BPKH Supervisory Board Rejects Rp500 Billion Corporate Sukuk Investment, Here's Why

Jakarta, CNBC Indonesia - The Supervisory Board (Dewas) of the Hajj Financial Management Agency (BPKH) has processed 11 investment and placement proposals from the BPKH Executive Board. However, Supervisory Board Chairman Firmansyah N. Nazaroedin stated that one proposal was rejected.

He explained that among the investment proposals submitted by BPKH, the board did not approve a corporate sukuk proposal worth Rp500 billion. Meanwhile, other approved proposals amounted to Rp19.65 trillion.

“The percentage (of rejected investment proposals) is small, only 2.48%,” he said during a hearing with House of Representatives Commission VIII at the DPR RI building in Jakarta, Tuesday (23/6/2026).

Firmansyah explained that the supervisory board rejected the Rp500 billion corporate sukuk proposal because its risk was deemed inconsistent with prudential principles.

Additionally, the Supervisory Board approved a divestment proposal for State Sharia Securities (SBSN) worth Rp3 trillion to support liquidity, as well as auction fund placements in rupiah amounting to Rp2.44 trillion and in US dollars totalling US$56 million.

“This achievement demonstrates the Supervisory Board’s supportive stance towards meeting the Executive Board’s cash flow needs while remaining strict in mitigating investment risk,” he revealed.

He further elaborated that the board is also encouraging instrument diversification and tenor duration management strategies to optimally achieve the desired yield.

Furthermore, regarding subsidiary governance, in this case the condition of Bank Muamalat, its operational costs range between 98-99%, so operational income appears insufficient to adequately cover all expenses.

“The Supervisory Board monitors every follow-up progress and BPKH audit recommendation to ensure timely completion and that they are not handled in a fragmented manner by each unit,” he concluded.