Regulation No. 8/3/PBI/2006 Concerning Conversion of Business of Conventional Commercial Banks to Commercial Banks Conducting Business Based on Sharia Principles

Indonesia

(enacted in 2006)

Regulation No. 8/3/PBI/2006 Concerning Conversion of Business of Conventional Commercial Banks to Commercial Banks Conducting Business Based on Sharia Principles, issued by Bank Indonesia and amended by BIR No. 9/7/PBI/2007, provides that those banks undergoing conversion to Sharia banks must notify creditors or debtors directly and/or through the mass media of its planned conversion, and further must settle all the rights and liabilities towards the bank’s debtors and creditors who are unwilling to become customers of the new Sharia bank.

DISCLAIMER: The attached document is an unofficial translation of Regulation No. 8/3/PBI/2006. An official translation is unavailable.