Indonesia’s $10 bln haj fund to invest in Saudi hotels this year - official
JAKARTA – Indonesia’s Haj Fund Management Agency (BPKH) this year will invest in hotel operators in Saudi Arabia, executive board member Hurriyah El Islamy, told Salaam Gateway.
BPKH is an independent body that overlooks Indonesia’s haj savings scheme that requires prospective pilgrims deposit money in appointed Islamic banks. Law number 34/2014 that governs the management of the haj fund mandates the agency to explore investments including with international institutions.
BPKH held more than $10 billion in haj funds at the end of December 2020, less than 1% of which was invested in international institutions.
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