Jakarta (12/12)- Shariah National Board – MUI (the Indonesian Council of Ulama) has collected some recommendation related to Islamic Finance Institutions and Hajj Funds during the 7th Ijtima Sanawi on 4 to 6 December 2011.
The Board urges the Parliament and the Minister of Religious Affair to implement shariah principles in preparing the Hajj Management bill and to invest the Hajj Funds in shariah compliance instruments.
Furthermore the Board insists the revision of law no. 13, 2008, for Hajj Management especially article 22 in order to provide the opportunity for Islamic Finance institutions to manage the hajj funds.
"Why do we need to push for recommendation? Because the present law is not applicable anymore” explained KH Ma'aruf Amin, the chairman of National Shariah Board (DSN-MUI) in Jakarta on Monday (12/12).
The Board perceived that the Previous Hajj Management Law is now has room for the conventional banks to manage the Hajj Funds, in which the profit if the hajj management obtained from a interest based system which is prohibited under the Principle of Shariah.
"The interest is haram (prohibited) that is why the Hajj management should not be mixed with the prohibited matter," exclaimed K H Ma'aruf.
The Hajj Funds Portfolio is as follow: 64% in Sukuk, 18% in Islamic Banks and 28% in Conventional Banks.(Ul)
