Adjustment on the Minimum Requirements for DPS Member Candidates and Formation of DPS

In an effort to optimize the various roles and responsibilities of Sharia Supervisory Boards (Dewan Pengawas Syariah – “DPS”) during the application of sharia governance by the Sharia Commercial Banks (Bank Umum Syariah – “BUS”) and Sharia Business Units (Unit Usaha Syariah – “UUS”) of Conventional Commercial Banks (Bank Umum Konvensional/BUK), the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has now issued Regulation No. 2 of 2024 on the Application of Sharia Governance by Sharia Commercial Banks and Sharia Business Units (“Regulation 2/2024”), which has been in force since 16 February 2024.[1]