OJK Redefines the Organization of Sharia Financing Company Activities

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) recently issued Regulation No. 10/POJK.05/2019 on the Organization of Sharia Financing Companies and Sharia Business Units of Financing Companies (“Regulation 10/2019”), with the ultimate aim of increasing the role of Sharia Financing Companies (“Companies”) and Sharia Business Units of Financing Companies (“Business Units”) in the development of the national economy, as well as of improving the implementation of the prudential principle and enhancing consumer protections.[1]