Financial Services Authority Regulation Number 16/POJK.03/2022 Concerning Islamic Commercial Banks

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 16/POJK.03/2022
CONCERNING
ISLAMIC COMMERCIAL BANKS
BY THE GRACE OF GOD THE ALMIGHTY,
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that with the transfer of functions, duties, and authority for the regulation and supervision of financial services activities in the banking sector from Bank Indonesia to the Financial Services Authority; b. that to support economic growth and national stability, it is necessary to have strong and competitive banks capable of anticipating trends in the development of banking business and industry, including the development and innovation of information technology;
c. that to increase the contribution of Islamic banks to the national economy and social development, it is necessary to optimize the synergy of the Islamic economic and financial ecosystem of Islamic banks;
d. that to encourage Islamic banks to carry out various developments and adjustments in bank business procedures and processes to strengthen the institutional aspect of banks, it is necessary to update regulations regarding Islamic bank institutions; e. that based on considerations as referred to in letters a, b, c, and d, it is necessary to establish a Financial Services Authority Regulation concerning Islamic Commercial Banks; Recalling:

Law Number 21 of 2008 concerning Islamic Banking (State Gazette of the Republic of Indonesia Year 2008 Number 94, Supplement to the State Gazette of the Republic of Indonesia Number 4867);
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);
Law Number 9 of 2016 concerning Prevention and Handling of Financial System Crises (State Gazette of the Republic of Indonesia Year 2016 Number 70, Supplement to the State Gazette of the Republic of Indonesia Number 5872);
DECIDING:
To Establish: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING ISLAMIC COMMERCIAL BANKS.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

Islamic Commercial Bank, hereinafter referred to as the Bank, is a Bank that conducts business activities based on Sharia principles and provides payment transaction services in its activities.
Representative Office Abroad, hereinafter abbreviated as KPBLN, is an office of a Bank that conducts business activities based on Sharia principles, has legal entity status, and has its headquarters outside the country, which acts only as a liaison between the Bank that conducts business activities based on Sharia principles, has legal entity status, and has its headquarters outside the country with its customers in Indonesia.
Head Office, hereinafter abbreviated as KP, is the Bank's office that serves as the parent in the Bank's organization in relation to the implementation, support, and coordination of the Bank's business activities, with its domicile in a city or regency area within the territory of the Republic of Indonesia as determined in the Articles of Association in accordance with applicable legislation.
Regional Office, hereinafter referred to as Kanwil, is the Bank's office that assists the KP in relation to the implementation of the Bank's business activities, and provides support and coordination to Bank offices under the Kanwil organization.
Branch Office, hereinafter abbreviated as KC, is the Bank's office that conducts banking business activities directly responsible to the KP or to another Bank office based on the organizational structure of the Bank, with a clear business address where the KC conducts business.
Sub-Branch Office, hereinafter abbreviated as KCP, is an office under the KC that assists the KC in implementing banking business activities.
Functional Office, hereinafter abbreviated as KF, is the Bank's office that conducts limited banking business activities in 1 (one) activity.
Electronic Banking Terminal, hereinafter abbreviated as TPE, is a Bank service consisting of electronic devices or machines owned and provided to provide banking services to customers, located either inside or outside the Bank's office.
Office Abroad is the Bank's office operating outside the territory of the Republic of Indonesia, which may be a KC, KCP, representative office, or other office following the form or naming based on regulations in the country where the Bank's office operates.
Financial Services Authority, hereinafter abbreviated as OJK, is an independent agency that has the function, duty, and authority for regulation, supervision, examination, and investigation.
General Meeting of Shareholders, hereinafter abbreviated as RUPS, is the RUPS as regulated in the Law concerning Limited Liability Companies.
Board of Directors is the organ of the Bank authorized and fully responsible for the management of the Bank for the interests of the Bank, in accordance with the purpose and objectives of the Bank, and represents the Bank both inside and outside of court in accordance with the provisions of the Articles of Association.
Board of Commissioners is the organ of the Bank tasked with conducting general and/or specific supervision in accordance with the Articles of Association and providing advice to the Board of Directors.
Sharia Supervisory Board, hereinafter abbreviated as DPS, is a board tasked with providing advice and suggestions to the Board of Directors and supervising the Bank's activities to ensure compliance with Sharia principles.
Executive Officer is a Bank official who is directly responsible to members of the Board of Directors or has significant influence over the Bank's policies and/or operations.
Core Capital is core capital in accordance with the OJK Regulation concerning minimum capital adequacy requirements for Islamic commercial banks.
Bank Business Plan is a business plan in accordance with the OJK Regulation concerning bank business plans.
Controlling Shareholder, hereinafter abbreviated as PSP, is a legal entity, individual, and/or business group that holds 25% (twenty-five percent) or more of the issued shares with voting rights of the company or Bank, or holds less than 25% (twenty-five percent) of the issued shares with voting rights of the company or Bank but can be proven to have controlled the company or Bank, directly or indirectly.
Bank Group based on Core Capital, hereinafter abbreviated as KBMI, is the grouping of Banks based on the Core Capital owned.
Digital Bank is a Bank that provides and conducts business activities primarily through electronic channels without physical offices other than the KP or using limited physical offices.
Banking Synergy is cooperation among banks grouped within a bank business group, with PSP being a bank, or against non-bank financial service institutions as subsidiaries, for the purpose of efficiency and optimization of resources through support and providing added value in supporting the implementation of business activities, services, and operations of the parties conducting the cooperation.

Article 2
(1) Any party conducting activities to collect funds from the public in the form of deposits must first obtain a business license as a Bank from the OJK, unless the activity to collect funds is regulated by separate legislation. (2) Without prejudice to criminal sanctions in accordance with applicable legislation, parties violating the provisions as referred to in paragraph (1) shall be subject to administrative sanctions in the form of cessation and closure of business activities.

Article 3
The legal form of the Bank is a Limited Liability Company.

Article 4
(1) The Bank is established and conducts business activities with the license of the OJK.
(2) The KPBLN is opened with the license of the OJK.

Article 5
(1) The Bank must conduct business activities by applying Sharia principles and applying risk management and governance in accordance with the OJK Regulation concerning the application of risk management for Islamic commercial banks and Sharia business units, and provisions of applicable legislation concerning the application of governance for Islamic commercial banks. (2) Banks violating the provisions as referred to in paragraph (1) shall be subject to administrative sanctions in accordance with the OJK Regulation concerning the application of risk management for Islamic commercial banks and Sharia business units, and provisions of applicable legislation concerning the application of governance for Islamic commercial banks.

CHAPTER II
CORPORATE PLANNING
Article 6
(1) The Bank is required to prepare a strategic plan in the form of a corporate plan.
(2) The corporate plan as referred to in paragraph (1) must be prepared by the Board of Directors and approved by the Board of Commissioners.
(3) The Bank aligns the preparation of the Bank Business Plan with the corporate plan as referred to in paragraph (1).
(4) The obligation to prepare a strategic plan in the form of a corporate plan as referred to in paragraph (1) is exempted for intermediary banks.

Article 7
(1) The corporate plan as referred to in Article 6 is prepared to achieve the Bank's long-term objectives over a period of 5 (five) years.
(2) The corporate plan as referred to in paragraph (1) must contain at least:
a. the vision and mission of the Bank; b. an evaluation of the implementation of the Bank's corporate plan for the previous period;
c. an analysis of the internal and external environment;
d. the Bank's objectives and strategies; e. the plan and strategy for Banking Synergy; and f. the plan and strategy for synergy of the Islamic economic and financial ecosystem.
(3) The Bank must submit the corporate plan as referred to in paragraph (2) to the OJK no later than the end of November of the year preceding the start of the 5 (five) year period of the corporate plan.

Article 8
(1) In the event that external and internal conditions significantly affect the objectives and strategies of the Bank as contained in the currently running corporate plan, the Bank may make changes to the corporate plan. (2) Changes to the corporate plan as referred to in paragraph (1) must be prepared by the Board of Directors and approved by the Board of Commissioners. (3) The Bank submits changes to the corporate plan to the OJK at any time during the 5 (five) year period of the corporate plan as referred to in Article 7. (4) Changes to the corporate plan as referred to in paragraph (2) must contain at least:
a. reasons for changes to the corporate plan; b. an evaluation of the implementation of the Bank's corporate plan for the previous period;
c. the vision and mission of the Bank;
d. an analysis of the internal and external environment; e. the Bank's objectives and strategies; f. the plan and strategy for Banking Synergy; and g. the plan and strategy for synergy of the Islamic economic and financial ecosystem.

Article 9
(1) The Bank violating the provisions as referred to in Article 6 paragraph (1), paragraph (2), Article 7 paragraph (3), and/or Article 8 paragraph (2) shall be subject to administrative sanctions in the form of a written reprimand. (2) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1), and continues to violate the provisions as referred to in Article 6 paragraph (1), paragraph (2), Article 7 paragraph (3), and/or Article 8 paragraph (2), the Bank shall be subject to administrative sanctions in the form of:
a. prohibition on expanding business activities; and/or b. suspension of certain business activities.
(3) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 6 paragraph (1), paragraph (2), Article 7 paragraph (3), and/or Article 8 paragraph (2), the main party of the Bank may be subject to administrative sanctions in the form of prohibition as a main party in accordance with the OJK Regulation concerning re-evaluation for main parties of financial service institutions.

CHAPTER III
ESTABLISHMENT OF THE BANK
Section One
General
Article 10
(1) The requirements and mechanisms for establishing the Bank consist of:
a. paid-up capital; b. ownership; and
c. licensing.
(2) The establishment of the Bank as referred to in paragraph (1) does not apply to the establishment of intermediary banks.

Article 11
(1) The paid-up capital to establish the Bank is set at a minimum of IDR 10,000,000,000,000.00 (ten trillion rupiah).
(2) The OJK may set a different paid-up capital for the establishment of the Bank from that set as referred to in paragraph (1) with certain considerations.
(3) The paid-up capital obligation as referred to in paragraph (1) does not apply to the establishment of Banks resulting from the separation of Sharia business units.

Article 12
(1) The Bank is established and/or owned by:
a. Indonesian citizens and/or Indonesian legal entities; b. Indonesian citizens and/or Indonesian legal entities in partnership with foreign citizens and/or foreign legal entities; or
c. local governments.
(2) Ownership by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letter b is at most 99% (ninety-nine percent) of the paid-up capital of the Bank.

Section Two
Licensing
Article 13
The licensing for the establishment of the Bank is conducted in 2 (two) stages:
a. principle approval; and b. business license.

Article 14
(1) The application to obtain principle approval as referred to in Article 13 letter a is submitted by at least one prospective owner or prospective PSP to the OJK, accompanied by the fulfillment of document requirements listed in Appendix I which is an integral part of this Financial Services Authority Regulation. (2) The application as referred to in paragraph (1) must be accompanied by the fulfillment of a deposit of at least 40% (forty percent) of the paid-up capital as referred to in Article 11.

Article 15
(1) The OJK provides approval or rejection of the application for principle approval as referred to in Article 14 no later than 60 (sixty) working days after the application documents are received completely. (2) To provide approval or rejection as referred to in paragraph (1), the OJK conducts:
a. research on the completeness and suitability of documents; b. analysis covering at least the level of healthy competition among banks and the level of saturation of the number of banks;
c. assessment of competence and propriety regarding prospective PSPs, prospective Board of Directors, and prospective Board of Commissioners; and
d. interviews with prospective DPS members.

Article 16
(1) Principle approval as referred to in Article 15 is valid for a period of 6 (six) months calculated from the date of issuance of the principle approval.
(2) Parties who have obtained principle approval as referred to in paragraph (1) are prohibited from conducting banking business activities before obtaining a business license.
(3) In the event of force majeure or other considerations acceptable to the OJK, the period as referred to in paragraph (1) may be extended based on OJK approval.
(4) In the event that the party who has obtained principle approval does not submit an application for a business license to the OJK until the end of the period as referred to in paragraph (1) or paragraph (3), the principle approval issued by the OJK is declared void and invalid. (5) Without prejudice to criminal sanctions in accordance with applicable legislation, parties violating the provisions as referred to in paragraph (2) shall be subject to administrative sanctions in the form of cancellation of the licensing process for the establishment of the Bank.

Article 17
(1) The application to obtain a business license as referred to in Article 13 letter b is submitted by the party who has obtained principle approval to the OJK, accompanied by the fulfillment of document requirements listed in Appendix I which is an integral part of this Financial Services Authority Regulation. (2) The application as referred to in paragraph (1) is accompanied by the settlement of the paid-up capital as referred to in Article 11.

Article 18
(1) The OJK provides approval or rejection of the application for a business license as referred to in Article 13 letter b no later than 60 (sixty) working days after the application documents are received completely. (2) To provide approval or rejection of the application as referred to in paragraph (1), the OJK conducts:
a. research on the completeness and suitability of documents; b. assessment of competence and propriety in the event of replacement of prospective PSPs, prospective Board of Directors, and/or prospective Board of Commissioners submitted during the principle approval application; and
c. interviews with prospective DPS members in the event of replacement of DPS members submitted during the principle approval application.

Article 19
(1) The Bank that has obtained a business license from the OJK must conduct Sharia banking business activities no later than 60 (sixty) working days calculated from the date of issuance of the business license. (2) The Board of Directors of the Bank must report the implementation of business activities as referred to in paragraph (1) to the OJK with a deadline of no later than 10 (ten) working days after the date of operational implementation. (3) In the event of force majeure or other considerations acceptable to the OJK, the period as referred to in paragraph (1) may be extended based on OJK approval. (4) In the event that the Bank that has obtained a business license does not conduct Sharia banking business activities within the period as referred to in paragraph (1) or paragraph (3), the business license and principle approval issued by the OJK are declared void and invalid.

Article 20
(1) The Bank that has obtained a business license from the OJK must clearly state the word "Syariah" after the word "Bank" or after the name of the Bank in the writing of the Bank's name. (2) The obligation as referred to in paragraph (1) does not apply to Banks that obtained a business license before Law Number 21 of 2008 concerning Islamic Banking came into effect. (3) In the event that the Bank uses a logo as an additional identity in conducting legal relations, the Bank must state the Bank's name as the primary identity.

Article 21
(1) The Bank violating the provisions as referred to in Article 19 paragraph (2), Article 20 paragraph (1), and/or paragraph (3) shall be subject to administrative sanctions in the form of a written reprimand. (2) The Bank that is late in fulfilling the reporting obligation as referred to in Article 19 paragraph (2) shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and a maximum of IDR 30,000,000.00 (thirty million rupiah). (3) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 19 paragraph (2), Article 20 paragraph (1), and/or paragraph (3), the Bank shall be subject to administrative sanctions in the form of:
a. prohibition on expanding business activities; and/or b. suspension of certain business activities.
(4) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 19 paragraph (2), Article 20 paragraph (1), and/or paragraph (3), the main party of the Bank may be subject to administrative sanctions in the form of prohibition as a main party in accordance with the OJK Regulation concerning re-evaluation for main parties of financial service institutions.

CHAPTER IV
DIGITAL BANKS
Article 22
(1) The Bank may operate as a Digital Bank.
(2) The Digital Bank must have 1 (one) physical office as a KP.
(3) The Digital Bank conducts business activities through electronic channels:
a. without physical offices other than the KP as referred to in paragraph (2); or b. may use limited physical offices.

Article 23
(1) The Digital Bank as referred to in Article 22 must meet the following requirements:
a. having a business model with innovative and safe technology usage in serving customer needs; b. having the ability to manage a digital banking business model based on prudence and sustainability;
c. having adequate risk management;
d. meeting governance aspects including the fulfillment of Board of Directors members who have competence in information technology and other competencies in accordance with the OJK Regulation concerning competence and propriety assessment for main parties of financial service institutions; e. conducting protection of customer data security; and f. contributing to the development of the digital financial ecosystem and/or Sharia financial inclusion. (2) The Bank must maintain compliance with the requirements as referred to in paragraph (1) while operating as a Digital Bank.

Article 24
The Digital Bank as referred to in Article 22 may operate through:
a. the establishment of a new Bank as a Digital Bank; or b. transformation from a Bank into a Digital Bank.

Article 25
(1) Provisions regarding the establishment of the Bank as referred to in Article 10 to Article 21 apply mutatis mutandis to the establishment of a new Bank operating as a Digital Bank as referred to in Article 24 letter a, except as specifically regulated in this OJK Regulation. (2) The specific regulations as referred to in paragraph (1) are:
a. the capital deposit at the time of application to obtain principle approval for the establishment of the Bank as referred to in Article 14 paragraph (2) may be fulfilled at a minimum of 30% (thirty percent); and b. efforts to fulfill the requirements as referred to in Article 23 are stated in the Bank Business Plan. (3) The Bank operating as a Digital Bank through new establishment as referred to in Article 24 letter a may open a network of offices other than the KP in the form of KC and/or KF that conduct activities other than operations and/or the provision of TPE. (4) The opening of a network of offices in the form of KC and/or KF that conduct activities other than operations and/or the provision of TPE as referred to in paragraph (3) is stated in the business plan at the time of application to obtain principle approval for the establishment of the Bank.

Article 26
(1) The Bank that will transform into a Digital Bank as referred to in Article 24 letter b must meet the requirements as referred to in Article 23.
(2) Efforts to fulfill the requirements as referred to in paragraph (1) are stated in the Bank Business Plan.
(3) In the event that the Bank has met the requirements as referred to in paragraph (2), the Bank may:
a. maintain the existing network of offices and/or TPE; b. conduct the closure of the owned network of offices other than the KP and/or TPE all at once or gradually; and/or
c. conduct the addition of the network of offices and/or TPE.

Article 27
The Digital Bank as referred to in Article 22 may:
a. use foreign workers for positions in the Board of Directors, Executive Officers, and/or experts or consultants, by excluding the limitation on ownership of the Bank by foreign citizens and/or foreign legal entities in the use of foreign workers in accordance with the OJK Regulation concerning the utilization of foreign workers and knowledge transfer programs in the banking sector; and/or b. conduct Banking Synergy.

Article 28
The Digital Bank is required to develop the digital financial ecosystem and/or Sharia financial inclusion as referred to in Article 23 paragraph (1) letter f based on the principle of prudence and considering the principles of healthy banking management.

Article 29
Banks operating as Digital Banks must comply with the provisions of legislation applicable to Banks.

Article 30
(1) Banks that violate the provisions as referred to in Article 22 paragraph (2), Article 23 paragraph (2), Article 28, and/or Article 29 shall be subject to administrative sanctions in the form of a written reprimand. (2) In the event that a Bank has been subjected to administrative sanctions as referred to in paragraph (1), and continues to violate the provisions as referred to in Article 22 paragraph (2), Article 23 paragraph (2), Article 28, and/or Article 29, the Bank shall be subject to administrative sanctions in the form of:
a. restriction of certain digital banking services; b. prohibition on expanding business activities; and/or
c. suspension of certain business activities.
(3) In the event that a Bank has been subjected to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 22 paragraph (2), Article 23 paragraph (2), Article 28, and/or Article 29, the principal parties of the Bank may be subject to administrative sanctions in the form of prohibition from acting as principal parties in accordance with the OJK Regulation regarding re-evaluation for principal parties of financial service institutions.

CHAPTER V
OWNERSHIP AND CAPITAL CHANGES OF BANKS

Article 31
The source of funds used for Bank ownership is prohibited:
a. from being derived from loans or financing facilities in any form from Banks and/or other parties in Indonesia; and b. from being derived from and for the purpose of money laundering.

Article 32
(1) Ownership of Banks by legal entities as referred to in Article 12 paragraph (1) shall not exceed the amount of the net own capital of the respective legal entity.
(2) The net own capital provisions as referred to in paragraph (1) must be fulfilled at the time the respective legal entity makes capital deposits for the establishment of a Bank or at the time the respective legal entity makes additional paid-up capital to the Bank.

Article 33
If necessary, the OJK may establish limits on Bank ownership.

Article 34
(1) Bank share ownership by PSPs is prohibited from being pledged or mortgaged to other parties.
(2) The prohibition on pledging or mortgaging to other parties as referred to in paragraph (1) is excepted for institutions or agencies that have the authority to conduct rescue or handling of bank problems or other institutions designated by the competent authority.

