SHARIAH COMPLIANCE ANALYSIS OF HAJJ FUND INVESTMENTS IN SUKUK AND ISLAMIC BANKING
DOI:
https://doi.org/10.33102/mjsl.vol14no2.1580Keywords:
Hajj Fund Management, Investment, Islamic Banking, Sukuk, MuamalahAbstract
Hajj fund management in Indonesia faces significant challenges within the ecosystem of the Shariah-based investment instruments. Institutionally, the only safe and liquid Shariah-based investment options are Islamic banking and Shariah government securities. However, demands for high returns place Hajj fund management at risk of violating Shariah principles. These principles guide transactions at both the institutional and socioeconomic levels. This paper elaborates on the principles of mua’malah (Islamic transactions) in managing Indonesian Hajj funds, specifically through placements in Islamic banks and investments in Shariah-compliant government securities. Data were obtained through field studies, including interviews and documentation from the Hajj Financial Management Agency, the Head of the Direct Investment Division, and the Supervisory Board. These data were analysed using the theories of gharar (uncertainty) and ghubn (unjust gain), alongside the principles of muamalah (Islamic transactions). The findings indicate that elaborating the concept of mua’malah (Islamic transactions) provides a crucial foundation for justifying the management of Hajj fund investments in Indonesia. Reformulating the standardization of gharar(uncertainty) and ghubn (unjust gain) serves as a basis for addressing normative obstacles to fulfilling Shariah principles in the investment of Hajj funds within both the Islamic banking sector and the sukuk (Shariah-compliant securities) sector.
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