:
a. has met the requirements; b. has not met the requirements; or
c. is rejected due to not meeting the requirements.
(3) In the event that the application has not met the requirements as referred to in paragraph (2) letter b, the applicant must complete the missing documents and/or additional information required no later than 30 (thirty) working days after the date of the Financial Services Authority's letter. (4) Submission of document changes and/or additional information as referred to in paragraph (3) is considered received by the Financial Services Authority on the date of receipt of the document changes and/or additional information. (5) Since the receipt of document changes and/or additional information, as referred to in paragraph (4), the approval application is considered newly received by the Financial Services Authority and processed as referred to in paragraph (1) and paragraph (2). (6) An applicant who does not complete the missing items required within the time period as referred to in paragraph (3) is considered to have cancelled the PPDES approval application already submitted to the Financial Services Authority. (7) In the event that the Financial Services Authority does not send a letter as referred to in paragraph (2) within a period of 30 (thirty) working days after the submission of the approval application and/or after the completion of missing documents and/or additional information last from the applicant to the Financial Services Authority, the Financial Services Authority is deemed to have granted approval as PPDES. Third Section Announcement and Reporting of PPDES
Article 26
(1) PPDES that issues a Foreign Sharia Securities List that is used limitedly for the interest of Other Parties as referred to in https://jdih.ojk.go.id/

Article 12 paragraph (2) letter a is required to submit a report
each year to the Financial Services Authority which is compiled in the Report of the Sharia Securities List Issuer Party contained in Format 5 of the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The report as referred to in paragraph (1) must be accompanied by documents:
a. Foreign Sharia Securities List that has been issued along with its changes during the current year with a reporting period deadline of December 31; b. statement of Sharia compliance from the Sharia Supervisory Board for each issuance and change of the Foreign Sharia Securities List; and
c. name of the Party using the Foreign Sharia
Securities List that it issues.
(3) Submission of the report as referred to in paragraph (1) must be done no later than on January 31 of the following year. (4) If the deadline for submitting the report as referred to in paragraph (3) falls on a holiday, submission of the report must be done no later than on 1 (one) working day following. (5) If PPDES submits the report past the deadline as referred to in paragraph (4), calculation of the number of days of delay in submission of the report is calculated from the first day after the final deadline for submission of the report as referred to in paragraph (4).
Article 27
(1) In the event that PPDES announces the Foreign Sharia Securities List to the public as referred to in
Article 12 paragraph (2) letter b, PPDES is required
to announce each issuance and change of the Foreign Sharia Securities List.
(2) The announcement as referred to in paragraph (1) is done at minimum through electronic or non-electronic mass media that can be accessed by the public no later than 2 (two) working days after the Foreign Sharia Securities List becomes effective. (3) Proof of announcement as referred to in paragraph (2) is submitted to the Financial Services Authority no later than 2 (two) working days after the Foreign Sharia Securities List is announced. (4) Submission of proof of announcement as referred to in paragraph (3) must be accompanied by a statement of Sharia compliance from the Sharia Supervisory Board.
Article 28
(1) In the event that PPDES will make changes to the mechanism for compiling the Foreign Sharia Securities List as referred to in Article 14, PPDES is required to submit a report to the Financial Services Authority. https://jdih.ojk.go.id/