Article 35
(1) Parties who become owners of Banks must at least meet the following requirements:
a. have good character and morality; b. have a commitment to comply with the provisions of legislation;
c. have a commitment to the healthy development of the Bank; and
d. are not included as parties prohibited from becoming principal parties of financial service institutions.
(2) In the event that the party owning Bank shares is in the form of a legal entity, the requirements as referred to in paragraph (1) apply to both the owners and the management of such legal entity.

Article 36
Parties who become PSPs must meet requirements in accordance with the OJK Regulation regarding fit and proper tests for principal parties of financial service institutions.

Article 37
(1) Shareholders are prohibited from participating in the operational decision-making of the Bank.
(2) The provisions as referred to in paragraph (1) are excepted for shareholders who serve as Directors or employees of the Bank.

Article 38
(1) Replacement and/or addition of PSPs shall be carried out in accordance with the OJK Regulation regarding fit and proper tests for principal parties of financial service institutions. (2) In the event of changes to the Board of Directors and/or Board of Commissioners of a PSP in the form of a legal entity, the PSP through the Bank must inform the OJK of the changes within a maximum of 10 (ten) working days from the date of changes to the Board of Directors and/or Board of Commissioners. (3) The information as referred to in paragraph (2) is accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 39
In the event of changes to the paid-up capital of the Bank caused by dividends distributed in the form of shares, the Bank must inform the OJK within a maximum of 10 (ten) working days after the change is made, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 40
(1) Banks must inform the OJK of changes in the composition of Bank share ownership recorded in the Articles of Association that do not result in a change of control, within a maximum of 10 (ten) working days after the change is made. (2) The information as referred to in paragraph (1) resulting from additional paid-up capital must be accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation. (3) The information as referred to in paragraph (1) that does not change the amount of paid-up capital must be accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation. (4) The OJK may request the Bank to submit information on the composition or list of share ownership other than that referred to in paragraph (2) and paragraph (3).

Article 41
(1) Banks must inform the OJK of changes in the composition of Bank share ownership that:
a. are recorded in the Articles of Association caused by share gifts or inheritance; and b. do not result in changes to paid-up capital, within a maximum of 10 (ten) working days after the change in ownership composition is made. (2) The information as referred to in paragraph (1) is accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation. (3) In the event that changes in share ownership as referred to in paragraph (1) cause the recipient of the share gift or inheritance to meet the criteria for a controller, a fit and proper test shall be conducted as referred to in Article 36. (4) Changes in share ownership that result in the transfer of Bank control caused by gifts or inheritance are excepted from being considered as takeovers.

Article 42
Banks must inform the OJK of changes to the Bank's authorized capital within a maximum of 10 (ten) working days after the date of approval of the change to the Articles of Association from the competent agency, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 43
The repurchase of shares already issued by the Bank must obtain prior approval from the OJK and be carried out in accordance with the provisions of legislation.

Article 44
(1) Plans for the issuance of Bank shares through public offerings of equity-like securities must be included in the Bank's Business Plan and obtain OJK approval.
(2) The requirements and procedures for the issuance of shares through public offerings of equity-like securities shall be carried out in accordance with the provisions of legislation in the banking and capital market sectors.

Article 45
Banks must administer documents related to share ownership recorded in the Articles of Association, including the list of shareholders and its changes.

Article 46
(1) Banks that violate the provisions as referred to in Article 31, Article 32 paragraph (2), Article 34 paragraph (1), Article 37 paragraph (1), Article 38 paragraph (2), Article 39, Article 40 paragraph (1), paragraph (2), paragraph (3), Article 41 paragraph (1), Article 42, Article 43, Article 44 paragraph (1), and/or Article 45 shall be subject to administrative sanctions in the form of a written reprimand. (2) Banks that are late in fulfilling the obligation to submit information as referred to in Article 38 paragraph (2), Article 39, Article 40 paragraph (1), Article 41 paragraph (1), and/or Article 42 shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and a maximum of IDR 30,000,000.00 (thirty million rupiah). (3) In the event that a Bank has been subjected to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 31, Article 32 paragraph (2), Article 34 paragraph (1), Article 37 paragraph (1), Article 38 paragraph (2), Article 39, Article 40 paragraph (1), paragraph (2), paragraph (3), Article 41 paragraph (1), Article 42, Article 43, Article 44 paragraph (1), and/or Article 45, the Bank shall be subject to administrative sanctions in the form of:
a. prohibition on expanding business activities; and/or b. suspension of certain business activities.
(4) In the event that a Bank has been subjected to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 31, Article 32 paragraph (2), Article 34 paragraph (1), Article 37 paragraph (1), Article 38 paragraph (2), Article 39, Article 40 paragraph (1), paragraph (2), paragraph (3), Article 41 paragraph (1), Article 42, Article 43, Article 44 paragraph (1), and/or Article 45, the principal parties of the Bank may be subject to administrative sanctions in the form of prohibition from acting as principal parties in accordance with the OJK Regulation regarding re-evaluation for principal parties of financial service institutions.

CHAPTER VI
BOARD OF DIRECTORS, BOARD OF COMMISSIONERS, DPS, AND EXECUTIVE OFFICERS OF BANKS, AS WELL AS LEADERS OF OVERSEAS BRANCHES

First Section
Board of Directors and Board of Commissioners

Article 47
The duties and responsibilities of the Bank's Board of Directors shall be carried out in accordance with the provisions of legislation regarding the application of governance for Islamic General Banks.

Article 48
(1) Banks must have at least 3 (three) members of the Board of Directors.
(2) All members of the Board of Directors as referred to in paragraph (1) must reside in Indonesia.
(3) The Board of Directors must be led by a President Director or Main Director.

Article 49
The President Director or Main Director as referred to in Article 48 paragraph (3) must be from a party independent of the PSP.

Article 50
(1) Members of the Board of Directors are prohibited from holding concurrent positions as members of the Board of Directors, members of the Board of Commissioners, or Executive Officers at banks, companies, and/or other institutions. (2) Concurrent positions as referred to in paragraph (1) do not include:
a. Directors responsible for supervising the Bank's participation in subsidiary companies, performing functional duties as members of the Board of Commissioners at non-bank subsidiaries controlled by the Bank; b. Directors responsible for supervising pension funds, performing duties as the pension fund supervisory board owned by the Bank; and/or
c. Directors holding positions in organizations or non-profit institutions,
provided that such does not cause the respective person to neglect the implementation of duties and responsibilities as members of the Bank's Board of Directors.
(3) Members of the Board of Directors, individually or collectively, are prohibited from owning more than 25% (twenty-five percent) of paid-up capital in other companies.

Article 51
(1) A majority of members of the Board of Directors are prohibited from having family relationships up to the second degree with other members of the Board of Directors and/or with members of the Board of Commissioners. (2) Members of the Board of Directors are prohibited from granting general power of attorney to other parties that results in the transfer of duties and functions of the Board of Directors.

Article 52
The duties and responsibilities of the Bank's Board of Commissioners shall be carried out in accordance with the provisions of legislation regarding the application of governance for Islamic General Banks.

Article 53
(1) Banks must have at least 3 (three) members of the Board of Commissioners and at most the same number as the members of the Board of Directors.
(2) At least 1 (one) member of the Board of Commissioners as referred to in paragraph (1) must reside in Indonesia.
(3) The Board of Commissioners must be led by a President Commissioner or Main Commissioner.
(4) Independent Commissioners must number at least 50% (fifty percent) of the total members of the Board of Commissioners.

Article 54
(1) Members of the Board of Commissioners are prohibited from holding concurrent positions as members of the Board of Directors, members of the Board of Commissioners, or Executive Officers at:
a. financial institutions or financial companies, whether banks or non-banks; and/or b. more than 1 (one) non-financial institution or non-financial company, whether located domestically or internationally. (2) Concurrent positions as referred to in paragraph (1) do not include:
a. members of the Board of Commissioners serving as members of the Board of Directors, members of the Board of Commissioners, or Executive Officers performing supervisory functions at 1 (one) non-bank subsidiary controlled by the Bank; b. non-independent members of the Board of Commissioners performing functional duties from the Bank's shareholder in the form of a legal entity within the Bank's business group; and/or
c. members of the Board of Commissioners holding positions in organizations or non-profit institutions.
(3) Duties in positions and functions as referred to in paragraph (2) may be carried out provided that the respective person does not neglect the implementation of duties and responsibilities as members of the Bank's Board of Commissioners.

Article 55
A majority of members of the Board of Commissioners are prohibited from having family relationships up to the second degree with other members of the Board of Commissioners and/or members of the Board of Directors.

Article 56
(1) Candidates for members of the Board of Directors or candidates for members of the Board of Commissioners of Banks must undergo fit and proper tests in accordance with the OJK Regulation regarding fit and proper tests for principal parties of financial service institutions. (2) Candidates for members of the Board of Directors or candidates for members of the Board of Commissioners of Banks who have undergone fit and proper tests as referred to in paragraph (1) and have obtained approval from the OJK shall be appointed by the General Meeting of Shareholders (GMS) within a maximum of 6 (six) months after obtaining OJK approval. (3) In the event that candidates for members of the Board of Directors or candidates for members of the Board of Commissioners of Banks who have been approved by the OJK are not appointed within the time period as referred to in paragraph (2), the approval issued by the OJK shall be declared void and invalid. (4) Banks must inform the OJK of the appointment of members of the Board of Directors or members of the Board of Commissioners of Banks within a maximum of 10 (ten) working days after the effective date of appointment, accompanied by the GMS minutes.

Article 57
(1) In the event that there are members of the Board of Directors or members of the Board of Commissioners of the Bank who are dismissed, resign, or pass away, the Bank must inform the OJK within a maximum of 10 (ten) working days from the date of the dismissal letter, resignation, or declaration of death. (2) Information on dismissal, resignation, or death as referred to in paragraph (1) is accompanied by supporting documents for dismissal, resignation, or documents stating death.

Second Section
DPS

Article 58
The duties and responsibilities of the Bank's DPS shall be carried out in accordance with the provisions of legislation regarding the application of governance for Islamic General Banks.

Article 59
(1) Banks must form a DPS located at the Bank's Head Office.
(2) The number of DPS members must be at least 2 (two) persons or at most 50% (fifty percent) of the number of Board of Directors members.
(3) The DPS must be led by a chairman who is one of the DPS members.
(4) DPS members may hold concurrent positions as DPS members at most at 4 (four) other Sharia financial institutions.

Article 60
DPS members must meet the following requirements:
a. integrity, which at least includes:

having good character and morality;
having a commitment to comply with regulations and support OJK policies;
having a commitment to the healthy development of the Bank; and
not being included in parties prohibited from becoming principal parties of financial service institutions as referred to in the OJK Regulation regarding re-evaluation for principal parties of financial service institutions;
b. competence, which at least has:
knowledge and experience in Sharia muamalah;
knowledge in the banking sector; and/or
general financial knowledge; and
c. financial reputation, which at least includes:
not having non-performing loans and/or financing; and
never having been declared bankrupt and/or having been a shareholder, member of the board of directors, or member of the board of commissioners who was declared guilty of causing a company to be declared bankrupt, within the last 5 (five) years before nomination.

Article 61
(1) Banks must submit candidates for DPS members to obtain OJK approval before assuming their positions.
(2) The submission of candidates for DPS members as referred to in paragraph (1) is conducted after receiving a recommendation from the Indonesian Ulema Council (Majelis Ulama Indonesia). (3) The appointment of DPS members by the GMS becomes effective after obtaining OJK approval.

Article 62
(1) Requests to obtain approval as referred to in Article 61 paragraph (1) are submitted by the Bank to the OJK accompanied by supporting documents listed in Appendix I which is an integral part of this OJK Regulation. (2) Approval or rejection of requests as referred to in paragraph (1) is given by the OJK by considering among other things:
a. completeness and suitability of documents; and b. interviews with candidates for DPS members.
(3) Candidates for DPS members of Banks who have obtained approval from the OJK shall be appointed by the GMS within a maximum of 6 (six) months after obtaining OJK approval.
(4) In the event that candidates for DPS members who have been approved by the OJK are not appointed within the time period as referred to in paragraph (3), the approval issued by the OJK shall be declared void and invalid. (5) Banks must inform the OJK of the appointment of DPS members within a maximum of 10 (ten) working days after the effective date of appointment, accompanied by the GMS minutes.

Article 63
(1) In the event that there are DPS members who are dismissed, resign, or pass away, the Bank must inform the OJK within a maximum of 10 (ten) working days from the date of the dismissal letter, resignation, or declaration of death. (2) Information on dismissal, resignation, or death as referred to in paragraph (1) is accompanied by supporting documents for dismissal, resignation, or documents stating death.

Third Section
Leaders of Overseas Branches

Article 64
(1) Candidates for leaders of Overseas Branches must undergo fit and proper tests in accordance with the OJK Regulation regarding fit and proper tests for principal parties of financial service institutions. (2) Candidates for leaders of Overseas Branches who have undergone fit and proper tests as referred to in paragraph (1) and have obtained approval from the OJK shall be appointed by the competent official at the bank located abroad within a maximum of 6 (six) months after obtaining OJK approval. (3) In the event that candidates for leaders of Overseas Branches who have been approved by the OJK are not appointed within the time period as referred to in paragraph (2), the approval issued by the OJK shall be declared void and invalid. (4) Overseas Branches must inform the OJK of the appointment of the leader of the Overseas Branch within a maximum of 10 (ten) working days after the effective date of appointment, accompanied by the appointment document from the competent official at the bank located abroad.

Article 65
(1) In the event that there is a leader of an Overseas Branch who is dismissed, resigns, or passes away, the Overseas Branch must inform the OJK within a maximum of 10 (ten) working days from the date of the dismissal letter, resignation, or declaration of death. (2) Information on dismissal, resignation, or death as referred to in paragraph (1) is accompanied by supporting documents for dismissal, resignation, or documents stating death.

Fourth Section
Executive Officers

Article 66
(1) Banks must conduct assessments of candidates for Executive Officers before carrying out the appointment or replacement of Executive Officers.
(2) Assessments of candidates for Executive Officers as referred to in paragraph (1) are conducted regarding integrity, financial reputation, and competence.
(3) Assessments as referred to in paragraph (2) must at least include:
a. assessment of track record including sanctions previously given by the Bank; b. ownership of non-performing loans and/or financing or bankruptcy;
c. educational background both formal and informal;
d. achievements attained in the implementation of duties; e. the candidate's ability to hold the position to be assumed; and f. concurrent positions.

Article 67
(1) In the event of a vacancy in the position of Executive Officer or an Executive Officer serving cannot perform duties for more than 3 (three) months, the Bank may appoint a temporary Executive Officer. (2) The appointment of a temporary Executive Officer as referred to in paragraph (1) must undergo assessment as referred to in Article 66. (3) Banks must appoint a definitive Executive Officer within a maximum of 6 (six) months from the date of appointment of the temporary Executive Officer as referred to in paragraph (1).

Article 68
(1) Banks must report the appointment, dismissal, or replacement of Executive Officers and the appointment of temporary Executive Officers to the OJK.
(2) In the event that an Executive Officer has a negative track record based on OJK assessment, the Bank must terminate the term of office of the Executive Officer.
(3) Negative track record as referred to in paragraph (2) includes:
a. being included as a party prohibited from becoming a principal party of a financial service institution; b. having non-performing loans and/or financing or bankruptcy in accordance with the OJK Regulation regarding fit and proper tests for principal parties of financial service institutions; and/or
c. being recorded in negative data and information owned by the OJK resulting from OJK supervision or other sources.
(4) Banks must implement the termination of the term of office of Executive Officers as referred to in paragraph (2) within a maximum of 10 (ten) working days from the date the Bank receives the notification letter from the OJK regarding the negative track record of the Executive Officer.

Fifth Section
Foreign Workers

Article 69
Banks utilizing foreign workers must comply with the requirements and procedures for the utilization of foreign workers in accordance with the provisions of legislation.

Sixth Section
Administrative Sanctions

Article 70
(1) Banks or Overseas Branches that violate the provisions as referred to in Article 48, Article 49, Article 50 paragraph (1), paragraph (3), Article 51, Article 53, Article 54 paragraph (1), Article 55, Article 56 paragraph (4), Article 57 paragraph (1), Article 59 paragraph (1), paragraph (3), Article 61 paragraph (1), Article 62 paragraph (5), Article 63 paragraph (1), Article 64 paragraph (1), paragraph (4), Article 65 paragraph (1), Article 66 paragraph (1), Article 67 paragraph (2), paragraph (3), Article 68 paragraph (1), paragraph (2), and/or paragraph (4) shall be subject to administrative sanctions in the form of a written reprimand. (2) Banks or Overseas Branches that are late in fulfilling the obligation to submit information as referred to in Article 56 paragraph (4), Article 57 paragraph (1), Article 62 paragraph (5), Article 63 paragraph (1), Article 64 paragraph (4), and/or Article 65 paragraph (1) shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and a maximum of IDR 30,000,000.00 (thirty million rupiah). (3) In the event that a Bank or Overseas Branch has been subjected to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 48, Article 49, Article 50 paragraph (1), paragraph (3), Article 51, Article 53, Article 54 paragraph (1), Article 55, Article 56 paragraph (4), Article 57 paragraph (1), Article 59 paragraph (1), paragraph (3), Article 61 paragraph (1), Article 62 paragraph (5), Article 63 paragraph (1), Article 64 paragraph (1), paragraph (4), Article 65 paragraph (1), Article 66 paragraph (1), Article 67 paragraph (2), paragraph (3), Article 68 paragraph (1), paragraph (2), and/or paragraph (4), the Bank or Overseas Branch shall be subject to administrative sanctions in the form of:

a. restrictions and/or prohibitions on conducting KPBLN activities; b. prohibitions on expanding business activities; and/or
c. suspension of certain business activities.
(4) In the event that a Bank or KPBLN has been subjected to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 48, Article 49, Article 50 paragraph (1), paragraph (3), Article 51, Article 53, Article 54 paragraph (1), Article 55, Article 56 paragraph (4), Article 57 paragraph (1), Article 59 paragraph (1), paragraph (3), Article 61 paragraph (1), Article 62 paragraph (5), Article 63 paragraph (1), Article 64 paragraph (1), paragraph (4), Article 65 paragraph (1), Article 66 paragraph (1), Article 67 paragraph (2), paragraph (3), Article 68 paragraph (1), paragraph (2), and/or paragraph (4), the main party of the Bank or the leader of the KPBLN may be subjected to administrative sanctions in the form of prohibitions as a main party in accordance with the OJK Regulation regarding re-evaluation for main parties of financial service institutions.

CHAPTER VII
BANK OFFICES

First Section
General

Article 71
(1) The Bank's office network consists of Head Offices (KP), Regional Offices (Kanwil), Branch Offices (KC), Cash Offices (KCP), Cash Offices (KF), and Offices Abroad.
(2) To expand services to customers, Banks may provide TPE.

Article 72
Bank offices other than Head Offices and Regional Offices as referred to in Article 71 paragraph (1) may conduct service and operational activities for customers using electronic channels and/or the provision of TPE, either fully or partially.

Article 73
(1) Banks designate an office or organizational unit responsible for managing the provided TPE.
(2) Banks are required to report the provision, address relocation, or termination of TPE provision to OJK after the implementation of the provision, address relocation, or termination of TPE provision.

Second Section
Opening of Bank Offices

Paragraph 1
General

Article 74
(1) Plans to open Bank offices other than Head Offices and the provision of TPE as referred to in Article 71 must be based on an analysis that contains at least:
a. the alignment of the plan with the business strategy and its impact on projected financial performance; and b. the operational readiness plan related to the opening of the Bank office. (2) Banks are required to administer documents related to the analysis of the Bank office opening plan as referred to in paragraph (1).

Article 75
Banks are required to include plans to open Bank offices in the form of Regional Offices, Branch Offices, Cash Offices, and Offices Abroad for the next 1 (one) year in the Bank's Business Plan.

