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2010-08-30

Bank Indonesia Circular Letter Number 12/26/DPM on Amendment to Procedures for Sharia Certificate Repo Transactions

Bank Indonesia issued Circular Letter Number 12/26/DPM to amend procedures for Sharia Certificate Repo Transactions in order to harmonize monetary operations and align with updated Sharia Certificate regulations. The amendment mandates that Bank Indonesia pay SBIS returns to participating banks up to one business day prior to any early redemption. It also establishes specific financial penalties for cancelled settlements and imposes a five-day suspension on banks that cancel three or more transactions within a six-month period.

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Sumber Data Legal Information Team, Directorate of Legal Affairs

8/30/2010 10:05 AM

Judul Bank Indonesia Circular Letter Number 12/26/DPM dated August 30, 2010 concerning Amendment to Bank Indonesia Circular Letter Number 10/17/DPM dated March 31, 2008 concerning Procedures for Bank Indonesia Sharia Certificate Repo Transaction with Bank Indon

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Regulation :

Bank Indonesia Circular Letter Number 12/26/DPM dated August 30, 2010 concerning Amendment to Bank Indonesia Circular Letter Number 10/17/DPM dated March 31, 2008 concerning Procedures for Bank Indonesia Sharia Certificate Repo Transaction with Bank Indonesia.

Effective date :

August 30, 2010

Summary:

The Amendment to Bank Indonesia Circular Letter is made in relation to the Amendment to Bank Indonesia Regulation Number 10/11/PBI/2008 concerning Bank Indonesia Sharia Certificate as amended by Bank Indonesia Regulation Number 12/18/PBI/2010 dated August 30, 2010 as well as in order to harmonize the provisions on monetary operations. The provision in Roman number V point 2.b.10) shall be amended so that it shall be read as follows: 10) In the event that Bank Indonesia makes an early redemption, Bank Indonesia shall pay SBIS Return to BUS or UUS up to 1 (one) business day prior to the early redemption (T-1). The provision in Roman number VI point 1.b shall be amended so that it shall be read as follows: b. a financial penalty of 0.01% (one per tenth thousandth) of the cancelled settlement value, with the minimum amount of Rp10,000,000.00 (ten million rupiah) and the maximum amount of Rp100,000,000.00 (one hundred million rupiah) for each cancellation. Roman number VI point 1.c is amended to become Roman number 2, shall be ammended so that it shall be read as follows: 2. Without prejudice to to the sanctions as referred to in point VI.I, in the event that a BUS or UUS makes cancelled SBIS Repo Transaction and/or other cancelled sharia monetary operations transactions, as referred to in Bank Indonesia Regulation concerning sharia monetary operations, three times during 6 (six) month-tenure, the BUS or UUS shall be subject to termporary suspension of its participation in sharia monetary operations for 5 (five) consecutive business days. Appendix 2 shall be amended to be as set out in Appendix 2 to this Bank Indonesia Circular Letter. Appendix 3 shall be amended to be as set out in Appendix 3 to this Bank Indonesia Circular Letter. This Bank Indonesia Circular Letter shall be effective on August 30, 2010

Lampiran Attachments

Lampiran 1 Bank Indonesia Circular Letter Number 12/26/DPM

Lampiran 2 Frequently asked question - Bank Indonesia Circular Letter Number 12/26/DPM

Lampiran 3

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

Kontak Contact

Kontak Legal Information Team, Ph. : (021) 2310108 ext : 8737, 7993, 4838 Team of Regulation of Monetary Management and Money Market, Ph : (021) 2310108 ext : 8110, 4566

Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

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