IslamicFinance.de

In Indonesia the newly established Haj Fund Management Agency (BPKH) has pledged to match the performance of its Malaysian counterpart Tabung Haji. The BPKH will manage Rp 99.3 trillion in haj funds, gathered from 3.4 million people who have paid deposits to go on the haj, by investing in sharia-compliant instruments. BPKH chairman Yuslam Fauzi says the agency aims to be the world’s largest haj fund manager within 10 years through diversified investment with an 8 to 10% annual return. President Joko Widodo inaugurated the executive board of the BPKH, which is taking over management of the haj fund from the Ministry of Religious Affairs. Indonesia has sent more than 200,000 people to Mecca on the haj. The waiting list for the haj is 15 to 20 years.