Paragraph 2
Opening of Bank Regional Offices

Article 76
(1) The opening of Regional Offices requires OJK approval.
(2) Banks submit applications for Regional Office opening approval as referred to in paragraph (1) to OJK at most 30 (thirty) working days before the planned implementation of the Regional Office opening. (3) The approval application is submitted by the authorized Bank official in accordance with internal Bank regulations, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 77
(1) OJK provides approval or rejection for the Regional Office opening approval application as referred to in Article 76.
(2) The approval or rejection as referred to in paragraph (1) is provided within a period of 14 (fourteen) working days from the date the documents are received in complete form.
(3) To provide approval or rejection for the approval application as referred to in Article 76, OJK conducts research:
a. on the Regional Office opening plan included in the Bank's Business Plan as referred to in Article 75; and b. the completeness and alignment of documents that

Article 78
(1) Banks must implement the opening of Regional Offices at most 30 (thirty) working days from the date of OJK approval.
(2) In the event of force majeure or other considerations acceptable to OJK, the time period as referred to in paragraph (1) may be extended based on OJK approval.
(3) In the event that after the time period as referred to in paragraph (1) or paragraph (2) the Bank does not implement the opening of Regional Offices, the OJK approval is declared void and invalid. (4) Banks are required to report the opening of Regional Offices to OJK after the implementation of the Regional Office opening.

Paragraph 3
Opening of Bank Branch Offices

Article 79
(1) The opening of Branch Offices requires OJK approval.
(2) Banks submit applications for Branch Office opening approval as referred to in paragraph (1) to OJK at most 30 (thirty) working days before the planned implementation of the Branch Office opening. (3) The approval application is submitted by the authorized Bank official in accordance with internal Bank regulations, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 80
(1) OJK provides approval or rejection for the Branch Office opening approval application as referred to in Article 79.
(2) The approval or rejection as referred to in paragraph (1) is provided within a period of at most 14 (fourteen) working days from the date the documents are received in complete form. (3) To provide approval or rejection for the approval application as referred to in Article 79, OJK conducts research:
a. on the Branch Office opening plan included in the Bank's Business Plan as referred to in Article 75; and b. the completeness and alignment of documents that

Article 81
(1) Banks must implement the opening of Branch Offices at most 30 (thirty) working days from the date of OJK approval.
(2) In the event of force majeure or other considerations acceptable to OJK, the time period as referred to in paragraph (1) may be extended based on OJK approval.
(3) In the event that after the time period as referred to in paragraph (1) or paragraph (2) the Bank does not implement the opening of Branch Offices, the OJK approval is declared void and invalid. (4) Banks are required to report the opening of Branch Offices to OJK after the implementation of the Branch Office opening.

Paragraph 4
Opening of Bank Cash Offices

Article 82
(1) Cash Offices may be permanent or mobile.
(2) The opening of Cash Offices can only be conducted after receiving a confirmation letter from OJK.
(3) The OJK confirmation letter as referred to in paragraph (2) is in the form of approval for the Bank's Business Plan.
(4) Banks are required to report the opening of Cash Offices to OJK after the implementation of the Cash Office opening.
(5) Banks are required to merge the financial reports of Cash Offices with the financial reports of Branch Offices from the date of the Cash Office opening.

Paragraph 5
Opening of Bank Cash Offices (KF)

Article 83
(1) KF may conduct operational activities or conduct non-operational activities.
(2) Banks are required to report the opening of KF to OJK after the implementation of the KF opening.
(3) Banks are required to merge the financial reports of KF with the financial reports of Branch Offices or Head Offices from the date of the KF opening.

Paragraph 6
Opening of Bank Offices Abroad

Article 84
(1) The opening of Offices Abroad requires OJK approval and approval from the local authority in the respective country.
(2) Banks eligible to apply for the opening of Offices Abroad must meet the criteria:
a. have conducted business activities in foreign currency; and b. meet the feasibility assessment from OJK regarding the opening of Offices Abroad.
(3) Banks submit approval applications to OJK at most 30 (thirty) working days before the planned submission of the application for the opening of Offices Abroad to the local authority in the respective country, which refers to the rules of the local authority in the respective country. (4) The approval application is submitted by the authorized Bank official in accordance with internal Bank regulations, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 85
(1) OJK provides approval or rejection for the approval application for the opening of Offices Abroad as referred to in Article 84.
(2) The approval or rejection as referred to in paragraph (1) is provided within a period of at most 14 (fourteen) working days from the date the documents are received in complete form. (3) To provide approval or rejection for the approval application as referred to in paragraph (1), OJK conducts research:
a. on the plan to open Offices Abroad included in the Bank's Business Plan as referred to in Article 75; b. on the fulfillment of Bank requirements as referred to in Article 84 paragraph (2) and conducts analysis; and
c. the completeness and alignment of documents that

Article 86
(1) The opening of Offices Abroad must be implemented at most 1 (one) year from the date of OJK approval.
(2) In the event of force majeure or other considerations acceptable to OJK, the time period as referred to in paragraph (1) may be extended based on OJK approval.
(3) In the event that after the time period as referred to in paragraph (1) or paragraph (2) the Bank does not implement the opening of Offices Abroad, the OJK approval is declared void and invalid. (4) Banks are required to submit a copy of the approval for the opening of Offices Abroad from the local authority in the respective country to OJK at most 10 (ten) working days from the date of the effective opening of Offices Abroad. (5) Banks are required to report the opening of Offices Abroad to OJK after the effective date of the implementation of the opening of Offices Abroad.

Third Section
Changes in Status of Bank Offices

Paragraph 1
General

Article 87
Banks may change the status of offices they own.

Paragraph 2
Change of Status from Cash Office to Branch Office

Article 88
(1) Banks are required to include plans to change the status of Cash Offices to Branch Offices for the next 1 (one) year in the Bank's Business Plan.
(2) The change of status from Cash Office to Branch Office is conducted by meeting the requirements and procedures in accordance with the opening of Branch Offices as referred to in Article 79, Article 80, and Article 81.

Paragraph 3
Change of Status from Branch Office to Cash Office

Article 89
(1) Banks are required to include plans to change the status of Branch Offices to Cash Offices for the next 1 (one) year in the Bank's Business Plan.
(2) Banks are required to inform OJK of the change of status from Branch Office to Cash Office at most 30 (thirty) working days before the planned implementation of the status change. (3) The submission of information to OJK as referred to in paragraph (2) is accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation. (4) Banks are required to implement the change of status from Branch Office to Cash Office at least 14 (fourteen) working days from the date of submission of information to OJK and at most on the date of the planned implementation of the status change as referred to in paragraph (2). (5) Banks are required to report the change of status from Branch Office to Cash Office to OJK after the implementation of the status change.

Paragraph 4
Change of Status of Other Bank Offices

Article 90
Changes in status of offices other than those referred to in Article 88 and Article 89 are conducted by closing the Bank office whose status will change and opening a new Bank office by meeting the requirements and procedures in accordance with this OJK Regulation.

Fourth Section
Relocation of Bank Office Addresses

Article 91
Banks are required to include plans to relocate Bank office addresses for the next 1 (one) year in the Bank's Business Plan for:
a. Head Offices that result in changes to the domicile in the Articles of Association; b. Regional Offices to a different province; or
c. Offices Abroad to a different city.

Article 92
(1) The relocation of Bank office addresses as referred to in Article 91 requires approval from OJK.
(2) Banks submit approval applications to OJK as referred to in paragraph (1) at most:
a. 30 (thirty) working days before the planned implementation of the relocation of Bank office addresses in the form of Head Offices and/or Regional Offices; or b. 30 (thirty) working days before the planned submission of the application for the relocation of the address of Offices Abroad in accordance with the relocation rules for Offices Abroad by the local authority in the respective country. (3) The approval application as referred to in paragraph (2) is submitted by the authorized Bank official in accordance with internal Bank regulations, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation. (4) The relocation of Head Offices that results in changes to the domicile in the Articles of Association as referred to in Article 91 letter a, the application for approval of address relocation may be submitted simultaneously with the application for approval of changes to the Articles of Association regarding the domicile to the competent authority in accordance with applicable laws and regulations. (5) Banks submit the approval of changes to the Articles of Association as referred to in paragraph (4) accompanied by the minutes of approval of the General Meeting of Shareholders to OJK at most 5 (five) working days from the date of approval by the competent authority.

Article 93
(1) OJK provides approval or rejection for the relocation of Bank office addresses as referred to in Article 92.
(2) The approval or rejection as referred to in paragraph (1) is provided within a period of at most 14 (fourteen) working days from the date the documents are received in complete form. (3) To provide approval or rejection for the approval application as referred to in Article 92, OJK conducts research:
a. on the plan to relocate Bank office addresses included in the Bank's Business Plan as referred to in Article 91; and b. the completeness and alignment of documents that

Article 94
(1) Banks that have obtained approval for the relocation of office addresses as referred to in Article 91 from OJK and approval from the local authority in the respective country for Offices Abroad, are required to announce the plan to relocate office addresses through:
a. daily newspapers in Indonesian distributed nationally, the Bank's website, and/or the Bank's official social media accounts, for the relocation of Head Office addresses; or b. the Bank's website and/or the Bank's official social media accounts, for the relocation of Regional Office and Office Abroad addresses, at most 5 (five) working days from the date of OJK approval or following the rules of the local authority in the respective country for the relocation of Office Abroad addresses. (2) Banks must implement the relocation of Bank office addresses at most 30 (thirty) working days from the date of OJK approval, or follow the rules of the local authority in the respective country for the relocation of Office Abroad addresses. (3) In the event of force majeure or other considerations acceptable to OJK, the time period as referred to in paragraph (2) may be extended based on OJK approval. (4) In the event that after the time period as referred to in paragraph (2) or paragraph (3) the Bank does not implement the relocation of office addresses, the OJK approval is declared void and invalid. (5) Banks are required to submit a copy of the approval for the relocation of the address of Offices Abroad from the local authority in the respective country to OJK at most 10 (ten) working days from the date of the effective relocation of the address of Offices Abroad. (6) In the event that the relocation of Bank office addresses as referred to in Article 91 is cancelled, Banks are required to submit information on the cancellation to OJK at most before the implementation of the relocation of Bank office addresses as referred to in paragraph (2). (7) Banks are required to submit the minutes of approval of the General Meeting of Shareholders and changes to the Articles of Association to OJK at most 5 (five) working days from the date of approval by the competent authority in relation to the cancellation of the relocation of Head Office addresses that results in changes to the domicile in the Articles of Association. (8) In the event that the relocation of Bank office addresses as referred to in Article 91 is cancelled and the Bank has announced the plan to relocate office addresses as referred to in paragraph (1), the Bank is required to announce the cancellation of the relocation of office addresses at most before the implementation of the relocation of Bank office addresses as referred to in paragraph (2) through:
a. daily newspapers in Indonesian distributed nationally; b. the Bank's website; and/or
c. the Bank's official social media accounts.

Article 95
(1) Banks are required to inform the plan to relocate addresses:
a. Head Offices that do not result in changes to the domicile in the Articles of Association; b. Regional Offices within the same province;
c. Offices Abroad within the same city;
d. Branch Offices; e. Cash Offices; or f. KF that conduct operational activities, to OJK at most 30 (thirty) working days before the effective date of the address relocation.
(2) Banks are required to announce the plan to relocate office addresses as referred to in paragraph (1) through:
a. notices at the office location; b. daily newspapers in Indonesian;
c. the Bank's website; and/or
d. the Bank's official social media accounts, at least 5 (five) working days after the date of submission of information to OJK as referred to in paragraph (1).
(3) Banks are required to inform the plan to relocate the address of KF that conducts non-operational activities to OJK at most 10 (ten) working days before the effective date of the address relocation. (4) In the event that the relocation of office addresses as referred to in paragraph (1) and/or paragraph (3) is cancelled, Banks are required to submit information on the cancellation to OJK at most on the effective date of the relocation of office addresses as referred to in paragraph (1). (5) In the event that the relocation of office addresses as referred to in paragraph (1) is cancelled and announcements have been made as referred to in paragraph (2), the Bank is required to announce the cancellation of the plan to relocate office addresses through:
a. notices at the office location; b. daily newspapers in Indonesian;
c. the Bank's website; and/or
d. the Bank's official social media accounts, at most on the effective date of the relocation of office addresses as referred to in paragraph (1).

Article 96
(1) Banks may conduct temporary relocation of Bank office addresses due to force majeure or other considerations.
(2) Banks are required to inform OJK of the temporary relocation of Bank office addresses as referred to in paragraph (1) at the latest on the date of implementation of the temporary relocation. (3) In the event that the temporary relocation of Bank office addresses as referred to in paragraph (1) will be resolved and will return to operate at the previous address, Banks are required to inform OJK at the latest on the date of effective operation at the previous address. (4) Temporary relocation of Offices Abroad also follows the rules of the local authority in the respective country.

Fifth Section
Closure of Bank Offices

Article 97
Banks are required to include plans to close Bank offices in the form of Regional Offices, Branch Offices, and/or Offices Abroad for the next 1 (one) year in the Bank's Business Plan.

Article 98
(1) The closure of Bank offices in the form of Regional Offices, Branch Offices, and/or Offices Abroad requires OJK approval.
(2) Banks submit applications for closure of Bank office approval as referred to in paragraph (1) to OJK at most:
a. 30 (thirty) working days before the planned implementation of the closure of Bank offices in the form of Regional Offices and/or Branch Offices; or b. 30 (thirty) working days before the planned submission of the application for the closure of Offices Abroad in accordance with the closure rules for Offices Abroad by the local authority in the respective country. (3) The approval application is submitted by the authorized Bank official in accordance with internal Bank regulations, accompanied by the reasons for the closure of the office and documents listed in Appendix I which is an integral part of this OJK Regulation.

Article 99
(1) OJK provides approval or rejection for the application for closure of Bank office approval as referred to in Article 98.
(2) The approval or rejection as referred to in paragraph (1) is provided within a period of at most 14 (fourteen) working days from the date the documents are received in complete form. (3) To provide approval or rejection for the approval application as referred to in paragraph (1), OJK conducts research:
a. on the plan to close Offices included in the Bank's Business Plan as referred to in Article 97; and b. the completeness and alignment of documents that

Article 100
(1) Banks that have obtained approval for the closure of offices as referred to in Article 99 from OJK and approval from the local authority in the respective country for Offices Abroad, are required to announce the plan to close offices through:
a. daily newspapers in Indonesian; b. the Bank's website; and/or
c. the Bank's official social media accounts,
at most 5 (five) working days from the date of OJK approval or following the rules of the local authority in the respective country for the closure of Offices Abroad.
(2) Banks implement the closure of Bank offices at most 30 (thirty) working days from the date of OJK approval, or follow the rules of the local authority in the respective country for the closure of Offices Abroad. (3) In the event of force majeure or other considerations acceptable to OJK, the time period as referred to in paragraph (2) may be extended based on OJK approval. (4) In the event that after the time period as referred to in paragraph (2) or paragraph (3) the Bank does not implement the closure of offices, the OJK approval is declared void and invalid. (5) Banks are required to submit to OJK documents proving the settlement of:
a. rights and obligations of Regional Offices to third parties; b. rights and obligations of Branch Offices to customers and/or third parties; or
c. rights and obligations of Offices Abroad to customers and/or third parties, and a copy of the approval for the closure of Offices Abroad from the local authority in the respective country,
at most 10 (ten) working days from the date of the effective closure of Regional Offices, Branch Offices, or Offices Abroad.
(6) In the event that the closure of Bank offices as referred to in Article 98 is cancelled, Banks are required to submit information on the cancellation to OJK at most before the implementation of the closure of Bank offices as referred to in paragraph (2). (7) In the event that the closure of Bank offices as referred to in Article 98 is cancelled and the Bank has announced the plan to close offices as referred to in paragraph (1), the Bank is required to announce the cancellation of the closure at most before the implementation of the closure of Bank offices as referred to in paragraph (2) through:
a. daily newspapers in Indonesian; b. the Bank's website; and/or
c. the Bank's official social media accounts.

Article 101
(1) Banks are required to inform the plan to close Cash Offices or KF that conduct operational activities to OJK at most 30 (thirty) working days before the effective date of closure.

(2) The Bank must announce the plan to close a Branch Office (KCP) or Foreign Office (KF) conducting operational activities as referred to in paragraph (1) through:
a. notification at the office location; b. daily newspapers in the Indonesian language;
c. the Bank's website; and/or
d. the Bank's official social media accounts, no later than 5 (five) working days after the date of submission of information to the OJK as referred to in paragraph (1).

(3) The Bank must inform the OJK of the plan to close a KF conducting activities other than operational activities no later than 10 (ten) working days before the effective date of closure.

(4) In the event that the closure of offices as referred to in paragraph (1) and/or paragraph (3) is cancelled, the Bank must submit information regarding the cancellation to the OJK no later than on the effective date of closure as referred to in paragraph (1).

(5) In the event that the closure of offices as referred to in paragraph (1) is cancelled and announcements as referred to in paragraph (2) have been made, the Bank must announce the cancellation of the plan to close the Bank's offices through:
a. notification at the office location; b. daily newspapers in the Indonesian language;
c. the Bank's website; and/or
d. the Bank's official social media accounts, no later than on the effective date of closure as referred to in paragraph (1).

Article 102
(1) A Bank may temporarily close its offices other than Head Offices (KP) due to force majeure or other considerations.

(2) The Bank must inform the OJK of the temporary closure of its offices other than Head Offices as referred to in paragraph (1) no later than at the time of the implementation of the temporary closure.

(3) The Bank guarantees the provision of customer services through the support of the banking service network owned by the Bank in relation to the temporary closure of offices other than Head Offices as referred to in paragraph (1).

(4) In the event that the temporary closure of offices other than Head Offices as referred to in paragraph (1) will be resolved and will return to effective operation, the Bank must inform the OJK no later than on the date of effective return to operation.

(5) Temporary closure of Offices Abroad also follows the regulations of the local country's authority.

Article 103
The Bank is responsible for settling all rights and obligations regarding the closure of the Bank's office network to customers and/or other parties, including if there are claims in the future.

Sixth Section
Delay or Cancellation by OJK

Article 104
Based on OJK's considerations, the Bank must delay or cancel plans for the opening, status change, address relocation, cancellation of address relocation, closure, and/or cancellation of closure of the Bank's office network.

Seventh Section
Administrative Sanctions

Article 105
(1) A Bank that violates the provisions as referred to in Article 74 paragraph (2), Article 75, Article 76 paragraph (1), Article 79 paragraph (1), Article 82 paragraph (5), Article 83 paragraph (3), Article 84 paragraph (1), Article 86 paragraph (4), Article 88 paragraph (1), Article 89 paragraph (1), paragraph (2), paragraph (4), Article 91, Article 92 paragraph (1), Article 94 paragraph (1), paragraph (5), paragraph (6), paragraph (7), paragraph (8), Article 95 paragraph (2), paragraph (5), Article 96 paragraph (2), paragraph (3), Article 97, Article 98 paragraph (1), Article 100 paragraph (1), paragraph (5), paragraph (6), paragraph (7), Article 101 paragraph (2), paragraph (5), Article 102 paragraph (2), paragraph (4), and/or Article 104, shall be subject to administrative sanctions in the form of a written reprimand.

(2) A Bank that is late in fulfilling the obligation to submit information or documents as referred to in Article 86 paragraph (4), Article 94 paragraph (5), paragraph (7), Article 96 paragraph (2), paragraph (3), Article 100 paragraph (5), Article 102 paragraph (2), and/or paragraph (4), shall be subject to administrative sanctions in the form of a fine of Rp1,000,000.00 (one million rupiah) per working day and a maximum of Rp30,000,000.00 (thirty million rupiah).

(3) In the event that a Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 74 paragraph (2), Article 75, Article 76 paragraph (1), Article 79 paragraph (1), Article 82 paragraph (5), Article 83 paragraph (3), Article 84 paragraph (1), Article 86 paragraph (4), Article 88 paragraph (1), Article 89 paragraph (1), paragraph (2), paragraph (4), Article 91, Article 92 paragraph (1), Article 94 paragraph (1), paragraph (5), paragraph (6), paragraph (7), paragraph (8), Article 95 paragraph (2), paragraph (5), Article 96 paragraph (2), paragraph (3), Article 97, Article 98 paragraph (1), Article 100 paragraph (1), paragraph (5), paragraph (6), paragraph (7), Article 101 paragraph (2), paragraph (5), Article 102 paragraph (2), paragraph (4), and/or Article 104, the Bank shall be subject to administrative sanctions in the form of:
a. prohibition on expanding business activities; and/or b. freezing of certain business activities.