(2) The report as referred to in paragraph (1) is submitted to the Financial Services Authority no later than 2 (two) working days after the first issuance of the Foreign Sharia Securities List with the latest mechanism. (3) PPDES is required to submit a report as referred to in paragraph (2) accompanied by:
a. standard operating procedures for compiling the Foreign Sharia Securities List that is new; b. photocopy of the cooperation contract with the regulator in another country, index provider, and/or other parties, if the change in mechanism refers to Sharia securities outside the country issued by the regulator in another country, index provider, and/or other parties;
c. Foreign Sharia Securities List compiled
using the latest mechanism; and d. statement of Sharia compliance from the Sharia Supervisory Board.
Article 29
(1) Any Party that violates the provisions as referred to in Article 13 paragraph (2), Article 15, Article 16,
Article 17, Article 18 paragraph (1), Article 19 paragraph (1), paragraph (2),
Article 20 paragraph (2), Article 26 paragraph (1), paragraph (3), paragraph (4),
Article 27 paragraph (1), Article 28 paragraph (1) and/or paragraph (3)
is subject to administrative sanctions.
(2) Administrative sanctions as referred to in paragraph (1) are also imposed on Parties that cause the occurrence of violations as referred to in paragraph (1). (3) Administrative sanctions as referred to in paragraph (1) and paragraph (2) are imposed by the Financial Services Authority. (4) Administrative sanctions as referred to in paragraph (1) consist of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities for part or all; and/or e. cancellation of approval.
(5) Administrative sanctions as referred to in paragraph (4) letters b through e are imposed with or without being preceded by the imposition of administrative sanctions consisting of a written warning as referred to in paragraph (4) letter a. (6) Administrative sanctions consisting of a fine as referred to in paragraph (4) letter b can be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (4) letters c, d, and e. https://jdih.ojk.go.id/

(7) The procedure for imposing administrative sanctions as referred to in paragraph (3) is carried out in accordance with the provisions of legislation in the field of capital market.
CHAPTER IV
RETURN OF PPDES APPROVAL
Article 30
(1) PPDES may return the approval as
PPDES by submitting a letter of application for return of approval as PPDES, which is accompanied by documents:
a. letter of return of approval as PPDES; b. Decision Letter of the Financial Services Authority regarding the granting of PPDES approval; and
c. report on the settlement of PPDES obligations
accompanied by supporting documents.
(2) Format of the letter of return of approval as PPDES as referred to in paragraph (1) letter a is contained in the Appendix in Format 6 which is an integral part of this Financial Services Authority Regulation. (3) Return of approval as PPDES as referred to in paragraph (1) does not immediately eliminate its obligations and responsibilities in accordance with applicable legislation in the financial services sector and/or decisions of the Financial Services Authority that have not been fulfilled.
CHAPTER V
OTHER PROVISIONS
Article 31
Besides administrative sanctions as referred to in this Financial Services Authority Regulation, the Financial Services Authority may take certain actions against each Party that violates the provisions of this Financial Services Authority Regulation.
Article 32
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in this Financial Services Authority Regulation and certain actions as referred to in Article 31 to the public.
CHAPTER VI
TRANSITIONAL PROVISIONS
Article 33
(1) PPDES that has received approval from the Financial Services Authority before the implementation of this Financial Services Authority Regulation must submit a report to the Financial Services Authority to remain as PPDES no later than 3 (three) months since the implementation of this Financial Services Authority Regulation. https://jdih.ojk.go.id/

(2) PPDES that does not submit a report to the Financial Services Authority in accordance with the deadline as referred to in paragraph (1) is considered to have resigned as PPDES and the approval for PPDES will be cancelled.
CHAPTER VII
CLOSING PROVISIONS
Article 34
Provisions regarding financial ratios concerning total interest income and other non-halal income compared to total business income and other income as referred to in Article 2 paragraph (1) letter b number 3 letter b) will take effect after 1 (one) year counted from the date this Financial Services Authority Regulation is promulgated.
Article 35
Provisions regarding the magnitude of the financial ratio limit as referred to in Article 2 paragraph (2) will be implemented within a period of no later than 10 (ten) years since this Financial Services Authority Regulation is promulgated.
Article 36
At the time this Financial Services Authority Regulation takes effect, Financial Services Authority Regulation Number 35/POJK.04/2017 concerning Criteria and Issuance of the Sharia Securities List (State Gazette of the Republic of Indonesia Year 2017 Number 137, Supplement to the State Gazette of the Republic of Indonesia Number 6083) and its implementing regulations are repealed and declared invalid.
Article 37
This Financial Services Authority Regulation takes effect on the date of promulgation. https://jdih.ojk.go.id/

