Synergy of Bank Indonesia, the Financial Services Authority, and the National Sharia Board in Building Indonesia's Islamic Financial System
DOI:
https://doi.org/10.63738/aimmah.v3i1.54Keywords:
Bank Indonesia, Financial Services Authority, National Sharia Board, Islamic Finance, Maqashid al-ShariahAbstract
Indonesia's financial system, particularly its Islamic finance sector, is built upon the synergy of three key authorities: Bank Indonesia (BI), the Financial Services Authority (OJK), and the National Sharia Board of the Indonesian Ulema Council (DSN-MUI). This article aims to examine the regulations and authority of BI, OJK, and DSN-MUI, and to analyze the pattern of synergy and challenges they face in developing national Islamic finance. The study employs a qualitative approach using library research on relevant laws and regulations, DSN-MUI fatwas, and academic literature. The findings show that BI is responsible for maintaining monetary and macroprudential stability while developing sharia-based monetary instruments; OJK functions as an integrated regulator and supervisor of the financial services sector while also ensuring sharia compliance; and DSN-MUI acts as a normative authority issuing fatwas as the basis of sharia compliance. The three institutions complement one another within the framework of muwazanah (balance) between state regulation and sharia principles, yet still face challenges such as the harmonization of regulation and fatwa, low sharia financial literacy, limited human resources, and adaptation to financial technology. Strengthening inter-institutional coordination and value-based supervision is needed for Indonesia's Islamic finance system to develop substantively rather than merely formally, in line with the objectives of maqashid al-shariah in safeguarding wealth (hifz al-maal) and realizing public welfare.
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