(4) In the event that a Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 74 paragraph (2), Article 75, Article 76 paragraph (1), Article 79 paragraph (1), Article 82 paragraph (5), Article 83 paragraph (3), Article 84 paragraph (1), Article 86 paragraph (4), Article 88 paragraph (1), Article 89 paragraph (1), paragraph (2), paragraph (4), Article 91, Article 92 paragraph (1), Article 94 paragraph (1), paragraph (5), paragraph (6), paragraph (7), paragraph (8), Article 95 paragraph (2), paragraph (5), Article 96 paragraph (2), paragraph (3), Article 97, Article 98 paragraph (1), Article 100 paragraph (1), paragraph (5), paragraph (6), paragraph (7), Article 101 paragraph (2), paragraph (5), Article 102 paragraph (2), paragraph (4), and/or Article 104, the Bank's principal party may be subject to administrative sanctions in the form of prohibition as a principal party in accordance with OJK Regulations regarding re-evaluation for principal parties of financial service institutions.

(5) A Bank that violates the provisions as referred to in Article 95 paragraph (1), paragraph (3), paragraph (4), Article 101 paragraph (1), paragraph (3), and/or paragraph (4), shall be subject to administrative sanctions in accordance with OJK Regulations regarding electronic licensing in the financial service sector.

(6) A Bank that violates the provisions as referred to in Article 73 paragraph (2), Article 78 paragraph (4), Article 81 paragraph (4), Article 82 paragraph (4), Article 83 paragraph (2), Article 86 paragraph (5), and/or Article 89 paragraph (5), shall be subject to administrative sanctions in accordance with OJK Regulations regarding general bank reporting through the OJK reporting system.

CHAPTER VIII
CHANGE OF NAME, LOGO, AND ARTICLES OF ASSOCIATION OF THE BANK

First Section
Change of Bank Name

Article 106
(1) Change of the Bank's name must be implemented in accordance with applicable legislation.

(2) The Bank must submit a plan for the change of the Bank's name to the OJK accompanied by supporting documents listed in Appendix I which is an integral part of this OJK Regulation, simultaneously with the submission of the application for change of name by the Bank to the competent authority.

(3) The Bank must submit the document of approval of the change of articles of association from the competent authority to the OJK no later than 5 (five) working days after the Bank receives the approval or receipt of notification of the change of articles of association from the competent authority.

(4) The OJK issues a determination of the use of the business license held for the Bank with the new name no later than 14 (fourteen) working days after the approval documents from the competent authority are received in complete form.

(5) The Bank must announce the change of the Bank's name to the public through:
a. daily newspapers in the Indonesian language; b. the Bank's website; and/or
c. the Bank's official social media accounts,
no later than 5 (five) working days after the date of the OJK determination as referred to in paragraph (4).

(6) The Bank must submit proof of announcement as referred to in paragraph (5) to the OJK no later than 10 (ten) working days from the date of announcement.

Second Section
Change of Bank Logo

Article 107
(1) The Bank must submit a plan for the change of the Bank's logo to the OJK accompanied by:
a. the new logo design; and b. the effective date of the logo change.

(2) The Bank must announce the change of the Bank's logo as referred to in paragraph (1) to the public through:
a. daily newspapers in the Indonesian language; b. the Bank's website; and/or
c. the Bank's official social media accounts,
no later than 5 (five) working days after the effective date of the logo change.

(3) The Bank must inform the OJK of the implementation of the logo change no later than 10 (ten) working days from the effective date of the logo change as referred to in paragraph (1) letter b.

(4) The submission of information as referred to in paragraph (3) must be accompanied by the submission of proof of announcement to the public as referred to in paragraph (2) and supporting documents, if any.

Third Section
Change of Bank Articles of Association

Article 108
(1) Change of the Bank's articles of association must obtain approval or notification of the change of articles of association from the competent authority.

(2) Any change of articles of association as referred to in paragraph (1) must be reported to the OJK no later than 10 (ten) working days after the date of implementation of operational activities accompanied by the deed of change of articles of association concerned.

Article 109
(1) A Bank that violates the provisions as referred to in Article 106 paragraph (1), paragraph (2), paragraph (3), paragraph (5), paragraph (6), Article 107, and/or Article 108 paragraph (2) shall be subject to administrative sanctions in the form of a written reprimand.

(2) A Bank that is late in fulfilling the obligation to submit proof of announcement, submission of information or reports as referred to in Article 106 paragraph (6), Article 107 paragraph (3), and/or Article 108 paragraph (2) shall be subject to administrative sanctions in the form of a fine of Rp1,000,000.00 (one million rupiah) per working day and a maximum of Rp30,000,000.00 (thirty million rupiah).

(3) In the event that a Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 106 paragraph (1), paragraph (2), paragraph (3), paragraph (5), paragraph (6), Article 107, and/or Article 108 paragraph (2), the Bank shall be subject to administrative sanctions in the form of:
a. prohibition on expanding business activities; and/or b. freezing of certain business activities.

(4) In the event that a Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 106 paragraph (1), paragraph (2), paragraph (3), paragraph (5), paragraph (6), Article 107, and/or Article 108 paragraph (2), the Bank's principal party may be subject to administrative sanctions in the form of prohibition as a principal party in accordance with OJK Regulations regarding re-evaluation for principal parties of financial service institutions.

CHAPTER IX
REPRESENTATIVE OFFICES ABROAD (KPBLN)

Article 110
(1) A Bank that has its Head Office located abroad and conducts business activities based on Sharia principles, which will open a Representative Office Abroad (KPBLN), must:
a. have good performance and reputation; b. have a commitment to contribute to the Sharia economy in Indonesia;
c. have total assets included in the top 200 (two hundred) largest in the world in the last 3 (three) years; and
d. place a deposit in the name of "Commissioners of OJK q.q. KPBLN" in a bank of at least Rp3,000,000,000,000.00 (three trillion rupiah), with a note that disbursement is carried out upon the closure of the KPBLN and with written approval from the OJK.

(2) The application to obtain permission to open a KPBLN is submitted by the competent official of the bank as referred to in paragraph (1) to the OJK, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

(3) The application to obtain permission to open a KPBLN as referred to in paragraph (2) is submitted in Indonesian and English.

Article 111
(1) The OJK provides approval or rejection of the application for permission to open a KPBLN as referred to in Article 110 no later than 30 (thirty) working days after the application documents are received in complete form.

(2) To provide approval or rejection as referred to in paragraph (1), the OJK conducts:
a. examination of the completeness and suitability of documents; and b. assessment of the ability and propriety of the prospective leader of the KPBLN.

(3) In the event that a KPBLN that has obtained permission to open has not conducted activities as a KPBLN within a period of no later than 60 (sixty) working days from the date of the opening permission from the OJK, the opening permission for the KPBLN issued by the OJK is declared void and invalid.

Article 112
(1) Activities that can be conducted by a KPBLN:
a. providing information to third parties regarding the conditions and procedures for establishing relations with the Head Office or branches abroad; b. assisting the Head Office or branches abroad in monitoring collateral for financing or other fund provision facilities located in Indonesia;
c. acting as an attorney-in-fact in contacting agencies or institutions for the needs of the Head Office or branches abroad;
d. acting as a supervisor for projects partially or fully financed by the Head Office or branches abroad; e. conducting promotional activities to introduce the bank located abroad; f. providing information regarding the Indonesian economy, finance, and/or trade to foreign parties or vice versa; g. assisting Indonesian exporters in obtaining market access abroad through the international network owned by the KPBLN or vice versa; h. encouraging the increase of financing from abroad in Indonesia to finance projects in priority sectors and regions; and/or
i. other activities in accordance with OJK's considerations and/or policies.

(2) A KPBLN is prohibited from conducting banking business activities.

(3) Violations of the provisions as referred to in paragraph (2) shall be subject to administrative sanctions in the form of:
a. prohibition as a principal party for the leader of the KPBLN in accordance with OJK Regulations regarding re-evaluation for principal parties of financial service institutions; and b. closure of the KPBLN.

Article 113
(1) A KPBLN must submit reports to the OJK regarding customers in Indonesia receiving financing or other fund provision facilities, and/or obtaining bank guarantees from the Head Office or branches abroad.

(2) Reports as referred to in paragraph (1) for the end positions of March, June, September, and December, must be submitted no later than 5 (five) working days of the following month.

Article 114
(1) A KPBLN must submit a work plan for the next 1 (one) year to the OJK.

(2) The KPBLN work plan as referred to in paragraph (1) contains details of activities to be conducted by the KPBLN for the next 1 (one) year with reference to KPBLN activities as referred to in Article 113 paragraph (1).

(3) A KPBLN must submit the work plan as referred to in paragraph (1), signed by the leader of the KPBLN, to the OJK no later than the end of November.

Article 115
A KPBLN must report the relocation of the KPBLN address to the OJK no later than 10 (ten) working days after the effective date of the implementation of the KPBLN address relocation.

Article 116
(1) The leader of the KPBLN must submit changes to the name and/or legal form of the Head Office of the KPBLN to the OJK no later than 30 (thirty) working days after the change of name and/or legal form is ratified by the local country's authority, accompanied by supporting documents listed in Appendix I which is an integral part of this OJK Regulation.

(2) The OJK issues a determination of the name of the KPBLN with the new name no later than 14 (fourteen) working days after the supporting documents are received in complete form.

Article 117
(1) A KPBLN that violates the provisions as referred to in Article 113, Article 114 paragraph (1), paragraph (3), Article 115, and/or Article 116 paragraph (1) shall be subject to administrative sanctions in the form of a written reprimand.

(2) A KPBLN that is late in fulfilling the obligation to submit reports, information, or documents as referred to in Article 113 paragraph (2), Article 114 paragraph (3), Article 115, and/or Article 116 paragraph (1) shall be subject to administrative sanctions in the form of a fine of Rp1,000,000.00 (one million rupiah) per working day and a maximum of Rp30,000,000.00 (thirty million rupiah).

(3) In the event that a KPBLN has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 113, Article 114 paragraph (1), paragraph (3), Article 115, and/or Article 116 paragraph (1), the KPBLN shall be subject to administrative sanctions in the form of restrictions and/or prohibitions on conducting KPBLN activities.

(4) In the event that a KPBLN has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 113, Article 114 paragraph (1), paragraph (3), Article 115, and/or Article 116 paragraph (1), the leader of the KPBLN may be subject to administrative sanctions in the form of prohibition as a principal party of the Bank in accordance with OJK Regulations regarding re-evaluation for principal parties of financial service institutions.

CHAPTER X
REVOCATION OF BUSINESS LICENSE

First Section
General

Article 118
(1) The OJK carries out the revocation of the Bank's business license or the closure of the KPBLN.

(2) The revocation of the Bank's business license or closure of the KPBLN as referred to in paragraph (1) is based on:
a. a request from the owner or shareholder of the Bank to carry out:

revocation of the Bank's business license including intermediary banks; or
revocation of the Bank's business license in connection with a change in business activities to become a Sharia People's Financing Bank;
b. a request from the Head Office of the KPBLN;
c. as a follow-up to the resolution of the Bank by the competent authority; or
d. the business license of the Head Office of the KPBLN is revoked or liquidated by the local country's authority.

Article 119
In the event that a Bank meets the requirements:
a. is not under special supervision status; and b. implements the stages in the revocation of the business license in accordance with this OJK Regulation, the OJK carries out the revocation of the Bank's business license as referred to in Article 118 paragraph (2) letter a number 1.

Article 120
(1) The revocation of the business license for a Bank as referred to in Article 118 paragraph (2) letter a number 1 is carried out in 2 (two) stages:
a. approval of the preparation for revocation of the business license; and b. decision on the revocation of the business license.

(2) The closure of the KPBLN as referred to in Article 118 paragraph (1) is carried out by issuing a decision on the closure of the KPBLN.

Second Section
Implementation of Revocation of Business License

Paragraph 1
Revocation of Bank Business License upon Request of Owner or Shareholder

Article 121
(1) The Board of Directors of the Bank submits an application for approval of the preparation for revocation of the business license as referred to in Article 120 paragraph (1) letter a to the OJK, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

(2) The OJK may request other documents besides those referred to in paragraph (1).

Article 122
(1) The OJK issues approval for the preparation of revocation of the Bank's business license no later than 14 (fourteen) working days after the documents are received in complete form based on the application as referred to in Article 121.

(2) A Bank that has obtained approval for the preparation of revocation of the business license as referred to in paragraph (1) must:
a. stop all business activities of the Bank; b. announce the plan for revocation of the business license and the plan for settling the Bank's rights and obligations through daily newspapers in the Indonesian language, the Bank's website, and/or the Bank's official social media accounts, no later than 5 (five) working days from the date of approval of the preparation for revocation of the business license from the OJK;
c. immediately settle all rights and obligations of the Bank according to the settlement schedule; and
d. appoint a public accounting firm to conduct verification on the settlement of the Bank's rights and obligations as referred to in letter c.

Article 123
(1) In the event that all rights and obligations of the Bank as referred to in Article 122 letter c have been settled, the Board of Directors of the Bank submits an application for revocation of the Bank's business license to the OJK, accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

(2) Based on the application for revocation of the business license as referred to in paragraph (1), the OJK conducts an examination of the completeness and suitability of the documents as referred to in paragraph (1).

(3) The OJK issues a decision on the revocation of the Bank's business license no later than 30 (thirty) working days after the documents as referred to in paragraph (1) are received in complete form.

(4) After the OJK issues a decision on the revocation of the Bank's business license as referred to in paragraph (3), the Bank implements the process of dissolution of the legal entity in accordance with applicable legislation.

(5) Since the date the revocation of the business license is issued by the OJK, if there are still unresolved obligations in the future, such obligations become the responsibility of the Bank's shareholders.

Article 124
The legal entity of the Bank as referred to in Article 123 paragraph (4) ends from the date of announcement of the status of the end of the Bank's legal entity in accordance with applicable legislation.

Paragraph 2
Closure of KPBLN upon Request of the Head Office of the KPBLN

Article 125
(1) The competent official at the Head Office of the KPBLN submits an application for the closure of the KPBLN as referred to in Article 118 paragraph (2) letter b to the OJK accompanied by documents listed in Appendix I which is an integral part of this OJK Regulation.

(2) The OJK provides approval or rejection of the application for closure of the KPBLN as referred to in paragraph (1) no later than 14 (fourteen) working days after:
a. the application documents are received in complete form; and b. all obligations of the KPBLN have been settled, including settlement steps in the form of a settlement scheme.

Third Section
Revocation of Business License as a Bank Resolution Action

Article 126
(1) The OJK carries out the revocation of the Bank's business license which is a follow-up to the resolution of the Bank as referred to in Article 118 paragraph (2) letter c.

(2) The procedure for revocation of the Bank's business license as referred to in paragraph (1) is implemented in accordance with applicable legislation.

Fourth Section
Closure of KPBLN due to Revocation of Business License of the Head Office of the KPBLN by the Local Country's Authority

Article 127
(1) A KPBLN must inform the OJK no later than 3 (three) working days since the Head Office of the KPBLN's business license was revoked by the local country's authority.

(2) The OJK determines the closure of the KPBLN based on information regarding the revocation of the business license of the Head Office of the KPBLN as referred to in paragraph (1).

(3) Based on the determination of the closure of the KPBLN as referred to in paragraph (2), the KPBLN must:
a. stop KPBLN activities; and b. settle all obligations.

Fifth Section
Follow-up to Revocation of Business License

Article 128
In the event that a Bank whose business license is revoked is a public company, all capital market aspects related to the Bank are settled in accordance with applicable legislation in the capital market sector.

Article 129
(1) The OJK announces the revocation of the Bank's business license on the OJK website.

(2) For Banks that have Offices Abroad, the revocation of the Bank's license is informed by the Bank to the competent authority in the local country no later than 5 (five) working days from the date of the decision on the revocation of the business license from the OJK.

(3) The closure of the KPBLN is informed by the Head Office of the KPBLN to the competent authority in the local country no later than 5 (five) working days from the date of the decision on the closure of the KPBLN from the OJK.

(4) The regulation as referred to in paragraph (3) does not apply to the closure of the KPBLN in connection with the business license of the Head Office of the KPBLN being revoked or liquidated by the local country's authority.

Article 130
(1) A Bank must submit to the OJK a report on the financial position of the Bank's closure which has been audited by a public accountant no later than 10 (ten) working days from the date of the decision on the revocation of the business license from the OJK.

(2) The report on the implementation of the closure of the KPBLN which has obtained OJK approval as referred to in Article 125 paragraph (2) must be submitted by the competent party representing the Head Office of the KPBLN to the OJK no later than 10 (ten) working days after the date of the decision on the closure of the KPBLN by the OJK, accompanied by a document list of KPBLN obligations included in the settlement scheme.

(3) OJK may request other documents in addition to those referred to in paragraph (1) and paragraph (2).

Article 131
(1) Since the date of revocation of the business license, the Board of Directors of the Bank is prohibited from performing legal acts related to the rights and obligations of the Bank. (2) Since the date of the closure decision, the Islamic Business Unit (KPBLN) is prohibited from conducting KPBLN activities.

Article 132
(1) A Bank or KPBLN that violates the provisions as referred to in Article 122 paragraph (2), Article 127 paragraph (1), paragraph (3), Article 130 paragraph (1), paragraph (2), and/or Article 131 shall be subject to administrative sanctions in the form of a written reprimand. (2) In the event that a Bank or KPBLN has been subject to administrative sanctions as referred to in paragraph (1), and continues to violate the provisions as referred to in Article 122 paragraph (2), Article 127 paragraph (1), paragraph (3), Article 130 paragraph (1), paragraph (2), and/or Article 131, the main party or leader of the KPBLN may be subject to administrative sanctions in the form of a prohibition from acting as the main party of the Bank in accordance with the OJK Regulation regarding re-evaluation for the main party of financial service institutions.

CHAPTER XI
BANKING SYNERGY

Article 133
(1) Banks may conduct Banking Synergy.
(2) Banking Synergy as referred to in paragraph (1) includes synergy:
a. between a Bank and a Bank or conventional commercial bank within a banking business group structure; b. a Payment Service Provider (PSP) in the form of a Bank or conventional commercial bank with a Bank; or
c. a Bank as the parent company against a non-bank financial service institution as a subsidiary.

Article 134
(1) In implementing Banking Synergy as referred to in Article 133, both parties must create a written cooperation agreement.
(2) The cooperation agreement as referred to in paragraph (1) must at least cover:
a. the parties conducting the cooperation; b. the objectives and scope of the cooperation;
c. the duration of the cooperation agreement; and
d. the rights and obligations of each party at least regarding:

the obligation of both parties to maintain the confidentiality and security of information, including confidentiality and security of information for customer data protection purposes;
liability for losses, in the event of system failure, fraud, and/or failure from other internal and external factors;
risk mitigation, including in the event of termination of cooperation before maturity;
handling of customer complaints, in the event that the synergy relates directly to customers;
knowledge transfer aspects, in the event that the synergy involves human resources from the parties conducting the synergy; and
management and maintenance of documentation of activities or scope of cooperation carried out.
(3) The cooperation agreement is drafted by both parties accompanied by documents from the competent compliance unit official stating that Banking Synergy has met the aspects as referred to in paragraph (2). (4) Banking Synergy embodied in a written cooperation agreement as referred to in paragraph (1) is based on a fair cooperation relationship. (5) The party receiving benefits is responsible for risks arising from business decisions, services, and/or operations from the implementation of Banking Synergy. (6) Both parties are obliged to ensure that the implementation of Banking Synergy is in accordance with the cooperation agreement. (7) Synergy related to the provision of information technology services:
a. provision of information technology services other than applications to parties as referred to in Article 133 paragraph (2); and b. provision of information technology services in the form of applications to parties as referred to in Article 133 paragraph (2) letter a and letter b, are exempted from OJK approval in accordance with the OJK Regulation regarding the implementation of information technology by commercial banks.

