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with conditions among others: • Can only be issued in bearer Rupiah
• Nominal value at no less than Rp 1 million • Period of no less than 30 days and no longer than
24 months • Banks must impose income tax PPh upon the
interests received by customers
d. Savings
Savings are deposits where the withdrawals can only be done based on certain agreed terms, but may
not be withdrawn by cheques, transfer forms and or other instruments equivalent. The terms of holding
savings among others: • Bank may only hold savings in Rupiah
• Setting of interest rates is given to each bank. •
Any savings interest received should be deducted by income tax PPh.
Savings in sharia banks may be based on wadi’ah or mudharabah. In wadi’ah savings, banks may not
promise to give rewards or bonuses to customers. In mudharabah savings, customers must invest certain
minimum funds which amount determined by banks and may not be withdrawn by customers with the
exception of accounts closing.
6. Trust
Trust is a business activity of Banks in the form of services in managing assets of the customers. In the said activity
there are three 3 parties involved, i.e.: i Settlors as the depositors who owns the propertiesfunds and who give
authority to manage funds to Trustees; ii Trustees in this case Banks as the party that has been given authorities
by SettlorsDepositors to manage propertiesfunds for the interests of the receiving benefits parties, i.e. the
Beneficiaries; iii Beneficiaries as the parties receiving the benefits of the Trust activity.
Trust activities cover among others: i paying agents; ii investment or funds agents either conventionally andor
based on sharia principles; iii borrowing agents; andor iv financing agents based on sharia principles.
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Principles to be met in the Trust activities are as follows: a. Trust activities perform by a work unit that is separated
from other Bank work units. b. Properties entrusted by Settlors to be managed by
Trustees are limited to financial assets. c. Properties entrusted by Settlors to be managed by
Trustees are recorded and reported separately from the Bank assets.
d. In the event the Banks conducted Trust activities are liquidated, all Trust assets are not included in
the bankcruptcy estates boedel pailit and shall be returned to Settlors or transferred to replacement
Trustees appointed by Settlors.
e. Trust activities shall be embodied in a written agreement of Indonesian language.
f. Trustees shall maintain confidentiality of data and information related to Trust activities as regulated in
the Trust agreements with the exception of reporting interest to BI.
g. Banks that undertake Trust activities shall be subject to the applicable provisions of the laws and
regulations, including among others the regulation on Anti Money Laundering and Prevention of
Terrorism Funding APU-PPT.
7. Regulation on Products of Sharia Banks and Sharia Business Units
Sharia Banks and Sharia Business Units must report any new product launching plan to BI. The referred product
shall be products as set in the Book of Sharia Banking Product Codification. In the event banks will launch
new products not listed in the Sharia Banking Product Codification Book, banks must obtain approval from
BI. Report of new products launching plans must be submitted no later than 15 days prior to the launching
of the referred new products. BI will grant approval or rejection on the request of new products no later than 15
days after all requirements met and reporting documents received completely. Banks must report realization of the
new product launching no later than 10 days after the launching of the referred new products.
