Indonesia's Financial Services Authority (OJK) held the 21st annual Ijtima’ Sanawi meeting for Sharia Supervisory Boards (Dewan Pengawas Syariah, DPS), in cooperation with the National Sharia Board of the Indonesian Ulema Council (DSN-MUI), to reinforce DPS coordination and its role in supporting innovation and governance across Indonesia’s Islamic financial services industry. The update highlighted Islamic finance assets of IDR 2,972.95 trillion as of June 2025, comprising IDR 967.33 trillion in Islamic banking, IDR 1,828.25 trillion in Islamic capital markets, and IDR 177.32 trillion in Islamic non-bank financial institutions. OJK also cited Indonesia’s third-place ranking (out of 82 countries) for the strength of its Islamic fintech ecosystem in the Global Islamic Fintech Report 2024/2025, and reiterated its focus on strengthening regulation, financial education and consumer protection, market deepening, and industry support for new sharia-compliant products. In a Leaders Talk session, OJK emphasised that DPS should ensure product innovation aligns with market conduct expectations and OJK requirements, noting 2025 Islamic finance literacy of 43.42% and inclusion of 13.41%, alongside challenges including a gap between rising understanding and product use and increased digital financial fraud.
OJK 2025-09-26
Indonesia's Financial Services Authority convenes 21st annual Sharia Supervisory Board meeting as Islamic finance assets total IDR 2,972.95 trillion
Indonesia's Financial Services Authority (OJK) hosted the 21st annual Ijtima’ Sanawi meeting to enhance coordination among Sharia Supervisory Boards and support innovation in the Islamic financial sector. The meeting highlighted Islamic finance assets totaling IDR 2,972.95 trillion as of June 2025 and Indonesia's strong position in the Global Islamic Fintech Report. OJK emphasized aligning product innovation with regulatory expectations and addressing challenges like the gap between financial literacy and product use, and rising digital financial fraud.