The Financial Services Authority (OJK) has granted a sharia life insurance business license to MSIG Sharia Life Insurance Indonesia, following the separation of the company’s sharia business unit from MSIG Life in line with Indonesia’s regulatory requirements.

The license took effect on 22 July 2026, following the issuance of OJK Board of Commissioners Decision No. KEP-58/D.05/2026, according to Kompas.

I Wayan Wijana, Head of OJK’s Department of Licensing, Special Examination and Quality Control of Insurance, Guarantee and Pension Funds, said the company must now commence its business operations.

“With the granting of this business license, MSIG Sharia Life Insurance Indonesia is required to carry out business activities,”

Wayan said.

He added that the company must apply sound business practices and comply with all applicable laws and regulations.

Based in South Jakarta, MSIG Sharia Life Insurance Indonesia previously operated as MSIG Life’s sharia business unit.

As of June 2026, the unit recorded combined assets of Rp582.11 billion and joint contributions of Rp50.27 billion.

The approval is part of OJK’s efforts to complete the separation of sharia business units within insurance and reinsurance companies by 2026, under OJK Regulation No. 11 of 2023 (POJK 11/2023).

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