Article 135
(1) The implementation of Banking Synergy by a Bank must be accompanied by an Independent Party Opinion (DPS).
(2) The party implementing Banking Synergy is obliged to submit to OJK:
a. a copy of the cooperation agreement; and b. the DPS opinion, no later than 5 (five) working days since the date of the cooperation agreement.
(3) In the event of changes to the cooperation agreement, the Bank is obliged to report to OJK no later than 5 (five) working days since the date of the change to the cooperation agreement accompanied by a copy of the change to the cooperation agreement. (4) In the event that there will be termination of cooperation before the duration of the cooperation agreement is completed, the Bank is obliged to report to OJK no later than 30 (thirty) working days before the effective date of termination of the cooperation agreement.

Article 136
(1) A Bank and/or conventional commercial bank that violates the provisions as referred to in Article 134 paragraph (6) and/or Article 135 shall be subject to administrative sanctions in the form of a written reprimand. (2) A Bank and/or conventional commercial bank that is late in fulfilling the obligation to submit documents or reports as referred to in Article 135 paragraph (2), paragraph (3), and/or paragraph (4) shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and at most IDR 30,000,000.00 (thirty million rupiah). (3) In the event that a Bank and/or conventional commercial bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 134 paragraph (6) and/or Article 135, the Bank and/or conventional commercial bank shall be subject to administrative sanctions in the form of:
a. prohibition from expanding business activities; and/or b. suspension of certain business activities.
(4) In the event that a Bank and/or conventional commercial bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 134 paragraph (6) and/or Article 135, the main party of the Bank and/or executive officials of the conventional commercial bank may be subject to administrative sanctions in the form of prohibition from acting as the main party in accordance with the OJK Regulation regarding re-evaluation for the main party of financial service institutions.

CHAPTER XII
SUBMISSION OF LICENSING AND REPORTS

Article 137
(1) Submissions related to:
a. requests to obtain licenses and/or submission of information and documents related to licensing as referred to in Article 14 paragraph (1), Article 17, Article 76 paragraph (2), Article 79 paragraph (2), Article 84 paragraph (3), Article 88 paragraph (2), Article 89 paragraph (2), Article 92 paragraph (2), Article 94 paragraph (6), Article 95 paragraph (1), paragraph (3), paragraph (4), Article 98 paragraph (2), Article 100 paragraph (6), Article 101 paragraph (1), paragraph (3), paragraph (4), Article 106 paragraph (2), paragraph (3), Article 110 paragraph (2), Article 116 paragraph (1), Article 121 paragraph (1), Article 123 paragraph (1), Article 125 paragraph (1), and/or Article 127 paragraph (1), are submitted through the OJK licensing system with procedures in accordance with the OJK Regulation regarding electronic licensing in the financial services sector; or b. reporting of implementation as referred to in Article 68 paragraph (1), Article 73 paragraph (2), Article 78 paragraph (4), Article 81 paragraph (4), Article 82 paragraph (4), Article 83 paragraph (2), Article 86 paragraph (5), and/or Article 89 paragraph (5), are submitted through the OJK reporting system with procedures in accordance with the OJK Regulation regarding reporting of commercial banks through the OJK reporting system, and the reporting period is adjusted to the reporting period in which the implementation of the reported activities has been effectively realized. (2) Submissions related to:
a. information and/or data other than as referred to in paragraph (1); or b. in the event that the licensing system and/or reporting system as referred to in paragraph (1) is not yet available or there is a force majeure situation, are conducted through the OJK correspondence system. (3) In the event that the OJK correspondence system as referred to in paragraph (2) has a force majeure situation, submission is conducted offline to OJK. (4) Submission of requests to obtain licenses, submission of reports, and submission of information and/or data online and offline as referred to in paragraph (1), paragraph (2), and paragraph (3) are listed in Appendix II which is an integral part of this OJK Regulation.

CHAPTER XIII
BANK CLASSIFICATION

Article 138
(1) Based on the Core Capital owned, Banks are classified into 4 (four) Capital Groups (KBMI):
a. KBMI 1 is a Bank with Core Capital up to IDR 6,000,000,000,000.00 (six trillion rupiah); b. KBMI 2 is a Bank with Core Capital more than IDR 6,000,000,000,000.00 (six trillion rupiah) up to IDR 14,000,000,000,000.00 (fourteen trillion rupiah);
c. KBMI 3 is a Bank with Core Capital more than IDR 14,000,000,000,000.00 (fourteen trillion rupiah) up to IDR 70,000,000,000,000.00 (seventy trillion rupiah); and
d. KBMI 4 is a Bank with Core Capital more than IDR 70,000,000,000,000.00 (seventy trillion rupiah).
(2) The KBMI for Islamic business units is based on the Core Capital of the conventional commercial bank that is its parent.

Article 139
(1) If necessary, OJK may determine the reclassification of Banks based on Core Capital as referred to in Article 138.
(2) The reclassification of Banks as referred to in paragraph (1) is determined by OJK by considering the development and growth of bank performance and the financial industry.

CHAPTER XIV
OTHER PROVISIONS

Article 140
(1) Banks may maintain office networks and business activities that have obtained OJK approval before this OJK Regulation takes effect.
(2) Banks that, upon the effectiveness of this OJK Regulation, have cash offices, payment points, or mobile cash:
a. may register them as Branch Offices (KCP) by submitting a notification in the OJK reporting system in the nearest reporting period since this OJK Regulation takes effect; or b. are adjusted according to the Bank's office network plan and policy. (3) Adjustment of naming on office nameplates, correspondence, promotional activities, and so forth in connection with the registration and/or notification of cash offices, payment points, or mobile cash as KCP for Banks as referred to in paragraph (2), is adjusted according to the Bank's naming adjustment plan.

Article 141
(1) Banks are obliged to submit the minutes of the Annual General Meeting of Shareholders (RUPS) to OJK no later than 14 (fourteen) working days after the RUPS is held, provided that the minutes of the RUPS are not yet regulated as a document completeness requirement in this OJK Regulation or other OJK regulations. (2) The submission period for the minutes of the RUPS as referred to in paragraph (1) for Banks that are public companies is in accordance with the OJK Regulation regarding the implementation of RUPS for public companies.

Article 142
(1) Banks announce plans to conduct operational activities on non-operational days, holidays, and/or not operating on working days.
(2) Announcements as referred to in paragraph (1) are conducted through:
a. daily newspapers in the Indonesian language; b. the Bank's website; and/or
c. the Bank's official social media accounts.

Article 143
Banks or KPBLN are obliged to administer documents in licensing applications in accordance with this OJK Regulation, including documents and administrative requirements submitted online.

Article 144
Based on the classification of Banks into 4 (four) Capital Groups (KBMI) as referred to in Article 138, adjustments are made to the provisions on the obligation to form a capital conservation buffer applicable to Banks included in BOOK 3 and BOOK 4 to become applicable to Banks included in KBMI 2, KBMI 3, and KBMI 4.

Article 145
(1) A Bank or KPBLN that violates the provisions as referred to in Article 141 paragraph (1) and/or Article 143 shall be subject to administrative sanctions in the form of a written reprimand. (2) A Bank that is late in fulfilling the obligation to submit documents as referred to in Article 141 paragraph (1) shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and at most IDR 30,000,000.00 (thirty million rupiah). (3) In the event that a Bank or KPBLN has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), and continues to violate the provisions as referred to in Article 141 paragraph (1) and/or Article 143, the Bank or KPBLN shall be subject to administrative sanctions in the form of:
a. restriction and/or prohibition from conducting KPBLN activities; b. prohibition from expanding business activities; and/or
c. suspension of certain business activities.
(4) In the event that a Bank or KPBLN has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2) and continues to violate the provisions as referred to in Article 141 paragraph (1) and/or Article 143, the main party of the Bank or leader of the KPBLN may be subject to administrative sanctions in the form of prohibition from acting as the main party in accordance with the OJK Regulation regarding re-evaluation for the main party of financial service institutions.

CHAPTER XV
TRANSITIONAL PROVISIONS

Article 146
Institutional licensing of Banks or KPBLN that is still in process at the time this OJK Regulation takes effect continues to refer to the provisions of the legislation in effect before this OJK Regulation takes effect.

Article 147
Banks that already have a corporate plan that meets the provisions as referred to in Article 6 paragraph (2), Article 7 paragraph (1) and paragraph (2) at the time this OJK Regulation takes effect, submit the corporate plan to OJK no later than 14 (fourteen) working days since this OJK Regulation takes effect.

CHAPTER XVI
CLOSING PROVISIONS

Article 148
Upon the effectiveness of this OJK Regulation:
a. Bank Indonesia Regulation Number 11/3/PBI/2009 concerning Islamic Commercial Banks (State Gazette of the Republic of Indonesia Year 2009 Number 29, Supplement to the State Gazette of the Republic of Indonesia Number 4978) as amended by Bank Indonesia Regulation Number 15/13/PBI/2013 concerning Amendment to Bank Indonesia Regulation Number 11/3/PBI/2009 concerning Islamic Commercial Banks (State Gazette of the Republic of Indonesia Year 2013 Number 233, Supplement to the State Gazette of the Republic of Indonesia Number 5476) and its implementation regulations; b. Article 17 letter b of Financial Services Authority Regulation Number 5/POJK.03/2016 concerning Bank Business Plans (State Gazette of the Republic of Indonesia Year 2016 Number 17, Supplement to the State Gazette of the Republic of Indonesia Number 5841); and
c. Financial Services Authority Regulation Number 28/POJK.03/2019 concerning Banking Synergy in One Ownership for the Development of Islamic Banking (State Gazette of the Republic of Indonesia Year 2019 Number 221, Supplement to the State Gazette of the Republic of Indonesia Number 6419),
are repealed and declared invalid.

Article 149
Upon the effectiveness of this OJK Regulation:
a. Financial Services Authority Regulation Number 5/POJK.03/2016 concerning Bank Business Plans (State Gazette of the Republic of Indonesia Year 2016 Number 17, Supplement to the State Gazette of the Republic of Indonesia Number 5841); and b. Financial Services Authority Regulation Number 16/POJK.03/2017 concerning Intermediary Banks (State Gazette of the Republic of Indonesia Year 2012 Number 66, Supplement to the State Gazette of the Republic of Indonesia Number 6040), remain in effect insofar as they do not conflict with the provisions in this OJK Regulation.

Article 150
This OJK Regulation takes effect after 3 (three) months counted from the date of its promulgation.

In order that everyone may know it, it is ordered to promulgate this OJK Regulation by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on 30 August 2022

CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

signed

MAHENDRA SIREGAR

Promulgated in Jakarta on 31 August 2022

MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,

signed

YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2022 NUMBER 19/OJK

This copy is in accordance with the original

Legal Director 1
Legal Department

signed

Mufli Asmawidjaja

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 16 /POJK.03/2022
CONCERNING
ISLAMIC COMMERCIAL BANKS

I. GENERAL

As an intermediary institution, banks play a role in contributing to the economy through support for national economic stability and growth. In carrying out this role and to increase competitiveness, banks need to continue to innovate in accordance with the demands and developments of the business environment, both internal and external to the bank.

The development and innovation of information technology in the digital era has brought changes in bank management and operations. The shift from the concept of traditional banks to future banks encourages banks, among other things, to adjust business strategies and reorganize distribution networks. In addition, the shift from the concept of traditional banks to future banks encourages banking digitalization, among other things, by forming digital banks through new establishment or transformation from existing banks, including encouraging digitalization of operational activities and customer services by providing banking transactions through digital channels (mobile and internet) and the use of the latest electronic banking devices, in an effort to improve customer experience (end-to-end digital solution), and other services.

With the development of the halal economy, Islamic financial institutions and Islamic social financial institutions as one ecosystem of the halal economy and finance, it is expected that Islamic banks can contribute optimally by cooperating with stakeholders in national development and social development.

In line with the development trends in the banking industry, Indonesian banking is encouraged to operate more efficiently, both individually by banks and through synergy among business groups, while remaining committed to playing a role in maintaining and promoting financial inclusion in Indonesia.

Strengthening institutional rules for Banks and KPBLN, starting from aspects related to establishment, operations, to the termination of business, is necessary to function optimally and responsively, and to be able to act adaptively to rapid developments in information technology. Based on these considerations, an update of regulations regarding Islamic Commercial Banks is required.

II. ARTICLE BY ARTICLE

Article 1
Sufficiently clear.

Article 2
Paragraph (1)
Activities of raising funds from the public by anyone are essentially activities that need to be supervised, given that in these activities there are public interests related to depositors who store funds with the party raising the funds.

Furthermore, fund raising regulated under separate legislation is not covered in the business activities of Banks as per this OJK Regulation.

Paragraph (2)
Sufficiently clear.

Article 3
Sufficiently clear.

Article 4
Sufficiently clear.

Article 5
Paragraph (1)
What is meant by "sharia principles" are Islamic law principles in banking activities based on fatwas issued by institutions that have authority in determining fatwas in the sharia field.

Paragraph (2)
Sufficiently clear.

Article 6
Paragraph (1)
What is meant by "corporate plan" is a written document describing a comprehensive long-term (5 (five) years) strategic plan containing the formulation of direction to achieve the Bank's goals.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
In formulating the Bank's strategic plan embodied in the form of a Bank Business Plan, the Bank aligns the formulation of the Bank Business Plan with the corporate plan so that there is alignment of the Bank's strategic plans, from short-term (one year), medium-term (up to three years), to long-term (up to five years).

Paragraph (4)
What is meant by "intermediary bank" is an intermediary bank in accordance with the Law on prevention and handling of systemic financial crises.

Article 7
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Evaluation of the implementation of the Bank's previous corporate plan period (in this case, the previous 5 (five) year period) covers financial and non-financial aspects.

For Banks compiling a corporate plan for the first time or submitting a corporate plan to OJK, there is no need to include an evaluation of the implementation of the Bank's previous corporate plan period.

Letter c
Internal environment analysis must at least contain business environment, organization, human resources, and technology, including analysis of the Bank's strengths and weaknesses.

External environment analysis must at least contain analysis of macroeconomic variables including economic growth, exchange rates, inflation, interest rates, performance of fund raising and fund disbursement of the banking industry, including analysis of opportunities and challenges or threats to the Bank.

In the formulation of internal and external environment analysis, supported by the assumptions used.

Letter d
The Bank's objectives and strategies are aligned with the Bank's vision and mission.

The Bank's objectives include financial and non-financial objectives. Financial objectives must at least contain a summary of main financial projection items consisting of a summary of main items from the financial position report, a summary of main items from the income statement, and key financial ratios from capital adequacy, liquidity, profitability, and asset quality.

Non-financial objectives include, among others, service performance targets, customer attachment, and so on.

The Bank's strategy contains strategies in achieving the Bank's objectives.

Letter e
The Banking Synergy plan and strategy contain synergy plans to be conducted by the Bank with the parent bank and/or its business group accompanied by implementation strategies based on, among other things, results of analysis of supporting factors and hindering factors in their implementation.

Letter f
The plan and strategy for synergy of the halal economy and finance ecosystem include, among others, synergy with the halal industry, Islamic financial institutions, and Islamic social financial institutions.

Paragraph (3)
For example, the corporate plan for the period 2023 to 2027 is submitted to OJK no later than the end of November 2022.

Article 8
Paragraph (1)
External conditions include, among other things, economic slowdown, the industry profile that is the Bank's target market is disrupted so as to significantly affect the Bank's objectives, strategies, or performance based on the Bank's considerations.

Internal conditions include, among other things, changes in the Bank's strategy or business transformation, the Bank's business unit performance is not achieved so as to significantly affect the Bank's objectives, strategies, or performance based on the Bank's considerations.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
For example, the corporate plan of Islamic Bank X is formulated for the period 2023 to 2027. In the event that Islamic Bank X will change the corporate plan for the years 2025 to 2027, the submission of the change to the corporate plan of Islamic Bank X for the years 2023 to 2027 is submitted at any time before or together with the deadline for submission of the Bank Business Plan in 2025 (end of November 2025).

Paragraph (4)
For example, Islamic Bank X already has a corporate plan for the years 2023 to 2027. In its course, Islamic Bank X will change the corporate plan for the years 2025 to 2027.
Thus, the content of the submission of the change to the corporate plan of Islamic Bank X for the years 2023 to 2027 is:
a. reasons for the change from the corporate plan of Islamic Bank X; b. evaluation of the implementation of the previous corporate plan period of Islamic Bank X (years 2023 to 2024) which covers financial and non-financial aspects;
c. vision and mission or objectives of Islamic Bank X;
d. latest internal and external environment analysis; e. latest objectives and strategies of Islamic Bank X; f. latest Banking Synergy plan and strategy; and g. latest synergy plan and strategy of the halal economy and finance ecosystem.

Article 9
Sufficiently clear.

Article 10
Paragraph (1)
Sufficiently clear.

Paragraph (2)
The requirements and mechanisms for establishing an intermediary bank are carried out in accordance with the OJK Regulation regarding intermediary banks.

Article 11
Paragraph (1)
The minimum paid-up capital of IDR 10,000,000,000,000.00 (ten trillion rupiah) is carried out in the form of cash deposits, in addition to other deposits in accordance with applicable legislation. Not included in the establishment criteria in this regulation are Banks resulting from merger, amalgamation, takeover, integration, and conversion in accordance with the OJK Regulation concerning the merger, amalgamation, takeover, integration, and conversion of commercial banks, and Banks resulting from a change in business activities in accordance with the OJK Regulation concerning the change of conventional bank business activities into Islamic banks. Paragraph (2) Certain considerations are based on, among others, the number and distribution of banks in Indonesia or the need to establish a Bank for specific purposes of the Government of the Republic of Indonesia in accordance with the OJK Regulation concerning the merger, amalgamation, takeover, integration, and conversion of commercial banks. Paragraph (3) The paid-up capital obligation for the establishment of a Bank resulting from the separation of Islamic business units refers to the OJK Regulation concerning the requirements and procedures for the separation of Islamic business units.

Article 12
This is sufficiently clear.

Article 13
Letter a
Principle approval is approval to carry out preparations for the establishment of a Bank.
Letter b
Business license is a license granted to carry out Bank business activities after principle approval is granted and the preparations for the establishment of the Bank have been completed.

Article 14
Paragraph (1)
One of the prospective owners acts on behalf of other prospective owners. In implementation, the application may be submitted by the prospective Principal Shareholder (PSP) or prospective majority shareholder. Paragraph (2) This is sufficiently clear.

Article 15
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Letter a
OJK may conduct direct examinations to study the completeness and suitability of documents.
Letter b
This is sufficiently clear.

Letter c
Implementation of the assessment of competence and propriety in accordance with the OJK Regulation concerning the assessment of competence and propriety for principal parties of financial service institutions. Letter d This is sufficiently clear.

Article 16
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
Force majeure conditions are unavoidable disaster conditions consisting of:
a. natural disasters; b. non-natural disasters; and/or
c. social disasters,
which are approved by the competent official of the local government and/or can be verified for their truthfulness by OJK.
Other considerations include, among others, unfavorable economic conditions that may affect the ability of prospective investors or prospective PSPs to meet licensing requirements for the establishment of a Bank, such as meeting paid-up capital requirements, replacing prospective Directors and/or prospective Board of Commissioners. Paragraph (4) This is sufficiently clear. Paragraph (5) This is sufficiently clear.

Article 17
This is sufficiently clear.

Article 18
This is sufficiently clear.

Article 19
Paragraph (1)
Conducting Islamic banking business activities means the Bank has conducted business activities of at least fund gathering and/or fund disbursement.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
Other considerations include, among others, the Bank is still in the process of obtaining licenses from other agencies to support the implementation of Islamic banking business activities. Paragraph (4) This is sufficiently clear.

Article 20
Paragraph (1)
For example: “PT Bank Syariah XYZ” or “PT Bank XYZ Syariah”.

Paragraph (2)
This is sufficiently clear.
Paragraph (3)
The inclusion of the Bank's name in connection with the use of the logo is intended to provide legal certainty for customers and other related parties.
The obligation to include the Bank's name in connection with the use of the logo includes, among others, in correspondence, promotional activities, and office signage.

Article 21
This is sufficiently clear.

Article 22
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
What is meant by “limited physical offices” is the existence of physical offices in terms of number, type, and/or location of offices as support for the business activities of a Digital Bank.