This copy is in accordance with the original
Director of Legal Development
Legal Department signed
Aat Windradi
To ensure everyone knows, ordering the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Established in Jakarta on April 10, 2025 CHAIRMAN OF THE COMMISSIONERS BOARD FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed MAHENDRA SIREGAR Promulgated in Jakarta on April 25, 2025 MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, signed SUPRATMAN ANDI AGTAS STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER 16/OJK https://jdih.ojk.go.id/

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 8 OF 2025
CONCERNING
ISSUANCE OF THE SHARIA SECURITIES LIST AND FOREIGN SHARIA SECURITIES LIST
I. GENERAL
The application of Sharia financial ratios applicable in Financial Services Authority Regulation Number 35/POJK.04/2017 concerning Criteria and Issuance of the Sharia Securities List, specifically regarding interest income and other non-halal income compared to total business income and other income, is not exceeding 10% (ten percent). However, to increase the growth of Sharia investment management products, it is necessary to adjust the criteria for Sharia financial ratios. By the end of 2023, most Sharia Securities List Issuer Parties that received approval from OJK were Islamic Investment Managers and Investment Managers who have Sharia Investment Management Units that compile the Foreign Sharia Securities List for the interest of managing Sharia mutual fund portfolios, so it is necessary to make changes to regulations focusing on PPDES that issue the Sharia Securities List for Parties other than Islamic Investment Managers and Investment Managers who have Sharia Investment Management Units. Furthermore, to increase effectiveness in the compilation of the Sharia Securities List, there is a need to clarify the submission of information by Issuers or public companies through the Issuer reporting system which will be connected with the information system for compiling the Sharia Securities List. In driving the strengthening and development of the Sharia financial ecosystem in Indonesia, it is necessary to strengthen regulations regarding the compilation of the Sharia Securities List and Foreign Sharia Securities List in the Indonesian Sharia Capital Market. Improvements are made among others by regulating:
a. Adjustment of definitions in accordance with applicable legislation; b. Adjustment of Sharia financial ratios, specifically regarding total interest-bearing debt compared to total assets which was previously regulated as not exceeding 45% (forty-five percent), adjusted gradually to not exceeding 33% within a period of 10 (ten) years and total interest income and other non-halal income compared to total business income and other income from previously not exceeding 10% (ten percent) to not exceeding 5% (five percent);
c. Clarification for Issuers and Public Companies in
submitting information for the compilation of the Sharia Securities List; d. Authority of the Financial Services Authority to determine the Sharia Securities List at different times; e. Expansion of Parties that become Sharia Securities List Issuer Parties; and f. Registration requirements, documents, and compilation mechanisms for Sharia Securities List Issuer Parties that must be fulfilled. Considering the above, it is necessary to make improvements to Financial Services Authority Regulation Number 35/POJK.04/2017 concerning Criteria and Issuance of the Sharia Securities List by establishing a Financial Services Authority Regulation concerning Issuance of the Sharia Securities List and Foreign Sharia Securities List.
II. ARTICLE BY ARTICLE
Article 1
Clearly stated.
Article 2
Paragraph (1)
Letter a
What is meant by "right of first offer of Securities" is the right attached to shares that gives the opportunity for the respective shareholder to buy shares and/or other equity-like Securities both that can be converted into shares or that give the right to buy shares, before being offered to other Parties. This right can be transferred. What is meant by "Sharia warrant" is a Security issued by a company that gives the right to the holder of the Security to order Sharia shares from the company at a certain price after 6 (six) months or more since the Security in question is issued. Letter b Number 1 What is meant by "business activity" is business activity contained in the articles of association of the public company and has been carried out. Number 2 Examples of transactions that violate Sharia Principles in the Capital Market include:
a. trading or transactions with false offers and/or demands; b. trading or transactions not accompanied by delivery of goods and/or services;
c. sale of goods not yet owned;
d. purchase or sale of Securities that use or take advantage of insider information from the Issuer or Public Company; e. margin transactions on Securities that contain elements of interest (riba);

f. trading or transactions with the purpose of hoarding (ihtikar); g. conducting trading or transactions that contain elements of bribery (risywah); or h. other transactions containing elements of speculation (gharar), fraud (tadlis) including hiding defects (ghisysy), and efforts to influence other Parties that contain deception (taghrir). Number 3 Letter a) Clearly stated. Letter b) Other non-halal income, among others income derived from:

1. sale of food containing pork;
2. sale of alcoholic beverages; and
3. sale of cigarettes.
   Letter c
   Number 1
   Sharia Securities other than shares issued through Public Offer, among others sukuk, units of participation in Sharia mutual funds, Sharia asset-backed securities, and Sharia real estate investment funds in the form of collective investment contracts. Number 2 Letter a) Sharia Securities other than shares issued without through Public Offer, among others units of participation in Sharia mutual funds in the form of limited partnership collective investment contracts, medium term Sharia notes. Letter b) Clearly stated. Paragraph (2) Clearly stated. Paragraph (3) What is meant by "conditions and development of the Sharia capital market" is conditions that can serve as a basis for making changes to financial ratio criteria in the selection of Sharia stocks, among others:
   a. increasing number of stock universes with good fundamentals and performance; and b. economic conditions requiring relaxation of policy.
   Article 3
   Letter a
   Clearly stated.
   Letter b
   Riba financial services, among others conventional banks (interest-based) and conventional financing companies (interest-based). Letter c Risk sale and purchase containing elements of uncertainty (gharar) and/or gambling (maisir), among others conventional insurance. Letter d Number 1 Substance-haram goods, among others alcoholic beverages, pork meat. Number 2 Goods that are haram not due to substance, among others beef meat whose slaughter process does not comply with Sharia principles. Number 3 Goods or services that damage morality and are harmful, among others pornography and eroticism. Number 4 Clearly stated. Letter e Decrees from the National Sharia Council - Indonesian Ulema Council can be fatwas, opinions, or other decisions issued by the National Sharia Council - Indonesian Ulema Council.
   Article 4
   Clearly stated.
   Article 5
   Clearly stated.
   Article 6
   Clearly stated.
   Article 7
   Clearly stated.
   Article 8
   Paragraph (1)
   Clearly stated.
   Paragraph (2)
   Specific conditions referred to, among others pandemic conditions that affect the Indonesian economy, so that the Financial Services Authority issues policies regarding relaxation of financial report submission for Issuers or Public Companies that impact the determination of the Sharia Securities List. Paragraph (3) Clearly stated.
   Article 9
   Clearly stated.
   Article 10
   Letter a
   Clearly stated.
   Letter b
   Clearly stated.
   Letter c
   Clearly stated.
   Letter d
   Other Parties that compile Sharia Securities investment portfolios include Sharia insurance and Sharia pension funds.
   Article 11
   Clearly stated.
   Article 12
   Paragraph (1)
   Clearly stated.
   Paragraph (2)
   Letter a
   Examples of Foreign Sharia Securities Lists used for the interest of Other Parties:
   PPDES A compiles the Foreign Sharia Securities List for the interest of Investment Manager B as a reference for managing Sharia mutual funds based on foreign Securities managed by Investment Manager B. Letter b Clearly stated.
   Article 13
   Paragraph (1)
   Letter a
   Clearly stated.
   Letter b
   Clearly stated.
   Letter c
   Clearly stated.
   Letter d
   Clearly stated.
   Letter e
   Other foreign Sharia Securities among others Islamic real estate investment trusts (iREITS), Islamic asset backed securities, Islamic ETF, and depositary receipts whose underlying securities are Sharia Securities. Paragraph (2) Clearly stated.
   Article 14
   Letter a
   Example of other country regulators: Securities Commission Malaysia.
   Example of index providers: Dow Jones Islamic Market, Financial Times Stock Exchange, or Morgan Stanley Capital International. What is meant by "other parties" is parties outside the country that provide lists of Sharia securities outside the country. Letter b Clearly stated.
   Article 15
   Clearly stated.
   Article 16
   Clearly stated.
   Article 17
   Clearly stated.
   Article 18
   Clearly stated.

