Indonesia Conference Directory

Central Statistics Agency (BPS) said that the number of Indonesian Muslim population as much as 88% of the total. Until April 2018, the fund Hajj in Indonesia reached Rp 105 trillion, with great potential for these funds collected as an initial deposit of hajj is an opportunity that can be exploited for the benefit of the people, for the funds to settle (idle) not recommended in Islam, while benefit from the investment of these funds allowed under Law No. 34 of 2014 has even established a special institution called BPKH (Agency for the financial administrator of the hajj) based on Presidential Regulation No. 110 in 2017 to manage investment funds of hajj. Great potential is a challenge for the Islamic finance in terms of market share which is still very low at around 8.47%. According to the Financial Services authority (FSA) Islamic capital market is a sector that contributed most to the assets of the Islamic financial industry in Indonesia, namely by 55%. Issuance of Sharia Securities (SBSN) in the form of Indonesian Haj Funds Sukuk (SDHI) originating from the Hajj fund until August 2018 have reached Rp37,9 trillion, Publishing SDHI has been done since 2011, with values ranging from 1 trillion to 3 trillion every publication. In practice SDHI using Ijarah Al-khadamat, private placement method, and a fixed coupon yield which will be paid each month, Methode of this research, using qualitative descriptive method to determine the advantages and disadvantages as well as descriptive quantitative SDHI to determine the extent to which the fund management Hajj in SDHI seen from the management of the state budget as well as the extent of the return generated can be useful for the jamaah, and using quantitative method for measure how far the impact of SDHI and direct Investment in managing pool of hajj fund in BPKH , the tool is using multiple regression analysis and data will collect from 2014 until 2019.