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All Journal Journal of International Islamic Law, Human Right and Public Policy
Regina Sondakh
Universitas Negeri Manado
Religion Law, Crime, Criminology & Criminal Justice

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LEGAL ANALYSIS OF THE FINANCIAL SERVICES AUTHORITY (OJK) SUPERVISORY MECHANISM IN THE BANKING SECTOR Regina Sondakh; Evie E. Masengi; Joyce Ch. Kumaat
Journal of International Islamic Law, Human Right and Public Policy Vol. 4 No. 1 (2026): March
Publisher : PT. Radja Intercontinental Publishing

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Abstract

Bank Indonesia (BI) and the Financial Services Authority (OJK) play a crucial role in supervising the financial system in Indonesia. BI is responsible for macroprudential supervision, while OJK oversees microprudential aspects. With this separation, OJK was established to enhance integration and transparency in the supervision of financial institutions based on juridical, sociological, and philosophical foundations. Although OJK has broad authority, its independence has become a point of concern, particularly in relation to its organizational structure and funding. Dependence on the State Budget (APBN) and levies from supervised institutions has the potential to create conflicts of interest and affect the competitiveness of the financial industry. Therefore, it is important to ensure that OJK can operate independently and effectively in maintaining the stability of the national financial system.
Co-Authors Evie E. Masengi Joyce Ch. Kumaat