Article 19
Paragraph (1)
Clearly stated.
Paragraph (2)
Letter a
Clearly stated.
Letter b
The Sharia Supervisory Board may come from within the company or from outside the company.
Letter c
Knowledge of Sharia Principles in the Capital Market is proven by competency evidence, including certificates of participation in workshops, training, or certifications related to the sharia capital market conducted by the Financial Services Authority or other credible institutions. Paragraph (3) Clearly stated.
Article 20
Clearly stated.
Article 21
Clearly stated.
Article 22
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Number 1
The term "standard operating procedures" refers to technical guidelines in the form of flowcharts accompanied by explanations and/or work descriptions. Number 2 Clearly stated. Number 3 Clearly stated. Paragraph (2) Clearly stated.
Article 23
Letter a
Number 1
Clearly stated.
Number 2
Clearly stated.
Number 3
Clearly stated.
Number 4
Clearly stated.
Number 5
The term "monitoring and change procedures" refers to the process of monitoring the Foreign Sharia Securities List, whether incidentally or periodically, including in the event of changes to the Foreign Sharia Securities List. Number 6 Clearly stated. Number 7 Clearly stated. Letter b Number 1 Clearly stated. Number 2 Clearly stated. Number 3 Clearly stated. Number 4 Clearly stated. Number 5 See the explanation of Article 23 letter a number 5. Number 6 Clearly stated.
Article 24
Clearly stated.
Article 25
Clearly stated.
Article 26
Paragraph (1)
Clearly stated.
Paragraph (2)
Letter a
If there are several changes to the Foreign Sharia Securities List within one (1) year, the content of the submitted report is a recapitulation of the changes to the Foreign Sharia Securities List accompanied by a statement of Sharia compliance from the Sharia Supervisory Board for each changed Foreign Sharia Securities List. Letter b Clearly stated. Letter c Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated.
Article 27
Paragraph (1)
The term "change" refers to changes in the content of the Foreign Sharia Securities List that occur at times other than the issuance time of the Foreign Sharia Securities List. Example:
PPDES issues the Foreign Sharia Securities List 4 (four) times in 1 (one) year, namely at the end of March, June, September, and December, so PPDES announces the Sharia Securities List upon each issuance and each change that occurs outside the issuance time. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated.
Article 28
Paragraph (1)
Examples of changes to the mechanism for compiling the Foreign Sharia Securities List:
a. changes in the compilation of the Foreign Sharia Securities List from the original self-selection mechanism to referring to regulators in other countries, index providers, and/or other Parties or vice versa; or b. changes in the compilation of the Foreign Sharia Securities List from originally using only one mechanism to 2 (two) mechanisms or vice versa, i.e., from 2 (two) mechanisms to 1 (one) mechanism. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated.
Article 29
Clearly stated.
Article 30
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c obligations include, among others, the obligations of PPDES in the form of sanctions or fines from the Financial Services Authority. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated.
Article 31
The term "specific actions" includes, among others, ordering PPDES to remove Securities that do not meet the criteria from the Foreign Sharia Securities List it issues.
Article 32
Announcements of the imposition of administrative sanctions and specific actions by the Financial Services Authority may be carried out, among others, through the Financial Services Authority website or the Financial Services Authority annual report.

Article 33
Clearly stated.
Article 34
Clearly stated.
Article 35
Clearly stated.
Article 36
Clearly stated.
Article 37
Clearly stated.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 146/OJK

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 8 YEAR 2025
CONCERNING
THE PUBLICATION OF THE SHARIA SECURITIES LIST
AND THE FOREIGN SHARIA SECURITIES LIST

Format 1:
SHARIA COMPLIANCE STATEMENT LETTER OF THE SHARIA SUPERVISORY BOARD I, the undersigned:

1. Name : .................................................................
2. Number and Date of ASPM
   SK
   : .................................................................
3. Company Name : .................................................................
4. Business Activity : .................................................................
5. Address : .................................................................
   : (street name and number)
   .................................................................
   (city and postal code)
6. Telephone : .................................................................
   hereby state that I, as the Sharia Supervisory Board of the company mentioned above, state that the Sharia Securities contained in the Foreign Sharia Securities List issued by .......
   (name of the List Issuer Party) on date ....... have met the Sharia Principles in the Capital Market. This statement is made truthfully so that it may be used as appropriate. (date,....................) (signature) stamp ……………………………………… (full name)

