Convergence of Sharia Principles in Otoritas Jasa Keuangan (OJK) Indonesia Regulations and Their Impact on National Financial Policy
DOI:
https://doi.org/10.15575/ks.v8i1.51562Keywords:
Islamic Finance, Legal Harmonization, Maqāṣid al-Sharī‘ah, OJK Regulation, Sharia ConvergenceAbstract
This study analyzes the convergence of Sharia principles within the Financial Services Authority (OJK) regulatory framework and its impact on the transformation of Islamic financing law in Indonesia. Pursuant to Law No. 21 of 2011 on the Financial Services Authority and Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK), OJK is mandated to ensure that all Islamic financial institutions operate in compliance with Sharia principles. However, implementation remains suboptimal, both in terms of regulatory products and practical application. Using a qualitative empirical juridical approach, this study combines normative analysis of statutory regulations, OJK circulars (POJK and SEOJK), and DSN-MUI fatwas with field interviews conducted at the OJK Regional Office in Cirebon. In line with Antonios E. Platsas’s theory of legal convergence, the study finds that OJK’s regulatory approach reflects a multimodal integration of top-down legal harmonization and institutional adaptation of Sharia ethics. Nonetheless, convergence in practice remains largely formalistic, as many regulations still prioritize prudential and administrative compliance over substantive realization of maqāṣid al-sharī‘ah. Strengthening coordination between OJK and the Sharia Supervisory Board (DPS) is therefore essential to align regulatory governance with Sharia’s moral objectives of justice, partnership, and sustainability within Indonesia’s national financial system.References
Abbas, B. A. (2025). Waketum MUI: Sesuai Ketentuan OJK, DPS Dituntut Menguasai Ilmu Perbankan Hingga Manajemen Risiko. Majelis Ulama Indonesia. https://mui.or.id/baca/berita/waketum-mui-sesuai-ketentuan-ojk-dps-dituntut-menguasai-ilmu-perbankan-hingga-manajemen-risiko
Abduh, M., & Azmi Omar, M. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35–47.
Achsien, I. H., & Purnamasari, D. L. (2016). Islamic crowd-funding as the next financial innovation in Islamic finance: Potential and anticipated regulation in Indonesia. European Journal of Islamic Finance, 5.
Al-Ghazali, A. H. M. I. M. (n.d.). Al-Mustasfa Min `Ilm al-Usul. Dar al-Fikr.
Al-Syatibi, A. I. (1997). Al-Muwafaqat Fi Usul al-Syariah. Dar al-Ma`rifah.
Alagha, H. S. (2016). Corporate governance practices and firm performance of listed companies including Islamic financial institutions in the United Arab Emirates. Victoria University.
Alhabsyi, M. (2020). Teori Konvergensi Dalam Prespektif Pendidikan Islam Kajian Perkembangan Kepribadian Dalam Rangka Pembangunan Sumberdaya Penegak Hukum Di Indonesia. Qaumiyyah: Jurnal Hukum Tata Negara, 1(2), 142–160.
Alsadi, N. (2025). The Convergence of Blockchain Technology and Islamic Economics: Decentralized Solutions for Shariah-Compliant Finance. ArXiv Preprint ArXiv:2501.02263.
Bank Syariah Indonesia. (2024). Laporan Tahunan 2023: Ekspansi dan Akselerasi Bisnis untuk Pertumbuhan Berkelanjutan.
Batara, B. (2025). Bennix Kritik Pedas OJK yang Dianggap Gagal Total dalam Pengawasan: Bubarkan OJK | To The Point Aja! Youtube Sindo Podcast. https://www.youtube.com/watch?v=VIqlYJUznmU
Beseiso, F. H., Thornton, R. J., & Aronson, J. R. (2014). The Developing Role of Islamic Banking and Finance: From Local to Global Perspectives. Emerald Group Publishing Limited. https://books.google.co.id/books?id=BpzDBAAAQBAJ
Bowen, J. R. (2003). Islam, law, and equality in Indonesia: An anthropology of public reasoning (C. U. Press (ed.)).
Budiman, I. (2021). Converting conventional banks to sharia banks in Aceh: An effort to maintain a stable economy in the covid-19 outbreak. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(1), 24–40.
Chapra, M. U. (2016). The future of economics: An Islamic perspective (Vol. 21). Kube Publishing Ltd.
Chirico, F., & Larouche, P. (2013). Convergence and divergence, in law and economics and comparative law. National Legal Systems and Globalization: New Role, Continuing Relevance, 9–33.
Darmalaksana, W. (2022). Metodologi Penelitian Hukum Islam. Sentra Publikasi Indonesia.
Departemen Agama RI. (2019). Al-Qur’an dan Terjemahan. Lajnah Pentashihan Mushaf al-Qur’an Balitbang Kemenag RI.
Dian Edianare. (2023). OJK BiSa: Digital Bank, Aman Gak Sih? Youtube Otoritas Jasa Keuangan. https://www.youtube.com/watch?v=B-WTqRY9ua
Eftekhar Jahromi, G., & Rezayei, A. (2016). The Convergence of Environmental Law and Human Rights; Whit an Attitude to Islamic Law. Comparative Studies on Islamic and Western Law, 3(1), 1–32.
