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Exclusive Insights into the Indonesian Hajj Fund
Hajj is a religious pilgrimage and is obligatory upon all adult Muslims who are physically, mentally and financially capable to do so once in their lives. In 2019 alone, there were nearly 2.5 million pilgrims that performed Hajj. Every year, there are many Muslims around the world who would like to perform Hajj however, there is a limit on the number of pilgrims per country who are able to do so.
Indonesia is the country with the largest Muslim population and has a queue of 4.5 million people who would like to go for Hajj with the waiting time being as long as 38 years in certain parts of the country! Hence, due to this reason and to ensure that only those with the financial means to do so go, payment is required to secure a seat in the queue. This has resulted in a fund worth $139.5 trillion rupiah that is managed by the Haj Fund Management Agency or Badan Pengelola Keuangan Haji abbreviated as BPKH. But what exactly is the fund's purpose?
According to Dr Hurriyah El Islamy, a member of the executive board in the said fund, it is meant to generate good, Shariah-compliant income for the Hujjaj (pilgrims) so as to ensure that there is enough profit each year to subsidize Hajj for the pilgrims, to have better facilities for them and generate income for those who are awaiting their turn in the queue. How is this done though? Did COVID-19 and the cancellation of Hajj affect plans? What will happen next?
In this episode, Umar Munshi, Co-Founder and Group Managing Director of Ethis Global interviews Dr Hurriyah El Islamy, a member of the executive board in the Hajj fund for the Republic of Indonesia. She was appointed by the President of Indonesia, Joko Widodo. Previously, she was a consultant for the President of the Central Informatics Organisation in Bahrain. She has also served as an IFN Advisory Board member, Shariah Board Member and Strategic Advisor of Islamic Fintech Alliance and also as the Head of Professional Development in AAOIFI prior to which she served as AAOIFI Shariah Central Board Working Group member. In addition, she was an IMF expert in Islamic Finance and a member of the Islamic Finance Advisory Council of the AIFC. Join us as they discuss fintech, investing in Indonesia, Dr Hurriyah’s background and her current work.
You can also find and share this article at https://blog.ethis.co/podcast-dr-hurriyah/
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By Ethis PodcastsHajj is a religious pilgrimage and is obligatory upon all adult Muslims who are physically, mentally and financially capable to do so once in their lives. In 2019 alone, there were nearly 2.5 million pilgrims that performed Hajj. Every year, there are many Muslims around the world who would like to perform Hajj however, there is a limit on the number of pilgrims per country who are able to do so.
Indonesia is the country with the largest Muslim population and has a queue of 4.5 million people who would like to go for Hajj with the waiting time being as long as 38 years in certain parts of the country! Hence, due to this reason and to ensure that only those with the financial means to do so go, payment is required to secure a seat in the queue. This has resulted in a fund worth $139.5 trillion rupiah that is managed by the Haj Fund Management Agency or Badan Pengelola Keuangan Haji abbreviated as BPKH. But what exactly is the fund's purpose?
According to Dr Hurriyah El Islamy, a member of the executive board in the said fund, it is meant to generate good, Shariah-compliant income for the Hujjaj (pilgrims) so as to ensure that there is enough profit each year to subsidize Hajj for the pilgrims, to have better facilities for them and generate income for those who are awaiting their turn in the queue. How is this done though? Did COVID-19 and the cancellation of Hajj affect plans? What will happen next?
In this episode, Umar Munshi, Co-Founder and Group Managing Director of Ethis Global interviews Dr Hurriyah El Islamy, a member of the executive board in the Hajj fund for the Republic of Indonesia. She was appointed by the President of Indonesia, Joko Widodo. Previously, she was a consultant for the President of the Central Informatics Organisation in Bahrain. She has also served as an IFN Advisory Board member, Shariah Board Member and Strategic Advisor of Islamic Fintech Alliance and also as the Head of Professional Development in AAOIFI prior to which she served as AAOIFI Shariah Central Board Working Group member. In addition, she was an IMF expert in Islamic Finance and a member of the Islamic Finance Advisory Council of the AIFC. Join us as they discuss fintech, investing in Indonesia, Dr Hurriyah’s background and her current work.
You can also find and share this article at https://blog.ethis.co/podcast-dr-hurriyah/