Minister of Finance (Menkeu) Sri Mulyani Indrawati issued Minister of Finance Regulation (PMK) Number 59 of 2025 concerning buyback and direct sale of State Sharia Securities (SBSN), as well as the issuance of SBSN as a cross switch in the context of purchasing back Government Securities (SUN).
Meanwhile, this new rule was set on August 11, 2025 and at the same time revoked PMK Number 75/PMK.08/2013 concerning the Purchase of State Sharia Securities.
As amended by the Regulation of the Minister of Finance Number 16/PMK.08/2015 concerning Amendments to the Regulation of the Minister of Finance Number 75/PMK.08/2013 concerning the Purchase of State Sharia Securities.
In this consideration, it was explained that this new regulation was needed to adjust the arrangements regarding the management of state sharia securities transactions in the more adaptive and responsive domestic market in accordance with the development of the domestic Islamic financial market dynamics.
As for article 2 paragraph (1), it explains that the scope of this PMK includes the repurchase of SBSN in the secondary market, direct sales of SBSN, and the issuance of SBSN cross switching.
"Increase SBSN liquidity; reduce risk refinancing; manage the Imbahan level; and deepen the SBSN market," wrote Article 2 paragraph (2).
In addition, the repurchase of SBSN in the secondary market before maturity can be done through the auction method of SBSN Purchase, without auctions with bookbuilding transactions, bilateral buybacks, or direct purchases.
Meanwhile, the purchase of SBSN in the secondary market can be completed transactions in cash (cash buyback) as well as by exchanging (switching) through the issuance of a new series (new issuance) or the issuance of SBSN re-opening.
Furthermore, the direct repurchase of SBSN can be done through transactions in the Dealing Room between the government and the principal dealer of SBSN.
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Article 26 also explains that the settlement price (setelment) of Ats for the implementation of direct SBSN repurchase or sale of SBSN directly uses the agreed price (clean price) and also takes into account the reward running if any.
Cross Switching Provisions
The issuance of SBSN cross switching in the secondary market is in accordance with ministerial regulations regarding the buyback of SUN in the secondary market.
As for article 27 paragraph (3) states that in the event that there is a difference in the value of the completion of the transaction for the issuance of SBSN Cross Switching as referred to in paragraph (1), the difference in the value of the completion of the transaction can be paid in cash.
Furthermore, the nominal minimum proposed SBSN sales offer is IDR 250 billion for SBSN rupiah and 25 million US dollars for SBSN foreign exchange, with the minimum per series of IDR 10 billion or 1 million US dollars, respectively.
The nominal provisions for SBSN sales offers can be excluded for the purpose of managing the portfolio by the party for fulfilling investment obligations in SBN and/or deepening the financial market.
Sanctions and Reporting
Article 43 explains that major dealers who do not complete transactions on a deadline date will be announced to the public, given a warning letter, imposed sanctions on participation restrictions, and reported to banking authorities or capital markets, and transactions that were not completed on a deadline were declared unsuccessful.
They are also required to report transactions to the capital market authority through a system receiving securities transaction reports, and reporting failures will be subject to transaction restrictions.
"Ministers through the Director General can take the necessary steps in order to deal with Kahar's situation that occurs when the implementation of the SBSN Purchase at the Securder Market or SBSN Sales in person," Article 45 wrote.
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