Regulatory AlertsImplementation of Corporate Governance for Sharia Economic People's Banks
The Financial Services Authority (OJK) issued Circular Letter No. 15/SEOJK.03/2025 to strengthen corporate governance implementation at Sharia Economic People's Banks (BPRS) by operationalizing POJK No. 9 of 2024 and POJK No. 25 of 2024. The regulation establishes detailed requirements for the Sharia Supervisory Board, Sharia-related governance functions, external reviews of Sharia governance, and the assessment of Good Corporate Governance and Sharia governance compliance. It officially repeals previous circulars from 2019 and 2022 regarding Sharia financing banks' corporate governance effective June 30, 2025.
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