LEMBAGA KEUANGAN SYARIAH DAN ARBITRASE MUAMALAT INDONESIA

Download M. Fajar Hidayanto: Lembaga Keuangan dan Arbitrase ... LEMBAGA KEUANGAN SYARIAH DAN. ARBITRASE MUAMALAT INDONESIA. M. Fajar Hidayantok. A...

0 downloads 481 Views 129KB Size
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

/(0%$*$.(8$1*$16<$5,$+'$1 $5%,75$6(08$0$/$7,1'21(6,$ 0)DMDU+LGD\DQWR

$EVWUDFW ,VODPLF )LQDQFLDO ,QVWLWXWLRQ DQG ,QVWUXPHQWV DV LQVWXWLRQ LV DSSURYHG JHW RSWLPDO SURYLW ZLWKLQ LV DFWLYLWLHV 7KURXJK DVVHWV SODFHPHQW RQ SUR¿WDEOH LQYHVWPHQ LQ PLQLPXP ULVN ZKLFK LQVSLUDWH LW V PLVVLRQ DQG RSHUDWLRQDO DFWLRQ+RZHYHUUHTXLUHWKLVLQVWXWLRQWRSXWJUHDWFRQFLGHUDWLRQ«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

3HQXOLVDGDODKGRVHQWHWDS)DNXOWDV,OPX$JDPD,VODP8QLYHUVLWDV,VODP,QGRQHVLD  0 8PDU &KDSUD  3HUOXNDK PHPLOLNL 6LVWHP (NRQRPL ,VODP
$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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¿W SDGD VDDW LQGXVWUL SHUEDQNDQ 1DVLRQDO Q\DULV DPEUXN -LNDGLLGHQWL¿NDVLVDWXSHUVDWX%DQNEDQNSDSDQDWDV1DVLRQDOPDNDQ\DULV 

46 46



$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

VHOXUXK%DQNEDQN3HPHULQWDKVHSHUWL%DQN%1,%DQN%71%DQN0DQGLUL GDKXOX%DQN(;,0%DSLQGR%%'GDQ%'1 GDQ%DQNVZDVWDVHSHUWL%&$ 'DQDPRQ%,,/LSSRPDVLKVHODPDWNDUHQDGLVXQWLN%/%,ROHKSHPHULQWDK 6HPHQWDUDVHNLWDUDQ%DQN\DQJWLGDNGLEDQWXKDUXVUHODPDWLGHQJDQ PHQLQJJDONDQVHJXGDQJEHEDQ¿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

 $QWRQLR 6\D¿ L  $ODVDQ 0HPLOLNL /HPEDJD .HXDQJDQ ,VODP -DNDUWD WQS 

K 

$EX6XUD L$+DGL%XQJD%DQNGDODP,VODP 6XUDED\D$O,KODV K /XT\DP7DPDQQL0HPEHUGD\DNDQ8PDW/HZDW5HNVDGDQD6\DUL DK -DNDUWD 5HSXEOLND K 

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

VHUWDSHNHUMDJRORQJDQPHQHQJDKNHEDZDK'D\DWDULNLQLEXNDQODKKDQ\D GLVHEDENDQROHKNHVDGDUDQPHQDEXQJPDV\DUDNDW\DQJWLQJJLQDPXQMXJD PRGDO\DQJGLSHUOXNDQVHGLNLWMDULQJDQSHPDVDUDQ\DQJOXDVPXGDKGLVHWRU GDQGLWDULNVHUWDNDGDUNHXQWXQJDQQ\DMDXKOHELKEHVDUGDULPHQDEXQJGL %DQN VHOLVLKSHUVHQGL%DQNGDQSHUVHQGLUHNVDGDQD  3HUVRDODQQ\D GDODP VLWXDVL SDVDU ,QGRQHVLD \DQJ GHPLNLDQ PDVLK PXQJNLQNDK NLWD ELFDUD UHNVDGDQD 6\DUL DK " 6HVXQJJXKQ\D LQL MXVWUX PHUXSDNDQ VDWX WDQWDQJDQ \DQJ PHQDULN 0HPDQJ EDJL VHEDJLDQ NHFLO SHPHUKDWL UHNVDGDQD V\DUL DK KDQ\D GLQLODL VHEDJDL NDODWDKDQ SHQJJLDW HNRQRPL V\DUL DK GDODP PHQV\DUL DKNDQ EHUEDJDL SURGXN NRQYHQVLRQDO GHQJDQ KDQ\D EHUPRGDONDQ PRGL¿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

$EX6XUD L$+DGLK

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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¿NLU MDXK NHGHSDQ GHPL NHVHMDKWHUDDQ \DQJ EHUNHVLQDPEXQJDQ 6XVWDLQDEOH:HOIDUH  %DQ\DN KDO \DQJ ELVD GLFDSDL GHQJDQ UHNVDGDQD PLVDOQ\D VHEDJDL SHUVLDSDQKDULWXDSHUMDODQDQKDMLELD\DVHNRODKGDQVHEDJDLQ\D5HNVDGDQD MXJD PHPLOLNL À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

