-Number 31/pojk. 05/2014 2014

Original Language Title: - Nomor 31/POJK.05/2014 Tahun 2014

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LN366 -2014 _ 5640_ojk031 .doc-2014 STATE GAZETTE of REPUBLIC of INDONESIA No. 366, 2014 finance. OJK. Islamic Pembiyaan. The effort. Providence. (Additional explanation in the State Gazette of the Republic of Indonesia Number 5640) REGULATION of the FINANCIAL SERVICES AUTHORITY NUMBER 31/05/2014 POJK. ABOUT the ORGANIZATION of the ISLAMIC FINANCING BUSINESS with the GRACE of GOD ALMIGHTY BOARD COMMISSIONER of the FINANCIAL SERVICES AUTHORITY, Considering: a. that the business finance companies with Sharia principles, must fulfill the principles of the Islamic Sharia, including Bull-fatwa of the national Sharia Board established by the assemblies of scholars of Indonesia; b. that in order to comply with Islamic sharia principles referred to in letter a, need legal certainty in the conduct of the company's financing business with syariah principle for parties who have an interest towards business finance companies with Sharia principles; c. that in order to improve the company's financing business development organizes efforts with Sharia, needs to be published provisions on organizing efforts by financing company which organizes efforts with Sharia principles; 2014 www.djpp.kemenkumham.go.id, no. 366 2 d. that based on considerations as referred to in letter a, letter b, letter c and need to set the rules of the financial services authority about the Organization of the Islamic Financing Business; Remember: Act No. 21 in 2011 about the financial services authority (State Gazette of the Republic of Indonesia Number 111 in 2011, an additional Sheet of the Republic of Indonesia Number 5354); Decide: Define: The REGULATION Of The FINANCIAL SERVICES AUTHORITY ABOUT The ORGANIZATION Of The ISLAMIC FINANCING BUSINESS. CHAPTER I GENERAL PROVISIONS article 1 In this regulation of the Financial Services Authority is: 1. The company's Shariah is Shariah-compliant finance companies and syariah business unit. 2. Finance companies are business entities that conduct activities financing for procurement of goods and/or services. 3. Islamic finance companies is the finance companies throughout its business activities do Sharia financing. 4. the Syariah Business Unit hereinafter abbreviated UUS are work units from Headquarters finance companies that serve as the parent Office from the Office that carries out Sharia financing. 5. Islamic Financing is a financing channelling done based on sharia principles. 6. Principle of Shariah is the Islamic law provisions on the basis of fatwa and/or the conformity of the National Islamic Council of Sharia Tribunal Indonesia Cleric. 7. Financing and selling is financing in the form of the provision of the goods through the transactions of buying and selling in accordance with Shariah-compliant financing agreement that is agreed upon by the parties. 8. Financing Investment financing is in the form of provision of capital with a specified period for a productive business activities with profit sharing in accordance with Shariah-compliant financing agreement that is agreed upon by the parties. 2014 www.djpp.kemenkumham.go.id, no. 366 3 9. Financing Service is awarding/provision of services in the form of the granting of benefits over an item, lending (bailouts) and/or the granting of Ministry with and/or without payment, and convenience services (ujrah) according to Sharia financing agreement that is agreed upon by the parties. 10. Islamic Financing Agreement is a written agreement between the company of Sharia with others containing the existence of rights and obligations for each party in accordance with Sharia principles. 11. the Murabaha is selling an item with a confirmed price purchase (price earnings) to the buyer and the buyer to pay the price with more (margin) as earnings in accordance with the agreement of the parties. 12. Greetings is selling an item with a reservation in accordance with certain terms and payment of the price of goods in advance in full. 13. Istishna ' is selling an item with the creation of the goods in accordance with the criteria and the specific requirements and payment of the price of goods in accordance with the agreement by the parties. 2. Mudharabah is a business cooperation contract between two parties in which the first party (shahib mal) provides the entire capital, being the second party (mudharib) acting as the Manager, business and profits are divided among them in accordance with the agreement of the parties. 15. the contract based on Musyarakah financing is a joint venture between two or more parties to a certain business, where each party is contributing funds to the provisions that the benefits and risks will be borne along in accordance with the agreement of the parties. 16. Mudharabah Musytarakah is a form of Mudharabah where funds Manager (mudharib) undertook to include cooperation in the capital where the profit and the risk will be borne along in accordance with the agreement of the parties. 17. Mutanaqisah Musyarakah is Musyarakah or the asset ownership syirkah (goods) or capital one party (syarik) was reduced due to the purchase of a share of ownership (hishshah) gradually by the other party. 18. the Ijarah is the transfer of use rights (benefits) of an item within a certain period with payment of the rent (ujrah), without transfer of ownership of goods followed by itself. 2014 www.djpp.kemenkumham.go.id, no. 366 4 19. Ijarah Muntahiyah Bittamlik Ijarah is accompanied by the promise of transfer of ownership (wa'd) after the Ijarah is complete. 20. Hawalah are redirects from one party which is debt owed to another party who is obliged to bear the payout. 21. Hawalah bil Ujrah is Hawalah with imposition, and convenience services (ujrah). 22. the granting of power of the Wakalah is a giver of power (muwakkil) to the recipient authority (Deputy) in terms of which can be represented, in which the recipient authority (Deputy) does not run the risk of what is represented, unless due to the negligence or tort. 23. Wakalah Bil Ujrah Wakalah is with the imposition of some services (ujrah). 24. Kafalah is the assurance given by the insurer (kafiil) to third parties to fulfill the obligations of the second party or incurred (makfuul ' anhu, ashil). 25. Kafalah bil ujrah Kafalah is with the imposition of some services (ujrah). 26. Ju'alah is a promise or commitment (iltizam) to provide rewards (reward/' iwadh/ju'l) the top achievement of specific results (natijah), which is determined from a job. 27. the Qard is a loan borrowed funds (bailouts) without reward with party liability the borrower returns the loan principal installments at once or within a certain period. 28. The consumer is a company or individual that does Sharia Financing Agreement with its Syariah Companies related to the business activities of the company. 29. The level of the financial health of Islamic Financing is the result of the assessment of the condition of capital, liquidity, asset quality is productive, and the financial performance of the company. 30. Paid-in capital: a. for Islamic Financing Companies in the form of a legal entity is a limited liability company paid in capital; or b. for Islamic Financing Companies in the form of a legal entity of cooperatives is the principal deposits and deposits required. 31. Equity: a. for Islamic finance companies shaped legal entities limited liability company, is the sum of: 1. Paid-in capital; 2. additional paid-in capital, consisting of: www.djpp.kemenkumham.go.id 2014, no. 366 5 a) agio/disagio shares; b) emissions cost equity; and c) more in accordance with the principles of financial accounting standards; 3. the difference in value from restructuring transactions of entities under common control; 4. the balance of the profit/loss; 5. profit after tax; 6. Treasury shares (treasury stock); and 7. other Equity components, consisting of: a) the change in revaluation surplus; b) foreign exchange due to the translation of the financial statements in foreign currencies; c) advantages and disadvantages of the measurement of the return of financial assets available for sale; and d) effective part of the advantages and disadvantages of hedging financial instruments in order to hedge cash flow; and e other Equity components) principles of financial accounting standards; b. for Islamic Financing Company shaped a legal entity of cooperatives should be as big as the summation of the compulsory deposits, deposits, reserve fund, grants, and the rest of the business results that have not been distributed; or c. for UUS should be as big as the difference between total assets and liabilities between the summation with the funding of temporary nature. 32. The Board of Directors: a. for Islamic finance companies shaped legal entities limited liability company is the Board of Directors as stipulated in the laws on limited liability company; or b. for Islamic Financing Company shaped a legal entity of cooperatives is the Executive Board as referred to in the legislation concerning perkoperasian. 33. The Board of Commissioners: a. for Islamic finance companies shaped legal entities limited liability company is the Board of Commissioners as mentioned in the laws on limited liability company; or www.djpp.kemenkumham.go.id


