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OJK revokes business license of BPRS Muamalat Yotefa Jayapura

16 May 2019 07:52

JAYAPURA - The Financial Services Authority (OJK) as the regulator and supervisory authority of financial services institutions, revoked the business license of the PT Bank Pembiayaan Rakyat Syariah Muamalat Yotefa, which is located in Jl. Raya Sentani No. 110, Sentani, Jayapura Regency, Papua Province.

Revocation of the business license of PT Bank Pembiayaan Rakyat Syariah Muamalat Yotefa was issued through the Decision of the Board of Commissioners (KADK) Number KEP-87 / D.03 / 2019 concerning Revocation of Business License of the PT Bank Pembiayaan Rakyat Syariah Muamalat Yotefa, from 15 May 2019.

For information,PT Bank Pembiayaan Rakyat Syariah Muamalat Yotefa since June 16, 2016 has been determined with status of a BPRS under Special Supervision (BDPK) because of the Minimum Capital Adequacy Ratio (KPMM) which is less than 0%.

The determination of the BDPK status was due to weaknesses in strategic management by the BPRS management which resulted in declining performance of BPRS and having an impact on decreasing the BPRS KPMM ratio to below 0%.

Considering the deteriorating financial condition of the BPRS and the statement of inability of the Management and Shareholders to make the BPRS healthy, the OJK revoked the BPRS business license after receiving notification from the Deposit Insurance Corporation (LPS).

With the revocation of the business license of PT Bank Pembiayaan Rakyat Syariah Muamalat Yotefa, LPS will then carry out the guarantee function and conduct a liquidation process in accordance with Law Number 24 Year 2004 concerning the Deposit Insurance Corporation as amended by Law Number 7 of 2009. (LM)

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