Article 23
Paragraph (1)
Letter a
The use of innovative technology includes, among others, using reliable technology capable of supporting the business activities of a Digital Bank.
The use of safe technology aims to protect the interests of the Digital Bank, customers, and other related parties.
Letter b
A business model based on prudent and sustainable principles is demonstrated by the accommodation of the implementation of healthy banking principles.
Letter c
What is meant by “adequate risk management” is the fulfillment of risk management aspects in accordance with OJK Regulations, including those concerning the implementation of risk management for Islamic commercial banks and Islamic business units, and concerning the provision of information technology by commercial banks. Letter d Competence in the field of information technology includes experience and/or expertise in the field of information technology. Letter e This is sufficiently clear. Letter f The development of the digital financial ecosystem and/or Islamic financial inclusion includes, among others, providing TPE

that can be used jointly among Digital Banks to serve the needs of Digital Bank customers.
Paragraph (2)
This is sufficiently clear.

Article 24
Letter a
This is sufficiently clear.
Letter b
Transformation from a Bank to a Digital Bank is a Bank that has obtained a Bank business license before this OJK Regulation takes effect, which changes its business strategy to become a Digital Bank or prioritizes a digital business strategy.

Article 25
Paragraph (1)
What is meant by “mutatis mutandis” is regulations concerning the establishment of a Bank, with minor changes or adjustments as necessary, also apply to the establishment of a new Bank that will operate as a Digital Bank. Paragraph (2) This is sufficiently clear. Paragraph (3) Office network consists of Branch Offices (KC), namely Branch Offices that carry out service and operational activities for customers using electronic channels and/or the provision of TPE fully or partially. TPE refers to electronic devices, including, among others, Automated Teller Machines (ATM), cash deposit machines, cash recycler machines, electronic data capture devices, or self-service banking terminals, which provide various banking services. Paragraph (4) This is sufficiently clear.

Article 26
This is sufficiently clear.

Article 27
Letter a
Included in the definition of Executive Officials include, among others, division heads, including officials above division heads other than the Board of Directors, regional office heads, branch office heads, functional office heads with the lowest rank equivalent to branch office heads, heads of risk management units, heads of compliance units, heads of internal audit units, and/or other equivalent officials. Letter b This is sufficiently clear.

Article 28
This is sufficiently clear.

Article 29
Regulatory provisions include, among others, regulations concerning institutional structure, prudential requirements, products, the implementation of anti-money laundering and counter-terrorism financing programs in the financial service sector, and other related regulations, including specific regulations concerning Digital Banks.

Article 30
This is sufficiently clear.

Article 31
Letter a
Other parties include, among others, non-bank financial institutions or other business entities.
Included in the definition of other parties does not include the central government, local governments, or institutions/agencies that have the authority to conduct rescue or handling of bank problems. Letter b Money laundering as referred to in the Law concerning the prevention and eradication of money laundering criminal acts.

Article 32
Paragraph (1)
Net own capital for limited liability companies or regional-owned enterprises is the sum of paid-up capital, reserves, and profits, minus participations and losses.
Net own capital for legal entities other than limited liability companies is net assets minus participations.
Paragraph (2)
This is sufficiently clear.

Article 33
Bank ownership limits related to establishment and operation are necessary for organizing Bank ownership structures or strengthening the resilience of the national banking industry.

Article 34
This is sufficiently clear.

Article 35
Paragraph (1)
Owner refers to shareholders, individual PSPs and/or legal entities, as well as owners and ultimate controllers of PSPs that are legal entities.
Letter a
This is sufficiently clear.
Letter b
This is sufficiently clear.
Letter c
This is sufficiently clear.
Letter d
What is meant by “parties prohibited from becoming principal parties of financial service institutions” are parties subject to the consequences of the final assessment result established with a “fail” predicate and still undergoing the fail consequences according to the prohibition period, in accordance with the OJK Regulation concerning the reassessment of principal parties of financial service institutions. Paragraph (2) This is sufficiently clear.

Article 36
This is sufficiently clear.

Article 37
This is sufficiently clear.

Article 38
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
What is meant by “Board of Directors and/or Board of Commissioners” is the Board of Directors and/or Board of Commissioners in a limited liability company or equivalent organs in other legal entities. Paragraph (3) This is sufficiently clear.

Article 39
This is sufficiently clear.

Article 40
Paragraph (1)
Changes in ownership composition that must be reported by Banks that are public companies are changes in share ownership composition as referred to in the OJK Regulation concerning ownership reports or any changes in share ownership of open companies. Does not result in changes in control, including replacement, reduction, and/or addition of control. Paragraph (2) Changes in ownership composition refer to changes related to nominal amounts and/or percentages of ownership. Paragraph (3) Changes in ownership composition that do not change paid-up capital include, among others, caused by the sale, gift, or inheritance of shares among existing owners, and direct purchase of shares of Banks that are not public companies (not Tbk). Paragraph (4) The information on ownership composition or share ownership lists is intended to view changes in composition or lists of ownership caused by the replacement and/or addition of owners due to share purchases through the stock exchange.

Article 41
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
Takeover refers to takeovers in accordance with the OJK Regulation concerning the merger, amalgamation, takeover, integration, and conversion of commercial banks.

Article 42
This is sufficiently clear.

Article 43
This is sufficiently clear.

Article 44
This is sufficiently clear.

Article 45
This is sufficiently clear.

Article 46
This is sufficiently clear.

Article 47
This is sufficiently clear.

Article 48
This is sufficiently clear.

Article 49
What is meant by “independent” is the absence of management, ownership, and/or financial connections, as well as family relationships as referred to in regulatory provisions concerning the implementation of corporate governance for Islamic commercial banks.

Article 50
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Letter a
What is meant by “non-bank subsidiary controlled by the Bank” is a Bank subsidiary that does not conduct banking business activities and whose financial reports are required to be consolidated with the Bank's financial reports. Letter b This is sufficiently clear.

Letter c
What is meant by “non-profit institution” is all institutions that do not aim to seek profit (nonprofit motive).
Paragraph (3)
Other companies include, among others, companies other than the Bank in question, such as bank and non-bank financial institutions, financing institutions, or companies.

Article 51
Paragraph (1)
What is meant by “majority” is more than 50% of the Board of Directors members.
Paragraph (2)
What is meant by “other parties” is 1 (one) or more Bank employees or other persons.

Article 52
This is sufficiently clear.

Article 53
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
The existence of independent commissioners is intended to encourage the creation of a more objective work climate and environment and place fairness and equality among various interests, including the interests of minority shareholders and other stakeholders. Independent commissioners as referred to in the regulatory provisions concerning the implementation of corporate governance for Islamic commercial banks.

Article 54
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Letter a
What is meant by “non-bank subsidiary controlled by the Bank” is a subsidiary of the Bank that does not conduct banking business activities and whose financial reports are required to be consolidated with the Bank's financial reports. Letter b What is meant by “Bank shareholder in the form of a legal entity” is a PSP in the form of a legal entity as referred to in the OJK Regulation concerning the assessment of competence and propriety for principal parties of financial service institutions, including the central government and local governments or other institutions that are PSPs of the Bank.

What is meant by “performing functional tasks” includes the relevant functions at the Bank and/or the business group of the legal entity shareholder of the Bank, including Bank subsidiaries, is to perform its function as a representative of the Bank shareholder, such as a member of the Board of Directors, member of the Board of Commissioners, or executive official. Letter c This is sufficiently clear. Paragraph (3) This is sufficiently clear.

Article 55
This is sufficiently clear.

Article 56
This is sufficiently clear.

Article 57
This is sufficiently clear.

Article 58
This is sufficiently clear.

Article 59
This is sufficiently clear.

Article 60
Letter a
Number 1
This is sufficiently clear.
Number 2
This is sufficiently clear.
Number 3
What is meant by “having commitment” includes, among others, willingness to provide sufficient time to the Bank in carrying out its duties effectively.
Number 4
This is sufficiently clear.
Letter b
This is sufficiently clear.
Letter c
Number 1
What is meant by “non-performing credit and/or financing” includes, among others:
a. non-performing credit and/or financing recorded in the financial information service system or equivalent to the financial information service system; b. non-performing credit and/or financing not yet reported by the Financial Service Institution (LJK) in the financial information service system or equivalent to the financial information service system, but based on research conducted by OJK, the credit and/or financing meets the criteria classified as non-performing in accordance with applicable legislation; and/or
c. failure to fulfill transaction settlement obligations at securities companies.
Number 2
This is sufficiently clear.

Article 61
This is sufficiently clear.

Article 62
This is sufficiently clear.

Article 63
This is sufficiently clear.

Article 64
This is sufficiently clear.

Article 65
This is sufficiently clear.

Article 66
This is sufficiently clear.

Article 67
This is sufficiently clear.

Article 68
Paragraph (1)
Included in the definition of dismissal is the dismissal of Executive Officials by order of OJK because the individual has a negative track record and/or fails the reassessment in accordance with the OJK Regulation concerning the reassessment of principal parties of financial service institutions. Paragraph (2) This is sufficiently clear. Paragraph (3) This is sufficiently clear. Paragraph (4) This is sufficiently clear.

Article 69
This is sufficiently clear.

Article 70
This is sufficiently clear.

Article 71
This is sufficiently clear.

Article 72
For Offices Abroad, the implementation of service and operational activities using electronic channels and/or the provision of TPE refers to the rules of the local country's authority.

Article 73
This is sufficiently clear.

Article 74
Paragraph (1)
Letter a
This is sufficiently clear.
Letter b
Operational readiness plans related to the opening of Bank offices include, among others, human resources, physical infrastructure and supporting information technology, and other supporting devices. Paragraph (2) This is sufficiently clear.

Article 75
This is sufficiently clear.

Article 76
This is sufficiently clear.

Article 77
This is sufficiently clear.

Article 78
Paragraph (1)
The opening of a Regional Office (Kanwil) is declared effective on the date the Bank carries out the opening of the Regional Office.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
This is sufficiently clear.

Article 79
This is sufficiently clear.

Article 80
This is sufficiently clear.

Article 81
Paragraph (1)
The opening of a Branch Office (KC) is declared effective on the date the Bank carries out the opening of the Branch Office.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
This is sufficiently clear.

Article 82
Paragraph (1)
What is meant by “permanent” is a fixed physical office of a Sub-Branch Office (KCP) located permanently to serve customers.
What is meant by “mobile” is a KCP that can move locations or is located at a certain place temporarily to serve customers, including, among others, mobile cash units, floating cash units, non-permanent bank counters. Considering the existence of mobile KCPs that can move locations or are located at a certain place temporarily to serve customers, for reporting purposes, the Bank may set the address of the organizational unit overseeing the mobile KCP as the address of the mobile KCP. Paragraph (2) This is sufficiently clear. Paragraph (3) This is sufficiently clear. Paragraph (4) This is sufficiently clear. Paragraph (5) This is sufficiently clear.

Article 83
Paragraph (1)
KF (Functional Office) that conducts operational activities means KF that conducts activities related to:
a. customer reception; b. cash receipt/disbursement;
c. processing of fund gathering or disbursement; or
d. making decisions on applications for fund gathering or disbursement.
Examples of KF conducting operational activities include, among others, financing centers or card centers.
Examples of KF conducting non-operational activities include, among others, marketing offices or IT centers.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.

Article 84
This is sufficiently clear.

Article 85
This is sufficiently clear.

Article 86
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Other considerations include, among others, the licensing process from the local country's authority taking longer.
Paragraph (3)
This is sufficiently clear.

Paragraph (4)
This is sufficiently clear.
Paragraph (5)
This is sufficiently clear.

Article 87
This is sufficiently clear.

Article 88
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Change of KCP status to KC without the need to close the KCP.

Article 89
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
Change of KC status to KCP without the need to close the KC.
Paragraph (5)
This is sufficiently clear.

Article 90
For example, the change of KF status to KC is carried out by following the requirements and procedures for closing the KF and opening the KC.

Article 91
This is sufficiently clear.

Article 92
This is sufficiently clear.

Article 93
This is sufficiently clear.

Article 94
Paragraph (1)
Website means a collection of web pages containing information or data that can be accessed through an internet network system.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
This is sufficiently clear.

Paragraph (5)
Submission of copies or photocopies of licenses or approvals for the relocation of the Office Abroad from the local country's authority when there is a licensing process for the relocation of the Office Abroad by the local country's authority. Paragraph (6) This is sufficiently clear. Paragraph (7) This is sufficiently clear. Paragraph (8) This is sufficiently clear.

Article 95
This is sufficiently clear.

Article 96
Paragraph (1)
Other considerations include, among others, office building renovation.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
What is meant by “previous address” is the address before the temporary relocation.
Paragraph (4)
This is sufficiently clear.

Article 97
This is sufficiently clear.

Article 98
This is sufficiently clear.

Article 99
This is sufficiently clear.

Article 100
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
This is sufficiently clear.
Paragraph (5)
Proof of settlement of rights and obligations can be in the form of the establishment of a settlement scheme for the Bank's rights and obligations to customers and/or other parties. Letter a This is sufficiently clear. Letter b Proof of settlement of rights and obligations to customers and/or other parties includes, among others, a financial position report of the KC showing that all rights and obligations of the KC to customers and other parties have been settled. Letter c This is sufficiently clear. Paragraph (6) This is sufficiently clear. Paragraph (7) This is sufficiently clear.

Article 101
This is sufficiently clear.

Article 102
This is sufficiently clear.

Article 103
Other parties include, among others, creditors, Bank employees.

Article 104
OJK considerations include, among others, a decrease in the Bank's health level, an increase in risk profile, a decrease in financial conditions, and/or related to financial inclusion in a certain region.

Article 105
This is sufficiently clear.

Article 106
Paragraph (1)
Included in the definition of name change does not include the inclusion or removal of the “Tbk.” status behind the Bank's name.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
For example: PT Bank ABC Syariah has obtained approval from the competent agency to change its name to PT Bank DEF Syariah. In relation to this, OJK issues a determination of the use of the business license from the name of PT Bank ABC Syariah to the name of PT Bank DEF Syariah (the new name). Paragraph (5) This is sufficiently clear. Paragraph (6) This is sufficiently clear.

Article 107
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.

Paragraph (4)
Supporting documents include, among others, amendments to the articles of association approved by the competent agency when the logo change results in changes to the articles of association.

Article 108
This is sufficiently clear.

Article 109
This is sufficiently clear.

Article 110
Paragraph (1)
Letter a
Having good performance and reputation includes, among others, based on international bank ratings, total assets, and the Bank's financial capacity.
Letter b
Having a commitment to contribute to the Islamic economy in Indonesia includes, among others, being stated in a letter of commitment stating the commitment to contribute to the Islamic economy in Indonesia contained in the work plan that the Representative Office Abroad (KPBLN) will encourage an increase in financing from the head office and/or branch offices abroad, including to facilitate the development of the halal industry in Indonesia. Letter c Total assets include the top 200 (two hundred) largest in the world based on information, among others, contained in the banker’s almanac. Letter d This is sufficiently clear. Paragraph (2) This is sufficiently clear. Paragraph (3) This is sufficiently clear.

Article 111
This is sufficiently clear.

Article 112
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Bank business activities as referred to in the Law concerning Islamic banking.
Paragraph (3)
This is sufficiently clear.

Article 113
This is sufficiently clear.

Article 114
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
For example, the submission of the 2023 work plan is submitted no later than the end of November 2022.

Article 115
Reporting the relocation of the Representative Office Abroad (KPBLN) to OJK is accompanied by the latest address of the KPBLN.

Article 116
This is sufficiently clear.

Article 117
This is sufficiently clear.

Article 118
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Letter a
Number 1
This is sufficiently clear.
Number 2
Revocation of the Bank's business license in connection with the change of the Bank's business activities to become a People's Financing Islamic Bank is carried out in accordance with the OJK Regulation concerning People's Financing Islamic Banks. Letter b This is sufficiently clear. Letter c Bank resolution refers to bank resolution as referred to in the Law concerning the prevention and handling of financial system crises. Letter d This is sufficiently clear.

Article 119
Letter a
Special supervision status in accordance with the OJK Regulation concerning the determination of status and follow-up of supervision of commercial banks.
Letter b
This is sufficiently clear.

Article 120
This is sufficiently clear.

Article 121
This is sufficiently clear.

Article 122
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Letter a
This is sufficiently clear.
Letter b
This is sufficiently clear.
Letter c
The settlement of obligations referred to includes, among others, settlement of obligations to customers, creditors, payment of accrued salaries, payment of office expenses, settlement of tax aspects and other costs, with relevant settlement mechanisms including, among others, through settlement, transfer, and/or escrow to another Bank in Indonesia, by the Bank. Letter d This is sufficiently clear.

Article 123
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
This is sufficiently clear.
Paragraph (3)
This is sufficiently clear.
Paragraph (4)
Regulatory provisions include, among others, the Law concerning limited liability companies.
Paragraph (5)
Obligations include, among others, obligations to customers if there are still collateral held by the Bank.

Article 124
This is sufficiently clear.

Article 125
This is sufficiently clear.

Article 126
Paragraph (1)
This is sufficiently clear.
Paragraph (2)
Regulatory provisions include, among others, those related to the Deposit Insurance Corporation (LPS).

Article 127
This is sufficiently clear.

Article 128
This is sufficiently clear.

Article 129
This is sufficiently clear.

Article 130
Paragraph (1)
The submission of the closing financial position report is accompanied by a detailed list of assets and liabilities.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Sufficiently clear.

Article 131
Sufficiently clear.

Article 132
Sufficiently clear.

Article 133
Paragraph (1)
Banking Synergy includes, among others, the utilization of infrastructure such as office networks, TPE, archiving, and so on; the utilization of technology such as data centers, disaster recovery centers, information security, cyber resilience, applications, and so on; banking services for customers including customer service centers; support related to human resources; or other activities as long as they do not conflict with applicable legislation. Paragraph (2) Letter a What is meant by "bank business group" is a bank business group in accordance with the OJK Regulation regarding the consolidation of general banks. Banking Synergy within the structure of a bank business group includes, among others:

The Bank as the parent company with a Bank;
The Bank as the implementing parent company with a Bank or conventional general bank;
A Bank that is not the parent company or implementing parent company with a Bank or conventional general bank as the parent company; or
A Bank that is not the parent company or implementing parent company with a Bank or conventional general bank that is not the parent company or implementing parent company.
Letter b
Sufficiently clear.
Letter c
Sufficiently clear.

Article 134
Paragraph (1)
Cooperation between both parties continues to pay attention to the principle of prudence and aims to increase efficiency and provide added value on a consolidated basis.

Paragraph (2)
Letter a
Sufficiently clear.
Letter b
Sufficiently clear.
Letter c
The term of the cooperation agreement must state the period of cooperation start and end and/or an option to extend the term.
Letter d
Number 1
Confidentiality and information security (non-disclosure agreement), including confidentiality and information security for customer data protection purposes, namely actions that provide protection, maintain the confidentiality and security of information of both parties carrying out synergy, and only use such information in accordance with the interests and purposes agreed upon by customers, unless otherwise determined by applicable legislation. Obligations to maintain customer confidentiality and information security include, among others, in accordance with applicable legislation regarding bank secrecy in the Banking Law, the Islamic Banking Law, and the OJK Regulation regarding consumer protection in the financial services sector. Number 2 Sufficiently clear. Number 3 Risk mitigation is necessary as an effort to ensure operational continuity if the cooperation agreement is terminated, which can be caused by various conditions including an increase in risk exposure due to changes in supervisory status (becoming intensive or special supervision), takeover, involving at least one of the parties. Number 4 Handling customer complaints in accordance with the OJK Regulation regarding consumer complaint services in the financial services sector. Number 5 Sufficiently clear. Number 6 Documentation includes, among others, transaction evidence, including for audit purposes and interests. Paragraph (3) The head of the functional unit carrying out compliance functions for non-bank financial service institutions is implemented in accordance with the institutional regulations of each respective financial service institution. Paragraph (4) Sufficiently clear.

Paragraph (5)
Sufficiently clear.
Paragraph (6)
Sufficiently clear.
Paragraph (7)
Sufficiently clear.

