CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 15/SEOJK.03/2025 CONCERNING THE IMPLEMENTATION OF GOVERNANCE FOR SHARIA PEOPLE’S ECONOMIC BANKS (SEOJK 15/2025)
SUMMARY:
- SEOJK 15/2025 aims to ensure that Sharia BPRs are managed professionally in accordance with sharia principles, comply with legal provisions, and increase public trust. With the implementation of this governance, it is expected that the operations of BPR Syariah will become more transparent, effective and sustainable.
- This SEOJK 15/2025 regulates:
1. Implementation of BPR Syariah Governance, related to aspects of shareholders, implementation of duties, responsibilities, and authority of the board of directors, implementation of duties, responsibilities, and authority of the board of commissioners, implementation of duties, responsibilities, and authority of the DPS, completeness and implementation of committee duties, handling conflicts of interest, implementation of the compliance function, implementation of the internal audit function, implementation of the external audit function, implementation of risk management and anti-fraud strategies, including internal control systems, maximum limit on distribution of funds, integrity of reporting and information technology systems, business plans.
2. Follow-up on non-compliance with sharia principles.
3. Reports Related to BPR Syariah Governance, related to reports on the results of DPS supervision, reports on the results of external reviews, transparency reports on the implementation of governance, reports on the implementation of BPR Syariah governance, reports at any time if significant violations of sharia principles are found.
OTHER PROVISIONS:
- This Circular Letter of the Financial Services Authority shall come into force on the date of its enactment.
- This Circular Letter of the Financial Services Authority is set on June 30, 2025.
- Circular Letter of the Financial Services Authority Number 9/SEOJK.03/2022 concerning Amendments to Circular Letter of the Financial Services Authority Number 13/SEOJK.03/2019 concerning the Implementation of Governance for Sharia BPR, is revoked and declared invalid.
Author : Yuliana Munthe