Regulatory Alerts2003-09-29
Added · Updated
Implementation of Risk Management for Islamic Commercial Banks and Islamic Business Units
The Financial Services Authority mandates that Islamic Commercial Banks (BUS) and Islamic Business Units (UUS) implement effective risk management individually and on a consolidated basis, covering ten specific risk types including credit, market, liquidity, operational, legal, reputational, strategic, compliance, yield, and investment risks. Banks are required to establish risk management committees, ensure active oversight by the Board of Directors, Board of Commissioners, and Sharia Supervisory Board, and submit quarterly risk profile reports to the regulator. The regulation supersedes previous Bank Indonesia guidelines and becomes effective on January 1, 2024.
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