Format 2:
LETTER OF APPLICATION FOR APPROVAL AS A PPDES
...................., 20……
Number :
Attachment :
Subject : Application for Approval as a Party Issuing the Sharia Securities List With respect, Hereby we submit an Application for Approval as a Party Issuing the Sharia Securities List as follows:

1. Applicant Name : .............................................

2. Applicant Address : .............................................
   (Street Name & Number)
   .............................................
   (City & Postal Code)

3. Telephone Number, Fax,
   and Email
   : .............................................

4. Number and Date of
   Approval of the Articles of Association or similar documents that have obtained approval from the competent authority
   : .............................................

5. Taxpayer Identification Number : .............................................
   To complete this application, we attach the following documents:

6. photocopy of proof of payment for the application for approval as a Party Issuing the Sharia Securities List;

7. statement letter from the Board of Directors or equivalent position as the Party responsible for compiling the Foreign Sharia Securities List;

8. competency evidence regarding knowledge of Sharia Principles in the Capital Market from employees assigned to compile the Foreign Sharia Securities List or work experience in the sharia capital market field;

9. photocopy of the latest Articles of Association or similar documents that have obtained approval from the competent authority;

10. company organizational structure;

11. photocopy of the taxpayer identification number in the name of the applicant;

12. company identity;
    To
    The Head of Executive Supervisor
    Capital Market, Derivative Finance, and Carbon Exchange Financial Services Authority in Jakarta u.p. Head of Financial Services Authority Office … *

13. company domicile certificate;

14. photocopy of the establishment document and its amendments;

15. list of names and data of Board of Directors members and Board of Commissioners members,
    which includes:
    a. latest curriculum vitae signed by the respective parties; b. photocopy of valid ID card/passport;
    c. photocopy of work permits for foreign nationals among the Board of Directors from the competent authority in accordance with applicable regulations;
    d. latest 4x6 cm passport-size photos with a red background, 2 (two) copies; e. photocopy of the latest formal education diploma that has been legalized; and f. photocopy of the taxpayer identification number card for Board of Directors and Board of Commissioners members;

16. photocopy of the ASPM permit letter of Sharia Supervisory Board members responsible for ensuring Sharia compliance of the Sharia Securities issued;

17. letter of appointment of the Board of Directors or equivalent position to the Sharia Supervisory Board as the Party responsible for ensuring Sharia compliance of the Foreign Sharia Securities List issued;

18. statement letter of willingness from the Sharia Supervisory Board regarding the appointment of the Board of Directors or equivalent position as the Party responsible for ensuring Sharia compliance of the Foreign Sharia Securities List issued; and

19. photocopy of the standard operating procedure document for compiling the Foreign Sharia Securities List using paper with the company logo and stating the approval date and signed by Board of Directors members;

20. information regarding the purpose of issuing the Foreign Sharia Securities List; and

21. information regarding regulators in other countries, index providers,
    and/or other parties and photocopy of work contracts with regulators in other countries, index providers, and/or other parties, if cooperation is conducted. Thus, we submit this application and thank you for your attention. (Applicant) (signature) stamp ……………………….………. (full name) Director or equivalent organ Copy to:
    Head of Capital Market Licensing Department
    (*) Nearest Financial Services Authority Office from the applicant's domicile.

