Sharia Issuer is an issuer whose articles of association state that its business activities, types and management are based on Sharia Principles in the Capital Market. Sharia Public Company is a public company whose articles of association state that its business activities, types and management are based on Sharia Principles in the Capital Market.
Sharia Issuer or Sharia Public Companies that issue sharia securities in shares must fulfil the provisions in the Financial Services Authority Regulation (POJK) No. 15/POJK.04/2015 on Application of Sharia Principles in the Capital Market; Financial Services Authority Regulation (POJK) No. 17/POJK.04/2015 on Issuance and Requirement Sharia Securities in Shares by Sharia Issuers or Sharia Public Companies, and other laws and regulations in the Capital Market sector.
The articles of association of a Sharia Issuer or Sharia Public Company that issues Sharia Securities in the form of shares must contain the activities and business types as well as management system of the Issuer or Company which is based on Sharia Principles in the Capital Market.
In the case of business activity and business type of a Sharia Issuer or Sharia Public Company is no longer meet Sharia Principles in the Capital Market, the shares of the Sharia Issuer or Sharia Public Company referred to are no longer Sharia Securities.
In the case of business management of a Sharia Issuer or Sharia Public Company is no longer meet Sharia Principle in Capital Market, Financial Services Authority (OJK) has the right to announce that the share of Sharia Issuer or Sharia Public Company is no longer Sharia Securities.
Sharia Issuer or Sharia Public Company must have a Sharia Supervisory Board (DPS). Members of the Sharia Supervisory Board must have an Capital Market Sharia Expert (ASPM) permit from the Financial Services Authority (OJK). Sharia Supervisory Board members must be appointed by the General Meeting of Shareholders (GMS).
