BANKING - ASBISINDO: Astonished That Hajj Funds to be Deposited to Govt Account to Buy Sukuk

Jakarta, (1/3). The circulate letter from the minister of religious affairs is considered as distress situation for all Islamic banks, since the letter required all hajj funds mobilized by Islamic banks to be deposited to govt. account to buy sovereign sukuk. This is considered as stunned situation considering that hajj funds have been contributed greatly to the development of production sector thru the financing. (source)

The general’s secretary of Asosiasi Bank Syariah Indonesia (Asbisindo), Bambang Suitresno said it has a significant impact for Islamic banks related to such regulations, since some of them have been appointed to be the bank to mobilize the hajj funds. With these new regulation Islamic banks is similar in investing their hajj funds.

The circulate letter come by surprise for our Islamic banking system said Bambang, since it was dated February 08, 2011.

“In respond to this new regulation the members of ASBISINDO has been coordinated among each other as what next step to be taken” Explained Bambang.

The reply came from Ahmad Jayadi, Dept. head of hajj Management  Bank Muamalat, is questioning the letter that has been sent suddenly, where in two days, February 10, 2011 the funds must be deposited to govt account for buying sovereign sukuk. This new regulation came by surprise and hopefully we could handle it, said jayadi.

In the meantime, Head of business development and innovation products of Bank Syariah Bukopin (BSB), Noer Cholis, said that there is some reason that the govt has done such things. He opined that there should be a transparency in investing hajj funds, where the it is guarantee by the govt while mostly funds deposits at the bank is guarantee by insurance deposit funds which is less secured.

Source : http://www.pkesinteraktif.com/english/bank/2362-asbisindo-astonished-that-hajj-funds-to-be-deposited-to-govt-account-to-buy-sukuk.html - March 1, 2011

“this is one of the reasons explained by the govt.,” said Noer Cholis.

Although,  Noer Cholis said it is expected that Islamic banks could manage the hajj funds not just mobilize the funds, such as conventional banks. (Agus y/nibra)