Regulatory AlertsImplementation of Sharia Governance for Sharia Economic Banks
The Indonesian Financial Services Authority (OJK) issued Regulation No. 25 of 2024 to establish Sharia governance frameworks for Sharia Economic Banks (BPRS) as part of the 2024-2027 development roadmap. The regulation mandates specific Sharia governance structures, including the duties of the Sharia Supervisory Board, Sharia risk management, Sharia compliance, Sharia internal audit, and external Sharia governance reviews. This regulation repeals previous OJK regulations on Sharia governance and BPRS operations to ensure alignment with the new comprehensive governance standards.
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