Format 3:
BOARD OF DIRECTORS STATEMENT LETTER RESPONSIBLE FOR COMPILING THE FOREIGN SHARIA SECURITIES LIST I, the undersigned:

1. Name : .................................................................
2. Position : .................................................................
3. Company Name : .................................................................
4. Business Activity : .................................................................
5. Address : .................................................................
   (street name and number)
   .................................................................
   (city and postal code)
6. Telephone : .................................................................
   hereby state that I will be fully responsible for the compilation of the Sharia Securities List issued by the company in accordance with capital market sector legislation and other applicable legislation. This statement is made truthfully so that it may be used as appropriate. (date,...................) (signature) stamp ……………………………………… (full name)

Format 4:
SHARIA SUPERVISORY BOARD STATEMENT LETTER REGARDING WILLINGNESS AS A PARTY RESPONSIBLE FOR ENSURING SHARIA COMPLIANCE OF THE FOREIGN SHARIA SECURITIES LIST ISSUED I, the undersigned:

1. Name : .................................................................
2. Number and Date of
   ASPM SK
   : .................................................................
3. Company Name : .................................................................
4. Business Activity : .................................................................
5. Address : .................................................................
   : (street name and number)
   .................................................................
   (city and postal code)
6. Telephone : .................................................................
   hereby state that I, as the Sharia Supervisory Board of the company mentioned above, will be fully responsible for ensuring Sharia compliance in the Sharia Securities List issued by the company and will comply with capital market sector legislation and other applicable legislation. This statement is made truthfully so that it may be used as appropriate. (date,...................) (signature) ……………………………………… (full name)

Format 5:
REPORT FROM THE PARTY ISSUING THE SHARIA SECURITIES LIST ...................., 20…… Number :
Attachment :
Subject : Submission of Reporting
Party Issuing the Sharia
Securities List
With respect,
In connection with the implementation of Financial Services Authority Regulation Number…… concerning the Determination and Publication of the Sharia Securities List, we hereby submit a report on the implementation of activities of the Party Issuing the Sharia Securities List as attached:

1. Sharia Securities List issued and its changes during the current year with the final reporting period deadline of December 31; and
2. Statement letter of Sharia compliance from the Sharia Supervisory Board.
   Thus, we submit this report and thank you for your attention.
   (Company Name)
   (signature)
   ………………………………………
   (full name)
   Director or equivalent organ
   (*) Nearest Financial Services Authority Office from the applicant's domicile.
   To
   The Head of Supervision Department
   Securities Institutions
   Financial Services Authority in Jakarta u.p. Head of Financial Services Authority Office … *

Format 6:
RETURN OF APPROVAL AS A
PARTY ISSUING THE SHARIA SECURITIES LIST (PPDES) ..................., 20…… Number :
Attachment :
Subject : Application for Return of PPDES Approval With respect, Hereby we submit an Application for Return of Approval as a Party Issuing the Sharia Securities List (PPDES) which has been granted by the Financial Services Authority in the name of:
Applicant Name : …………………………………………………………
Applicant Address : …………………………………………………………
…………………………………………………………
(street name and number)
…………………………………….. -
(city and postal code)
Institution Name : …………………………………………………………
Taxpayer Identification
Number
Institution
:
…………………………………………………………
Address
Institution
:
…………………………………………………………
Telephone Number : …………………………………………………………
Email Address
Institution
: …………………………………………………………
Number of Letter
Approval as Party
Issuer of Sharia
Securities List
:
…………………………………………………………
Date of Letter
Approval as Party
Issuer of Sharia
Securities List
:
………………………………………………………… hereby voluntarily return the Approval as a Party Issuing the Sharia Securities List which has been granted by the Financial Services Authority to us. To The Head of Executive Supervisor Capital Market, Derivative Finance, and Carbon Exchange Financial Services Authority in Jakarta u.p. Head of Financial Services Authority Office … *

As for the reason we are returning the Approval as a Party Issuing the Sharia Securities List mentioned above is ……………………………………………………… In connection with this matter, we hereby attach the original Decision Letter of the Board of Commissioners of the Financial Services Authority Number .... dated .... concerning the Granting of Approval as a Party Issuing the Sharia Securities List to us. Thus, we submit this, and thank you for your attention. (Applicant) (signature) stamp ……………………….………. (full name) Director or equivalent organ (*) Nearest Financial Services Authority Office from the applicant's domicile. CHAIRMAN OF THE BOARD OF COMMISSIONERS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signature MAHENDRA SIREGAR