JAKARTA – Financial Services Authority (OJK) revokes the license of Sharia Unit of PT Asuransi Allianz Life Indonesia (AALI) following the spin-off. The sharia unit will then be transferred to PT Asuransi Allianz Life Syariah Indonesia (AALSI).

In the information disclosure quoted Thursday (26/9), Asep Iskandar, Chief of Department of License, Special Inspection, and Quality Control of Insurance, Security, and Pension Fund of OJK, said that this sharia unit license revocation will be followed by the transfer of its sharia unit businesses to AALSI.

“With this revocation of sharia unit license, AALI is now prohibited from conducting life insurance activities with sharia principles,” Iskandar added.

The revocation is stated in Decree of the Member of the Board of Commissioner of OJK No.KEP-507/PD.02/2024 dated two weeks ago (9/9).

As of July 2024, AALI’s sharia unit reported investment income and investment management ujrah of IDR 541.35 million, with profit after taxes at IDR 478 million. (LK/ZH)