08PDU&KDSUD6LVWHP0RQHWHU,VODP -DNDUWD*HPD,QVDQL3UHVV K

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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
$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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¿NDQEDLN GDODPMXPODK%DQNPDXSXQNDQWRUFDEDQJV\DULDK6DODKVDWX%DQNPDQGLUL PLVDOQ\D\DQJPXODLEHURSHUDVLDNKLUPLVDOQ\DVDDWLQLVXGDKPHPLOLNL  NDQWRU FDEDQJ \DQJ WHUVHEDU GL  SURSLQVL %DQN ODLQQ\D VHDNDQ EHUNHPEDQJ WLGDN LQJLQ NHWLQJJDODQ NHUHWD PHPEXND MDULQJDQ FDEDQJ V\DUL DKQ\D 3DGDVDDWLQLEHUEDJDLSURGXNV\DULDKGLWDZDUNDQNHSDGDPDV\DUDNDW 

=DLP6DLGL5LEDGDODP8DQJ.HUWDV -DNDUWD5HSXEOLND K

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

3HUEDQNDQ V\DULDK DQWDUD ODLQ PHQDZDUNDQ VLPSDQDQ DPDQDK WDEXQJDQ GDQ GHSRVLWR ZDGL DK WLWLSDQ  WDEXQJDQ GDQ GHSRVLWR PXGKDUDEDK EDJL KDVLO  SHPELD\DDQ 0XGKDUDEDK SHPELD\DDQ PXV\DUDNDK SHPELD\DDQ EHUVDPD GDQSHPELD\DDQELWVDPDPDMLO SHPEHOLDQEDUDQJROHKEDQNGDQ GLMXDONHSDGDQDVDEDKGHQJDQPHQDLNNDQKDUJDQ\D  6HODLQ LWX SHPELD\DDQ PXUDEDKDK SHPEHOLDQ EDUDQJ  EDKDQ EDNX ROHK EDQN NHPXGLDQ GLEHOL ROHK QDVDEDK GHQJDQ KDUJD \DQJ GLWHWDSNDQ EDQN  SHPELD\DDQ DOLMDUDK EDQN PHPEHOL EDUDQJ NHPXGLDQ GLVHZDNDQ NHSDGD QDVDEDK GDQ VHWHODK KDELV PDVD PHQMDGL PLOLN EDQN  GDQ SHPELD\DDQ DOEDL L WDMLUL EDQN PHPEHOL EDUDQJ GDQ GLVHUDKNDQ NHSDGD QDVDEDKVHWHODKMDWXKWHPSREDUDQJLWXPHQMDGLPLOLNQDVDEDK  6HODLQ LWX DGD DVXUDQVL V\DULDK %DKNDQ EHODNDQJDQ GLPXODL GLSHUNHQDONDQREOLJDVLV\DULDK2EOLJDVLLQLPHPEXNDOHPEDUDQEDUXSURGXN V\DULDKVHEDJDLLQVWUXPHQSDVDUPRGDO$SDODJL\DQJPHQMXDOREOLJDVLLWX DGDODKSHUXVDKDDQEHVDUVHNHODV37,QGRQHVLDQ6DWHLOLWH&RUSRUDWLRQ7EN LQGRVDW  3HUNHPEDQJDQWHUVHEXWFXNXSPHQJJHPELUDNDQVHNDOLJXVWDQWDQJDQ 0HQJJHPELUDNDQ NDUHQD VLVWHP NHXDQJDQ V\DULDK \DQJ PHPLOLNL NHXQJJXODQ VHSHUWL DVDV NHVHLPEDQJDQ GDQ NHDGLODQ LWX PXODL GL PLQDWL PDV\DUDNDW 1DPXQ VHEDJDL VLVWHP NHXDQJDQ DOWHUQDWLI \DQJ UHODWLI PDVLK EDUX VHNDOLSXQ VXGDK DGD 88 1R    \DQJ WHUEXNWL PDPSX PHQGRURQJ SHUWXPEXKDQ SHUEDQNDQ V\DULDK EHUEDJDL NHQGDOD EDLN LQWHUQDO PDXSXQ HNVWHUQDOPDVLKNHUDSGLMXPSDL .HQGDOD LQWHUQDO \DQJ GLKDGDSL DGDODK EHUNDLW GHQJDQ SHQ\HGLDDQ 6'0GDQSHQ\HGLDDQLQVWUXNWXUSHQHUDSDQVLVWHPDNXWDQVLV\DULDK6DPDSL VDDWLQLSHUEDQNDQV\DULDKEHOXPPHQHUDSNDQVLVWHPDNXWDQVLV\DULDK\DQJ GLDNXLVHFDUDQDVLRQDO $GDSXQ NHQGDOD HNVWHUQDO \DQJ GLKDGDSL DGDODK UHQGDKQ\D SHPDKDPDQPDV\DUDNDWWHUKDGDSVLVWHPSHUEDQNDQV\DULDK :DODXSXQ PDV\DUDNDW ,QGRQHVLD PD\RULWDV PXVOLP PDVLK WHUGDSDW NHUDJDPDQ SDQGDQJDQ WHUKDGDS OHPEDJD NHXDQJDQ V\DULDK %DKNDQ PDVLK DGD SDQGDQJDQ \DQJ NHOLUX /HPEDJD NHXDQJDQ V\DULDK PDVLK GLDVRVLDVLNDQ GHQJDQOHPEDJD\DQJOHELKEHURUHQWDVLVRVLDONHWLPEDQJNRPHUVLDO 

