OJK Says PoJK Draft About The Sharia Business Unit Spin Off Has Been Completed

JAKARTA - The Financial Services Authority (OJK) has completed the latest draft OJK regulations related to the spin off of Islamic business units (UUS) from banks as a derivative rule of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

Based on the mandate of the P2SK Law, the draft POJK will be discussed with Commission XI of the DPR RI before it is ratified.

"This is one POJK which based on the P2SK Law must be consulted with the DPR Commission XI, there will be a consultation time before setting a POJK. This has been completed in draft," said Deputy Chairman of the OJK Board of Commissioners Mirza Adityaswara quoting Antara.

The P2SK Law has changed the UUS spin off policy to a sharia bank from being handed over to the OJK.

He said as many as two banks had spin off the UUS based on the provisions of Law Number 21 of 2008 concerning Sharia Banking, namely Bank Sinarmas with UUS which became Bank Nano Syariah and Islamic banks from the UUS belonging to BPD Special Region of Yogyakarta.

"Both of them have obtained a permit and later we will complete their business license," he also said.

Law Number 21 of 2008 concerning Sharia Banking stipulates that the UUS spin off must be carried out no later than the end of June 2023, but this provision is abolished in the P2SK Law.

The law then stipulates that the obligation to spin off the UUS to become a sharia bank will be determined by the OJK.

Dian is optimistic that the performance of banking intermediation will remain strong with credit disbursement set to grow 10 to 12 percent on an annual basis in 2023.

"The intermediation function is going very well, on the right track, and according to the credit growth target of 10 to 12 percent in 2023. As of March 2023, credit grew 9.93 percent and Third Party Funds (DPK) grew 7 percent on an annual basis, with an asmple banking liquidity," he also said.