Revocation of Business License for Sharia Finance Company PT Al Ijarah Indonesia Finance

November 14, 2023
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​OJK through the Decree of the Board of Commissioners of the Financial Services Authority number KEP-20/D.06/2023 dated October 24th, 2023, has revoked PT Al Ijarah Indonesia Finance business license, which its h​ead office is located at Mualamat Tower Lantai 3, Jalan Prof. Dr. Satrio Kav. 18, Kelurahan Kuningan Timur, Kecamatan Setiabudi, Kota Administrasi Jakarta Selatan, Provinsi DKI Jakarta. 

PT Al Ijarah Indonesia Finance is prohibited from carrying out business activities in financing sector and is obligated to settle rights and obligations in accordance with the applicable laws and regulations, among others:

  1. Restricted from using the word “finance” and/or word that characterize financing activites both conventional or in accordance with shariah law for naming the company in accordance with the provisions of Article 112 of the Business and Institutional Licensing of Financing Companies and Sharia Financing Companies Number 47/POJK/05/2020.

  2. Provide clear information to Debtors, Creditors and/or funders regarding the mechanism for settling rights and obligations.

  3. Required to provide customer information and complaints center equipped with authorized contact persons. The intended contact person (including if there is a change in contact person) must be disclosed to all debtors and can be CC to OJK FAO Directorate of Financing Institutions and Venture Capital Companies Supervision and Directorate of Consumer Services, Complaint Inspection and Regional Consumer Education and Protection. 

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