INDONESIA - REGULATIONS - OJK Shariah Committee at the level of Commissioners

WWW.REPUBLIKA.CO.ID, JAKARTA - The Committee to integrate Islamic sharia units in each commissioner shall be at the same level with the commissioner. It is intended that sharia be the same priority as other conventional financial institutions.

Deputy Treasurer of the Indonesian Ulema Council (MUI), Nadratuzzaman Hosen, said although sharia is not mentioned in the OJK law, this system still can not be forgotten. By establishing a unit in each directorate and the integrating committee, will continue to develop sharia assessed.

"OJK could establish its own policy on a proposal by the commissioner," said Hosen, Wednesday (8/8).  (source)

INDONESIA - BANKING - OJK Must Keep Developing Islamic Banking

www.investor.co.id - JAKARTA - Economic Observer Indonesian Institute of Sciences (LIPI) Eko Agus said the Financial Services Authority (OJK) as the new financial industry oversight should try to improve the prudential aspects of the Islamic banking business, while maintaining growth in the financial industry."Currently the number of Islamic banking is only about 20 to 30% of total national banking system, so the OJK should keep trying to push the performance of Islamic banking to be able to advance the financial industry, while maintaining the aspect of prudence," he said when contacted here on Tuesday .He said that Indonesia adheres to the dual banking system is a conventional bank and islamic bank, so that the OJK must provide supervision equal portions of both the financial industry is like a Bank Indonesia has done so far.  (full story)

INDONESIA - BANKING - OJK Commissioners Officially Installed

www.theindonesiatoday.com - JAKARTA (Indonesia Today) - Supreme Court Chief Hatta Ali has sworn in nine commissioners of Financial Services Authority (OJK) Friday (July 20).

They are Muliaman Hadad as OJK chief, Anny Ratnawati as ex-officio from ministry of finance, and Halim Alamsyah as ex-officio commissioner from Bank Indonesia.
Muliaman Hadad was deputy governor of Bank Indonesia, while Anny Ratnawati is vice minister of finance. Halim is still deputy governor of Bank Indonesia.  (source)

INDONESIA - REGULATIONS - Hadad (MES) choosen as head OJK

www.kontan.co.id - JAKARTA. All members of the Commission XI of the House of Representatives (DPR) has selected unanimously Muliaman D. Hadad as Chairman of the Board of Commissioners the Financial Services Authority (OJK DK). Hadad was elected unanimously by the 52 members of the House Commission XI meeting following the election of a chairman and a member of DK OJK.
A total of nine factions to choose Muliaman D. Hadad is unanimous. "The chairman was chosen by acclamation," said Commission Chairman XI Emir Moeis in front of all trial participants. DK OJK conclave was held closed. Meanwhile, the election of six members of the Security Council OJK still going to vote or voting.  (source)

INDONESIA - REGULATIONS - Comments on this Islamic Banking Commissioner OJK

WWW.REPUBLIKA.CO.ID, JAKARTA - Director of Compliance and Risk Management of Bank Muamalat, Andi Buchari, expect the new Board of Commissioners OJK can help the progress of Islamic banking.

"Indonesia Sharia Bank Association already advises the OJK to participate in making policies that promote Islamic banking," said Andi, Wednesday (20/6).  (source)

INDONESIA - BANKING - OJK Encourages Islamic Finance Development

www.depkeu.go.id - Jakarta, 17/4/2012 MoF (Fiscal) News - The presence of the Financial Services Authority (OJK), besides maintaining financial system stability, encourages the development of Islamic Finance in Indonesia. This was conveyed by Special Staff of Minister of Finance and former Chief of Establishment Preparation Executive Team for OJK Mulia P. Nasution while attending the Islamic Finance News (IFN) Indonesia Forum 2012, Tuesday (17/4) at the Hotel Mulia, Jakarta. (source)

INDONESIA - BANKING - House urged to intervene in DBS’s plan to acquire Danamon

www.thejakartapost.com - Golkar Party lawmaker Lili Asdjudiredja has called on the House of Representatives to urge Bank Indonesia and the government to prevent Singaporean DBS Bank from acquiring 99 percent of Bank Danamon’s shares as it would create a banking monopoly.

Both banks are owned by Temasek Holdings, the Singaporean sovereign wealth fund fully controlled by the island-city government.

“Even if the deal on Danamon’s acquisition has already been made, it must be annulled because it will affect Indonesia’s banking sector and Danamon’s domestic priority customers,” he said.  (source)

INDONESIA - BANKING - Three challenges ahead of Islamic banking

WWW.REPUBLIKA.CO.ID, JAKARTA - Islamic banking is predicted to face three challenges ahead in the next two years. They are the transition of financial supervisory to Financial Service Authority (OJK), ASEAN economic community, and the increasing of human resources (SDI) needs.

OJK presents as authority institution supervising all financial institution, to replace of Bank Indonesia (BI) and Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) roles. OJK will supervise the management of 8.000-9.000 trillion IDR fund. (source)

INDONESIA - BANKING - Bank Indonesia Rotates, Promotes Directors

www.thejakartaglobe.com - Indonesia’s central bank on Monday announced major director-level personnel change, with some officials promoted as others entered their retirement stage.

It was the first set of major management changes at Bank Indonesia (BI) since December 2011, when Ronald Waas and Muliaman Hadad were named deputy governors. Bank Indonesia spokesman Difi Johansyah said late on Monday that it was just a routine restructuring.