Elasrag, H. (2010). Global Financial Crisis and Islamic finance. Available at SSRN 1591563.
Federspiel, H. (1998). Islamic values, law and expectations in contemporary Indonesia. Islamic L. & Soc’y, 5, 90.
Hafizd, J. Z. (2021). Sejarah Hukum Islam di Indonesia: Dari Masa Kerajaan Islam Sampai Indonesia Modern. Jurnal Tamaddun : Jurnal Sejarah Dan Kebudayaan Islam, 9(1). https://doi.org/10.24235/tamaddun.v9i1.8087
Harrieti, N., & Abubakar, L. (2020). Pembaruan Regulasi Sektor Jasa Keuangan Dalam Pembentukan Bank Wakaf Di Indonesia. Jurnal Bina Mulia Hukum, 5(1), 1–14.
Hidayat, Dianto, I., Arif, M., & Majid, A. (2025). Peran Dewan Syariah Nasional Majelis Ulama Indonesia dan Dewan Pengawas Syariah terhadap Implementasi Akad Syariah di Perbankan Syariah Indonesia. Syarikat: Jurnal Rumpun Ekonomi Syariah, 8(1), 66–78.
Hulwani, D. K., & Hadi, I. K. (2023). Perlindungan Nasabah Bank Mengenai Pencantuman Syarat Syarat Sepihak Pada Perjanjian Pembiayaan Akad Murabahah (Penelitian Pada PT Bank Aceh Syariah Cabang Banda Aceh). Jurnal Ilmiah Mahasiswa Bidang Hukum Keperdataan, 7(4), 687–697.
KBBI. (2024). Konvergensi. Badan Pengembangan Dan Pembinaan Bahasa (Pusat Bahasa). https://kbbi.web.id/konvergensi
Khan, F. (2010). How ‘islamic’is islamic banking? Journal of Economic Behavior & Organization, 76(3), 805–820.
Law. (1974). Undang-Undang Nomor 1 tahun 1974 Tentang Perkawinan (Law Number 1 of 1974 concerning Marriage).
Law. (2004). Undang-undang (UU) Nomor 41 Tahun 2004 tentang Wakaf (Law Number 41 of 2004 concerning Waqf).
Law. (2006). Undang-Undang Republik Indonesia Nomor 3 Tahun 2006 Tentang Perubahan Atas Undang-Undang Nomor 7 Tahun 1989 Tentang Peradilan Agama (Law of the Republic of Indonesia Number 3 of 2006 concerning the Amendment to Law Number 7 of 1989 on Religious Courts).
Law. (2008). Undang-Undang Republik Indonesia Nomor 21 Tahun 2008 Tentang Perbankan Syariah [Law of the Republic of Indonesia Number 21 of 2008 concerning Islamic Banking].
Law. (2011a). Undang-undang (UU) Nomor 23 Tahun 2011 tentang Pengelolaan Zakat (Law Number 23 of 2011 concerning Zakat Management).
Law. (2011b). Undang-Undang Republik Indonesia Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan [Law of the Republic of Indonesia Number 21 of 2011 concerning the Financial Services Authority].
Lubi, Z., Panjaitan, B. S., & Harahap, A. M. (2025). Keadilan Restoratif Sebagai Paradigma Baru Dalam Pembaruan Hukum Pidana Indonesia (Harmoniasasi Dan Konvergensi Dengan Hukum Islam). Jurnal Nirta: Studi Inovasi, 4(2), 150–171.
Malik, A., Ullah, K., Jan, S., Atiq, M., & Abdullah, A. (2021). The role of knowledge diffusion in evolving governance principles for Islamic banking. International Journal of Islamic and Middle Eastern Finance and Management, 14(4), 835–850.
Mordovcev, A. Y., Mordovceva, T., & Mamychev, A. (2015). The convergence of law: The diversity of discourses. Mediterranean Journal of Social Sciences, 6(3), 262–267.
Muhaimin. (2021). Regulation of Conversion of Conventional Banks to Islamic Banks and Legal Issues. J. Legal Ethical & Regul. Isses, 24, 1.
Otoritas Jasa Keuangan. (2014). Peraturan Otoritas Jasa Keuangan Nomor 31/POJK.05/2014 Tahun 2014 tentang Penyelenggaraan Usaha Pembiayaan Syariah.
Otoritas Jasa Keuangan. (2019a). Peraturan Otoritas Jasa Keuangan Nomor 28/POJK.03/2019 Tahun 2019 tentang Sinergi Perbankan dalam Satu Kepemilikan untuk Pengembangan Perbankan Syariah.
Otoritas Jasa Keuangan. (2019b). Statistik Perbankan Syariah - Desember 2019. Otoritas Jasa Keuangan.
Otoritas Jasa Keuangan. (2021). Peraturan Otoritas Jasa Keuangan Nomor 10/POJK.05/2021 Tahun 2021 tentang Perizinan Usaha dan Kelembagaan Lembaga Keuangan Mikro.
