Abstract

The Hajj Fund in Indonesia has great potential to be developed because of the high demand for Hajj in Indonesia. Along with the establishment of the Hajj Fund Management Agency (BPKH), the government is considering investing Hajj funds to infrastructure development in Indonesia. This article examines the possibilities of infrastructure-based sukuk as an alternative investment to optimize Hajj fund management by comparison with Lembaga Tabung Haji management in Malaysia and looks at the issues of Hajj management in Indonesia. The authors conclude that the Hajj fund can be maximized through infrastructure-based sukuk as long as it considers the needs of Hajj pilgrims themselves as the investors.

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