HAJJ FUND INVESTMENT IN INDONESIA: ITS REGULATION AND IMPlEMENTATION

Abstract

Hajj funds are funds for the payment of hajj pilgrimage fees, hajj efficiency funds, endowment of the ummah, and the value of benefits controlled by the state in order to organize the pilgrimage and the implementation of the program activities for the benefit of Muslims. Hajj fund categorized as a "specific" fund which means the Hajj fund is a sacred fund whose usefulness is for the religious field and should not be misused and it cannot collide with Sharia law. government through the Ministry of Religion issued Act Number 13 of 2008 about the organizing of Hajj pilgrims it manage hajj fund based on Sharia Law that manage Hajj fund through deposit Bank and Sharia bonds or sukuk. Unfortunately the regulation does not have good progress, the problem such us not transparency from the minister to the Hajj pilgrim, the result of the investment do not maximum and also the abuse of power that did by minister of religion. Through the Act Number 34 of 2014, BPKH was established by the president as the function to execution of Hajj fund and Manage Hajj fund with maximum progress such us Transform Hajj fund into Sharia deposit, gold Investment, capital market and Sharia bank. BPKH assigned to manage Hajj fund with the quality of Hajj organize, the rationality and efficiency of usage and manage Hajj funding itself and the benefit of Muslim People. For the implementation, based on Act Number 13 of 2008, Hajj fund investment result could be transformed into the subsidy of BPIH for the Hajj pilgrimage and as the accommodation of Hajj pilgrims in Mecca. And Act Number 34 of 2014,BPKH through government regulation Number 5 of 2018 have agenda to Manage Hajj fund such us established the virtual Account for Hajj pilgrimage, and create the instrument of banking finance in Deposit Bank, state debentures, gold and Capital Market.