.DUQDHQ3$WPDMD$SDGDQ%DJDLPDQD%DQN,VODP
$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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

)UDQN(9RJHO,VODPLF/DZ$QG)LQDQFH /RQGRQ7KH+DJXH K

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

3HODNVDQDDQ VLVWHP HNRQRPL V\DULDK KDUXV PHPSHUROHK GXNXQJDQ VDULEHUEDJDLSLKDN%XNDQVDMDGDULSDUDSHODNXHNRQRPLWHWDSLMXJDXODPD FHQGHNLDZDQSHPHULQWDKGDQPDV\DUDNDWOXDV 3HUNHPEDQJDQHNRQRPLV\DULDKGHZDVDLQLPHZXMXGNDQJHOLDW\DQJ PHQJJHPELUDNDQ'LPDVXNNDQQ\DSHUVSHNWLI¿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

 0 )DUXT DQ1DEDKDQ  6LVWHP (NRQRPL ,VODP $OLK %DKDVD 0XKDGL =
$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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¿WDVPDXSXQSHODNVDQDDQQ\D (%DQN6HQWUDO6\DUL¶DK6HEDJDL.RQWURO0RQHWHU6\DUL¶DK 'DODP KDO LQL SHQXOLV SHUOX PHPDSDUNDQ  EDKZD EDQN V\DUL¶DK GL WDQDK DLU PHQGDSDWNDQ SLMDNDQ \DQJ NRNRK VHWHODK DGDQ\D GHUHJXODVL VHNWRU SHUEDQNDQ SDGD WDKXQ +DO LQL NDUHQD VHMDN VDDW LWX GLEHULNDQ NHOHOXDVDDQ SHQHQWXDQ WLQJNDW VXNX EXQJD  WHUPDVXN QRO SHUVHQ  DWDX SHQLDGDDQEXQJDVHNDOLJXV  6XQJJXKSXQ GHPLNLDQ NHVHPSDWDQ LQL EHOXP WHUPDQIDDWNDQ NDUHQD WLGDNGLSHUNHQDQNDQQ\DSHPEXNDDQNDQWRUEDQNEDUX+DOLQLEHUODQJVXQJ VDPSDL WDKXQ  GLPDQD SHPHULQWDK PHQJHOXDUNDQ´ SDNWR ´ \DQJ PHPSHUNHQDQNDQEHUGLULQ\DEDQNEDQNEDUX .HPXGLDQ SRVLVL EDQN V\DUL¶DK VHPDNLQ SDVWL VHWHODK GLV\DKNDQQ\D 883HUEDQNDQ1RWDKXQGLPDQDEDQNGLEHULNDQNHEHEDVDQXQWXN PHQHQWXNDQMHQLVLPEDODQ\DQJDNDQGLDPELOGDULQDVDEDKQ\DEDLNEXQJD DWDXSXQNHXQWXQJDQEDJLKDVLO 'HQJDQWHUELWQ\D331RWDKXQWHQWDQJEDQNEDJLKDVLO\DQJ VHFDUD WHJDV PHPEHULNDQ EDWDVDQ EDKZD´ EDQN EDJL KDVLO WLGDN EROHK PHODNXNDQ NHJLDWDQ XDVDKD \DQJ WLGDN EHUGDVDUNDQ SULQVLS EDJL KDVLO >EXQJD@6HEDOLNQ\DSXODEDQN\DQJNHJLDWDQXVDKDQ\DWLGDNEHUGDVDUNDQ SULQVLS EDJL KDVLO WLGDN GLSHUNHQDQNDQ PHODNXNDQ NHJLDWDQ XVDKD EHUGDVDUNDQSULQVLSEDJLKDVLO´>SDVDO@ .LQL WLWLN NXOPLQDVL WHODK WHUFDSDL GHQJDQ GLV\DKNDQQ\D 88 1R WDKXQWHQWDQJSHUEDQNDQ\DQJPHPEXNDNHVHPSDWDQEDJLVLDSDVDMD 

