Otoritas Jasa Keuangan (OJK) carrying out the mandate of legislation to oversee and develop the financial services sector, including the Islamic financial services industry. As a watchdog agency, OJK has prepared infrastructure in the form of risk-based supervision rules and prudential regulations and supervision system specifically for the Islamic financial services industry.
The standards defined settings also adopted oversight standards that have been recognized internationally. This is to ensure that the Islamic finance industry has an established capacity in the face of turmoil in the financial system.
In the two decades of its development since the birth of the first Islamic bank in the country, the Islamic financial system has been growing rapidly. Not only Islamic banking, but also the financial industry has developed non-Islamic banks. For example Islamic insurance companies, pension funds sharia, Islamic finance companies, Islamic bonds (sukuk), Islamic mutual funds, and other Islamic capital market activity.
Islamic system has also penetrated the real sector with a presence of some kind of Islamic business that includes food and medicine halal, Islamic fashion, and even sharia tourism.
OJK along with Islamic financial stakeholders to encourage the implementation of the National Campaign for Love of Islamic Finance. As a movement, the National Campaign for Love of Islamic Finance has the aim of encouraging the collective consciousness of the whole economic and Islamic finance stakeholders to understand and love the products and Islamic financial activity with synergy and work together to develop economic and Islamic finance in the country.
