Adjustment on the Minimum Requirements for DPS Member Candidates and Formation of DPS

In an effort to optimize the various roles and responsibilities of Sharia Supervisory Boards (Dewan Pengawas Syariah– “ DPS ”) during the application of sharia governance by the Sharia Commercial Banks (Bank Umum Syariah– “ BUS ”) and Sharia Business Units (Unit Usaha Syariah– “ UUS ”) of Conventional Commercial Banks(Bank Umum Konvensional/BUK), the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has now issued Regulation No. 2 of 2024 on the Application of Sharia Governance by Sharia Commercial Banks and Sharia Business Units (“ Regulation 2/2024 ”), which has been in force since 16 February 2024. [1]