INDONESIA - FINANCE - Indonesian Govt to Put Idle Hajj Funds in Development Bonds

www.thejakartaglobe.com - The government plans to reallocate dormant hajj funds from the Finance Ministry into project-based sukuk in order to help raise money for urgently needed infrastructure development.

Project-based sukuk are Shariah-compliant government bonds backed by infrastructure projects.

“Now [the money] is merely entrusted to the Finance Ministry. But it would be better if it generated revenue from projects,” said Anggito Abimanyu, director general of hajj pilgrimage management at the Religious Affairs Ministry, adding that his institution managed Rp 44 trillion ($4.7 billion) in pilgrimage funds.  (source)