OJK launches Indonesian sharia banking roadmap 2023-2027

The office of the Financial Services Authority (OJK) of Indonesia.

JAKARTA -- The Financial Services Authority (OJK) has officially launched the 2023-2027 Roadmap for the Development and Strengthening of Indonesian Sharia Banking (RP3SI) with the theme "Excellent Sharia Banks for a Prosperous Society" on 27 November 2023.

This new roadmap was born as an update to the 2020-2025 Indonesian Sharia Banking Development Roadmap (RP2SI). It is hoped that RP3SI can become a guide for the OJK, associations, the sharia banking industry and all relevant stakeholders in developing strategies for developing and strengthening sharia banking in the next five years.

This roadmap is proof of OJK's commitment to supporting the development of national sharia banking as mandated in Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (UU PPSK).

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OJK stated that the transformation of sharia banking is the main focus to bring this industry towards sharia banking that is stronger and more competitive, and contributes significantly to the national economy and social development.

This transformation, explained the OJK, requires a paradigm shift for all stakeholders towards strengthening the characteristics of sharia banking which not only prioritizes business goals, but also supports its social functions to achieve the benefit of society so that it is hoped that sharia banking can play a significant role in promoting the moral economy.

RP3SI carries a vision to create sharia banking that is healthy, efficient, has integrity and competitiveness, as well as making a significant contribution to the national economy to achieve the benefit of society.

In order to achieve this goal, RP3SI is summarized in five main focuses which cover three dimensions, namely supply side, demand side, and the OJK internal side as the main support for all aspects of sharia banking.

The five pillars referred to are strengthening the structure and resilience of the sharia banking industry, accelerating the digitalization of sharia banking, strengthening the characteristics of sharia banking, increasing the contribution of sharia banking to the national economy, and strengthening regulation, licensing and supervision of sharia banking.