PENGELOLAAN KEUANGAN HAJI OLEH BPKH SEBAGAI INVESTASI DI BANK MUAMALAT TAHUN 2021-2023

Putri Ayu Nurmalinda, S.H., NIM.: 23203011117 (2025) PENGELOLAAN KEUANGAN HAJI OLEH BPKH SEBAGAI INVESTASI DI BANK MUAMALAT TAHUN 2021-2023. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

The Hajj financial management carried out by the Hajj Financial Management Agency (BPKH) is the most crucial part of organizing the Hajj pilgrimage in Indonesia. The primary Hajj funding comes from Hajj Travel Cost (BPIH) deposits, which come from pilgrims' pre-departure and/or registration fees, or through installments. The large number of pilgrims results in a longer waiting period, resulting in a significant accumulation of Hajj funds. To ensure that Hajj funds are managed according to Sharia principles, a special law was issued to regulate Hajj funds, namely Law Number 34 of 2014 concerning Hajj Financial Management, which led to the establishment of the Hajj Financial Management Agency (BPKH). BPKH's management is based on Sharia principles, namely prudence, benefit, profit, transparency, and accountability. In managing Hajj funds, BPKH invests its funds in Sharia-compliant banks, one of which is Bank Muamalat. In recent years, Bank Muamalat has faced pressure on asset quality and capitalization. Therefore, BPKH in its investment in Bank Muamalat must conduct a strong feasibility analysis and risk management. The method used is a descriptive qualitative study with a Normative Juridical approach and data sourced from official reports of BPKH and Bank Muamalat. This study uses two theories, namely the Ijtima' Ulama of the Indonesian Fatwa Commission VIII Number 09 / Ijtima' Ulama / VIII / 2024 concerning the law of utilizing the investment results of the initial BIPIH deposit of prospective Hajj pilgrims to finance the implementation of the Hajj pilgrimage of other pilgrims whose application is by analyzing the use of the benefit value of the investment of Hajj funds carried out by BPKH and its compliance with the Fatwa. The second theory is Risk Management, the application of this theory is carried out by analyzing the investment of Hajj funds at Bank Muamalat, especially on profit sharing, investment and liquidity. With data collection techniques using document studies and literature reviews of research related to the management of Hajj fund investments, data analysis techniques using techniques proposed by Miles and Huberman. The study results indicate that BPKH's investment in Bank Muamalat is conducted through fund placement and direct participation instruments that have undergone a selection process and sharia audit. This investment aims to provide optimal benefits to Hajj pilgrims without sacrificing security and Sharia compliance. Furthermore, the results of this study indicate that BPKH invests by considering security, liquidity, and optimal halal returns through collaboration with Bank Muamalat. Fund placement in Bank Muamalat is carried out in the form of Sharia investment products such as sukuk and mudharabah deposits, which are considered capable of providing competitive returns while maintaining the sustainability of pilgrim funds. The conclusion obtained from this study is that the management of Hajj funds by BPKH through Bank Muamalat is in accordance with Sharia principles and good governance, although increased transparency and ongoing supervision are still needed to maintain public accountability.

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