RRI.CO.ID, Jakarta – The Indonesian Financial Services Authority (OJK) is intensifying efforts to develop national Islamic banking products and business models as part of its strategy to strengthen the industry.

This initiative represents the implementation of the third pillar of the Roadmap for the Development and Strengthening of Islamic Banking in Indonesia (RP3SI), focusing on product innovation and improved financial services.

OJK has issued nine guidelines for Islamic banking products and introduced Regulation No. 4/2026 on the operation of Islamic banking investment products. In 2025, the authority also established the Islamic Finance Development Committee (KPKS) to accelerate the growth of the national Islamic finance sector.

Through the KPKS, several strategic recommendations have been released, including adjustments to the interest-based debt ratio in the Sharia Securities List and stronger regulations for bullion business activities.

OJK’s Executive Director of Banking Supervision, Dian Ediana Rae, said the development of Sharia products is progressing positively, marked by the introduction of new financial instruments.

“The development of Sharia products is showing positive progress through the implementation of Cash Waqf Linked Deposits (CWLD) at nine Sharia Commercial Banks (BUS) and three Sharia Business Units (UUS).

There are also nine Sharia Rural Banks (BPR), bringing the total project value to IDR 907.73 million (USD 51,599) and total funds mobilized amounting to IDR 22.76 billion,” Dian said in a press statement on Saturday, May 16, 2026.

She added that the Shariah Restricted Investment Account (SRIA) has also been piloted at one BUS and one UUS, totaling IDR 1.35 trillion.

The development of Islamic banking is being advanced through collaboration with stakeholders. OJK, together with local administrations and Regional Development Banks (BPD), has organized strategic workshops across various regions.

Dian emphasized that Islamic banking’s support for the real sector continues to strengthen, particularly through expanded access to financing for micro, small, and medium enterprises (MSMEs).

As of March 2026, total MSME financing from the Islamic banking industry reached IDR 217.86 trillion. OJK expects this momentum to further increase the sector’s contribution to the national economy. (Gusti Panji)