%DQN,QGRQHVLDK

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

\DQJDNDQPHQGLULNDQEDQNV\DUL¶DKPDXS\Q\DQJLQJLQPHQJNRQYHUVLGDUL V\VWHPNRQYHQVLRQDOPHQMDGLV\VWHPV\DUL¶DK 88 1R LQL VHNDOLJXV PHQJKDSXV SDVDO  SDGD 33 1R WDKXQ  \DQJ PHODUDQJ GXDO V\VWHP 'HQJDQ WHJDV SDVDO  88 1R PHPEROHKNDQEDQNXPXP\DQJPHODNXNDQNHJLDWDQVHFDUDNRQYHQVLRQDO GDSDW MXJD PHODNXNDQ NHJLDWDQ XVDKD GHJDQ EHUGDVDUNDQ SULQVLS V\DUL¶DK PHODOXL D 3HQGLULDQNDQWRUFDEDQJDWDXGLEDZDKNDQWRUFDEDQJEDUX E 3HQJXEDKDQ NDQWRU FDEDQJ DWDX GLEDZDK NDQWRU FDEDQJ \DQJ PHODNXNDQ NHJLDWDQ XVDKD VHFDUD NRQYHQVLRQDO PHQMDGL NDQWRU \DQJ PHODNXNDQNHJLDWDQXVDKDEHUGDVDUNDQSULQVLSV\DUL¶DK 6XQJJXKSXQ GHPLNLDQ EDQN V\DUL¶DK \DQJ EHUDGD GLWDQDK DLU WHWDS KDUXVWXQGXNNHSDGDSHUDWXUDQSHUDWXUDQGDQSHUV\DUDWDQSHUEDQNDQ\DQJ EHUODNXSDGDXPXPQ\DDQWDUDODLQ D .HWHQWXDQSHUL]LQDQGDODPSHQJHPEDQJDQ XVDKDVHSHUWLSHPEXNDDQ FDEDQJGDQNHJLDWDQGHYLVD E .HZDMLEDQODSRUSDGD%DQN,QGRQHVLD F 3HQJDZDVDQLQWHUQ G 3HQLODLDQ DWDV SUHVWDVL SHUPRGDODQPDQDMHPHQUHQWDELOLWDVOLNXLGLWDV GDQIDFWRU\DQJODLQQ\D H 3HQJHQDDQVDQNVLDWDVSHODQJJDUDQ 'LVDPSLQJNHWHQWXDQGLDWDVEDQNV\DUL¶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¶DKNKXVXVQ\DEHEDVULED $GDQ\DNHXQJJXODQVLVWHPSHUDVLRQDOGDQSURGXNSHUEDQNDQV\DUL¶DK \DQJDQWDUDODLQPHQJXWDPDNDQSHQWLQJQ\DPDVDODKPRUDOLWDVNHDGLODQ GDQWUDQVSDUDVLGDODPNHJLDWDQRSHUDVLRQDOSHUEDQNDQV\DUL¶DK   0 6\D¿¶L $QWRQLR  %DQN 6\DULDK 6XDWX 3HQMHODVDQ $ZDO -DNDUWD 7D]NLD ,QVWLWXWH 

