I Wayan Wijana, Executive Director and Head of the Insurance, Special Audit, and Quality Control Department for Insurance, Guarantee, and Pension Funds at OJK, said the revocation was carried out as part of the Shariah Unit Separation Work Plan. Under this plan, the Shariah unit’s operations have been fully transferred to Manulife Indonesia Syariah.
The decision forms part of Manulife’s broader business transformation strategy, particularly aimed at strengthening services based on Shariah principles. With the spin-off now complete, the Islamic insurance operations are conducted independently, allowing for greater focus and operational efficiency.
In a written statement dated 7 January 2026, Mr Wijana noted that following the revocation of the Shariah window’s permit, Manulife Indonesia is no longer authorised to carry out business activities in the takaful life sector under its conventional entity.
OJK emphasised that the revocation does not affect the overall operational continuity of Manulife Indonesia, adding that the company’s conventional insurance services will continue to operate normally.