“It’s for the sake of regeneration,” Difi told reporters late on Monday. Difi said the promotions and rotations would be effective on March 1. (source)

INDONESIA - BANKING - OJK Must be Able to Remove Monopoly Banking Industry

www.investor.co.id - KAKARTA - Vice President Director of PT Bank Permata Tbk Herwidayatmo stated the Financial Services Authority (OJK) should be able to improve the banking industry through competition among banks so there is no longer a monopoly.
"There are 10 of the central bank with a market share of the banking industry today, so hopefully OJK able to remove the monopoly that occurred in the banking industry," said Herwidayatmo in an interactive discussion titled "Financial Industry in the Era OJK" at the Hotel Santika Premier Jakarta, Wednesday (15/2). (source)

INDONESIA - BANKING - Race for OJK commissioner posts begins

www.thejakartapost.com - The race is on for the most powerful seats in Indonesia’s financial sector after more than 150 experts and professionals enlisted in a drafting process to become Financial Service Authority (OJK) commissioners, which ended on Tuesday.

The candidates will compete for seven out of nine seats as two places are allocated to officials specifically assigned by the Finance Ministry and the central bank.

A selection committee, led by Finance Minister Agus Martowardojo, will have a little more than one month to select three candidates for each of the seven seats and recommend the names to President Susilo Bambang Yudhoyono.  (source)

INDONESIA - REGULATIONS - OJK to have three executive commissioners

www.antaranews.com - Jakarta (ANTARA News) - The future Financial Services Authority (OJK) will have nine commissioners, including three executive commissioners, finance minister Agus Martowardojo said here on Friday.

"The task of executive commissioners is managing operational portfolios, such as supervising banks, capital markets and non-bank financial industries," he said.  (source)

INDONESIA - BANKING - Innovation and regulation boost Islamic banking

www.republika.co.id - JAKARTA – The development of Islamic bank asset is still rocketing in 2012, economic analyst, Euis Amalia, says. The increase is supported by the increasing public interest in Islamic banking products and the emerging of Islamic general bank (BUS).

The Islamic banking asset in 2011 entirely records 49 percent growth compared to 2010. The asset reaches 149 trillion IDR or four percent market share of national banking. (source)

INDONESIA - BANKING - Member of the DK - Should Sharia OJK 30 Percent

www.pkesinteraktif.com - Jakarta (25 / 1) In order that the activists of Islamic finance has not experienced "turmoil" when the team selection to the selection of the Financial Services Authority Board of Commissioners (BOC-OJK) to be formed in July 2012, the Center for Islamic Economics Communication (PKES), urged the government, especially team selection DK-OJK to put 30 percent of 9 prospective DK-OJK is to have integrity and capability of understanding of Islamic finance. It is very important, especially in the reality that the Islamic financial system has become a national alternative economic system. (source)

INDONESIA - BANKING - Selection Committee for OJK Commissioners Established

www.Theindonesiatoday.com - President Susilo Bambang Yudhoyono has appointed nine members of Selection Committee for commissioners of Financial Services Authority (OJK), Kontan.co.id reported.
Finance minister Agus Martowardojo said the president has signed the decree Friday (Jan 20).  (source)

INDONESIA - REGULATIONS - DSN-MUI: OJK Do Until bebani Islamic Finance Industry

Jakarta (21/12) - The operational costs to run the Financial Services Authority (OJK) will be taken from the State Budget Expenditure (Budget) and the contribution of each financial institution being audited, including at dalamanya Islamic financial institutions.

  "Islamic finance industry is still small it has not been able to be a burden, seharusmya given incentives. So it's better budget for the OJK first state budget and financial institutions are able to provide tuition, "said Chairman of the National Sharia Board-Council of Ulama Indonesia (DSN-MUI), KH Ma'aruf Amin when found in the OJK seminar at the Ministry of Finance, Jakarta, Tuesday (21/12).  (source)

INDONESIA - BANKING - OJK Must Support the Development of Islamic Financial Institutions

Jakarta (16/12) - Shariah Economic Community (MES) providing advice to the government related to the establishment of the Financial Services Authority (OJK). OJK which will become the regulator for all financial institutions, which included the Islamic Financial Institutions (LKS), need to formulate a pattern of surveillance and the development of worksheets so that it can develop quickly.
 

"In the OJK Law does not mention the Islamic finance industry. We do provide input to the OJK law to give kontibusi in the development of Islamic economics," said Shakir Sula M MES as the Secretary-General told reporters during a press conference to the National Conference of MES-2 in Jakarta, Thursday (15 / 12).  (source)

INDONESIA - REGULATIONS - OJK Bill Approved

TEMPO Interactive, Jakarta:Indonesia's parliament on Thursday approved a long-delayed bill creating a new regulator to oversee a growing financial industry in Southeast Asia's largest economy but faced widespread skepticism on how effective the watchdog would be.

The new regulator, to be known as the OJK, will take over the supervision of banks, brokerages and insurance firms from the central bank and capital market watchdog Bapepam-LK starting from 2013.  (source)

INDONESIA - REGULATIONS - Indonesia Approves New Regulator to Oversee Banks

Indonesia’s House of Representatives on Thursday approved a long-delayed bill creating a new regulator to oversee a growing financial industry in Southeast Asia’s largest economy, part of global efforts to ward off future bank collapses.

The new regulator, to be known as the OJK, will take over the supervision of banks, brokerages and insurance firms from the central bank and capital market watchdog Bapepam-LK starting from 2013.  (source)

BANKING - Pro-temp committee OJK seeks advise from bankers

Jakarta, (26/8).  Pro-temp committee in drafting law of OJK – otoritas jasa keuangan (financing supervisory) seeks advised from bankers during a hearing yesterday, (25/08).