Peraturan Otoritas Jasa Keuangan 4/2026 (Peraturan Otoritas Jasa Keuangan Nomor 4 Tahun 2026 tentang Penyelenggaraan Produk Investasi Perbankan Syariah) is a regulation of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, OJK) that governs investment products offered by sharia banks, in which the customer rather than the bank bears the investment risk. It was signed on 1 April 2026 and took effect on its promulgation on 29 April 2026.^[1][2] It forms part of the body of rules described at financial sector regulation in Indonesia.

The preamble explains the regulation as a consequence of the financial sector law, Undang-Undang 4/2023, which amended the Sharia Banking Law, Undang-Undang 21/2008, to separate deposit products from investment products in sharia banking; before that amendment, sharia investment products had been regulated on principles similar to deposits.^[3] The regulation applies to sharia commercial banks (Bank Umum Syariah, BUS), sharia business units of conventional banks (Unit Usaha Syariah, UUS) and sharia rural financing banks (BPR Syariah).^[4]

It classifies the sharia banking investment product as an advanced bank product and a restricted investment, fixes twelve basic features, including that losses are borne by the investor and that the investment is not guaranteed by the Deposit Insurance Agency, and sets rules on governance, segregation, prudential treatment and consumer protection.^[5][6] Breaches draw tiered administrative sanctions, and banks already offering such products were given two years to conform.^[7][8] It was promulgated on the same day as OJK's regulation on underwriters and broker-dealers, and CRPG's regulatory tracker published an analysis of it in July 2026.^[9][10]

¶ Background

The general part of the elucidation states that the Sharia Banking Law of 2008 regulated both deposit and investment products on the profit-sharing principle but did not clearly separate them, so that the two were applied in similar ways and did not fully reflect profit-and-loss sharing. The amendment made by Undang-Undang 4/2023 separated the two, and defined investment as funds entrusted by an investor customer under a mudarabah contract or another sharia-compliant contract whose risk is borne by the investor customer.^[11] The regulation has thirteen articles in five chapters and an annex on asset quality.^[1:1][12]

¶ Definitions and product features

Pasal 1 defines Investasi as funds entrusted by an investor customer (Nasabah Investor) to a bank under a mudarabah contract or another contract consistent with sharia principles, whose risk the investor customer bears. A sharia banking investment product is the bank's collection of investment funds that are channelled to an underlying asset (Aset yang Mendasari), a productive asset, for the benefit of the investor customer. A mudarabah contract is defined as a business partnership in which the capital owner supplies all the capital, the manager runs the business, and profit is divided in an agreed ratio.^[4:1]

Pasal 2 designates the product as an advanced bank product (produk Bank lanjutan), whose introduction and termination follow OJK's rules on bank products, and as a restricted investment (produk Investasi yang terikat); the bank must record it in its statement of financial position.^[5:1] The elucidation explains that investment funds are presented separately from liabilities and equity.^[13]

Pasal 3 ayat (1) lists the basic features every product must have. The arrangement has two contract stages, one placing the investor's funds with the bank and one channelling them to the underlying asset, which may be financing or sharia securities held by the bank. Returns rest on the profit or loss of the underlying asset; the tenor and nominal amount of the investment equal those of the underlying asset; the investment is held to maturity and not traded; losses from the underlying asset are borne by the investor; the funds are managed separately from liabilities; the investment is not guaranteed by the Deposit Insurance Agency (Lembaga Penjamin Simpanan); and proceeds from settling the underlying asset may be used only to repay the investors.^[6:1] Pasal 3 ayat (2) permits optional features, among them early redemption, which for financing-based products requires a replacement investor and may not use the bank's own funds.^[6:2]

¶ Conduct of the product

Banks must apply governance and risk management to the product as part of their general governance and risk-management frameworks, and must manage the underlying assets prudently and in accordance with sharia principles for the benefit of investors, in fulfilment of fiduciary duties (Pasal 5).^[14] Pasal 6 requires policies and procedures on suitability assessment, including profiling of the investor's objectives, risk tolerance, financial profile and experience; on disclosure standards; on the selection of underlying assets; and on active and regular engagement with investors. Pasal 7 requires investment funds to be segregated from third-party deposits, and underlying assets from the bank's other productive assets, including in the calculation of rates of return.^[14:1]

On the bank's side, risk-weighted assets, legal lending limits and asset quality are calculated under OJK's general rules, while investment funds and underlying assets are excluded from the financing to deposit ratio (Pasal 8).^[15] Where the investor is itself a financial services institution, Pasal 9 applies that institution's risk-weight rules, calculates its investment limit on a look-through basis in proportion to the underlying assets, measures asset quality by the ratio of realised to projected investment return set out in the annex, and places any impairment reserve on the investor.^[12:1] Pasal 10 requires banks to apply OJK's consumer-protection rules, to ensure the suitability of the investor for the product, and to disclose product information transparently.^[16]

¶ Sanctions and transition

Two parallel sanction provisions apply. Pasal 4 covers breaches of the recording duty and the basic features, and Pasal 11 covers breaches of the governance, policy and segregation duties. In each, a first breach draws a written reprimand; continued breach may lead to a prohibition on issuing new products, suspension of certain business, bans on expansion or new business, and a lower governance rating in the bank's soundness assessment; and the bank's main parties may be barred under OJK's reassessment rules. BUS and UUS may in addition be fined between Rp2 billion and Rp50 billion for each breach, and BPR Syariah between Rp10 million and Rp100 million. Breaches of the consumer-protection duties are sanctioned under OJK's consumer-protection regulation.^[7:1][17]

Under Pasal 12, a bank that already offered a sharia investment product must adjust it within two years of entry into force or by the end of the contract term, and pending licence applications are processed under the new rules.^[8:1]

¶ Relationship to other instruments

The regulation depends on several OJK regulations it names only by subject, among them those on bank products, risk-weighted assets, legal lending limits, asset quality and the reassessment of main parties.^[5:2][15:1] It was signed on the same day as POJK 3/2026 on underwriters and broker-dealers, and the two were promulgated together on 29 April 2026.^[2:1][9:1] The Deposit Insurance Agency, whose guarantee Pasal 3 excludes from these products, is also the agency whose fund-placement and restructuring powers PP 11/2026 regulates.^[6:3]

¶ See also

• POJK 6/2026

¶ External links

• Peraturan OJK No. 4 Tahun 2026 (JDIH BPK)
• CRPG: Sharia Banking Investment Products: POJK 4/2026 (crpg.id, 18 July 2026)

¶ References