INDONESIA: The National Sharia Council - Indonesian Ulema Council (DSN-MUI) has approved a Fatwa governing bullion business activities based on Shariah principles. The Fatwa was developed following consultations with the Financial Services Authority (OJK) and industry players including Bank Syariah Indonesia and Pegadaian, which are already active in bullion-related services. It provides Shariah guidance for gold savings, gold custody, gold trading and gold financing including permissible contracts and operational limits. DSN-MUI said the Fatwa responds to regulatory developments under the Financial Sector Development and Strengthening Law as well as existing OJK rules on bullion activities. The guidance will be used by OJK as a reference in drafting technical regulations for Shariah compliant bullion businesses.
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