{
    "success": true,
    "data": {
        "id": 1728107,
        "msgid": "ojks-bold-step-towards-more-authentic-sharia-banking-1778313154",
        "date": "2026-05-09 13:59:00",
        "title": "OJK's Bold Step Towards More Authentic Sharia Banking",
        "author": "Erdy Nasrul",
        "source": "REPUBLIKA",
        "tags": "",
        "topic": "Regulation",
        "summary": "The Financial Services Authority (OJK) has issued Regulation No. 4 of 2026 on the Implementation of Sharia Banking Investment Products, effective from 29 April 2026, which distinctly separates investment products from deposit products in terms of contracts, risk profiles, and governance to align more closely with Islamic principles. This move builds on Law No. 4 of 2023 and aims to reposition sharia banks on their own legal logic rather than conventional banking frameworks, enhancing market trust through clearer risk allocation and compliance with sharia tenets like profit-sharing and risk-bearing. By clarifying the legal relationships between banks and customers, the regulation prevents misallocation of risks and promotes a more integrated regulatory design for the sharia banking sector's authenticity and competitiveness.",
        "content": "<p>The issuance of Financial Services Authority Regulation No.\u00a04 of 2026\non the Implementation of Sharia Banking Investment Products marks a\nsignificant correction in the legal architecture of sharia banking in\nIndonesia. This regulation takes effect from 29 April 2026 and firmly\npositions deposit products and investment products as two distinct\nregimes, differing in contract characteristics, risk profiles, and\nmanagement governance. Amid efforts to strengthen industry\ncompetitiveness, this step should be viewed not merely as an\nadministrative adjustment but as a conceptual repositioning: sharia\nbanks are being encouraged to be built on their own legal logic, rather\nthan continuously shaped through the lens of conventional banking. From\na positive law perspective, the direction of this policy stands on a\nclear foundation: POJK 4\/2026 is a direct follow-up to Law No.\u00a04 of 2023\non the Development and Strengthening of the Financial Sector. The OJK\nitself emphasises that this regulation strengthens the previous\nregulatory framework concerning investment and deposit products in\nsharia banking, although in the public regulatory channel, POJK 26\/2024\nappears with the title Expansion of Banking Business Activities.\nTherefore, what is far more important than debating the title of the\nregulation is to capture the substance of its legal message: from today,\nsharia investment products are firmly placed differently from deposit\nproducts, both in terms of contracts, risks, and legal treatment. Thus,\nthe norms established are not standalone but part of a broader and\nintegrated regulatory design to organise the institutional character and\nproducts of sharia banks so that they operate more consistently with\ntheir true identity. In substance, the OJK defines sharia banking\ninvestment products as funds entrusted by customers to sharia banks\nbased on contracts in accordance with sharia principles, with risks that\nare principally borne by the investor customer. These products must\napply profit-sharing and risk-sharing principles that reflect the true\nnature of investments, with contracts such as mudarabah or other\ncontracts aligned with sharia principles. In more grounded terms: if it\nis an investment, it should no longer be packaged like savings; if risks\nare indeed present, they should not be disguised as if everything is\nguaranteed safe. This is where the relevance of legal theory becomes\nimportant. From the perspective of legal certainty, this regulation\nclarifies the classification of norms and legal objects so that the\nlegal relationship between the bank and the customer is no longer\nambiguous. From the perspective of justice, the separation prevents the\nmisallocation of risks, namely when customers are positioned as if they\nare investors but treated like depositors, or vice versa. Meanwhile,\nfrom the perspective of utility, clearer regulation will strengthen\nmarket confidence because rights, obligations, return expectations, and\nrisk burdens are placed proportionally according to the contract. Within\nthe sharia framework, this step is more than just terminological\nimprovement. The basic principles of muamalah require clarity in\ncontracts, clarity in risks, and clarity of rights to outcomes.\nPrinciples such as al-ghunmu bi al-ghurmi affirm that profit is linked\nto willingness to bear risk, while al-kharaj bi al-dhaman emphasises\nthat the right to outcomes cannot be separated from responsibility for\npotential losses.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/ojks-bold-step-towards-more-authentic-sharia-banking-1778313154",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}