OJK Establishes Committee to Advance Sharia Financial Services Sector

 
ANT, Andin Aditya Rahman
 
The sharia financial sector is currently under the focus of a number of related authorities. Bank Indonesia (BI) is currently busy developing the Indonesian Sharia sector by drafting a regulation on short-term sukuk(Sharia bonds).
 
BI’s efforts have been followed by its sister institution, the Financial Services Authority (OJK), which announced a plan to establish the Committee for the Development of Sharia Financial Services (KPJKS) in order to develop the Sharia financial services sector.
 
“We understand that developing a Sharia financial services industry into a competitive business, which can optimally contribute to the development of the national economy, requires effective coordination and cooperation between relevant government and non-government institutions,” stated Muliaman D. Hadad, Chairman of the Board of Commissioners of the OJK, on Monday.
 
Mr. Hadad explained that the Sharia financial services industry needs the support of the OJK and related stakeholders. In particular, the sharia financial sector needs regulatory refinements and an effective supervision system, sufficient financial infrastructure and education programs, market development measures, and a comprehensive consumer protection system.
 
“Coordination and synergy between the OJK and other institutions that issue regulations are expected to be properly established between those related institutions that will become members of the KPJKS,” explained Mr. Hadad.
 
The primary role of the KPJKS is to provide strategic and operational input and recommendations to the OJK and other relevant institutions for the development of the Sharia financial services sector.
 
The KPJKS itself will be managed by OJK staff and will also include government officials from various institutions, such as the Ministry of Finance, Ministry of Religious Affairs, Ministry of Law and Human Rights, Bank Indonesia, the Indonesian Ulema Council, PP Muhammadiyah, PB Nahdatul Ulama, and the Indonesian Accountants Organization.
 
A number of confirmed names to be included into the KPJKS are: Din Sjamsuddin (Chairman of the Indonesian Ulema Council and PP Muhammadiyah), Said Aqil Siradj (Chairman of the Management of PB Nahdatul Ulama), Mu’alimin (Director General of Laws and Regulations at the Ministry of Laws and Human Rights), Andin Hadiyanto (Head of Fiscal Policy Body at the Ministry of Finance), Halim Alamsyah (Deputy Governor of Bank Indonesia), and economist and Sharia experts, such as Hendri Saparini, Muhammad Syafii Antonio, and Komaruddin Hidayat.
 
(hot/kc)