Reformulating the Management of Initial Hajj Deposit Funds in Indonesia: From the Wadiah Scheme to Islamic Capital Market Investments
Abstract
Background: The management of initial Hajj deposit funds in Indonesia presents significant challenges due to prolonged waiting periods and the productive utilization of funds under the wadiah safekeeping scheme. These practices raise concerns regarding contractual suitability, financial accountability, and distributive justice.
Research Gap: Existing Hajj fund management arrangements have not adequately addressed the incompatibility between long-term productive investments and safekeeping contracts, particularly regarding the equitable distribution of investment benefits to prospective pilgrims who cancel their pilgrimage.
Novelty: This study proposes a normative reformulation of initial Hajj deposit management by integrating Islamic capital market investments, distributive justice, and maqashid al-shariah principles into a more equitable contractual framework.
Method: This research employs a normative juridical approach supported by conceptual and Islamic economic analyses. Primary legal materials include Law Number 34 of 2014, relevant regulations, and DSN-MUI fatwas, complemented by scholarly literature concerning wadiah contracts and Islamic investment instruments.
Results: The findings reveal that applying wadiah contracts to long-term productive funds creates contractual inconsistencies and distributive justice concerns. Islamic capital market instruments, particularly State Sharia Securities (SBSN), corporate sukuk, and fixed-income Islamic mutual funds, offer potentially more appropriate alternatives through transparent returns, prudent investment management, and proportional benefit distribution.
Conclusion: Reformulating Hajj deposit management through Sharia-compliant investment mechanisms could strengthen legal certainty, protect prospective pilgrims' economic rights, promote distributive justice, and support sustainable Hajj financing while advancing the objectives of maqashid al-shariah.
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