2014, no. 366 6 b. for Islamic Financing Company shaped a legal entity of cooperatives is the supervisor as referred to in the legislation concerning perkoperasian. 34. A maximum allotment of Sharia Financing which hereafter referred to by BMPPS is certain limitations in the channeling of Islamic Financing are allowed based on the regulation of the financial services authority. 35. the Controller: a. for legal entities limited liability company, is a legal entity, individual person and/or group effort: 1. has a stake of 25% (twenty five percent) or more of the number of shares issued and have voting rights; or 2. have shares of less than 25% (twenty five percent) of the total number of shares issued and have voting rights but is concerned can be proven to have been controlling the company either directly or indirectly. b. for other business entities are parties who directly or indirectly have the ability to specify the administrators, trustees or equivalent and/or influence the actions of administrators, trustees or equivalent. 36. The productive Assets is all the assets owned by the company's Syariah in order to earn revenue in the form of Sharia Financing. 37. The financial services authority hereinafter abbreviated OJK is an independent institution referred to in the Act on the financial services authority. CHAPTER II the ACTIVITIES of ISLAMIC FINANCING article 2 compulsory Shariah-compliant Financing activities meet the principles of Justice (' adl), balance (tawazun), good (maslahah), and universalism (alamiyah) and does not contain gharar, maysir, riba, zhulm, risywah, and the object is unlawful. Article 3 Sharia Financing Activities included: www.djpp.kemenkumham.go.id 2014, no.366 7 a. Financing sale and purchase; b. Financing investment; and/or c. Financing services. Article 4 (1) sale and purchase Financing Activities referred to in article 3 a is done using contract: a. Murabaha; b. Greeting; and/or c. Istishna '. (2) Investment Financing Activities referred to in article 3 letter b is done using contract: a. Mudharabah; b. Musyarakah; c. Mudharabah Musytarakah; and/or d. Musyarakah Mutanaqishoh; (3) Financing Activities the services referred to in article 3 of the letter c is done using contract: a. Ijarah; b. Ijarah Muntahiyah Bittamlik; c. Hawalah or Hawalah bil Ujrah; d. Wakalah or Wakalah bil Ujrah; e. Kafalah or Kafalah bil Ujrah; f. Ju'alah; and/or g. Qard. (4) the activities of Islamic Financing as referred to in article 3 may be done by using the contract other than as referred to in paragraph (1), subsection (2) and paragraph (3), by first obtaining the approval of OJK. (5) the provisions regarding contract used in Sharia Financing activities as referred to in paragraph (1), subsection (2) and paragraph (3) as well as other contract approval as referred to in paragraph (4) is set in a circular letter OJK. Article 5 (1) Islamic Financing Activities can be done using a single contract and/or a combination of contract from the contract referred to in article 4 paragraph (1), subsection (2), subsection (3), and subsection (4). 2014 www.djpp.kemenkumham.go.id, no. 366 8 (2) the combined contract referred to in subsection (1) is carried out by using some of the contract referred to in article 4 paragraph (1), subsection (2), subsection (3), and subsection (4) to a certain Islamic Financing activities. (3) the contract referred to in article 4 paragraph (3) the letter e, letter f, letter g, and can only be done by the company combined through Islamic marriage contract. Article 6 (1) must be Shariah-compliant Companies reported any use of a single contract and/or a combination of contract as stipulated in article 5 clause (1) to OJK. (2) the provisions regarding the reporting referred to in subsection (1) is set out in circular letter OJK. Article 7 Sharia finance companies and finance companies that have clearly lists the mandatory UUS activities Sharia Financing as referred to in article 3 in the budget of the Foundation. SHARIA FINANCING AGREEMENT CHAPTER III article 8 (1) of the agreement between the Islamic Shariah-compliant Companies Financing with the consumer is obligated to made in writing. (2) the agreement of Islamic Financing in the Sharia Financing activities comply with the mandatory drafting of the Treaty as provided for in the regulations concerning the protection of consumers OJK financial services sectors. Article 9 of the Covenant Sharia Financing as provided for in this Regulation, mandatory OJK comply with: a. executed without any element of coercion in the berakad between the parties or the transaction; and b. the objects contained in the Sharia Financing Agreement in accordance with the principles of the Shariah and legislation. Article 10 of the Covenant Sharia Financing agreed upon by the parties cannot be cancelled, except: www.djpp.kemenkumham.go.id 2014, no. 366 9 a. the parties agree to stop it; b. do not satisfy the conditions of the law referred to in article 9. Article 11 (1) of the agreement of financing Islamic Sharia in the financing of obligatory at least contain: a. Sharia Financing Agreement titles that describe types of Islamic Financing contract being used; b. number and date of Sharia Financing Agreement; c. the identity of the parties; d. Sharia Financing Agreement object (of capital, goods and/or services); e. purpose of financing; f. Sharia Financing Agreement object value (capital, goods and/or services); g. mechanisms and ways of payment and adjustment; h. currency exchange rate used, if applicable; i. period of Islamic Financing; j. ratios, margin, and/or return services (ujrah) Sharia Financing; k. object of the guarantee (if any); b. breakdown of costs associated with a given Sharia Financing among other things included: 1. the cost of the survey; 2. cost of insurance/guarantee/fiduciary; 3. the cost of the provision; and 4. the cost of the notary. d. imposition of fiduciary clause clearly, when there is the imposition of fiduciary guarantee in Sharia Financing; n. mechanism in case of disputes and dispute resolution venue selection; o. provisions concerning the rights and obligations of the parties; and p. provisions on fines (ta'jir) and/or damages (ta'widh). (2) in the case of Islamic Companies doing the financing and selling to a motor vehicle, compulsory Islamic Financing Agreement lists the value of the advance payment (down payment/urbun). 2014 www.djpp.kemenkumham.go.id, no. 366 10 CHAPTER IV UPFRONT FINANCING and SELLING MOTOR VEHICLES article 12 (1) the company that did the Islamic Financing to buy and sell motor vehicles mandatory provisions applying the down payment (down payment/urbun) to consumers as follows: a. for a motor vehicle wheel two or three, the lowest 20% (twenty percent) of the sale price of the vehicle in question; b. for four-wheeled motor vehicles or more used for purposes of productive, the lowest 20% (twenty percent) of the sale price of the vehicle in question; or c. for four-wheeled motor vehicles or more used for non-productive purposes, the lowest 25% (twenty five percent) of the sale price of the vehicle in question. (2) four-wheeled motor vehicles or more used for productive purposes as referred to in paragraph (1) letter b must meet the criteria at least as follows: a. is the transport of people or goods that have a permit issued by the authorities to conduct certain business activities; or b. the proposed by individual persons or legal entities that have a specific business license from the authorities and are used for business activities that are relevant to business license owned. (3) the provisions concerning the quantity down payment (down payment/urbun) to consumers referred to in subsection (1) may be reviewed and changes are regulated by Circulars OJK. Chapter V SHARIA FINANCING RISK MITIGATION of article 13 (1) the company's Shariah obligatory Islamic Financing risk mitigation. (2) risk mitigation Sharia Financing as referred to in paragraph (1) may be made by means of: a. Sharia Financing risks diverting through Shariah guarantee mechanisms; www.djpp.kemenkumham.go.id


