The Indonesian Government has enacted Law No. 4/2023 to strengthen the financial sector and encourage growth in financial services. A key amendment under this law is the directive for Conventional Commercial Banks to spin off their Sharia Business Units (UUS), as detailed in the revised Law No. 21/2008. OJK Reg. No. 12/2023 further outlines the steps for both mandatory and elective UUS spinoffs, underscoring the government's commitment to paving the way for a more robust and responsive financial services sector. Find out more our insights about this topic in our Legal Brief publication.