OJK Annual Report 2013

Jul 24 2014
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All Praise to God Almighty for His bounty and blessings that the Financial Services Authority (OJK) has begun to operate since early 2013. The establishment of OJK extends broader horizons for the Financial Services Industry by uniting the regulation and supervision of the Capital Market
and Non-Bank Financial Industry (previously under the Capital Market and Financial Institution Supervisory Agency, Ministry of Finance) along with the Banking Industry (from Bank Indonesia) under a single authority.

The OJK has a great responsibility towards the economy of Indonesia because of the two overarching mandates, namely the integrated regulation and supervision
of all activity in the financial services sector, as well as Education and Consumer Protection. We are also grateful that amidst global economic conditions shrouded in ubiquitous uncertainty that undermined the domestic economy, OJK is still able to implement its function and duties effectively.

Similarly, the transfer of the supervision and regulation function for the capital market and non-bank financial industry on 31st December 2012, along with banking supervision and regulation on 31st December 2013, was completed without triggering shocks on financial markets in Indonesia. During the past year of 2013, global financial markets continued to fluctuate. Early signs of recovery in first part of 2013 was further negated by the sharp correction in the financial markets in the second half of 2013, particularly in emerging economies, due to the Federal Reserves tapering policy and the debt ceiling in the US, coupled with inconclusive crisis handling and resolution in Europe. Such economic and financial market conditions strongly influenced the domestic economy and financial market performance.

Consequently, during the year of 2013 macroeconomic development was highlighted by the slowing down of domestic growth, a depreciation of domestic currency as well as the increase in the domestic cost of capital (financing). Whilst at the end of 2013, the IDX Composite index was at a level of 4,274.18, which was down 0.98% on previous data. However, despite the aforementioned developments, the domestic financial market still shows signs of its resiliency.

Departing from IDX Composite trends, stock market capitalisation value increased 2.23% to Rp 4,219 trillion. Congruent with the increasein stock market capitalisation value, the global economic slowdown did not compromise the performance of the investment fund industry, as evidenced by the 2.64% bump in total Net Asset Value (NAV) to Rp 192.54 trillion. Meanwhile, the non-bank financial industry, which encompasses the insurance industry, pension funds, finance companies and other financial services institutions as well as the sharia non- bank financial industry, tended to perform promisingly. Total assets of the non-bank financing industry increased 13.6% to Rp 1,320.78 trillion at the end of December 2013.

A remarkable year has passed and a lot has been achieved towards the manifestation of the Vision and Mission of OJK. At the start of operations, OJK focused attention on efforts to strengthen the implementation of the tasks, function and authority for the regulation and risk-based supervision of financial services activity in the capital market industry and the non-bank financial industry. 

On behalf of the Board of Commissioners, I would like to express my deepest gratitude to all stakeholders who have supported task implementation at OJK. Sincere appreciation is also extended to all employees of OJK, who have worked tirelessly and with dedication to realise the vision and mission of OJK.

Muliaman D. Hadad,
Chairman of the Board of Commissioners
Indonesia Financial Services Authority
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