JAKARTA - The Hajj Financial Management Agency (BPKH) recorded an extraordinary performance with the highest net return in history of IDR 11.6 trillion or net return of almost 7 percent per year in 2024, especially since the Unqualified Governance (WTP) has been achieved 6 times in a row since the beginning.
Even though it comes from funds from non-APBN pilgrims, the management of hajj funds of Rp. 171 trillion with a persistent positive performance is somewhat different compared to the concept of the global Sovereign Wealth Fund (SWF) which generally comes from the APBN.
BP BPKH member Indra Gunawan said that BPKH can be a reference for the Community Fund Management Institution (LPDU) which can become a 'Sovereign Halal Fund' model in line with the idea of the Minister of Religion who has a vision to consolidate people's funds from the Indonesian Waqf Agency (BWI), the National Zakat Amil Agency (Baznas), the Halal Product Guarantee Administration Agency (BPJPH), and the Amil Zakat Institution (LAZ) as well as the potential for other people's funds.
Strategic Steps in the future, the Consolidation of Community Fund Management Institutions has great potential to mobilize people's funds for global economic empowerment and halal ecosystems. To realize the Sovereign Halal Fund, a comprehensive assessment is needed asking for directions from the President and DPR, as well as the Ministry of Religion, Ministry of Finance, Ministry of Social Affairs, and consulting with other relevant ministries/agencies.
This is for good transition and governance, optimal risk management, and supports Maqashid Syariah and SDGs, while strengthening Indonesia's position as the center of the global halal ecosystem.
Institutional and Sinergi Association Capacity From 2018 to 2023, BPKH consistently achieved an Unqualified Audit Report (WTP) for 6 consecutive years from BPK RI. BPKH employees have international professional licenses/sertifications such as ACAIarb, CSA CIB, CPM, CRP, CFA, CERG, and GRCP, all of which are active in the Indonesian Financial Services Practitioners Association (PPJKI). PPJKI is an organization that collects, fosters, and empowers practitioners in the Indonesian financial services sector.
Until now, PPJKI has consistently provided education and literacy to members and the wider community. With a strong commitment, this organization continues to encourage the development of competence, integrity, and professionalism in the financial services industry in Indonesia.
The BPKH governance system refers to global standards, including ISO 9001: 2015 (quality management), ISO 37001:2016 (SMAP), ISO 31000, ISO 37000, ISO 19600, and ISO 27001 for IT security. BPKH leaders and personnel routinely report LHKPN and WBS ( Whistle Blowing System) for transparency and mitigation of corruption, collusion and nepotism. This achievement is strengthened by external awards, including Fourstar Digital (Company-CIO) Transformation 2023, ESG Green Initiative Investment 2024 from Republika, CIO Non-Banking Institute 2024, and 7 Most Popular Brand Of The Year 2024 from Java Post and InfoVesta.
"The success of BPKH is a strong foundation for the Sovereign Halal Fund vision, which can drive the sharia economy for the welfare of the people and the nation," said Indra Gunawan.
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Sharia management which is guaranteed to manage BPKH hajj funds is fully sharia-based according to DSN-MUI's direction through banking placement and investment via BPS-BPIH. Portfolios are dominated by low to medium risk instruments (minimal idAA), such as Sovereign-risk-free SBSN, and good bank sharia deposits with good bank health qualifications.
The total value of the Virtual Account for Hajj pilgrims which has become an innovation since the existence of BPKH has reached Rp. 18.3 trillion, with a total BPIH Benefit Value as a total Jemaah refund of Rp. 41.6 trillion. The security of congregation deposits is guaranteed by LPS in accordance with Law No. 4/2023 concerning PPSK, and tax exemptions from deposit instruments and investment instruments are confirmed through Regulation No.18/PMK.03/2021 and Law No. 4/2023 on PPSK.
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