2014, no. 316 11 b. divert the risk of goods financed or goods which become collateral of Sharia Financing activities through Islamic insurance mechanisms; and/or c. do the imposition of fiduciary guarantee of goods financed or goods which become collateral of Sharia Financing activities. Article 14 (1) a company which performs risk diversion of Sharia as stipulated in article 13 paragraph (2) letter a compulsory guarantee agencies use that meets the following conditions: a. has been getting a business license from OJK; and b. not in the imposition of sanctions and the freezing of business activities from OJK. (2) the period of guarantee Sharia as stipulated in article 13 paragraph (2) letter a is equal to the shortest period of Islamic Financing. Article 15 (1) of the Insurance Company who did the Shariah as stipulated in article 13 paragraph (2) letter b mandatory insurance companies that meet the following conditions: a. has been getting a business license from OJK; and b. not in the imposition of sanctions and restrictions on the business activities of OJK. (2) period of insurance coverage as stipulated in article 13 paragraph (2) letter b is equal to the shortest period of Islamic Financing. Article 16 (1) the company that did the Islamic Sharia Financing with the imposition of mandatory fiduciary guarantee register warranties stated on fiduciary fiduciary registration office, according to the law governing fiduciary guarantee. (2) the obligation of fiduciary guarantee registration referred to in subsection (1) applies for the companies who do the Islamic Financing and selling with the imposition of a fiduciary guarantee pembiayaannya financing comes from the forwarding (channeling). (3) fiduciary Registration as referred to in paragraph (1) and paragraph (2) is required at the latest 1 (one) months counted from the date of the financing Agreement. 2014 www.djpp.kemenkumham.go.id, no. 366 12 article 17 Islamic Companies are prohibited from doing the execution of goods which become objects of fiduciary guarantee in the registration office has not published the fiduciary fiduciary guarantee certificate and submit them to the company. Article 6 Execution of goods which become mandatory fiduciary guarantee of the object meets the conditions and requirements stipulated in the law regarding the assurance of fiduciary and agreed upon by the parties in the Covenant of the Islamic Financing. CHAPTER VI FINANCIAL HEALTH LEVELS of SHARIA FINANCING Part One General article 19 (1) a compulsory Islamic Companies every time meets the requirements of Sharia Financing financial health Levels. (2) the level of the financial health of Sharia Financing as referred to in subsection (1) include the following: a. ratio of capital; b. quality of the productive Assets; c. the earning ratios; and d. the liquidity. The second part of the ratio of Capital article 20 (1) the company meets the mandatory Islamic capital lowest ratio of 10% (ten percent). (2) the ratio of capital as referred to in subsection (1) is the comparison between the adjusted capital and assets are adjusted. (3) the provisions concerning the magnitude of the ratio of capital as referred to in paragraph (1), can be reviewed and changes set forth in Circulars OJK. 2014 www.djpp.kemenkumham.go.id, no. 366 13 (3) the provisions concerning the procedures for the calculation of the comparison between the adjusted capital with a customized asset referred to in paragraph (2) is set in a circular letter OJK. The third part of productive Assets Quality Paragraph 1 of productive Assets quality assessment of article 21 and Syariah Company is obligated to assess, monitor and perform the steps that are necessary to maintain the quality of the productive Assets. Section 22 (1) quality assessment of productive Assets as referred to in article 21 set to be: a. smoothly; b. in particular attention; c. less smoothly; d. it is doubtful; or e. jammed. (2) quality assessment of productive Assets as referred to in paragraph (1) established based on payment correctness factor of principal investment results, margin,/for the result, and/or return services (ujrah). (3) the assessment of the quality of the productive Assets as referred to in paragraph (2) are categorized as follows: a. smoothly when there is no delay in payment of principal investment results, margin,/for the result, and/or return services (ujrah) or there is a delay in payment of principal payments, margins, investment results/outcomes, and/or return services (ujrah) up to 30 (thirty) calendar days; b. in particular attention when there is a delay in payment of principal investment results, margin,/for the result, and/or return services (ujrah) which have exceeded the 30 (thirty) calendar days up to 90 (ninety) calendar days; c. less smoothly when there is delay in payment of principal investment results, margin,/for the result, and/or return services (ujrah) which has exceeded 90 (ninety) calendar days up to 120 (one hundred twenty) calendar days; d. it is doubtful if there is delay in payment of the principal, www.djpp.kemenkumham.go.id 2014, no. 366 14 margin, investment results/outcomes, and/or return services (ujrah) which has exceeded 120 (one hundred twenty) calendar days up to 180 (one hundred eighty) calendar days; or e. bogged down when there is a delay in payment of principal investment results, margin,/for the result, and/or return services (ujrah) which has exceeded 180 (one hundred eighty) calendar days. Article 23 (1) in addition to factors of accuracy of payment of principal and/or investment results/results as stipulated in article 22 paragraph (2), Productive Assets quality assessment for financing Investment amounted to Rp RP 3,000,000,000 (three billion dollars) or more can be defined by considering the factors: a. the ability to pay of the consumer; b. financial performance (financial performance) Consumers; and c. the consumer business prospects. (2) the assessment of the ability of the Consumer to pay as referred to in paragraph (1) letter a include assessment of the following components: a. the availability and accuracy of the financial information of the consumer; b. completeness of Sharia Financing documentation; c. compliance with Sharia Financing Agreement; d. the suitability of the use of Sharia Financing funds; and e. the reasonableness of source of payment obligations. (3) assessment of financial performance (financial performance) Consumers as referred to in paragraph (1) letter b include the assessment of the following components: a. the acquisition of profit; b. capital structure; c. cash flow; and d. sensitivity to market risk. (4) the assessment of the prospects for the consumer business as referred to in paragraph (2) Letter c includes assessment of the following components: a. the potential for business growth; b. the market conditions and the position of Consumers in competition; c. quality of management and labor issues; 2014 www.djpp.kemenkumham.go.id, no. 366 15 d. support group or affiliation; and e. the efforts made Consumers in order to maintain the environment. (5) in case there are differences between the Productive Assets quality assessment by the company's Syariah with OJK, quality productive Assets apply is set by OJK. (6) a compulsory Islamic Companies doing Productive Assets quality adjustments in accordance with the assessment of the quality of the productive Assets specified by OJK referred to in subsection (5) in a report submitted to OJK. (7) the productive Assets quality assessment Guidelines as referred to in paragraph (1), subsection (2), subsection (3), and subsection (4) is set further in Circulars OJK. Paragraph 2 quality of productive Assets to consumers by more than one Islamic Financing Agreement Article 24 (1) designate the quality of compulsory Shariah-compliant Companies Assets the same Productive against one (1) of the consumer with more than one (1) Islamic Financing Agreement. (2) the company may assign the Sharia quality of different Productive Assets for more than 1 (one) Sharia Financing Agreement that is owned by one (1) Consumers referred to in subsection (1), in terms of: a. Productive Assets which have low quality of most of the book have been removed; and/or b. value of Sharia Financing up to the amount of Rp RP 3,000,000,000 (three billion dollars). (3) in the event that there is a difference in the quality of the productive Assets in Syariah Financing Agreements as referred to in paragraph (1), compulsory Islamic Companies using the most Productive Asset quality is low. Paragraph 3 of productive Assets Problematic Article 25 (1) mandatory Islamic Companies at all times maintain the ratio of productive Assets is in trouble after deducting reserves the most Productive Assets allowance higher by 5% (five per cent) of total Productive Assets. www.djpp.kemenkumham.go.id