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

.HGXD DODVDQ WHUVHEXW EHUODNX GL ,QGRQHVLD GL VDPSLQJ EHEHUDSD DODVDQ SHUWLPEDQJDQ ODLQQ\D VHSHUWL NHLQJLQDQ PHQLQJNDWNDQ PRELOLVDVL GDQDPDV\DUDNDW\DQJEHOXPWHUVHUDSNHVHNWRUSHUEDQNDQPHQLQJNDWNDQ NHWDKDQDQ VLVWHP SHUEDQNDQ QDVLRQDO GDQ PHQ\HGLDNDQ VDUDQD EDJL LQYHVWRU LQWHUQDVLRQDO XQWXN PHODNVDQDNDQ NHJLDWDQ SHPELD\DDQ GDQ WUDQVDNVLNHXDQJDQGL,QGRQHVLD\DQJVHVXDLGHQJDQSULQVLSV\DUL¶DK $WDV GDVDU SHUWLPEDQJDQ WHUVHEXW GL DWDV PDND VHMDN WDKXQ  GL ,QGRQHVLD PXODL GLNHPEDQJNDQ SHUEDQNDQ V\DUL¶DK /DQGDVDQ KXNXP SHQJHPEDQJDQ SHUEDQNDQ V\DUL¶DK QDVLRQDO NHWLND LWX DGDODK 88 1R WDKXQWHQWDQJSHUEDQNDQ 3DGD WDKXQ  SHPHULQWDK GDQ '35 PHODNXNDQ SHQ\HPSXUQDDQ XQGDQJXQGDQJSHUEDQNDQWHUVHEXWPHQMDGL³881RWDKXQ´WHQWDQJ SHUEDQNDQ \DQJ GLGDODPQ\D GLDWXU PHQJHQDL SHUEDQNDQ V\DUL¶DK GHQJDQ OHELKMHODV 6HFDUD WHJDV XQGDQJXQGDQJ SHUEDQNDQ  \DQJ EDUX WHUVHEXW PHQMHODVNDQEDKZDGDODPSHUEDQNDQ,QGRQHVLDWHUGDSDWGXDVLVWHP>GXDO EDQNLQJV\VWHP@\DLWXVLVWHPSHUEDQNDQNRQYHQVLRQDOGDQVLVWHPSHUEDQNDQ V\DUL¶DK3HODNVDQDDQSHQJDWXUDQGDQSHQJHPEDQJDQSHUEDQNDQV\DUL¶DK ROHK%DQN,QGRQHVLDVHODLQGDODPUDQJNDPHPHQXKLDPDQDW883HUEDQNDQ WHUVHEXW MXJD GLDWXU GDODP  88 1R WDKXQ  WHQWDQJ %, \DQJ PHQHJDVNDQ EDKZD´%, VHODNX RWRULWDV SHUEDQNDQ SHUOX PHPSHUVLDSNDQ SHUDQJNDWSHUDWXUDQGDQIDVLOLWDVSHQXQMDQJ\DQJPHQGXNXQJRSHUDVLRQDO EDQNV\DUL¶DK´2OHKNDUHQDLWXSURJUDPSHQJHPEDQJDQSHUEDQNDQV\DUL¶DK QDVLRQDOVHFDUDOHJDOMHODVGDVDUKXNXPQ\D %DQN ,QGRQHVLD VHODNX RWRULWDV SHUEDQNDQ VDDW LQLPHQLODL EDKZD VHEDJDL EDJLDQ GDUL V\VWHP SHUEDQNDQ QDVLRQDO EDQNEDQN V\DUL¶DK SHUOX GLDWXUGDQGLDZDVLDJDUNHSHQWLQJDQPDV\DUDNDWSHQJJXQDMDVDSHUEDQNDQ WHUVHEXWGDSDWWHUOLQGXQJLGHQJDQEDLNWHUMDGLSHUVDLQJDQVHKDWDQWDUEDQN V\DUL¶DKGDQDJDUEDQNEDQNV\DUL¶DKGDSDWEHUNHPEDQJGHQJDQVHKDWVHUWD EHUSHUDQRSWLPDOGDODPSHPEDQJXQDQQDVLRQDO 3HODNVDQDDQSHQ\HPSXUQDDQGLODNVDQDNDQVHFDUDEHUNHVLQDPEXQJDQ GLGDVDUNDQ SDGD NHWHQWXDQ SHUEDQNDQ \DQJ WHODK DGD VHEDJLDQ WLGDN VHVXDLNDUDNWHULVWLNGDQVLVWHPRSHUDVLRQDOSHUEDQNDQV\DUL¶DK'LVDPSLQJ LWXSHQJDWXUDQ\DQJEHUVLIDWVSHVL¿NGLSHUOXOXNDQNDUHQDGDODPRSHUDVLRQDO SHUEDQNDQV\DUL¶DKVHODLQSHUOXPHQHUDSNDQSULQVLSSHQJHORODDQSHUEDQNDQ \DQJ VHKDW >SUXGHQWLDO UHJXODWLRQ@ GLSHUOXNDQ SXOD MDPLQDQ SHPHQXKDQ SULQVLSGDQNHWHQWXDQV\DUL¶DK 'DODPNHJLDWDQSHQJDZDVDQEDQNV\DUL¶DK%,EHUSHUDQPHQGRURQJ DJDU EDQN PHPHQXKL DWXUDQDWXUDQ SHUEDQNDQ GDQ EHURSHUDVL GHQJDQ $O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