Article 135
Paragraph (1)
The DPS Opinion aims to ensure that the implementation of Banking Synergy does not conflict with Sharia principles.
Paragraph (2)
Sufficiently clear.
Paragraph (3)
Changes to the cooperation agreement, namely changes or expansion of the scope of coverage as in the initial cooperation agreement. For example, previous cooperation support related to customer service centers is changed to marketing services via electronic means (telemarketing). Paragraph (4) Sufficiently clear.

Article 136
Sufficiently clear.

Article 137
Paragraph (1)
Sufficiently clear.
Paragraph (2)
What is meant by "OJK correspondence system" is the Financial Services Authority Reporting System with the address https://sipena.ojk.go.id or another address designated by OJK.
Force majeure includes failure of the OJK licensing system or reporting system.
Paragraph (3)
Force majeure includes failure of the OJK correspondence system.
Paragraph (4)
Sufficiently clear.

Article 138
Paragraph (1)
As a guide, grouping based on business activities adjusted to the Core Capital owned or referred to as BUKU if linked to KBMI, can be:
a. BUKU 1 can be equated with KBMI 1; b. BUKU 2 can be equated with KBMI 1;
c. BUKU 3 can be equated with KBMI 2 or KBMI 3; and
d. BUKU 4 can be equated with KBMI 3 or KBMI 4.
For other stakeholders who have regulations on the grouping of general banks based on BUKU, they can adjust the regulations regarding bank grouping according to KBMI.
Other stakeholders include, among others, Bank Indonesia, relevant Ministries.

Paragraph (2)
Sufficiently clear.

Article 139
Sufficiently clear.

Article 140
Paragraph (1)
Sufficiently clear.
Paragraph (2)
Petty cash includes, among others, mobile cash, floating cash, or non-permanent bank counters.
Letter a
What is meant by "registering as a KCP" is the adjustment of reporting for cash offices, payment points, or petty cash in the OJK reporting system as a KCP. Such reporting adjustments do not include payment points or petty cash that do not meet the criteria and organs of a KCP. What is meant by "nearest reporting period" is the recording initiation in the OJK reporting system is implemented in accordance with the OJK Regulation regarding general bank reporting through the OJK reporting system and is implemented in the nearest period after this OJK Regulation comes into force. Letter b Adjusted to the Bank's office network plan and policy, namely cash offices, payment points, or petty cash:
a. registered as KF by adjusting activities as KF; b. closed; and/or
c. other policies are implemented.
Paragraph (3)
Sufficiently clear.

Article 141
Sufficiently clear.

Article 142
Sufficiently clear.

Article 143
Sufficiently clear.

Article 144
The formation of the capital conservation buffer is in accordance with the OJK Regulation regarding the minimum capital provision requirements for Islamic general banks.

Article 145
Sufficiently clear.

Article 146
Sufficiently clear.

Article 147
Example:
When this OJK Regulation comes into force, the Bank already has a corporate plan for the period 2021 to 2025 that is still valid and meets the provisions as per this OJK Regulation. Thus, the Bank submits the corporate plan for the period 2021 to 2025 mentioned to OJK at the latest within 14 (fourteen) working days since this OJK Regulation comes into force. In the event that the Bank's corporate plan for the period 2021 to 2025 mentioned does not yet meet the provisions based on this OJK Regulation, the Bank makes changes and/or initiates changes to the corporate plan for the period 2021 to 2025 mentioned and submits it to OJK no later than the end of November 2022.

Article 148
Sufficiently clear.

Article 149
Sufficiently clear.

Article 150
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 11/OJK

APPENDIX I
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 16/POJK.03/2022
REGARDING
ISLAMIC GENERAL BANKS

I. DOCUMENT REQUIREMENTS FOR APPLICATION FOR PRINCIPLE APPROVAL FOR THE ESTABLISHMENT OF A BANK
This section covers the document requirements needed to submit an application to obtain principle approval for the establishment of a Bank. One of the prospective owners or prospective PSP acts on behalf of other prospective owners in the application for principle approval. a. The document requirements for the principle approval application include:

draft deed of establishment of the Bank's legal entity, including a draft articles of association at least containing:
a) name and domicile; b) business activities as a Bank; c) capital; d) ownership; e) authority, responsibility, and term of office of the Board of Directors, Board of Commissioners, and DPS; and f) The Board of Directors, Board of Commissioners, and DPS must obtain approval from OJK before carrying out actions, duties, and functions as regulated in the OJK Regulation regarding the assessment of competence and propriety for principal parties of financial service institutions;
Bank ownership data in the form of a list of prospective shareholders along with the details of each shareholder's ownership.
Ownership data must clearly contain the share ownership structure up to the ultimate owners and controllers, and beneficial owners.
The list of prospective shareholders who are prospective PSPs of the Bank is accompanied by the fulfillment of administrative document requirements in accordance with the OJK Regulation regarding the assessment of competence and propriety for principal parties of financial service institutions. In the event that prospective shareholders who are prospective PSPs of the Bank are the central government or local government, it is accompanied by documents stating the decision to establish the Bank by the government in accordance with applicable legislation. Bank ownership in accordance with OJK provisions includes, among others, the OJK Regulation regarding share ownership of general banks;
list of the composition of prospective Directors and prospective Commissioners of the Bank accompanied by the fulfillment of administrative document requirements in accordance with the OJK Regulation regarding the assessment of competence and propriety for principal parties of financial service institutions.
The fulfillment of the number, composition, criteria, scope of duties or functions of prospective Directors and prospective Commissioners is implemented in accordance with provisions including, among others, legislation regarding the application of governance for Islamic general banks and the OJK Regulation regarding the implementation of compliance functions of general banks;
list of the composition of prospective DPS members of the Bank accompanied by the fulfillment of administrative document requirements as stated in item IV.
The fulfillment of the number, composition, criteria, scope of duties or functions of prospective DPS members is implemented in accordance with this OJK Regulation and other provisions, including, among others, legislation regarding the application of governance for Islamic general banks and the OJK Regulation regarding the implementation of compliance functions of general banks;
plan for the composition and organizational structure and human resources of the Bank.
The composition and organizational structure and human resources include, among others, organizational structure, horizontal and vertical lines of responsibility, and positions and names of human resources at least from management up to the level of Executive Officers;
feasibility study for the establishment of the Bank prepared by an independent party, accompanied by a business plan.
The feasibility study includes, among others, market opportunities and economic potential.
The format of the business plan can refer to the business plan format in accordance with the OJK Regulation regarding bank business plans.
The business plan for the establishment of a Bank also includes products and activities that will be carried out by the Bank after obtaining a business license to conduct Islamic banking business activities;
Bank corporate plan;
risk management guidelines, internal control system, information technology system used, and guidelines regarding the implementation of Bank governance.
The preparation refers to each respective OJK regulation related;
Bank work systems and procedures.
Included in the work systems and procedures are complete and comprehensive guideline books or standard operating procedures including the authority and responsibility that will be used for the Bank's business activities;
proof of capital deposit of at least 40% (forty percent) of the paid-up capital, in the form of a copy of a deposit slip at a bank in Indonesia and in the name of "Board of Commissioners of OJK q.q. one of the prospective owners for the establishment of the relevant Bank", stating that disbursement can be carried out with written approval from OJK.
In the event that the establishment of the Bank is carried out by the central government or local government, the provisions regarding proof of capital deposit and the method of capital deposit are implemented in accordance with applicable legislation;
statement letter from prospective shareholders of the Bank, that the capital deposit as referred to in number 10:
a) does not originate from loans or financing facilities in any form from banks and/or other parties in Indonesia.
Other parties include, among others, non-bank financial institutions or other business entities.
Excluded from the definition of other parties are the central government, local government, institutions, or agencies that have the authority to conduct rescue or handling of bank problems; and b) does not originate from and for the purpose of money laundering. Money laundering as referred to in the Law regarding the prevention and eradication of money laundering crimes. In the event that prospective shareholders of the Bank are legal entities, the statement letter is made by the authorized official representing the legal entity in accordance with its articles of association; and
business group structure related to the legal entity as a prospective PSP up to the ultimate owners and controllers.
Ultimate owners and controllers are individuals or legal entities that directly or indirectly own shares in the PSP which is a legal entity of the Bank and are the ultimate controllers of the entire business group structure controlling the Bank. b. Administrative document requirements for prospective shareholders who are not PSPs of the Bank and are individuals include:
photocopy of identification, which can be an Identity Card (KTP) for Indonesian Citizens or a passport and Limited Stay Permit Card (KITAS) if residing in Indonesia for Foreign Citizens;
curriculum vitae with an example format in accordance with the OJK Regulation regarding the assessment of competence and propriety for principal parties of financial service institutions;
recent passport-sized photo size 4 x 6 cm;
stamped statement letter at least containing that the person concerned:
a) has never been sentenced for proven criminal acts consisting of:

financial services sector crimes whose sentence has been completed within the last 20 (twenty) years before nomination;
criminal offenses, namely crimes listed in the Criminal Code (KUHP) and/or similar to the KUHP abroad with a prison sentence threat of 1 (one) year or more whose sentence has been completed within the last 10 (ten) years before nomination; and/or
other criminal acts with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trafficking, terrorism, counterfeiting money, in the field of taxation, in the field of forestry, in the field of environment, in the field of marine and fisheries, whose sentence has been completed within the last 20 (twenty) years before nomination;
b) has a commitment to comply with applicable legislation; c) has a commitment to the development of a healthy Bank; and d) is not included in the parties prohibited from becoming principal parties of financial service institutions in accordance with the OJK Regulation regarding the reassessment of principal parties of financial service institutions, which among others are not listed in the Disqualified List.
c. Administrative document requirements for prospective shareholders who are not PSPs of the Bank and are legal entities include:

deed of establishment of the legal entity, containing the articles of association including amendments to the articles of association that have been approved by the competent authority including for foreign legal entities in accordance with the provisions applicable in the country of origin of the legal entity; and
photocopy of identification, curriculum vitae, passport-sized photo, and personal statement letter as referred to in letter b numbers 1 to 4 from:
a) each member of the Board of Commissioners and members of the Board of Directors in the event the legal entity form is a Limited Liability Company; or b) each member of the management board in the event the legal entity form is other than a Limited Liability Company. d. In the event that prospective shareholders are not PSPs of the Bank and are the central government or local government, they must attach documents:
letter of certification stating the name of the official authorized to represent the central government or local government;
identification and passport-sized photo as referred to in letter b numbers 1 and 3 from the official authorized to represent the central government or local government; and
letter of certification or document explaining the source of funds for the establishment of the Bank.

II. DOCUMENT REQUIREMENTS FOR APPLICATION FOR BUSINESS LICENSE FOR THE ESTABLISHMENT OF A BANK
This section covers the requirements needed to submit an application to obtain a business license for the establishment of a Bank.
Document requirements for the business license application include:
a. deed of establishment of the legal entity, containing the articles of association that have been approved by the competent authority; b. documents as referred to in item I letter a numbers 2 to 9, if there are changes;
c. proof of settlement of paid-up capital in the form of a copy of a deposit slip at a bank in Indonesia in the name of "Board of Commissioners of OJK q.q. one of the owners of the relevant Bank", stating that disbursement is carried out with written approval from OJK.
In the event that the establishment of the Bank is carried out by the central government or local government, the provisions regarding proof of capital deposit and the method of capital deposit are implemented in accordance with applicable legislation; d. proof of operational readiness at least:

list of fixed assets and inventory;
proof of ownership, control, or office building lease agreement;
photo of the office building and room layout;
example of forms or documents that will be used for Bank operations. Forms or documents can be paper-based and/or electronic (e.g., applications);
Taxpayer Identification Number (NPWP); and
Business Identification Number (NIB).
e. statement letter from Bank shareholders, that the settlement of paid-up capital as referred to in letter c:
does not originate from loans or financing facilities in any form from banks and/or other parties in Indonesia; and
does not originate from and for the purpose of money laundering.

III. DOCUMENT REQUIREMENTS FOR CHANGES IN OWNERSHIP AND CAPITAL OF A BANK
a. Documents for changes in the Board of Directors and/or Board of Commissioners from PSPs in the form of legal entities include:

minutes of the General Meeting of Shareholders (GMS) from PSPs in the form of legal entities; and
deed of amendment to the articles of association from PSPs in the form of legal entities.
b. Documents for changes in the paid-up capital of the Bank caused by dividends distributed in the form of shares include:
minutes of the GMS; and
deed of amendment to the articles of association.
The deed of amendment to the articles of association contains a list of shareholders recorded in the articles of association of the Bank along with the details of the number of share ownership after the distribution of share dividends.
c. Documents for changes in the composition of share ownership of the Bank caused by an increase in paid-up capital and not causing a change in control include:
proof of capital deposit;
minutes of the GMS;
statement letter from shareholders, that the source of funds used for Bank ownership:
a) does not originate from loans or financing facilities in any form from banks and/or other parties in Indonesia, and b) does not originate from and for the purpose of money laundering;
ownership data in the form of a list of shareholders after the increase in paid-up capital along with the composition of each share ownership.
In the event there are new shareholders, accompanied by administrative document requirements as referred to in item I letter b (individuals), item I letter c (legal entities), and item I letter d (central government or local government); and
deed of amendment to the articles of association along with proof of receipt of notification of amendment to the articles of association from the competent authority.
d. Documents for changes in the composition of share ownership of the Bank that do not change the amount of paid-up capital and do not cause a change in control include:
minutes of the GMS;
statement letter from shareholders, that the source of funds used for Bank ownership:
a) does not originate from loans or financing facilities in any form from banks and/or other parties in Indonesia, and b) does not originate from and for the purpose of money laundering;
ownership data in the form of a list of shareholders after the increase in paid-up capital along with the composition of each share ownership.
In the event there are new shareholders, accompanied by administrative document requirements as referred to in item I letter b (individuals), item I letter c (legal entities), and item I letter d (central government or local government);
deed of amendment to the articles of association along with proof of receipt of notification of amendment to the articles of association from the competent authority; and
copy of the share transfer document.
e. Documents for changes in the composition of share ownership of the Bank recorded in the articles of association caused by share gifts or inheritance and not causing a change in paid-up capital include:
deed of gift or deed of inheritance;
ownership data in the form of a list of shareholders along with the composition of each share ownership after the gift or inheritance of shares.
In the event there are new shareholders, accompanied by administrative document requirements as referred to in item I letter b (individuals), item I letter c (legal entities), and item I letter d (central government or local government); and
administrative document requirements for competence and propriety assessment in the event the recipient of the gift or inheritance meets the controller criteria, or a stamped statement letter stating that the recipient of the gift or inheritance meets the requirements for parties who become owners of the Bank in the event the recipient of the gift or inheritance does not meet the controller criteria.
f. Documents for changes in the authorized capital of the Bank include:
minutes of the GMS; and
deed of amendment to the articles of association that has been approved by the competent authority.

IV. ADMINISTRATIVE DOCUMENT REQUIREMENTS FOR DPS
Administrative document requirements for DPS include:
a. photocopy of identification in the form of an Identity Card (KTP); b. curriculum vitae with an example format in accordance with the OJK Regulation regarding the assessment of competence and propriety for principal parties of financial service institutions;
c. recent passport-sized photo size 4 x 6 cm;
d. letter of certification or certificate from educational and training institutions and/or the National Sharia Council – Indonesian Ulema Council regarding education and/or training in the field of Sharia muamalah and in the field of banking and/or finance in general that the prospective DPS members have attended in accordance with competency requirements; e. stamped statement letter stating that the person concerned:

is committed to complying with applicable legislation, especially in the field of Islamic banking and supporting OJK policies;
has never been sentenced for proven criminal acts consisting of:
a) financial services sector crimes whose sentence has been completed within the last 20 (twenty) years before nomination; b) criminal offenses, namely crimes listed in the Criminal Code (KUHP) and/or similar to the KUHP abroad with

criminal penalty of imprisonment for 1 (one) year or more, the sentence of which has been completed within the last 10 (ten) years before nomination; and/or c) other criminal offenses with a criminal penalty of imprisonment for 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trafficking, terrorism, counterfeiting of currency, taxation, forestry, environment, maritime, and fisheries, the sentence of which has been completed within the last 20 (twenty) years before nomination;
3. not included in parties prohibited from becoming key persons of financial service institutions as referred to in the OJK Regulation regarding the fit and proper test for key persons of financial service institutions;
4. not having non-performing loans and/or financing, including:
a) non-performing loans and/or financing recorded in the financial information service system or equivalent to the financial information service system; b) non-performing loans and/or financing not yet reported by the Financial Service Institution (LJK) in the financial information service system or equivalent, but based on research conducted by OJK, such loans and/or financing have met the criteria classified as non-performing according to applicable regulations; and/or c) failure to fulfill obligations to settle securities transactions at securities companies;
5. never declared bankrupt and/or never been a shareholder, member of the board of commissioners, or member of the board of directors who was declared guilty causing a corporation to be declared bankrupt within the last 5 (five) years before nomination;
6. not holding concurrent positions exceeding what is permitted in this OJK Regulation and other regulations, including regulations on the application of corporate governance for Islamic commercial banks;
7. not being a controller, member of the board of commissioners, or member of the board of directors of a legal entity that has non-performing loans and/or financing;
8. not undergoing legal processes due to indications of integrity, financial suitability/reputation, and/or competence issues at a financial service institution; and
9. declaring commitment to the development of healthy Bank operations; and

f. a letter of recommendation from the National Sharia Council – Indonesian Ulema Council.

V. DOCUMENT REQUIREMENTS FOR BANK OFFICE NETWORK
a. Documents for the application for permission to open a Regional Office (Kanwil) include:

organizational structure and scope of work area of the Regional Office; and
duties and authority of the Regional Office.
b. Documents for the application for permission to open a Branch Office (KC) include:
a confirmation document from the competent compliance unit official stating that the Bank has:
a) carried out operational preparations for the opening of the Branch Office; and b) conducted a feasibility study containing at least economic potential, market opportunities, healthy competition levels among banks, and the saturation level of the number of banks; and
the Branch Office business plan for the next 12 (twelve) months.
c. Documents for the application for permission to open a Foreign Office include:
a document from the competent compliance unit official stating that the Bank has:
a) carried out operational preparations for the opening of the Foreign Office; and b) conducted a feasibility study containing at least economic potential, market opportunities, healthy competition levels among banks, and the saturation level of the number of banks, for Foreign Offices other than representative offices;
the business plan for the Foreign Office for the next 12 (twelve) months for Foreign Offices other than representative offices;
the activity plan to be carried out by the representative office for the next 12 (twelve) months for Foreign Offices in the form of representative offices; and
information on the stages to be carried out in the implementation of the opening of the Foreign Office on time, referring to the processes and procedures as per the regulations of the local country's authority.
d. Documents for the change of status of a Branch Office (KC) to a Branch Office Unit (KCP) include:
reasons for the status change; and
Bank's analysis regarding:
a) the business condition of the KC after the status change to KCP and the necessary mitigation; and b) the plan to settle the rights and obligations of the KC to customers and other parties in relation to the change of status of the KC to KCP. e. Documents for the application for permission to relocate the address of the Bank's offices, including Branch Office Units (KP), Regional Offices (Kanwil), and/or Foreign Offices, include:
reasons for the address relocation;
a document from the competent compliance unit official stating that the Bank has carried out operational preparations for the address relocation;
for the relocation of the Bank's office in the form of a Foreign Office, accompanied by a document from the competent compliance unit official stating that the Bank has:
a) conducted a feasibility study containing at least economic potential, market opportunities, healthy competition levels among banks, and the saturation level of the number of banks, for Foreign Offices other than representative offices; b) conducted an analysis regarding the business condition of the Foreign Office other than the representative office after the address relocation and the necessary mitigation; and c) prepared a plan to settle the rights and obligations of the Foreign Office to customers and/or other parties in relation to the address relocation; and
information on the stages to be carried out in the implementation of the address relocation of the Foreign Office on time, referring to the processes and procedures as per the regulations of the local country's authority.
f. Documents for the application for permission to close the Bank's offices, including Regional Offices (Kanwil), Branch Offices (KC), and/or Foreign Offices, include:
for the closure of a Regional Office, accompanied by:
a. the organization of the Bank's offices under the Regional Office organization after the closure of the Regional Office; and b. steps taken to settle the rights and obligations of the Regional Office to other parties;
for the closure of a Branch Office (KC), accompanied by an explanation of the steps taken to settle the rights and obligations of the KC to customers and/or other parties. Settlement of rights and obligations to customers and/or other parties can be carried out, among others, by transferring all rights and obligations to another office of the Bank or to other parties, with the consent of customers and/or other parties; or
for the closure of a Foreign Office, accompanied by an explanation regarding:
a) steps taken to settle the rights and obligations of the Foreign Office to customers and/or other parties; and b) stages to be carried out in the implementation of the closure of the Foreign Office on time, referring to the processes and procedures as per the regulations of the local country's authority.