2014, no. 366 16 (2) of productive Assets is problematic as referred to in subsection (1) consists of Productive Assets quality with less smoothly, doubt, and/or jammed. (3) the provisions concerning the magnitude of the ratio of productive Assets is problematic as referred to in paragraph (1), can be reviewed and changes set forth in Circulars OJK. Paragraph 4 of productive Assets Allowance Reserves Clause 26 (1) a compulsory Islamic Companies calculate the Productive Assets allowance reserve. (2) the calculation of the allowance reserve of productive Assets as referred to in paragraph (1) established the lowest rate: a. 1% (one percent) of the Productive Assets which have a balance of quality smooth after reduced collateral; b. 5% (five per cent) of Productive Assets balance which has quality in special attention after reduced collateral; c. 15% (fifteen per cent) of Productive Asset balances that have quality less smoothly after reduced collateral; d. 50% (fifty percent) of the balance of the assets of dubious quality productive after reduced collateral; and e. 100% (one hundred percent) of the productive Assets balance that has stalled after a reduced quality of the collateral. (3) compulsory Islamic Companies forming Productive Assets allowance reserve the lowest compliance with the provisions referred to in subsection (2) in a monthly report. (4) the value of the collateral referred to in paragraph (2) that can be dipehitungkan as a deduction of productive Assets balance are set most highly Productive Asset balances million worth. (5) the calculation of the allowance reserve Productive Assets as referred to in paragraph (1) the company's Shariah in order to do the calculation ratio of capital gearing ratio, the ratio of Equity Capital, against BMPPS, the ratio of productive Assets is problematic, and comparison of productive Assets by total assets. 2014 www.djpp.kemenkumham.go.id, no. 366 17 (6) the provisions concerning the type, the procedures for calculation, and return the collateral, as well as the procedures for calculation of the reserves set forth in Circulars OJK. Paragraph 5 Reserve Losses decline in asset values Productive article 27 (1) the compulsory Islamic Companies form the Reserve Assets value decrease Productive losses according to the financial accounting standards in force. (2) the establishment of reserve Asset value decline in Productive losses referred to in paragraph (1), carried out in the preparation of the financial statements have been audited by public accountant. The fourth part of the earning ratios of article 28 (1) earning ratios as stipulated in article 19 paragraph (2) Letter c is the ability of Islamic Companies in generating profits. (2) assessment of the factors earning ratios as stipulated in article 19 paragraph (2) Letter c includes assessment of asset performance and operational efficiency. (3) the provisions concerning the procedures for assessment of the factors earning ratios set forth in Circulars OJK. The fifth part of the Liquidity of article 29 (1) liquidity Assessment referred to in article 19 paragraph (2) letter d is the assessment of the level of ketersesuaian between assets smoothly and liabiltas smoothly. (2) the provisions concerning the procedures for the assessment of liquidity are arranged in circular letter OJK. CHAPTER VII the RATIO of PRODUCTIVE ASSETS to the TOTAL ASSETS of article 30 (1) the company's Productive assets are required to have Sharia neto lowest 40% (forty percent) of the total assets. 2014 www.djpp.kemenkumham.go.id, no. 366 18 (2) Productive Assets neto as mentioned on paragraph (1) must be obtained from the reduction of gross revenue with Productive Assets that have not been acknowledged and spare Productive Assets allowance. (3) the fulfillment of the conditions of productive Assets neto as mentioned on paragraph (1) are fulfilled the mandatory Islamic Companies at least 3 (three) years counted from the date of the permission set. (4) in the case of Islamic Financing Companies do increase in paid-in capital in order fulfillment ratio of capital gearing ratio, and comparison with Equity Capital, Sharia Financing Companies excluded from the fulfillment of the provisions referred to in subsection (1) within a period of not longer than one (1) year from the date of the increase in paid-in capital are recorded by the authorized agency. CHAPTER VIII EQUITY article 31 (1) Islamic Financing Companies in the form of a legal entity: a. limited liability company required to have Equity of at least Rp RP 100,000,000,000 (one hundred billion rupiah); or b. the cooperative is obligated to have Equity of at least Rp 50.000.000.000 RP (fifty billion rupiah). (2) compulsory UUS have Equity of at least Rp RP 25.000.000.000 (twenty five billion rupiah). (3) a financing Company that has been doing the most business activities based on sharia principles prior to the enactment of this Regulation comply with the mandatory OJK Equity for UUS as referred to in paragraph (2) with the following stages: a. at least Rp RP 5 billion (five billion dollars) no later than 31 December 2015; b. at least Rp 15.000.000.000 RP (fifteen billion dollars) no later than December 31, 2016; and c. at least Rp RP 25.000.000.000 (twenty five billion rupiah) at the latest on 31 December 2017. (4) For Islamic finance companies that are derived from the conversion, the provisions referred to in subsection (1) comes into force 5 (five) years since the company in question obtained a business license as Financing Company. 2014 www.djpp.kemenkumham.go.id, no. 366 19 Article 32 compulsory Islamic finance companies have a ratio of Equity against the lowest paid in capital amounting to 50% (fifty percent). CHAPTER IX a MAXIMUM ALLOTMENT of SHARIA FINANCING Article 33 (1) the company is obligated to comply with Sharia BMPPS to all the relevant parties on the highest 50% (fifty percent) of the company's Equity. (2) relevant parties referred to in subsection (1) include the following: a. the individual person or business entity which is the controlling Company of Sharia; b. business entity where the Sharia acts as a controller; c. the individual person or business entity that acts as a controller of the business entity as referred to in subparagraph b; d. business entity that his is done by: 1. the individual and/or business entity as referred to in subparagraph a; 2. the individual and/or business entity as referred to in subparagraph c; e. the Board of Commissioners or directors on the company's Shariah; f. the parties have family relationships up to the second degree, either horizontally or vertically: 1. from the individual person which is the controlling Company of Sharia as referred to in subparagraph a; 2. from the Board of Commissioners or directors on the company's Shariah as stated on the letter e. g. the Board of Commissioners or directors on a business entity as referred to in letter a, letter b, letter c, letter d and/or; h. the company Board of Commissioners and/or the Board of Directors is: 1. the Board of Commissioners or directors on the company's Shariah; 2. the Board of Commissioners or directors on a business entity as referred to in letter a, letter b, letter c, letter d and/or; 2014 www.djpp.kemenkumham.go.id, no. 366 20 i. business entity where: 1. the Board of Commissioners or directors on the company's Shariah as stated on the letter e act as Controllers; 2. the Board of Commissioners or directors of the parties referred to in letter a, letter b, letter c, letter d and/or, acting as a controller; and j. business entity that has a financial dependency (financial interdependence) with Sharia and/or referred to in letter a, letter b, letter c, letter d, letter e, letter f, letter g, letter h, and/or the letter i. (3) the company required to have Sharia and organize-keep a list of the details of the relevant parties referred to in paragraph (2). Article 34 (1) the company is obligated to comply with Sharia BMPPS to 1 (one) a consumer who is not a related party as referred to in article 33 paragraph (2) the highest 20% (twenty percent) of the company's Equity. (2) the company is obligated to comply with Sharia BMPPS to 1 (one) consumer group that is not a related party as referred to in article 33 paragraph (2) is highest 50% (fifty percent) of the company's Equity. (3) the consumer is classed as a member of a group of Consumers as referred to in paragraph (2) if the consumer has a relationship with other Consumer good control through ownership relations, governance, and/or financial, which includes: a. the consumer is a Consumer of controlling others; b. one (1) of the same party is Governing from some consumers (common ownership); c. consumers have financial dependence (financial interdependence) with other consumers; d. publish Consumer warranty (guarantee) to take over and/or pay off some or all of the other Consumer obligations in terms of these other Consumers fail to meet its obligations (tort) Sharia to the company; and/or e. Board of Commissioners and/or Board of Directors of the consumer being the Commissioner and/or the Board of Directors on other consumers. www.djpp.kemenkumham.go.id


