New Standards of Fit-Proper Tests for BUS/UUS DPS Member Candidates in the Pipeline

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently preparing a Draft Circular (“Draft Circular”) on the Application of Sharia Governance by Sharia Commercial Banks (Bank Umum Syariah – “BUS”) and Sharia Business Units (Unit Usaha Syariah – “UUS”) (collectively referred to as “Banks”), which further details the application of sharia governance by Banks, as originally mandated under Regulation of the OJK  No. 2 of 2024, which bears the same title as the Draft Circular (“Regulation 2/2024”).[1] It should be noted that Regulation 2/2024 was previously analyzed by Hukumonline’s Legal Research and Analysis team in the following edition of Indonesian Legal Brief (“ILB”): Adjustment of the Minimum Requirements for DPS Member Candidates and Formation of DPS”.

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