BI Prepares New Investment Instruments for Hajj Funds BPKH News – 1 hour ago

Jakarta, CNBC Indonesia – Bank Indonesia (BI) collaborates closely with the Hajj Financial Management Agency (BPKH) in managing Hajj investment funds.

This was conveyed by BI Deputy Governor Juda Agung at the 5th International Hajj Conference, at the Indonesia Sharia Economic Festival (ISEF) 2023, which took place at the Jakarta Convention Center, Friday (27/10/2023).

One of the ways this collaboration is carried out is through diversification of investment instruments. Currently, investment in Hajj funds is channeled into various investment instruments, including State Sharia Securities (SBSN) to Sharia stock securities. A number of other instruments are also being prepared.

“It should be noted that Bank Indonesia has plans to issue new securities instruments, including Bank Indonesia Securities in Foreign Currency (SBBI Valas), Bank Indonesia Foreign Currency Certificates (SVBI), and Bank Indonesia Sukuk in Foreign Currency (SUVBI),” said Juda.

He also added that SUVBI could be an alternative for placing Hajj funds in foreign currency. This can minimize crucial exchange rate risks, even though most of the Haj expenses are paid in foreign currency.

According to CNBC Indonesia records last January, BPKH confirmed that the majority of financial investment in Hajj funds amounted to 70.50% or approximately IDR 117.05 trillion in the form of investment in securities, direct investment and foreign investment and gold.

“BPKH is currently focusing on investing in instruments or objects that meet BPKH investment rules, namely in accordance with sharia principles and fulfill aspects of security, prudence and optimal benefit value,” concluded the Head of BPKH, Fadlul Imansyah when contacted by CNBC Indonesia, Wednesday (25/ 1/2023).

Meanwhile, 29.50% or approximately IDR 48.96 trillion of Hajj funds were placed in sharia banks. Fadlul explained that the placement of Hajj funds had nothing to do with BPKH’s direct investment in Bank Muamalat Indonesia (BMI).

BPKH’s investment in BMI has generated benefit value for BPKH with a total return from a stock investment of IDR 1 trillion of IDR 121.9 billion in 2022 or the equivalent of 12.19% per year.

[Gambas:Video CNBC]

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