OJK Unveils New Roadmap to Strengthen and Develop Indonesia’s Sharia Banking

The Monetary Companies Authority (OJK) of Indonesia has unveiled its Islamic banking roadmap to reinforce the resilience and impression of the Sharia banking sector within the nation.

An replace from the earlier plan, the 2023-2027 Roadmap for the Growth and Strengthening of Indonesian Sharia Banking (RP3SI) outlines methods together with the consolidation of Sharia banking establishments, strengthening threat administration, and innovation to distinguish services and products.

RP3SI goals to making a wholesome, environment friendly, and aggressive Sharia banking sector that considerably contributes to the nationwide economic system and society’s welfare.

Its implementation revolves round 5 major pillars masking provide, demand, and OJK’s inside facets as vital assist components.

These pillars contain strengthening the trade’s construction and resilience, accelerating digitalisation, emphasising Sharia banking traits, enhancing its contribution to the nationwide economic system, and bolstering regulation, licensing, and supervision.

The roadmap’s success hinges on key enabling components, together with management, change administration, and collaboration with stakeholders.

Mahendra Siregar

Mahendra Siregar, Chairman of the OJK Board of Commissioners mentioned,

“Our dedication to this roadmap is a joint dedication to enhance the sharia banking sector to be even higher.

 

Our hope is that the strategic applications on this roadmap can present options to the challenges confronted by the sharia banking sector, and for that reason collaborative efforts are wanted from all stakeholders to implement this roadmap optimally.”

Dian Ediana Rae

Dian Ediana Rae, Chief Government of Banking Supervision mentioned,

“Sharia banking wants to hold out a change with two major facets that should be improved, particularly facets of resilience and competitiveness, in addition to facets of socio-economic impression.

 

Sharia banking transformation will not be solely about growing shareholder worth , but in addition about altering the paradigm in order that it could possibly play a job in growing social worth and group welfare.”