SULQVLSSULQVLS V\DUL¶DK NHKDODODQ DNDG WUDQVDNVL GDQ SURGXN SHUEDQNDQ V\DUL¶DK PHUXSDNDQ WDQJJXQJ MDZDE GDQ NHZHQDQJDQ 'HZDQ 6\DUL¶DK 1DVLRQDO08,EHUVDPDGHQJDQ'HZDQ3HQJDZDV6\DUL¶DK\DQJDGDSDGD PDVLQJPDVLQJEDQNV\DUL¶DK 3HUNHPEDQJDQSHUEDQNDQV\DUL¶DKGL,QGRQHVLD\DQJVHFDUDIRUPDO GLPXODLVHMDNWDKXQKLQJJDVDDWLQLPHVNLSXQSDQJVDQ\DPDVLKUHODWLI NHFLO QDPXQ GDUL VLVL ODMX SHUWXPEXKDQ UHOD¿W FXNXS SHVDW 7DKXQ  VDPSDL GHQJDQ  WHUMDGL SHUNHPEDQJDQ \DQJ ODPEDW %DLN GDUL VLVL MXPODK NDQWRU EDQN V\DUL¶DK PDXSXQ LQGLNDWRU SHUEDQNDQ ODLQQ\D +DO LQL GLVHEDENDQROHKEHEHUDSDKDODQWDUDODLQ  0DVLKNXUDQJQ\DSHPDKDPDQGDQEDQ\DNNHVDODKIDKDPDQPDV\DUDNDW PHQJHQDLEDQNV\DUL¶DK  %HOXPOHQJNDSQ\DNHWHQWXDQSHUEDQNDQLQVWUXPHQPRQHWHUGDQSDVDU NHXDQJDQ\DQJPHQGXNXQJRSHUDVLRQDOEDQNV\DUL¶DK  7HUEDWDVQ\DMXPODKGDQGLVWULEXVLMDULQJDQNDQWRUEDQNV\DUL¶DK  .XUDQJQ\D 6'0 GDQ WHQDJD DKOL GDODP PHQGXNXQJ SHQJUHPEDQJDQ EDQNV\DUL¶DK %HUEDJDLNHQGDODWHUVHEXWPXODLGLDWDVLGHQJDQPHODNVDQDNDQSURJUDP SHQJHPEDQJDQ\DQJEHUVXQJJXKVXQJJXKWHUXWDPDVHMDNGLNHOXDUNDQQ\D 881RWDKXQWHQWDQJ³SHUEDQNDQ´ /DQJNDKODQJNDKSHQJHPEDQJDQ\DQJGLODNXNDQGDSDWGLNHORPSRNNDQ PHQMDGLEHEHUDSDNHJLDWDQ\DLWX  0HQ\HPSXUQDNDQ SHUDWXUDQ GDQ NHWHQWXDQ RSHUDVLRQDO SHUEDQNDQ V\DUL¶DK VHUWD SHUDQJNDWSHUDQJNDW KRNXP SHUXQGDQJXQGDQJDQ \DQJ PHQMDGL GDVDU GDQ SDQGXDQ NHJLDWDQ XVDKD DJDU GDSDW NHSDVWLDQ KXNXP  0HQ\HPSXUQDNDQ LQIUDVWUXNWXU NHXDQJDQLQVWUXPHQ PRQHWHU GDQ SDVDUNHXDQJDQ\DQJVHVXDLGHQJDQSULQVLSV\DULDKJXQDPHQGXNXQJ SHODNVDQDDQ NHELMDNDQ PRQHWHU VHUWD H¿VLHQVL GDODP SHQJHORODDQ GDQDEDQNEDQNV\DULDK  PHQFLSWDNDQ V\VWHP PRQLWRULQJ GDQ SHQJDZDVDQ \DQJ HIHNWLI XQWXN PHQMDPLQWHUFLSWDQ\DVLVWHPSHUEDQNDQV\DULDK\DQJVHKDW>VRXQGDQG SUXGHQW@GDQPHQMDODQNDQNHWHQWXDQV\DULDKVHFDUDNRQVLVWHQ  0HODNVDQDNDQ NRRUGLQDVL GDQ SURJUDP SHQLQJNDWDQ NRPSHWHQVL 6'0 EDLNGLEDQNVHQWUDOPDXSXQSDUDEDQNLUGDQ¿KDN\DQJWHUNDLWGHQJDQ SHUEDQNDQ V\DULK VHUWD PHQLQJNDWNDQ SHPDKDPDQ PDV\DUDNDW WHUKDGDSSHUEDQNDQV\DULK

 %DQN,QGRQHVLD3HUEDQNDQ6\DULDK1DVLRQDO.HELMDNDQ3HQJDPEDQJDQGDQ ,QIRUPDVL7HUNLQL -DNDUWD%LUR3HUEDQNDQ6\DULDK 

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

2SWLPLVPH SHUNHPEDQJDQ SHUEDQNDQ V\DULDK \DQJ VHPDNLQ EDLN  GL PDVD GDWDQJ GLGXNXQJ ROHK NRQGLVL VHPDNLQ PHQLQJNDWQ\D SHPDKDPDQ GDQ NHLQJLQDQ PDV\DUDNDW XQWXN PHQJJXQDNDQ MDVD SHUEDQNDQ V\DULDK 6HPHQWDUDGLODLQ¿KDNSDUDEDQNLUGDQLQYHVWRUEDUXMXJDPXODLPHQ\DGDUL PHQJHQDLSRWHQVLSDVDUGDQNHXQJJXODQNRPSDUDWLI\DQJGLPLOLNLROHKV\VWHP SHUEDQNDQ V\DULDK VHKLQJJD PHQLPEXONDQ PLQDW XQWXN PHQJHPEDQJNDQ SHOD\DQDQ MDVD SHUEDQNDQ V\DULDK %DQN ,QGRQHVLD GDODP KDO LQL PHQJDNRPRGLUGDQPHQ\HPSXUQDNDQEHUEDJDLNHWHQWXDQ\DQJPHPEHULNDQ EHUEDJDLSLOLKDQXQWXNPHQJHPEDQJNDQMDULQJDQNDQWRUEDQNV\DULDKVHUWD PHPEHULNDQ LQIRUPDVL WHQWDQJ SRWHQVL ZLOD\DK GDQ GHPDQG PDV\DUDNDW WHUKDGDSSHUEDQNDQV\DULDK