2014, no. 366 21 Article 35 the provisions of BMPPS as stipulated in article 33 paragraph (1), article 34 paragraph (1), and of article 34 paragraph (1) excluded for Sharia Financing for the procurement of goods and/or services in the framework of the Government program. CHAPTER X SHARIA FINANCING COOPERATION Article 36 (1) Islamic Companies can team up with other parties through the financing of forwarding (channeling) and conducted in accordance with the provisions of the legislation as well as banned contrary to sharia principles. (2) the other party referred to in subsection (1) include the following: a. the bank; b. secondary housing finance companies; c. microfinance institutions; and/or d. Islamic Companies. (3) Financing the forwarding (channeling) as referred to in paragraph (1) required by the Akkadian Wakalah Ujrah bil. (4) in conducting a forwarding financing (channeling) as referred to in paragraph (1), Islamic Companies may act as: a. parties who disburse (Manager/Vice) through Shariah-compliant Financing activities; and/or b. as providers of funds/capital/goods namely party represents to the other party. (5) in case the company acts as an Islamic party which transmits (Manager/Vice) as referred to in paragraph (2) letter a Shariah-compliant Companies, only acting as Manager and obtains (ujrah) of the management of these funds. (6) the risk arising from the financing of forwarding (channeling) as referred to in paragraph (1), is the provider of funds/capital/goods. CHAPTER XI FUNDING to article 37 (1) in order to obtain funding, the company may: Sharia www.djpp.kemenkumham.go.id 2014, no. 366 22 a. received funding from government agencies, banks, non bank financial industry, institutions, and/or other business entity; b. receiving loan (Qard) subordination; c. issuing Islamic bonds (sukuk) in accordance with the provisions of the legislation; and/or d. perform securitization in accordance with Sharia principles and the provisions of the legislation. (2) the company is obligated to perform the Islamic funding referred to in subsection (1) by virtue of the provisions of the legislation and does not conflict with the principles of the Sharia. Article 38 (1) funding from institutions and/or other business entity as referred to in article 37 paragraph (1) letter a can originate from: a. the institution and/or business entity Indonesia; and/or b. institution and/or foreign business entities. (2) Funding/financing as referred to in paragraph (1) required by the use of: a. the Mudharabah contract; b. Mudharabah Musytarakah; c. Musyarakah; d. Ijarah; e. Qard; and/or other funding was approved f. in accordance with Sharia principles. (3) the amount of funding/financing from institutions and/or other business entities originating from the institutions and/or Indonesia business entity as referred to in paragraph (1) letter a, is obligated to comply with the least amount of Rp RP 300,000,000 (three hundred million rupiah) for each giver funding/financing with the shortest payback period of 1 (one) year. (4) the amount of funding/financing from institutions and/or other business entities originating from the institutions and/or foreign business entity as referred to in paragraph (1) letter b, is obligated to comply with the least amount of Rp RP 1,000,000,000 (one billion dollars) for each giver funding/financing with the shortest payback period of 1 (one) year. 2014 www.djpp.kemenkumham.go.id, no. 366 23 Article 39 a loan (Qard) subordination as stipulated in article 37 paragraph (1) letter b must satisfy the conditions: a. the shortest timed 5 (five) years; b. in the event of liquidation, the right most recently charged are valid from any existing loans; and c. poured in the form of deed of agreement notariil between the company of Sharia with the lender. Article 40 (1) the company is obligated to comply with Sharia gearing ratio most high 10 (ten) times. (2) Gearing ratio referred to in subsection (1) must be obtained from the comparison between the amount of funding that comes from the provisions referred to in Article 37 paragraph (1) letter a, article 37 paragraph (1) letter b, and article 37 paragraph (2) Letter c by the sum of equity and subordinated loan (Qard) with inclusion. (3) loan (Qard) subordination can be reckoned as the divisor in a calculation of the gearing ratio referred to in subsection (2), the highest rated 50% (fifty percent) of the paid-in capital. (4) the provisions concerning the magnitude of gearing ratio referred to in subsection (1), can be reviewed and changes set forth in Circulars OJK. Article 41 (1) a company that accepts the Sharia funding as stipulated in article 37 in compulsory foreign exchange hedge in full (full hedge). (2) hedging in full (full hedge) as referred to in paragraph (1) was carried out for the mandatory staple of funding/financing, investment results/outcomes, margins, and convenience services (ujrah) and/or period of payment. Article 42 Islamic Companies which will receive funding as stipulated in article 37 in compulsory foreign exchange meet Financial Health levels of Sharia Financing as set forth in the regulations this OJK. www.djpp.kemenkumham.go.id 2014, no.366 24 CHAPTER XII the INCLUSION of article 43 (1) Islamic finance companies can only do inclusion directly on: a. companies in the financial services sectors in Indonesia; and/or b. a company associated with the activities of Islamic Financing Companies. (2) the total number of Sharia finance companies direct investment in companies in the financial services sector in Indonesia as referred to in paragraph (1) the highest 40% (forty percent) of the amount of the company's Equity Financing. (3) the amount of the participation of Islamic Financing Companies directly to entities in Group 1 (one) highest 10% (ten percent) of the amount of the company's Equity Financing. (4) the mandatory Islamic finance companies comply with the amount of equity capital referred to in paragraph (2) and paragraph (3) at the time of inclusion. CHAPTER XIII CERTIFICATION Article 44 (1) employees of the company's Shariah occupied managerial positions ranging from the level of the head office branches up to one level below the Board of Directors and Chairman of the UUS mandatory Foundation level certificate in the field of financing and/or financing of Islamic institutions appointed by the Association by delivering notice to OJK and accompanied by reason of the appointment. (2) the Board of Directors of Islamic Financing Companies required to have a certificate of expertise in the field of financing and/or financing of Islamic institutions appointed by the Association by delivering notice to OJK and accompanied by reason of the appointment. (3) the Board of Commissioners of Islamic Financing Companies required to have the basic level certificate in the field of financing and/or financing of Islamic institutions appointed by the Association by delivering notice to OJK and accompanied by reason of the appointment. 2014 www.djpp.kemenkumham.go.id, no. 366 25 (4) the directors and officers of 1 (one) level below the Board of Directors of Islamic finance companies that membawahkan risk management function is required to have a certificate of expertise in the field of risk management of the institutions designated by the Association by delivering notice to OJK and accompanied by reason of the appointment. (5) employees and/or energy Outsourcing Company that handles billing field Shariah required to have certificates of profession in the fields of the billing of the designated association by delivering notice to OJK and accompanied by reason of the appointment. CHAPTER XIV the PROHIBITION of Section 45 Islamic Companies are prohibited: a. gather the funds directly from the community shaped the giro, savings and/or any other form of equated with it; b. provide collateral for the fulfillment of the obligations of the other party; c. publish a letter is able to pay (promisorry note), except as a collateral for the funding to parties that provide funding; d. perform actions that cause or force other financial institutions under the supervision of OJK breaking regulations that apply; and/or e. perform actions that cause or force other financial institutions under the supervision of OJK avoid regulations that apply. Article 46 prohibited conduct provision of the Shariah-compliant Companies funds in cash to consumers. Article 47 Islamic Company in its business activities are prohibited from using false information that can harm the interests of consumers, creditors, and stakeholders including OJK. CHAPTER XV the SUBMISSION of PERIODIC REPORTS Article 48 (1) mandatory Islamic Companies deliver monthly reports to OJK. www.djpp.kemenkumham.go.id


