OJK Gives Foreign Investors Leniency to Acquire Sharia Banks
19 June 2015 14:38 WIB
TEMPO.CO, Jakarta – The Financial Services Authority (OJK) said they will provide lenient terms for foreign investors wishing to tap into Indonesia's sharia banking industry.
OJK banking supervision director Nelson Tampubolon said foreign investors will not have to acquire a minimum of two sharia banks for them to obtain a permit from the regulator. In the conventional banking industry, foreign investors must at least acquire two local banks before they can get OJK's approval for expansion.
Foreign investors are also allowed to acquire conventional banks to be converted into sharia banks.
"We are providing a more lenient entry point to support as long as [the foreign investors] have future plans to support consolidation," Nelson said.
Nelson hopes the leniency will encourage investors to help expand and develop Indonesia's sharia banking industry.
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