Indonesia’s Hajj Financial Management Agency Plans IDR 3 Trillion Investment in Bank Muamalat Indonesia

The Hajj Financial Management Agency in Indonesia (BPKH) has stated its plans to invest IDR 3 trillion in Bank Muamalat Indonesia (BMI). According to BPKH, this investment which has been pending from 2020 is in accordance with the Annual Investment Plan as stated in the Work and Budget Plan.

Speaking at a virtual press conference on the 13th of January 2021, Iskander Zulkarnain, a member of the BPKH Implementing Agency noted that BPKH had plans to invest via both Tier 1 equity of IDR 1 trillion and Tier 2 subordinated Sukuk of IDR 2 trillion.

According to Zulkarnain, the proposal for investment is currently under review by an external institution. Following this, it will require internal processing and an approval process from the BPKG Supervisory Board, prior to exec...