In 2020, Bank Indonesia issued provisions for a new Sharia Interbank Money Market (Pasar Uang Antar bank Syariah - PUAS) in the form of an Interbank Sharia Fund Management Certificate (Sertifikat Pengelolaan Dana Berdasarkan Prinsip Syariah Antar bank - SiPA), with a wakalah bi al-istitsmar  BANK INDONESIA’S ANNUAL MEETING 2020  Scheme 5a. PaSBI Mechanism TRANSACTION MECHANISM “PaSBI”  3.
This group laid the groundwork for the regulation of European financial markets and developed what became known as the Lamfalussy procedure on the regulation of European securities markets. As my lecture is entitled “European Monetary Union: Past, Present and Future”, let me return to the past briefly, namely to the foundation laid by the EMI under the presidency of Alexandre Lamfalussy.