Regulatory AlertsOJK Regulation No. 24 of 2024 on Asset Quality of Sharia People's Economy Banks
The Financial Services Authority (OJK) issued Regulation No. 24 of 2024 to establish asset quality standards for Sharia People's Economy Banks (BPRS) in alignment with recent accounting standards and the Financial Sector Development and Strengthening Act. This regulation repeals previous OJK regulations regarding minimum capital requirements and productive asset quality for BPRS, replacing them with updated frameworks for asset classification and impairment reserves. The regulation became effective on November 29, 2024, with specific provisions on capital contributions and impairment reserves taking effect on January 1, 2025.
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