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¿NDVLNHEXWXKDQDJDUWHUMDGL NHVHLPEDQJDQSHUPLQWDDQGDQSHQDZDUDQMDVDSHUEDQNDQV\DULDK 'DUL VLVL ODLQ SHQJHPEDQJDQ SHUEDQNDQ V\DULDK GLWXMXNDQ  XQWXN PHQFLSWDNDQ VLVWHP SHUEDQNDQ DOWHUQDWLI GHQJDQ NHUDJDPDQ MHQLV SURGXN GDQ MDVD \DQJ GDSDW PHPLOLNL NHOHELKDQ +DO LQL GLPXQJNLQNDQ NDUHQD SHUEDQNDQV\DULDKGDSDWGLNODVL¿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

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

PDQIDDWHNRQRPLVGDQNXDOLWDVSHOD\DQDQ\DQJNRPSHWLWLI 6HFDUD PDNUR HNRQRPLSHQJHPEDQJDQ EDQN V\DULDK GL ,QGRQHVLD PHPLOLNLSHOXDQJEHVDUNDUHQDSHOXDQJSDVDUQ\D\DQJOXDVVHMXUXVGHQJDQ PD\RULWDVSHQGXGXNQHJHULLQL 8QGDQJXQGDQJ QRPRU  WDKXQ  WLGDN PHQXWXS NHPXQJNLQDQ GDULSHPLOLNEDQNEDLN%801VZDVWDQDVLRQDOEDKNDQ¿KDNDVLQJVHNDOLSXQ XQWXN PHPEXND FDEDQJ V\DULDKQ\D GL ,QGRQHVLD  'HQJDQWHUEXNDQ\D NHVHPSDWDQ LQL MHODV DNDQ PHPSHUEHVDU SHOXDQJ WUDQVDNVL NHXDQJDQ GL GXQLD SHUEDQNDQ  NLWD WHUXWDPD ELOD WHODK WHUMDOLQ KXEXQJDQ NHUMDVDPD GLDQWDUDEDQNEDQNV\DULDK $GDSXQEHOXPWHUGDSDW%DQN&HQWUDO6\DUL¶DK\DQJGDSDWPHQJRQWURO OHPEDJDOHPEDJD NHXDQJDQ 6\DUL¶DK GDQ WHUSLVDK GDUL %DQN ,QGRQHVLD QDPSDNQ\D PDVLK WHUMDGL GXD SHQGDSDW \DQJ EHUEHGD \DLWX DQWDUD \DQJ EHUSHQGDSDW EDKZD WHODK GLSHUROHK ODJL DGDQ\D %DQN &HQWUDO \DQJ GDSDW PHQJRQWURO PRQHWHU V\DUL¶DK VHFDUD NKXVXV NDUHQD 'XDO %DQNLQJ 6LVWHP VHSHUWL \DQJ WHODK EHUMDODQ KLQJJD NLWD VXGDK GLDQJJDS UHSUHVHQWDWLI 6HGDQJNDQ SHQGDSDW \DQJ EHUSDQGDQJDQ EDKZD %DQN &HQWUDO V\DUL¶DK LWX GLSHUOXNDQ GDQ KDUXV WHUSLVDK GHQJDQ %DQN ,QGRQHVLD %,  NDUHQD VHLULQJ GHQJDQ EHOXP DGDQ\D SHQJDWXUDQ /HPEDJD .HXDQJDQ 0LNUR /.0 JXQDPHPEHULNDQNHSDVWLDQKXNXPXQWXNPHPSHUFHSDWSHPXOLKDQ (NRQRPL ,QGRQHVLD PDND 8QGDQJXQGDQJ \DQJ PDVLK GLQDQWLNDQ  XQWXN GDSDW PHPEHULNDQ NHSDVWLDQ KXNXP PLVDOQ\D SHUOLQGXQJDQ QDVDEDK GDQ PHQMDJD DJDU /HPEDJD .HXDQJDQ 0LNUR EHUNHPEDQJ GHQJDQ VHKDW GDQ EHUNHVLQDPEXQJDQ XQWXN LWX KDUXV DGD %DQN &HQWUDO 6\DUL¶DK VHFDUD WHUVHQGLULGDQPDQGLUL

+$UELWUDVH0X DPDODW,QGRQHVLD 'L GDODP VLVWHP HNRQRPL PRGHUQ EDQN LVODP GL ,QGRQHVLD VHEDJDL OHPEDJD NHXDQJDQ LVODP PHPEXWXKNDQ OHPEDJD SHQGXNXQJ \DQJ EHURSHUDVL VHFDUD LVODPL 'DODP KXEXQJDQ LQLODK ODKLU EDGDQ $UELWUDVH 0XDPDODW,QGRQHVLD %$087 \DQJEHUWXJDVXQWXNPHQ\HOHVDLNDQVHQJNHWD PX DPDODW\DQJGLKDGDSLROHKRUDQJRUDQJLVODP  'L ,QGRQHVLD ZDODXSXQ EHUODNX SHUDGLODQ ,VODP GHQJDQ 88 1R  1DPXQ EHOXP PHQFDNXS GLGDODPQ\D VHEDJDL /HPEDJD WHPSDW 

