Indonesia's Financial Services Authority (OJK) inaugurated the membership of the Islamic Finance Development Committee, making the committee operational under Law No. 4 of 2023 on Financial Sector Development and Strengthening and establishing it as a formal mechanism to strengthen sharia governance and coordinate policy across Indonesia’s Islamic finance sector. OJK also launched the 2024 Indonesia Islamic Finance Development Report. Chaired by OJK’s Chief Executive for Banking Supervision, Dian Ediana Rae, the committee brings together relevant OJK department heads spanning sharia banking, sharia capital markets including carbon exchange and derivatives, sharia insurance and pensions, sharia financing institutions, sharia fintech and digital and crypto assets, and sharia consumer protection and education, alongside external members affiliated with the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) and professional non-affiliated members, namely Dr H Anwar Abbas, Prof K H Hasanudin, Prof Dian Masyita, Mohammad Mahbubi Ali, and M Gunawan Yasni. Its mandate includes providing recommendations on Islamic finance development, reviewing and advising on OJK sharia finance policies to ensure consistency with DSN-MUI fatwas, issuing interpretative recommendations on sharia principles to support industry compliance, and supporting OJK coordination with DSN-MUI, with stated objectives to enhance accountability and transparency in decision-making, accelerate sharia rulemaking, and integrate OJK’s Islamic finance policy. The 2024 report is framed around transforming policy direction and describes industry strategies to maintain performance and adapt amid slowing global economic conditions linked to geopolitical tensions, trade fragmentation, and election-related dynamics.

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