VI. DOCUMENT REQUIREMENTS FOR APPLICATION FOR CHANGE OF BANK NAME AND/OR NAME AND/OR LEGAL FORM OF THE HEAD OFFICE OF A FOREIGN BANK BRANCH (KPBLN)
a. Supporting documents for the plan to change the Bank's name include:

reasons for the name change; and
draft deed of amendment to the articles of association.
b. Supporting documents for the change of name and/or legal form of the head office of a Foreign Bank Branch (KPBLN):
articles of association amendment document (or similar);
document of change of name and/or legal form approved by the local country's authority; and/or
other supporting documents for the change of name and/or legal form.

VII. DOCUMENT REQUIREMENTS FOR APPLICATION FOR PERMISSION TO OPEN A FOREIGN BANK BRANCH (KPBLN)
Document requirements for the application for permission to open a KPBLN include:
a. the purpose of opening the KPBLN in Indonesia; b. a copy of the deed of establishment of the bank legal entity located abroad, including the articles of association approved by the competent authority in the local country, accompanied by a translation into Indonesian or English;
c. a copy of official documents and/or information related to the business license of the bank headquartered and located abroad and conducting business activities based on Sharia principles, issued by the local country's authority;
d. a copy of documents stating that the bank as referred to in letter c:

has good performance and reputation; and
has total assets included in the top 200 (two hundred) largest in the world in the last 3 (three) years;
e. a copy of documents and/or approval from the banking authority where the bank's head office is located to open a KPBLN in Indonesia; f. consolidated financial statements for the last 3 (three) years from the bank as referred to in letter c, which have been audited by an independent international public accounting firm; g. the latest financial statements from the bank as referred to in letter c; h. the prospective leader of the KPBLN accompanied by the fulfillment of administrative document requirements in accordance with the OJK Regulation regarding the fit and proper test for key persons of financial service institutions;
i. the proposed organizational structure and human resources plan for the KPBLN;
j. a statement letter from the competent official of the bank as referred to in letter c stating the KPBLN's commitment to contribute to the Sharia economy in Indonesia; k. the KPBLN work plan for the first 1 (one) year;

l. a list of customers or prospective customers of the bank as referred to in letter c in Indonesia along with details of financing portfolios or other fund provision facilities;
m. a list of correspondent bank names in Indonesia; and n. a copy of the deposit certificate.

VIII. DOCUMENT REQUIREMENTS FOR APPLICATION FOR REVOCATION OF BANK BUSINESS LICENSE OR CLOSURE OF KPBLN
a. Document requirements for the application for preparation of revocation of the Bank's business license include:

reasons for the revocation of the Bank's business license;
minutes of the General Meeting of Shareholders (RUPS) of the Bank containing at least decisions approving the plan to revoke the business license and the plan to dissolve the Bank's legal entity and instructing the Board of Directors to settle the Bank's obligations;
a plan and schedule to settle all rights and obligations of the Bank to customers, creditors, and/or other parties. Other parties include, among others, Bank Indonesia and the Deposit Insurance Corporation;
the Bank's latest financial statements; and
proof of tax settlement based on the results of inspection by the tax authority for the last 3 (three) years before the date of application.
b. Document requirements for the application for revocation of the Bank's business license contain at least:
a report on the implementation of the cessation of the Bank's business activities;
the implementation of the announcement of the plan to revoke the business license and the plan to settle the Bank's rights and obligations through a daily Indonesian language newspaper, the Bank's website, and/or the Bank's official social media accounts;
a report on the implementation of the settlement of the Bank's rights and obligations. Including the settlement of rights and obligations means the settlement of employee rights and obligations;
a report on the verification results from the public accounting office regarding the settlement of the Bank's rights and obligations as referred to in item 3; and
a statement letter from:
a) shareholders that the steps to settle the Bank's obligations have been completed and if there are claims in the future, the settlement of the Bank's obligations becomes the responsibility of the shareholders; and b) the public accounting office stating that based on the verification results of the Bank's rights and obligations as referred to in item 4, they have been settled.
c. Document requirements for the application for the closure of a KPBLN include:
reasons for the closure of the KPBLN;
a statement letter that:

a) the obligations of the KPBLN to other parties have been settled, accompanied by proof of settlement and/or including settlement steps in the form of a settlement scheme. Obligations of the KPBLN to other parties include, among others, unpaid salary payments, office cost payments, taxation, and other relevant costs. The determination of the settlement scheme includes the plan and schedule for settling the KPBLN's obligations; and b) if there are claims in the future, they become the responsibility of the KPBLN's head office; and
3. the party in Indonesia appointed to represent the KPBLN to carry out the settlement of obligations as included in the settlement scheme.

Issued in Jakarta on 30 August 2022
CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, sd
MAHENDRA SIREGAR

This copy is in accordance with the original
Director of Legal Affairs 1
Legal Department sd
Mufli Asmawidjaja

APPENDIX II
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 16/POJK.03/2022
CONCERNING
ISLAMIC COMMERCIAL BANKS

I. Submission of Applications for Licenses
No. Activity Submission Online Submission Offline or via OJK Letter System Copy To Notes A Bank:
1 Establishment of Bank Via OJK licensing system with procedures referring to the OJK Regulation regarding electronic licensing in the financial services sector Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters -- -- 2 Change of Name Same as above Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters DPBS, KR or KO according to the location of the Head Office (KP) -- 3 Opening:
a. Regional Office (Kanwil) b. Branch Office (KC)
c. Foreign Office
Same as above • Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province

DPBS, KR or KO according to the office location

KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province
KR or KO according to the office location

4 Status Change:
a. KCP to KC Same as above • Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province

DPBS and KR or KO according to the office location
--
KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province
KR or KO according to the office location
b. KC to KCP Same as above • DPBS for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province
KR or KO according to the office location

KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province
KR or KO according to the office location

5 Address Relocation:
a. Head Office (KP) resulting in change of domicile in the articles of association Same as above • Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters

DPBS, KR or KO according to the KP location, and
KR or KO according to the destination address

b. Regional Office (Kanwil) to a different province
Same as above • Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province

DPBS, and
KR or KO according to the origin and destination addresses

KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province
KR or KO according to the origin and destination addresses
c. Foreign Office to a different city
Same as above • Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province
DPBS 5)
KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province

6 Address Relocation:
a. Head Office (KP) not resulting in change of domicile in the articles of association b. Regional Office (Kanwil) within the same province
c. Foreign Office within the same city
d. Branch Office (KC) e. Branch Office Unit (KCP) f. Operational Activity Office (KF) conducting operational activities g. Operational Activity Office (KF) conducting non-operational activities Same as above • DPBS for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province

-- 6)
KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province

7 Cancellation of Address Relocation:
a. Head Office (KP) resulting in change of domicile in the articles of association Same as above As per destination in item 5 letter a above As per copy to in item 5 letter a above --

b. Regional Office (Kanwil) to a different province Same as above As per destination in item 5 letter b above As per copy to in item 5 letter b above --
c. Foreign Office to a different city
Same as above As per destination in item 5 letter c above As per copy to in item 5 letter c above --

8 Cancellation of Address Relocation:
a. Head Office (KP) not resulting in change of domicile in the articles of association b. Regional Office (Kanwil) within the same province
c. Foreign Office within the same city
d. Branch Office (KC) e. Branch Office Unit (KCP) f. Operational Activity Office (KF) conducting operational activities g. Operational Activity Office (KF) conducting non-operational activities Same as above As per destination in item 6 above -- --

9 Closure:
a. Regional Office (Kanwil) b. Branch Office (KC)
c. Foreign Office
Same as above • Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province

DPBS, KR or KO according to the office location
--
KR or KO for Banks with Head Office location outside the Special Capital Region of Jakarta Province and Banten Province
KR or KO according to the office location
--

10 Closure:
a. Branch Office Unit (KCP)
Same as above • DPBS for Banks with Head Office location in the Special Capital Region of Jakarta Province and Banten Province

KR or KO according to the office location
--

DPBS (Sharia Bank Supervision Department), KR (Regional Office), KO (OJK Office), Sda (Same as above), Ket. (Notes) b. Operational Activity Office (KF) conducting operational activities
c. Operational Activity Office (KF) conducting non-operational activities

11 Cancellation of Closure:
a. Regional Office (Kanwil) b. Branch Office (KC)
c. Foreign Office
Same as above As per destination in item 9 above As per copy to in item 9 above --

12 Cancellation of Closure:
a. Branch Office Unit (KCP) b. Operational Activity Office (KF) conducting operational activities
c. Operational Activity Office (KF) conducting non-operational activities
Same as above As per destination in item 10 above As per copy to in item 10 above --

13 Revocation of Bank Business License Same as above Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters DPBS, KR or KO according to the Bank's Head Office (KP) location -- B KPBLN 1 Opening of KPBLN Via OJK licensing system with procedures referring to the OJK Regulation regarding electronic licensing in the financial services sector Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters -- -- 2 Change of Name of KPBLN Same as above Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters DPBS and KR or KO according to the KPBLN location. -- 3 Closure of KPBLN Same as above Unit Having Licensing Function for Banks and KPBLN at OJK Headquarters DPBS and KR or KO according to the KPBLN location. --

Explanation/Notes:

Example:
a) PT Bank Syariah A with Head Office location in Jakarta will open a Branch Office (KC) in Padang, thus PT Bank Syariah A submits a licensing application for the opening of the KC to DPPS, with a copy to DPBS and KO West Sumatra. b) PT Bank Syariah B with Head Office location in Medan will open a Branch Office (KC) in Bandung, thus PT Bank Syariah B submits a licensing application for the opening of the KC to KR 1 North Sumatra, with a copy to KR 2 West Java. c) PT Bank Syariah C with Head Office location in Semarang will open a Branch Office (KC) in Jakarta, thus PT Bank Syariah C submits a licensing application for the opening of the KC to KR 3 Central Java, with a copy to KR 1 DKI Jakarta and Banten. d) PT Bank Syariah D with Head Office location in Jakarta will open a Foreign Office in Vienna (Austria), thus PT Bank Syariah D submits a licensing application for the opening of the Foreign Office to DPPS, with a copy to DPBS. e) PT Bank Syariah E with Head Office location in Bandung will open a Foreign Office in Manchester (UK), thus PT Bank Syariah E submits a licensing application for the opening of the Foreign Office to KR 2 West Java.
Example:
a) PT Bank Syariah F with Head Office location in Jakarta will change the status of a KC to a KCP in Padang, thus PT Bank Syariah F informs the plan to change the status of KC to KCP to DPBS, with a copy to KO West Sumatra. b) PT Bank Syariah G with Head Office location in Jakarta will change the status of a KC to a KCP in South Jakarta, thus PT Bank Syariah G informs the plan to change the status of KC to KCP to DPBS (without copy). c) PT Bank Syariah H with Head Office location in Surabaya will change the status of a KC to a KCP in Jakarta, thus PT Bank Syariah H informs the plan to change the status of KC to KCP to KR 4 East Java, with a copy to KR 1 DKI Jakarta and Banten. d) PT Bank Syariah I with Head Office location in Medan will change the status of a KC to a KCP in Medan, thus PT Bank Syariah I informs the plan to change the status of KC to KCP to KR 1 North Sumatra (without copy).
Example:
a) PT Bank Syariah J with Head Office location in Jakarta will relocate the Head Office address to Bandung, thus PT Bank Syariah J submits an application for permission to relocate the address to DPPS, with a copy to DPBS and KR 2 West Java. b) PT Bank Syariah K with Head Office location in Medan will relocate the Head Office address to Bandung, thus PT Bank Syariah K submits an application for permission to relocate the address to DPPS, with a copy to KR 1 North Sumatra and KR 2 West Java.
Example:
a) PT Bank Syariah L with Head Office location in Jakarta will relocate the Regional Office address from Lampung to Palembang, thus PT Bank Syariah L submits an application for permission to relocate the address to DPPS, with a copy to DPBS, KR 7 South Sumatra and KO Lampung. b) PT Bank Syariah M with Head Office location in Surabaya will relocate the Regional Office address from Bandung to Jakarta, thus PT Bank Syariah M submits an application for permission to relocate the address to KR 4 East Java, with a copy to KR 1 DKI Jakarta and Banten and KR 2 West Java.
Example:
a) PT Bank Syariah N with Head Office location in Jakarta will relocate the Foreign Office address from Tokyo to Osaka (Japan), thus PT Bank Syariah N submits an application for permission to relocate the address to DPPS, with a copy to DPBS. b) PT Bank Syariah O with Head Office location in Surabaya will relocate the Foreign Office address from Rome to Milan (Italy), thus PT Bank Syariah O submits an application for permission to relocate the address to KR 4 East Java (without copy).
Example:
a) PT Bank Syariah P with Head Office location in South Jakarta will relocate the Head Office address to another address in South Jakarta, thus PT Bank Syariah P submits information on the plan to relocate the address to DPBS (without copy). b) PT Bank Syariah Q with Head Office location in Bandung will relocate the Head Office address to another address in Bandung, thus PT Bank Syariah Q submits information on the plan to relocate the address to KR 2 West Java (without copy).

II. Submission of Reports

No. Activity	Submission Online	Submission Offline or via OJK Postal System	Purpose	Copy To
Bank:
1. Appointment, dismissal, or replacement of Executive Officials and temporary appointment of Executive Officials of the Bank	Via OJK reporting system:<br>a. procedures refer to OJK Regulations regarding the OJK reporting system; and<br>b. reporting timeframes are adjusted to the reporting period in which the reported activity was effectively realized.	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
2. Appointment, dismissal, and/or resignation of members of the Sharia Supervisory Board	Sda	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
3. Provision, address transfer, or termination of provision of TPE Bank	Sda	DPBS or KR or KO according to the location of the Bank's KP	DPIP	--
4. Opening, status change, address transfer, and/or closure of the Bank's branch network	Sda	DPBS or KR or KO according to the location of the Bank's KP	KR or KO according to the location of the branch, and DPIP	1)

DPBS (Departemen Pengawasan Bank Syariah), KR (Kantor Regional), KO (Kantor OJK), DPIP (Departemen Perizinan dan Informasi Perbankan), Sda (Sama dengan atas), Ket. (keterangan)

Explanation:
Example:
a) PT Bank Syariah R with its KP located in Jakarta has transferred the address of its KC to a different city in West Sumatra. Thus, PT Bank Syariah R reports the transfer of the address of its KC to DPBS, with a copy to KO West Sumatra and DPIP. b) PT Bank Syariah S with its KP located in Medan has transferred the address of its KC to a different city in West Java. Thus, PT Bank Syariah S reports the transfer of the address of its KC to KR 5 North Sumatra, with a copy to KR 2 West Java, KO Tasikmalaya (if the address transfer is within the operational area of KO Tasikmalaya) and DPIP.

III. Submission of Information and/or Data

No. Activity	Submission Offline or via OJK Postal System	Purpose	Copy To
A. Bank
1. Bank's corporate plan including any changes	DPBS or KR or KO according to the location of the Bank's KP	--	--
2. Report on the implementation of the Bank's business activities (related to the establishment of the Bank)	DPPS	DPBS or KR or KO according to the location of the Bank's KP	--
3. Changes to the Board of Directors and/or Board of Commissioners of the Bank's PSP in the form of a legal entity	DPBS or KR or KO according to the location of the Bank's KP	--	--
4. Changes to the Bank's paid-up capital caused by dividends distributed in the form of shares	DPBS or KR or KO according to the location of the Bank's KP	--	--
5. Changes to the Bank's share ownership composition recorded in the Articles of Association that do not result in a change of control:<br>a. there is an increase in paid-up capital;<br>b. does not change the amount of paid-up capital	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
6. Report on share ownership composition or list	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
7. Changes to the Bank's share ownership composition recorded in the Articles of Association caused by share gifts or inheritance, and not resulting in a change in paid-up capital	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
8. Changes to the Bank's basic capital	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
9. Appointment of members of the Board of Directors or members of the Board of Commissioners of the Bank	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
10. Dismissal, resignation, or death of members of the Board of Directors and/or members of the Board of Commissioners of the Bank	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
11. Copy of the license for opening a Bank office abroad from the local authority of the country	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
12. Report on changes to the Articles of Association that have been approved by the competent authority and the RUPS minutes approving the transfer of the KP address that results in a change of domicile	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
13. Copy of the license for transferring the address of an office abroad from the local authority of the country	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
14. Report on changes to the Articles of Association that have been approved by the competent authority and the RUPS minutes approving the cancellation of the transfer of the KP address that results in a change of domicile	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
15. Temporary transfer of the address of the Bank's branch network	DPBS or KR or KO according to the location of the Bank's KP	--	--
16. Information on the effective operation of the Bank's office address at the previous address in connection with the temporary transfer of the address of the Bank's branch network	DPBS or KR or KO according to the location of the Bank's KP	--	--
17. Information on proof of settlement of rights and obligations of Kanwil, KC, and offices abroad to customers and/or other parties in connection with the closure of Kanwil, KC, and offices abroad	DPBS or KR or KO according to the location of the Bank's KP	--	--
18. Copy of the approval for the closure of an office abroad from the local authority of the country, in connection with the closure of the office abroad	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
19. Information on the temporary closure of Bank offices other than KP	DPBS or KR or KO according to the location of the Bank's KP	--	--
20. Information on the effective operation of the Bank's office address at the previous address in connection with the temporary closure of Bank offices other than KP	DPBS or KR or KO according to the location of the Bank's KP	--	--
21. Proof of announcement of the Bank's name change	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
22. Changes to the Bank's logo	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
23. Information on the implementation and proof of announcement of the Bank's logo change	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
24. Report on changes to the Bank's Articles of Association	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
25. Report on the financial position of the Bank's closure audited by a public accountant related to the revocation of the business license	DPBS or KR or KO according to the location of the Bank's KP	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
26. Copy of the banking synergy cooperation agreement including any changes and report on the termination of cooperation	DPBS or KR or KO according to the location of the Bank's KP	DPPS and Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
27. RUPS minutes other than parts of the licensing or reporting process in these OJK Regulations.	DPBS or KR or KO according to the location of the Bank's KP	--	--

No. Activity	Submission Offline or via OJK Postal System	Purpose	Copy To
B. KPBLN
1. Appointment of the leader of KPBLN	DPBS or KR or KO according to the location of the KPBLN	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
2. Dismissal, resignation, or death of the leader of KPBLN	DPBS or KR or KO according to the location of the KPBLN	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
3. KPBLN reporting regarding debtors in Indonesia who receive loans and/or obtain bank guarantees from the head office or branch office abroad	DPBS or KR or KO according to the location of the KPBLN	--	--
4. Submission of the KPBLN's work plan	DPBS or KR or KO according to the location of the KPBLN	--	--
5. Transfer of the address of KPBLN	DPBS or KR or KO according to the location of the KPBLN	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--
6. Change in the legal form of the KPBLN head office	DPBS or KR or KO according to the location of the KPBLN	--	--
7. Report on the implementation of the closure of KPBLN	DPBS or KR or KO according to the location of the KPBLN	Satuan Kerja yang Memiliki Fungsi Informasi Bank di Kantor Pusat OJK	--

DPPS (Direktorat Pengaturan dan Perizinan Perbankan Syariah), DPBS (Departemen Pengawasan Bank Syariah), KR (Kantor Regional), KO (Kantor OJK), Sda (Sama dengan atas), Ket. (keterangan)

Determined in Jakarta on August 30, 2022
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signature
MAHENDRA SIREGAR

This copy is consistent with the original
Director of Law 1
Legal Department signature
Mufli Asmawidjaja

Financial Services Authority Regulation Number 16/POJK.03/2022 Concerning Islamic Commercial Banks

Lineage: In force

Similar documents from other regulators