%DQN,QGRQHVLD.HELMDNDQ3HQJHPEDQJDQ3HUEDQNDQ6\DULDKGL,QGRQHVLD
$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

8UDLDQ GLDWDV VHSHUWL \DQJ GLNHPXNDNDQ ZDUNXP 6XPLWUR GDODP EXNXQ\D$VDVDVDV3HUEDQNDQ,VODPGDQ/HPEDJDWHUNDLW 'DVDU KXNXP GLEHQWXNQ\D %DGDQ $UELWUDVH 0XDPDODW ,QGRQHVLD %$08, DGDODKDGDQ\DDQMXUDQDO4XUDQWHQWDQJWSHUOXQ\DSHUGDPDLDQ $OTXU DQVXUDWDQ1LVDD\DWDUWLQ\D 'DQ MLND NDPX NKDZDWLU DNDQ DGD SHUVHQJNHWDDQ DQWDUD NHGXDQ\D VXDPLLVWHUL PDNDNLULPODKVHRUDQJKDNDPGDULNHOXDUJDSHUHPSXDQ-LND NHGXD RUDQJ KDNDP LWX EHUPDNVXG PHQJDGDNDQ SHUEDLNDQ SHUGDPDLDQ  QLVFD\D$OODK DNDQ PHPEHUL WDX¿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

:DUNDP6XPLWURK 46  46  46 

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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

,.HXQJJXODQQ\D 'L VDPSLQJ PDVLK PHPLOLNL NHOHPDKDQ GDQ PDVLK PHPEXWXKNDQ SHQ\HPSXUQDDQ PHQXUXU SHQXOLV $ELWUDVL 6\DUL DK LQL PHPLOLNL NHOHELKDQ GDQNHXQJJXODQQ\D\DLWXDQWDUDODLQ 

46 6KDKLK0XVOLPWW-X],,K  06DODP0DG]NXU$TO4XGOR)LO,VODP +XTXTXO4RKLURK K   $PUXOODK $KPDG  'LPHQVL +XNXP ,VODP GDODP 6LVWHP +XNXP 1DVLQDO -DNDUWD*HPD,QVDQL3UHVV K 

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

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

,3HQXWXS 3HUEDQNDQ 6\DULDK DGDODK VDODK VDWX LQVWUXPHQ NHXDQJDQ \DQJ GLEXWXKNDQROHKPDV\DUDNDWGDODPUDQJNDPHPSHUEDLNLSHUHNRQRPLDQ\DQJ VHGDQJWHUSXUXN.HEXWXKDQLQLGLGDVDUNDQNHSDGDNHSDVWLDQEDKZD%DQN 6\DUL DK DGDODK SHUEDQNDQ \DQJ WLGDN PHQJDQGXQJ XQVXU ULED &DUDQ\D GHQJDQPHQJLQYHVWDVLNDQGDQDQ\DPHODOXLSURGXNSURGXN\DQJLQRYDWLI 'L VDPSLQJ SURGXNSURGXN SHUEDQNDQ OHPEDJD OHPEDJD NHXDQJDQ ,VODP\DQJWHODKDGDGDQWHUXVEHUNHPEDQJDNDQOHELKPHPEDZDNHSDGD NHVHMDKWHUDDQXPDWVHSHUWL5HNVDGDQDZDNDIWXQDL FDVK $VXUDQVLWDNDIXO GDQ\DQJODLQQ\D 6HEDJDLPHGLDWRUXQWXNSHQ\HOHVDLDQVHQJNHWDMLNDWHUMDGLSHUVHOLVLKDQ PDND$UELWUDVH0X DPDODW\DQJWHODKEHUODNXZDODXPDVLKVHEDWDVSURGXN KXNXP VHOHYHO IDWZD XODPD SDWXW NLUDQ\D XQWXN GLMDGLNDQ ODQJNDK DZDO GDODP PHPIDVLOLWDVL ODMXQ\D RSHUDVLRQDO SHUHNRQRPLDQ ,VODP GL ,QGRQHVLD GHQJDQ WLGDN PHQLQJJDONDQ XSD\DXSD\D NHULWLV XQWXN WHUXV PHPSHUEDLNL GDQ PHQ\HPSXUQDNDQQ\D DSDODJL KLQJJD VDDW LQL $UELWUDVL 0X DPDODW LWX EHOXPEDQ\DNGLNHQDOPDV\DUDNDWVHFDUDOXDV

$O0DZDULG(GLVL;7DKXQ

0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

'DIWDU3XVWDND $PUXOODK $KPDG 'LPHQVL +XNXP ,VODP 'DODP 6LVWHP +XNXP 1DVLRQDO -DNDUWD*HPD,QVDQL3UHVV  .DUQDHQ $ 3HUZDWD $WPDMD  $SD GDQ %DJDLPDQD %DQN ,VODP
$O0DZDULG(GLVL;7DKXQ