Indonesia to revise P2P lending regulation to include Shariah-compliant financing
(Updates to insert value of total bank financing)
JAKARTA – Indonesia’s Financial Services Authority (OJK) will revise its regulation for peer-to-peer (P2P) lending in the second quarter of this year at earliest to accommodate the growing P2P Shariah-compliant financing sector, Hendrikus Passagih, its director of Fintech Supervision and Licensing Arrangement told Salaam Gateway.
According to Passagih, the regulation, issued on December 2016, only governs conventional P2P lenders. It stipulates that P2P lenders must be registered with OJK, have $200,000 in capital before they can be approved for an operating license, and cap loan values at $150,000.
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