BIBF conducts a specialised board training for Indonesia’s Hajj Financial Management Agency

31st January 2021

The Bahrain Institute of Banking and Finance (BIBF) conducted a specialised board level training for Indonesia’s Hajj Financial Management Agency (BPKH), on Islamic Investment Funds and Sukuk, delivered by Mr. Hussain AbdulHaq, one of BIBF’s senior facilitators who is also the Head of Treasury and Capital Markets of Al Salam Bank – Bahrain.

The participants were Supervisory Board members of BPKH consisting of Sheikh Dr. Marsudi Syuhud, Dr. Abd Hamid Paddu, Mr. Mohammad Hatta, Dr. Muhammad Akhyar Adnan, and Mr. Suhaji Lestiadi.

BPKH is the world’s largest Hajj fund in the world, managing a total asset of USD 10 billion, hence other than capacity building, one of the objectives of the visit was to seek potential investments in Bahrain.

On this occasion, the BIBF’s Director Dr. Ahmad Al Shaikh expressed his gratitude for working with the Hajj Financial Management Agency in Indonesia, a growing global Islamic finance market and a dynamic emerging economy.

He also mentioned that the BIBF has a long-standing association with Indonesia since the early 2000s when delivered Central Bank of Indonesia’s first ever external Islamic finance training was delivered. “It is important that we continue this relationship, hoping that this will be the first of many collaborations with BPKH and other institutions based in Indonesia.” He added.

Sheikh Dr. Marsudi Syuhud, representing the delegation at the meeting with the Indonesian Embassy said, “The amount of funds for pilgrims managed by BPKH is currently recorded at almost RP 140 trillion or USD 10 billion. The funds are managed professionally in safe and liquid sharia instruments in the form of rupiah and foreign currency and will be used to support the implementation of Hajj and programme activities for the benefit of Muslims.”