LEGAL SYNCHRONIZATION OF SHARIA BANKING SUPERVISION ARRANGEMENTS IN INDONESIA
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Abstract
The development of banking supervision arrangements undergoes frequent changes due to various factors such as political conditions and socio-economic situations. Initially, bank supervision was under the purview of Bank Indonesia (BI), but it later shifted to the Financial Services Authority (OJK). However, this change in the regulatory framework has resulted in legal uncertainties in the regulation of Sharia banking, which contradicts legal principles, legal theory, and the rule of law. Consequently, it has led to legal issues in the supervision of Sharia banking within the Indonesian legal system. This research employs a normative legal research method utilizing primary, secondary, and tertiary legal sources. Legal materials were collected through document and literature studies, and they were subsequently analyzed descriptively. Additionally, legal interpretation methods were used to construct prescriptions and draw deductive conclusions. The findings of this study indicate that the synchronization of Islamic banking supervision arrangements within the Indonesian legal system entails external supervision of Sharia banking being carried out by the OJK. However, internal supervision is overseen by the Board of Commissioners, with the specific supervision of Sharia banking falling under the purview of the Sharia Supervisory Board (DPS). Moreover, legal solutions related to Sharia banking supervision in Indonesia involve institutional supervision conducted by the OJK, which is specifically authorized by law to regulate and supervise Sharia banking. At the national level, supervision of Sharia aspects is carried out by the National Sharia Banking DPS.
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