INDONESIA - REGULATIONS - Capital Markets : contract of Istisna and Musharaka

www.bapepam.go.id - PRESS RELEASE - ISSUANCE OF REGULATIONSSUPERVISORY BOARD CAPITAL MARKET AND FINANCIAL INSTITUTIONSOn this day, Wednesday, August 1, 2012, Bapepam-LK issued a regulation is Regulation No. IX.A.14, attachment, and the Chairman LK Number: KEP-430/BL/2012 dated August 1, 2012 of the Agreement, the Agreement Used in the issuance of Islamic securities in the capital market. This regulation is Rule Number IX.A.14 improvements, attachment, and the Chairman LK Number: KEP-131/BL/2006 dated 23 November 2006 concerning the Agreement, the Agreement Used in the issuance of Islamic securities in the capital market.Completion of these regulations, especially related to the addition of contract Musharaka is a new contract and the contract Istishna. It aims to support Islamic Capital Markets industry needs with a wider range of variation of the contract and potential that can be used in the issuance of Islamic securities in the capital market. (source)

INDONESIA - GENERAL - Need Sharia Economic Development Acceleration

Jakarta (16/12) - Economic sharia sharia in Indonesia now ranks fourth in the world and predicted the coming 10 years to reach the first position. This is certainly a challenge for all parties involved to make these predictions.

Secretary General of Islamic Economic Society (MES), M Shakir Sula said first position is required to achieve acceleration. Therefore, the MES has created a road map (roadmap) of Islamic finance to support the national target of making Indonesia the Islamic world's economic center. (source)

INDONESIA - REGULATIONS - GEMAZ UUPZ rejects new Zakah Law

pkesinteraktif.com - Jakarta (31/10) Once approved by the government Zakat Management Act (UUPZ) to Thursday (27/10) and then, the activist charity campaigner disappointment over the publication of the Act. Concerned Citizens Movement Through Zakat (GEMAZ) they reject and criticize the Act that do not comply with the spirit of democracy.Nana Mintarti GEMAZ one activist, was concerned about the birth of the law and are predicted to mengkerdilkan role of zakat which has been the strength of community philanthropy. (source)

INDONESIA - REGULATIONS - House of Representatives passes Zakat Management Act

pkesinteraktif.com - Jakarta (31/10) After a long process finally the House of Representatives (DPR) passed the Law on Management of Zakat (UUPZ) haris in the plenary session on Thursday (27/10). Emergence (UUPZ) is the complement of Law No. 38 year 1999 where zakat management will be integrated under the coordination of the National Agency for Amil Zakat (BAZNAS). As a government-owned institution of zakat management, through this regulation then BAZNAS have the authority to manage a national charity. (source)

UK - EVENTS -SPEECH - Deputy Governor's Keynote Address at the ISRA-IIBI 2nd Annual International Thematic Workshop 2010: "The Polemics of Governing Law in Islamic Finance"

Speaker : Dato' Muhammad bin Ibrahim Venue : The Thomson Reuters Building, London Date : 29 November 2010 Language : English

Let me first thank the organizers for inviting me to speak at this ISRA-IIBI 2nd Annual International Thematic Workshop 2010. Although I very much regret not being able to be in London in person, I am thankful for the many advances of modern technology for the opportunity to briefly address all of you this morning. I am also happy to note that this event is a continuation of international collaboration between the organizers, the International Shariah Research Academy for Islamic Finance (ISRA), the Institute of Islamic Banking and Insurance (IIBI) and Thomson Reuters, following the success of the inaugural workshop held last year. The theme of this year's workshop, 'The Polemics of Governing Law in Islamic Finance: Recent Developments and the Way Forward', is most apt. With the emergence of Islamic finance as a new growth area in the global financial landscape, this Workshop provides an excellent forum to exchange views and information on topical legal issues in Islamic finance. As Islamic financial activities are increasingly crossing national boundaries, it is critical for more such dialogues to take place at an international level, in order to gain wider perspectives that can contribute to the development of a legal framework for Islamic finance that is internationally facilitative.

OPINION - Indonesia Reviews Shariah Loan Restructurings: Islamic Finance

original post : http://islamicfinanceindonesia.blogspot.com/2010/08/2010-august-18th-indonesia-reviews.html

 As you ca imagine, my attention got drawn to this news item.


The following passage was the most important : “Shariah banks have asked that loans that are still current can be restructured,” Mulya Siregar, director of Islamic banking at the central bank, said in an interview in Jakarta yesterday. “We’re having intensive discussions and will make a decision by the fourth quarter at the latest.” Current regulations issued in 2008 only permit terms to be altered once debt turns non-performing, Siregar said."

BANKING - FINANCE - Indonesia Reviews Shariah Loan Restructurings: Islamic Finance

Jakarta. Indonesia, the nation with the biggest Muslim population, may reduce restrictions on Islamic banks by allowing them to change terms on loans before they become troubled.

“Shariah banks have asked that loans that are still current can be restructured,” Mulya Siregar, director of Islamic banking at the central bank, said in an interview in Jakarta on Tuesday.

“We’re having intensive discussions and will make a decision by the fourth quarter at the latest.”