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Hajj Savings Could Applicable for Indonesia Islamic Finance Industry

Hajj Savings Could Applicable for Indonesia Islamic Finance Industry
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by: Hery Gunawan Muhamad
      Chief Syariah Division of FAC Sekuritas Indonesia
      FIAI Student of Islamic Economics Islamic University of Indonesia


Speaking of hajj funds are being much talked in these days can not be removed with a sequence of understanding of many things, starting with the Shari'ah Hajj, organizing the Hajj, the pilgrimage fund management, the laws that govern them, as well as an understanding of the investment. In the past we know the term Ongkos Naik Haji (ONH) which we now know into BPIH (Cost Hajj).

If we use simple mathematics will find facts about the real cost of the pilgrimage around 60 million while BPIH 2017 was 34.9 million, meaning that no funding from other sources to complete it. Where the source of these funds, how management and other questions will soon follow.

A little flashback, before the year 2008 Hajj deposit can be done in all banks, both conventional banks and Islamic banks also definitely. Then in 2008-2014 the hajj deposit in transition, they may be deposited in a conventional bank but started to move well into Islamic banks.

Until then under Law No. 34 In 2014, the cost of the Hajj can only be paid to the Islamic banks. Thus the stage of "migrated" from the conventional banking system to the Islamic banks are already visible, and this is something to be grateful and appreciated.

But then the problem does not stop, the pilgrims money in the bank, whether it is used to be in conventional banks and Islamic banks would be seen at once treated as third-party funds (DPK).

Consequences as third party funds in the bank is in real terms, these funds may not be allowed to "idle" and then be played back by the bank, because the bank than as a mediating institution, the bank is an institution oriented to profit (profit-oriented). So great is the hajj funds the bank would encourage any bank to feel the overflow of the hajj funding windfall. Deeper analysis, management of funds by the bank is certainly to be seen from two sides, the potential profits and losses for depositors if shaped hajj savings and contract forms used by the bank to bind the depositors.

Some looked as wakalah, but much of it is actually in the contract wadiah, different consequences depending contract. Further analysis is in addition to the management of funds by the bank which is not investment institutions, is seen far from optimal, especially when viewed from the yield for the pilgrims as well as for the management of funds hajj itself, this is what will be one of the responsibilities of the Hajj Financial Management Board  (BPKH) as mandated by Law No. 34 2014.   

To note her pilgrimage has changed the terms, once we know the cost Naik Haji (ONH) is now a Cost Hajj (BPIH). Please also note her pilgrimage different funds Hajj fare Hajj is the cost per pilgrim to be paid in order to perform the pilgrimage, while funds Hajj is a collection of tickets for Hajj pilgrims, the efficiency of the delivery of the Hajj, the endowment fund community and the value of benefits (outcomes investas/ flower/for results/margins of banks).

Based on the data, the cost of the pilgrimage since 2010 until 2013 has increased, but from 2014 to 2017 are likely to decline, and since 2016 the previous benchmark her pilgrimage to the USD has turned into rupiah. Some analysis on the downward trend since 2014 hajj fare to be addressed from two sides, positive and negative. Positive analysis is the Hajj fund management has shown a better direction, especially since 2009, the placement of funds in Sukuk Dana Haji Indonesia (SDHI).

For unknown at this time there are 18 series with total outstanding SDHI Rp36,7 trilion and the average rate of return on investment (return) is 7,524 percent per year. As an additional note SDHI is not traded, but unfortunately the allocation for SDHI itself is only about 40 percent of the funds Hajj (until 2016 hajj funding recorded more than Rp 90T), while the remaining 60 percent is in the bank (cash or cash equivalents).

From this allocation be seen that the Hajj fund management is inefficient and far from optimal. As a comparison, since 2009 the cost of Hajj Malaysia fixed, whereas the cost of Hajj rose steadily. Difference her pilgrimage and Hajj costs borne by the institution Hajj tube.

Analysis negative on her pilgrimage decline over the last three years is that the government is doing the imaging, because the allocation of managed funds (investing only in bonds/SDHI) getting down but able to reduce the costs of Hajj per person. It would be a different situation if the managed fund investments have also increased, the high yields will decrease the pilgrimage.
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