Overview

The issuance of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“P2SK Law”) has introduced various changes and adjustments to the financial sector, including to Sharia Business Units (Unit Usaha Syariah – “UUS”). In this regard, numerous provisions scattered across various laws and regulations have been affected, including:

1. Law No. 21 of 2008 on Sharia Banking, as amended by Law No. 11 of 2020 on Job Creation (“Sharia Banking Law”);
2. Law No. 1 of 2016 on Guarantees (“Guarantee Law”); and
3. Law No. 40 of 2014 on Insurance (“Insurance Law”).