BPKH: Rp184 Trillion Hajj Fund Managed Conservatively, 70 Per Cent Allocated to Sukuk

The Hajj Financial Management Agency (BPKH) has revealed that the management of approximately Rp184 trillion in Hajj funds prioritises the principle of prudence and a conservative investment profile.

The Head of the BPKH Executive Body, Fadlul Imansyah, stated that management decisions consider fund security, liquidity, the sustainability of Hajj operations, and the returns from financial development.

“BPKH is the institution responsible for managing Hajj finances, ranging from receipts and development to expenditures and financial accountability,” Fadlul said in Jakarta on Monday (21/09/2026).

He explained that BPKH implements an investment diversification strategy while maintaining a conservative risk profile in fulfilling its mandate. Approximately 70 per cent of the Hajj financial portfolio is placed in State Sharia Securities (SBSN) or sovereign Sukuk.

“About 70 per cent of the portfolio is in SBSN or state Sukuk. Furthermore, 5 per cent is diversified into funds at the Islamic Development Bank, for example, through BPKH Limited in Saudi Arabia. The remaining 25 per cent is maintained as liquidity through deposits in around 30 Sharia banks in Indonesia. This approach is very conservative,” said Fadlul.

According to Fadlul, a conservative investment profile places capital security and the stability of returns as the primary considerations, rather than pursuing higher returns with greater risk.

“In terms of safety, the Hajj funds are safe. But is it optimal? Not yet. There is indeed a mandate that BPKH should not be too aggressive. It must remain conservative,” he added.