TEMPO.CO, Jakarta - Bank Indonesia yesterday issued a regulation on sharia hedging. The rule, registered as PBI No.18/2/PBI/2016 on Hedging Based on Sharia Principles, is the materialization of the National Sharia Board (DSN) Fatwa no.96.
BI spokesman Tirta Segara said the rule is aimed at maintaining the stability of the rupiah.
"The issuance of this instrument aims to provide a sharia option in mitigating the risk of exchange rates changes," he said in a press release yesterday, March 2.
Under this rule, a sharia bank customer can apply for hedging to a sharia bank. Meanwhile, a sharia bank can apply for hedging to fellow sharia banks or to conventional banks using a sharia scheme.
The BI rule stipulates that the parties that can hedge exchange rates using sharia principles are sharia banks, sharia business units, and conventional commercial banks.
BAGUS PRASETIYO | ABDUL MALIK