2014, no.366 26 (2) Islamic Financing Company is obligated to deliver the annual financial statements have been audited by public accountant to OJK. (3) the provisions concerning the monthly statements referred to in subsection (1) is set in the regulations regarding OJK monthly reports. Article 49 (1) Islamic Financing Company is obligated to deliver the annual financial statements have been audited by public accountant as referred to in article 48 paragraph (2) to OJK at least 4 (four) months after the last fiscal year. (2) compulsory Islamic finance companies deliver the annual financial statements have been audited by public accountant as referred to in paragraph (1) of the complete and correct in the form of hard copy and soft copy. (3) the annual financial statements have been audited as stipulated in article 48 paragraph (2) compulsory arranged by financial accounting standards applicable in Indonesia. (4) the annual financial report referred to in Article 48 paragraph (2) lists the mandatory calculation of things arranged specially in Regulation this OJK. (5) the annual financial statements have been audited by public accountant as referred to in article 48 paragraph (2) compulsory arranged in rupiah currency. (6) the fiscal year referred to in subsection (1) is required based on the calendar year. (7) the public Accountant as referred to in subsection (1) must be registered with OJK. (8) in the case of Islamic Financing Companies obtain business license in less than 6 (six) months until calendar year ends, the obligation of submission of annual financial report referred to in subsection (1) comes into force in the next calendar year. Article 50 in the event that the deadline for the submission of annual financial reports as stipulated in article 49 paragraph (1) falls on a holiday, the deadline for the submission of the report is the first next working day. Article 51 (1) mandatory Islamic finance companies announced financial position report and comprehensive income statement is short at least 4 (four) months after the fiscal year ends at least one (1) daily newspaper in Indonesia which has a national circulation. 2014 www.djpp.kemenkumham.go.id, no. 366 27 (2) Islamic Financing companies are obliged to report the execution announcement as referred to in paragraph (1) in writing to OJK at least 20 (twenty) calendar days after the execution of announcements, with proof enclosed announcement. (3) in the event that the deadline for the submission of reporting implementation announcement as referred to in paragraph (2) falls on a holiday, the deadline for the submission of the report is the first next working day. CHAPTER XVI INFORMATION SYSTEMS and TECHNOLOGY of article 52 (1) in order to support the Organization of a healthy business, finance companies had compulsory Islamic information systems and technology are integrated. (2) Liability as meant in subsection (1) applies to the Islamic finance companies that have branch offices of more than 5 (five). CHAPTER XVII of ISLAMIC COMPANIES in the FIELD of KETENAGALISTRIKAN and CRUISE Article 53 special Shariah-compliant Companies do activities of Islamic Financing in the field of ketenagalistrikan is not obliged to meet the conditions as referred to in article 20 paragraph (1) of article 30, paragraph (1) and article 40, paragraph (1). Article 54 the company special Shariah Islamic Financing activities in the field of shipping not required fulfill the conditions as referred to in article 43 paragraph (2), subsection (3), and subsection (4). CHAPTER XVIII ENFORCEMENT COMPLIANCE Part I Notice of article 55 (1) Islamic finance companies and finance companies which have a UUS does not meet conditions as www.djpp.kemenkumham.go.id 2014, no.366 28 referred to in article 2, article 6 paragraph (1), article 7, article 8, article 9, article 11, article 12 paragraph (1), article 13 paragraph (1), article 14 paragraph (1), article 15 paragraph (1), article 33 paragraph (3) Article 36, paragraph (1), article 36 paragraph (3), article 37, paragraph (2) of article 38 paragraph (2), article 41, article 48 paragraph (2), article 49 paragraph (1), article 49 paragraph (2), article 49 paragraph (3), article 49 paragraph (4), article 49 paragraph (5), article 49 paragraph (6), and article 51, paragraph (1) and/or Article 51 paragraph (2) of the regulation was given notice OJK. (2) Islamic finance companies and finance companies which have obligatory fulfillment UUS over a provision referred to in subsection (1) the longest 30 (thirty) working days from the date of the notice. The second part of the plan of the fulfillment of article 56 (1) Islamic finance companies and finance companies that have meet not UUS as stipulated in article 19 paragraph (1), article 20 paragraph (1), article 21, article 23 paragraph (6), article 24 paragraph (1), article 24 paragraph (3), article 25 paragraph (1), section 26 subsection (1), article 26 paragraph (3), article 27 paragraph (1) of article 30, paragraph (1) Article 30, paragraph (3), article 31 paragraph (1), article 31 paragraph (2), article 31 paragraph (2) letter a, of article 31 paragraph (3) letter b, article 32, article 33, paragraph (1) of article 34 paragraph (1), article 34 paragraph (2) of article 40, paragraph (1), section 44, and/or Article 52 paragraph (1) of these mandatory Rules OJK convey plan fulfillment the longest one (1) month from the date of the determination of violations by OJK. (2) the fulfillment of the Plan referred to in subsection (1), least load plans that will be carried out Shariah finance companies and finance companies that have provisions for the fulfillment of UUS are accompanied by a period of time that is needed to meet the conditions referred to in subsection (1). (3) fulfillment of the Measures referred to in paragraph (1), containing among other things: a. the restructuring of assets and/or liabilities; b. increase paid in capital; c. restrictions on the acceptance of new loans; d. acceptance loan subordination; e. transfer of part or all of its assets; www.djpp.kemenkumham.go.id 2014, no.366 29 f. restrictions Division of profit; g. restriction of activity caused the violation; h. restrictions on opening new branch offices; and/or i. incorporation of a business entity. (4) fulfillment of the Plan referred to in subsection (1) must be signed by all the directors and Board of Commissioners. (5) fulfillment of the Plan referred to in subsection (1) must first be approved by the general meeting of shareholders in a plan intended to load the plans increase paid in capital or merger plans and/or business entity. (6) the fulfillment of the Plan referred to in subsection (1) must obtain a statement of no objection from OJK. (7) in terms of fulfillment of the plan referred to in subsection (1) is rated by OJK are not sufficient to address the problem, the Islamic finance companies and finance companies which have obligatory UUS improvements over the fulfillment of the plan. (8) no objection statement giving OJK over plans by the fulfillment Company Sharia Financing and Financing Companies that have problems with attention to the condition of UUS faced by Islamic Financing and finance companies which have UUS 14 (fourteen) calendar days counted from the date of receipt of the complete fulfillment of the plan. (9) if the period referred to in subsection (8), the statement does not give OJK no objection or response, Islamic finance companies and finance companies who can carry out the plan of UUS have compliance as referred to in paragraph (1). (10) the company's Shariah finance companies and finance companies which have mandatory fulfillment plan implement the UUS as referred to in paragraph (1). CHAPTER XIX SANCTIONS Article 57 (1) in the event of up to the end of the period of notice referred to in Article 55 paragraph (2), Islamic finance companies and finance companies that www.djpp.kemenkumham.go.id 2014, no. 366 30 has also not comply with UUS as referred to in article 55 paragraph (1), Islamic finance companies and finance companies which have administrative penalties in the form of UUS: a. a warning; b. freezing of business activities; c. freezing of business activities of UUS; d. the revocation effort; and/or e. revocation UUS. (2) Islamic finance companies and finance companies which have UUS who violates these terms as referred to in subsection (1) but such breach has been resolved, keep dkenakan first anniversary of sanctions that ended by itself. (3) the warning of sanctions referred to in paragraph (1) letter a, can be given, in writing, at most three (3) consecutive consecutive with each term of not longer than 2 (two) months. (4) in the case before the end of the time period the sanctions warning referred to in subsection (2), Islamic finance companies and finance companies that have meet have UUS as stipulated in article 55 paragraph (1), revoke the sanctions warning OJK. (5) in the event of the expiration of the third warning referred to in subsection (2) ends and Sharia finance companies and finance companies which have still not meet UUS as stipulated in article 55 paragraph (1), OJK wear: a. sanctions freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS. (6) the sanctions freezing of business activities referred to in subsection (5) is given in writing, valid for a period of 6 (six) months from the date of: a. letter of sanctions freezing of business activities is published for the company Financing the Sharia; or b. the date of the letter of the sanctions freezing of business activities the company published UUS financing have UUS. www.djpp.kemenkumham.go.id


