New OJK Regulation on Sharia Commercial Banks to Come into Force on 1 December 2022

In an effort to encourage the further development of sharia commercial banks (“ Sharia Banks ”), [1] the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) recently issued Regulation No. 16/POJK.03/2022 on Sharia Commercial Banks (“ Regulation 16/2022 ”), which is set to serve as the new legal framework for Sharia Banks. When it is finally promulgated, Regulation 16/2022 will repeal and replace the following regulations: [2]