Otoritas Jasa Keuangan. (2023). Peraturan Otoritas Jasa Keuangan Nomor 17 Tahun 2023 tentang Penerapan Tata Kelola Bagi Bank Umum.
Otoritas Jasa Keuangan. (2024). Statistik Perbankan Syariah - September 2024. In Otoritas Jasa Keuangan. Otoritas Jasa Keuangan. https://ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perbankan-syariah/Pages/Statistik-Perbankan-Syariah---September-2024.aspx
Otoritas Jasa Keuangan. (2025). Peraturan Otoritas Jasa Keuangan Nomor 20 Tahun 2025 tentang Kewajiban Pemenuhan Rasio Kecukupan Likuiditas Liquidity Coverage Ratio dan Rasio Pendanaan Stabil Bersih Net Stable Funding Ratio Bagi Bank Umum Syariah Dan Unit Usaha Syariah.
Oxford Learner’s Dictionaries. (2025). Convergence. Oxford University Press. https://www.oxfordlearnersdictionaries.com/definition/english/convergence
Peraturan Presiden. (2020). Peraturan Presiden Nomor 28 Tahun 2020 tentang Komite Nasional Ekonomi dan Keuangan Syariah.
Platsas, A. E. (2024). The Concept of Legal Convergence. In Are Legal Systems Converging or Diverging? Lessons from Contemporary Crises (pp. 27–44). Springer.
Putri, A. K. (2025). Interview.
Qaraḍāwī, Y. al. (1984). The lawful and the prohibited in Islam (Al-halal wal-haram fil Islam).
Rahmatullah, M. (2022). Merger Bank Syariah Indonesia Menurut Peraturan Otoritas Jasa Keuangan Nomor 41/POJK. 03/2019. Lex Privatum, 10(2).
Rizvi, Lubna Javed, and Z. H. (2022). Review of Saudi Arabia company law reforms and its implications on corporate governance framework-an evidence from emerging market. International Journal of Law and Management, 64(1), 49–58.
Rulanda, S. P., Zaini, Z. D., & Safitri, M. (2020). Kedudukan Hukum Pengawas Bank Syariah yang Dilakukan oleh Otoritas Jasa Keuangan (OJK) dan Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI). Jurnal Supremasi, 36–51.
Sakirman, S. (2017). Konvergensi Pembagian Harta Waris Dalam Hukum Islam. Al-Hurriyah: Jurnal Hukum Islam, 2(1), 45–56.
Shihab, M. Q. (2011). Tafsir Al-Mishbah. Lentera Hati.
Siroj, A. M., Marzuki, I., & Elkhairati, E. (2023). Transformation and Future Challenges of Islamic Law in Indonesia. Al-Istinbath: Jurnal Hukum Islam, 8(1), 1–24.
Smolo, E., & Mirakhor, A. (2010). The global financial crisis and its implications for the Islamic financial industry. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 372–385.
Soumena, F. Y., Anwar, A. I., Arsyad, R., Laming, R. F., & Bahasoan, A. N. (2023). Institutional framework and regulatory challenges in the development of the sharia financial sector in Indonesia: a political economy perspective. Jurnal Ar-Ribh, 6(2).
Sukmana, R., Ajija, S. R., Salama, S. C. U., & Hudaifah, A. (2020). Financial performance of rural banks in Indonesia: A two-stage DEA approach. Heliyon, 6(7).
Tanin, T. I., Ahmad, A. U. F., & Muneeza, A. (2023). Shariah-compliant equities and Shariah screening: need for convergence of ethical screening of stocks with Shariah screening. International Journal of Emerging Markets, 18(2), 296–315.
Tarmidzi, Khasanah, K., Arwani, A., Said, K., & Ramadhan, M. U. C. (2024). The Pursuit of Legal Harmony in the Integration of Sharia Economic Law Compilation, OJK Regulations, and DSN-MUI Fatwas. Hikmatuna: Journal for Integrative Islamic Studies, 10(1), 121–139.
Undang-Undang. (1998). Undang-Undang Republik Indonesia Nomor 10 Tahun 1998 Tentang Perubahan Atas Undang-Undang Nomor 7 Tahun 1992 Tentang Perbankan.
Undang-Undang. (2011). Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan.
Usmani, M. M. T. (2021). An introduction to Islamic finance (Vol. 20). Brill.
UU. (2008). Undang-Undang Republik Indonesia Nomor 21 Tahun 2008 Tentang Perbankan Syariah.
UU. (2011). Undang-undang (UU) No. 21 Tahun 2011 tentang Otoritas Jasa Keuangan.
Wafi, F. M., & Suwanan, A. F. (2022). The role of the national Sharia economic and finance commission (KNEKS) in improving financial literacy and investment in the Sharia Capital Market. In Reinforcement of the Halal Industry for Global Integration Revival (pp. 24–29). Routledge.
Zubair, M. K. (2016). Analisis Faktor-Faktor Sustainabilitas Lembaga Keuangan Mikro Syariah. Iqtishadia: Jurnal Kajian Ekonomi Dan Bisnis Islam STAIN Kudus, 9(2), 201–226.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Jefik Zulfikar Hafizd, Tajul Arifin, Hasan Bisri, Dedah Jubaedah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).