Regulatory AlertsCircular of the Financial Services Authority of the Republic of Indonesia Number 10/SEOJK.03/2023 Concerning the Implementation of Products of Sharia People's Economic Banks
The Financial Services Authority (OJK) issued Circular 10/SEOJK.03/2023 to regulate the implementation of products for Sharia People's Economic Banks (BPRS) to enhance competitiveness and risk management. The regulation classifies products into basic and advanced categories, establishing specific mechanisms for launching new products, including pilot reviews and instant approvals, while mandating Sharia compliance and consumer protection. It also outlines reporting obligations, transitional provisions for existing products, and the conditions for product cessation.
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