2014, no.366 31 (7) in the event of expiration warnings and/or sanctions sanctions freezing of business activities expires on the holiday, warning of sanctions and/or sanctions freezing of business activities is valid until the next first working day. (8) Financing Company of Sharia and finance companies which have imposed sanctions freezing of UUS business activities referred to in paragraph (5), Sharia Financing activities is prohibited. (9) in the matter before the end of the time period of the freezing of business activities referred to in paragraph (6), Islamic finance companies and finance companies that have meet have UUS as stipulated in article 55 paragraph (1), revoke the OJK: a. sanctions freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS. (10) in the case of sanctions freezing of business activities and Islamic finance companies and finance companies that have business activities remained UUS Financing Sharia OJK can immediately revoke: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (11) in the case up to the expiry of the period of the freezing of business activities referred to in paragraph (6), Islamic finance companies and finance companies that have not also comply with UUS as stipulated in article 55 paragraph (1), revoke the OJK: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (12) be able to announce to the community OJK: a. sanctions freezing of business activities as intended in paragraph (1) letter b; b. sanctions freezing the activities of UUS as mentioned on paragraph (1) Letter c; c. sanctions repeal business license as referred to in paragraph (1) letter d; and/or d. sanctions revocation UUS referred to in subsection (1) the letter e. 2014 www.djpp.kemenkumham.go.id, no. 366 32 Article 58 (1) Islamic finance companies and finance companies which have UUS who violates these terms as stipulated in article 56 paragraph (1), paragraph (7), or paragraph (10) of the regulations, the company Financing OJK Sharia and finance companies that have an administrative sanction in the form of UUS dikenaan: a. a warning; b. freezing of business activities c. freezing of business activities of UUS; d. the revocation effort; and/or e. revocation UUS. (2) in addition to the sanctions referred to in paragraph (1), additional sanctions could give OJK be: a. restrictions of certain business activities; b. decrease in the level of health; c. cancellation of approval; and/or d. assessment back ability and propriety. (3) Islamic finance companies and finance companies which have UUS who violates these terms as referred to in subsection (1) but such breach has been resolved, keep dkenakan first anniversary of sanctions that ended by itself. (4) the warning of sanctions referred to in paragraph (1) letter a, is given in writing at most three (3) consecutive terms with each term of not longer than 2 (two) months. (5) in the case before the end of the time period the sanctions warning as referred to in paragraph (4), Islamic finance companies and finance companies that have meet have UUS as stipulated in article 56 paragraph (1), paragraph (7), or subsection (10), unplug the sanctions warning OJK. (6) in the event of the expiration of the third warning referred to in subsection (4) terminates and Sharia finance companies and finance companies which have still not meet UUS as stipulated in article 56 paragraph (1), paragraph (7), or subsection (10), OJK wear: a. sanctions freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS. 2014 www.djpp.kemenkumham.go.id, no. 366 33 (7) in the case of Islamic finance companies and finance companies which have UUS violation as referred to in section 30 subsection (1) or subsection (3) and do not meet the conditions referred to in Article 56 paragraph (1), paragraph (7), or paragraph (10) until the expiry of the period of the third warning sebaimana is meant in paragraph (4), then: a. the Sharia finance companies referred to the penalized revocation effort; or b. the finance companies had penalized meant UUS revocation UUS, without being preceded the sanctions freezing of business activities or sanctions freezing of business activities referred to in paragraph UUS (6). (8) Sanctions freezing of business activities referred to in paragraph (6) is given in writing, valid for a period of 6 (six) months from the date of: a. letter of sanctions freezing of business activities is published for the company Financing the Sharia; or b. the date of the letter of the sanctions freezing of business activities the company published UUS financing have UUS. (9) in the event of expiration warnings and/or sanctions sanctions freezing of business activities expires on the holiday, warning of sanctions and/or sanctions freezing of business activities is valid until the next first working day. (10) Sharia finance companies and finance companies which have imposed sanctions freezing of UUS business activities referred to in paragraph (6), Sharia Financing activities is prohibited. (11) in the matter before the end of the time period of the freezing of business activities as intended in paragraph (8), Islamic finance companies and finance companies that have meet have UUS referred to as stipulated in article 56 paragraph (1), paragraph (7), or subsection (10), OJK revoke sanctions: a. the freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS. (12) in the case of sanctions freezing of business activities and Islamic finance companies and finance companies that have business activities remained UUS Financing Sharia OJK can immediately revoke: www.djpp.kemenkumham.go.id 2014, no. 366 34 a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (13) in the case up to the expiry of the period of the freezing of business activities as intended in paragraph (8), Islamic finance companies and finance companies that have not also comply with UUS as stipulated in article 56 paragraph (1), paragraph (7), or subsection (10), OJK revoke: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (2) the public may announce OJK: a. specific sanctions and restrictions on business activities as referred to in paragraph (2) letter a; b. sanctions freezing of business activities as intended in paragraph (1) letter b; c. sanctions freezing the activities of UUS as mentioned on paragraph (1) Letter c; d. sanctions repeal business license as referred to in paragraph (1) letter d; and/or e. sanctions revocation UUS referred to in subsection (1) the letter e. Article 59 (1) Islamic finance companies and finance companies which have UUS who violates these terms as referred to in article 16, article 17, article 18, article 31 paragraph (2) Letter c, article 38 paragraph (3), article 38 paragraph (4), article 42, article 43 paragraph (4), article 45, article 46, Article 47 and/or rules of these administrative penalties OJK be: a. a warning; b. freezing of business activities; c. freezing of business activities of UUS; d. the revocation effort; and/or e. revocation UUS. (2) Islamic finance companies and finance companies which have UUS who violates these terms as referred to in subsection (1) but such breach has been resolved, it remains penalized first warning that ends by itself. www.djpp.kemenkumham.go.id


