Law of the Republic of Indonesian Resources 21 of 2008 Banking on Sharia

Law of the Republic of Indonesia

Number 21 of 2008

ABOUT

Islamic banking

BY THE GRACE OF GOD ALMIGHTY

President of the Republic of Indonesia,

Weigh:

a. That in line with the purpose of Indonesia's national development to achieve the creation of a just and prosperous society based on economic democracy, an economic system is developed based on the values ​​of justice, togetherness, equity, and appropriate benefits

with sharia principles;

b. that the needs of Indonesian people for Islamic banking services are increasing;

c. that Islamic banking has specificity compared to conventional banking;

d. that the regulation regarding Islamic banking in Law Number 7 of 1992 concerning Banking as amended by Law Number 10

1998 is not yet specific so it needs to be specially regulated in a separate law;

e. that based on the considerations as referred to in letter a, letter b, letter c, and letter d it is necessary to form a law on Islamic banking;

Remember:

1. Article 20 and Article 33 of the 1945 Constitution of the Republic of Indonesia;

2. Law Number 7 of 1992 concerning Banking (State Gazette of the Republic of Indonesia of 1992 Number 31, Supplement to the State Gazette of the Republic of Indonesia Number 3472) as amended by Law Number 10

1998 (State Gazette of the Republic of Indonesia Year 1998 Number 182, Supplement to the State Gazette of the Republic

Indonesia Number 3790);

3. Law Number 23 of 1999 concerning Bank

Indonesia (State Gazette of the Republic of Indonesia in 1999

Number 66, Supplement to the State Gazette of the Republic of Indonesia Number 3843) as amended by Law Number 3 of 2004 (State Gazette of the Republic of Indonesia of 2004 Number 7, Supplement to the State Gazette of the Republic of Indonesia Number 4357);

4

5. Law Number 40 of 2007 concerning Limited Liability Companies (State Gazette of the Republic of Indonesia of 2007 Number 106, Supplement

Number 4756);

With mutual agreement

The House of Representatives of the Republic of Indonesia

And

President of the Republic of Indonesia

DECIDE:

To stipulate: Law on Islamic Banking.