Release Of The New Rules, OJK Rombak BPRS: Starting From Capital, Zoning To Utilization Of IT

JAKARTA - The Financial Services Authority (OJK) is known to have just released the Financial Services Authority Regulation (POJK) Number 26 of 2022 concerning Sharia People's Financing Banks (BPRS).

OJK Director of Public Relations Darmansyah said the new regulation is expected to increase the contribution of the banking industry to national economic growth by encouraging consolidation with BPRS.

"This BPRS POJK is a refinement of POJK Number 3/POJK.03/2016 concerning BPRS," he said in a press statement on Monday, January 9.

According to Darmansyah, the new rules will emphasize institutional strengthening to support the consolidation program of the Islamic banking industry.

"So that later the establishment of BPRS can be carried out effectively, create a more efficient BPRS licensing process and present a more organized and strong BPRS," he said.

Darmansyah explained, there are eight aspects of improving BPRS arrangements, namely the establishment, licensing of establishment, ownership and change of capital, directors, board of commissioners, sharia supervisory board and executive officials.

Then, BPRS business activities, office networks, BPRS synergies, and revocation of business licenses at the request of shareholders.

"The improvement of the rules regarding the establishment of BPRS includes adjusting the minimum capital requirements zone, and changing business licenses," he added.

Darmansyah added that adjustments were also regulated to the licensing for the establishment of BPRS, among others, principle approval and business licenses, assessment of financial performance, and the obligation to immediately carry out business activities after the permit is granted.

In addition, there are additional arrangements related to ownership, capital, management and business activities of BPRS in order to strengthen institutions, digitize reporting, and harmonize with related laws and regulations.

"The increase in office network coverage and the implementation of the synergy of BPRS in the midst of the increasingly massive era of information technology (IT) is currently also further regulated in the hope of providing more optimal and efficient services to the community," he stressed.

In an effort to protect consumers, continued Darmansyah, the mechanism for revocation of the BPRS business license for shareholders is regulated to provide certainty for the settlement of customer and community obligations.

"The implementation of POJK BPRS is expected to realize an increase in competitiveness and BPRS contribution to the economy in the regions and for the national banking industry. This BPRS POJK also revokes the implementation of POJK Number 3/POJK.03/2016 concerning Sharia People's Financing," he concluded.