2014, no. 366 35 (3) warning Sanctions as referred to in paragraph (1) letter a, can be given, in writing, at most three (3) consecutive consecutive with each term of not longer than 2 (two) months. (4) in the case before the end of the time period the sanctions warning referred to in subsection (2), Islamic finance companies and finance companies that have meet have UUS as referred to in paragraph (1), revoke the sanctions warning OJK. (5) in the event of the expiration of the third warning referred to in subsection (2) ends and Sharia finance companies and finance companies which have still not meet UUS as referred to in paragraph (1), OJK wear: a. sanctions freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS. (6) the sanctions freezing of business activities referred to in paragraph (4) is given in writing, valid for a period of 6 (six) months from the date of: a. letter of sanctions freezing of business activities is published for the company Financing the Sharia; or b. the date of the letter of the sanctions freezing of business activities the company published UUS financing have UUS. (7) in the event of expiration warnings and/or sanctions sanctions freezing of business activities expires on the holiday, warning of sanctions and/or sanctions freezing of business activities is valid until the next first working day. (8) Financing Company of Sharia and finance companies which have imposed sanctions freezing of UUS business activities referred to in paragraph (4), Sharia Financing activities is prohibited. (9) in the matter before the end of the time period of the freezing of business activities referred to in paragraph (5), Islamic finance companies and finance companies that have meet have UUS as referred to in paragraph (1), revoke the OJK: a. sanctions freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS. www.djpp.kemenkumham.go.id 2014, no.366 36 (10) in the case of sanctions freezing of business activities and Islamic finance companies and finance companies that have business activities remained UUS Financing Sharia OJK can immediately revoke: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (11) in the case up to the expiry of the period of the freezing of business activities referred to in paragraph (5), Islamic finance companies and finance companies that have not also comply with UUS as referred to in paragraph (1), revoke the OJK: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (12) be able to announce to the community OJK: a. sanctions freezing of business activities as intended in paragraph (1) letter b; b. sanctions freezing the activities of UUS as mentioned on paragraph (1) Letter c; c. sanctions repeal business license as referred to in paragraph (1) letter d; and/or d. sanctions revocation UUS referred to in subsection (1) the letter e. Article 60 (1) OJK can wear: a. sanctions freezing of business activities for Islamic Financing Companies; or b. the sanctions freezing of business activities to finance companies that UUS have UUS, without the imposition of the sanctions warning is preceded in Islamic finance companies and finance companies that have done a breach of Article UUS 45 letter a. (2) the sanctions freezing of business activities as intended in paragraph (1) is given in writing and effective as defined for a period of not longer than 6 (six) months. (3) in the event of the expiration of the sanctions freezing of business activities expires on a holiday, the sanctions freezing of business activities is valid until the next first working day. www.djpp.kemenkumham.go.id 2014, no.366 37 (4) of Islamic finance companies and finance companies which have imposed sanctions freezing of UUS business activities as intended in paragraph (1), are prohibited from conducting business activities. (5) in the case before the end of the time period of the freezing of business activities referred to in paragraph (2), Islamic finance companies and finance companies that have meet have UUS as referred to in paragraph (1), revoke the sanctions freezing OJK business activities. (6) in the case of sanctions freezing of business activities and Islamic finance companies and finance companies that have business activities remained UUS Financing Sharia OJK can immediately revoke: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (7) in the event of the expiry of the period of time up to the freezing of business activities referred to in paragraph (2), Islamic finance companies and finance companies that have not also comply with UUS as referred to in paragraph (1), revoke the OJK: a. business license for Islamic Financing Companies; or b. permit UUS for finance companies which had the UUS. (8) OJK can announce sanctions freezing of business activities as intended in paragraph (1) and lifting of sanctions business license as referred to in subsection (6) or paragraph (7) to the community. Article 61 in the case of Islamic finance companies and finance companies that have an administrative sanction in the form of UUS get warning of sanctions referred to in Section 57 subsection (1) letter a of article 58, paragraph (1) letter a, and/or Article 59 paragraph (1) letter a cumulatively as much as five times or more within a period of 2 (two) years, OJK may request the Board of Directors, Board of Commissioners , and/or the Board of Trustees of Islamic Sharia finance companies and finance companies that had the assessment to follow back UUS ability and propriety. CHAPTER XX of article 62 TRANSITIONAL PROVISIONS (1) the finance companies have been doing some or all of its business activities based on sharia principles before 2014, www.djpp.kemenkumham.go.id Regulations No. 366 38 OJK is assigned, can carry out Shariah-compliant Financing referred to in article 3 within a period of not longer than 6 (six) months since the regulation was enacted OJK. (2) a financing Agreement of Sharia which has been performed by the company before the Sharia Regulation OJK was set declared to remain valid until the end of the Islamic Financing Agreement. Article 63 For finance companies who have been doing some or all of its business activities based on sharia principles before the Ordinance was enacted, the provisions of OJK as stipulated in article 19, article 20 paragraph (1), article 21, article 22, article 23, article 24, article 25, Article 26 and declared in effect one (1) year after the Ordinance was enacted OJK. Article 64 (1) of the finance companies have been doing some or all of its business activities based on sharia principles before the Ordinance was enacted, the provisions of OJK as stipulated in article 33 paragraph (1), article 34 paragraph (1), and of article 34 paragraph (2) stated applies 2 (two) years since the Regulation was enacted OJK. (2) the channelling of financing that goes beyond the provisions of the BMPPS referred to in Article 33 paragraph (1), article 34 paragraph (1), and of article 34 paragraph (2) before the Regulation was enacted, OJK can still proceed up to the expiry of the period of time the financing agreement and are not taken into account as the basis for the calculation of BMPPS. Article 65 of the provisions referred to in Article 41 stated does not apply for funding in foreign currencies that have been received by the company before the Sharia Regulation OJK this set. Article 66 For the finance companies have been doing some or all of its business activities based on sharia principles before the Ordinance was enacted, the provisions of OJK as stipulated in article 44 were declared valid three (3) years since the Regulation was enacted OJK. Article 67 of the agreement Islamic Sharia Financing-related Financing in the form of the provision of funds in cash that had been done before the Regulation was enacted, still OJK can continue up to the end of the period of the agreement. www.djpp.kemenkumham.go.id


2014, no. 366 39 Article 68 the provisions and mechanisms of reporting monthly Corporate Syariah stated remains valid along yet there are regulations governing the provision of monthly reporting in accordance with business activities in the regulations this OJK. Article 69 of the financing for the company that has been doing some or all of its business activities based on sharia principles before the Ordinance was enacted, the provisions of OJK as stipulated in article 52 paragraph (1) is expressed into force 2 (two) years since the Regulation was enacted OJK. Article 70 (1) any administrative sanctions that have been imposed against the company of Sharia based on: a. the regulation of the Minister of finance Number 84/FMD. 012/2006 about finance companies; b. Regulation of the Minister of finance number 30/FMD. 010/2010 on the application of the principle of know your Customer for Non Bank financial institutions; c. Regulation of the Minister of finance Number 43/FMD. 010/2012 about cash advance consumer finance For motor vehicles on company Financing as amended by regulation of the Minister of finance Number 220/FMD. 010/2012; and/or d. Regulation of the Minister of finance Number 130/FMD. 010/2012 registration Fiduciary Guarantee Financing for companies that do consumer finance For motor vehicles With the imposition of Fiduciary Guarantee, declared valid and remain valid. (2) the company has not been able to resolve the Islamic cause he put on administrative sanctions referred to in paragraph (1) continued penalized in accordance with the rules of this OJK. CHAPTER XXI CLOSING PROVISIONS Article 71 of the regulation at the time of this OJK took effect, the provisions regarding the conduct of the company's businesses are subject to the Sharia Regulation OJK. 2014 www.djpp.kemenkumham.go.id, no. 366 40 Article 72 this regulation of the Financial Services Authority took effect on the date of promulgation. In order to make everyone aware of it, ordered the enactment of regulations in the Financial Services Authority is with its placement in the State Gazette of the Republic of Indonesia. Established in Jakarta on November 19, 2014 COUNCIL COMMISSIONER of the FINANCIAL SERVICES AUTHORITY, MULIAMAN d. HADAD Enacted in Jakarta on November 19, 2006 MINISTER OF JUSTICE and HUMAN RIGHTS of Republic of INDONESIA, YASONNA h. www.djpp.kemenkumham.go.id LAOLY