With the separation of the management of the hajj funds of the Ministry of Religion to the BPKH, it still leaves some differences in view, related to the amount of the initial deposit charged by Jemaah who are members of the waiting list with a vulnerable period of 5 -25 years. In addition, there is also a debate related to the use of initial deposit funds for the pilgrims to be dispatched, because BPKH until now must optimize the pilgrimage funds. The community still understands if the initial deposit fund deposited for them is an investment that should be able to continue to grow and be enjoyed by each congregation. The longer the congregation waits for the pilgrimage, the understanding is that the funds returned to the congregation in the form of optimizing the initial deposit must be even higher. But some views assume, the affairs of the pilgrimage are not a matter of investment, but purely to worship God. Related to the length of timing a person goes on the pilgrimage is purely based on the Jemaah departure quota that is limited by the government of Saudi Arabia to Indonesia. In this perspective, researchers feel the need for a study related to Hajj fund entities in formal law and sharia law and finance. Thus it is hoped that this research can answer the current assumptions.

The purpose of this study is to conduct a stress test on Indonesian Islamic Banking industry in order to assess the capability of the industry to absorb the extreme risks that may happen in the future. Using data from April 2008 to September 2014, the study employs balance sheet approach in performing the stress test on profitability and capital position and the value at risk technique for liquidity stress test. The results of this study show that in term of profitability, Islamic banks in Indonesia are immune from losses if the default rate (Non-Performing Loan) is less than 8.5 %. If the industry can improve the profit margin, the resistance will be higher. In term of capital position, by assuming loss given default (LGD) is constant at 40%, the industry will not go bankrupt if probability of default (PD) is less than 9%. If the PD is more than 9%, total expected loss is more than available capital. Using the value at risk (VaR) at 99% confidence, the study finds that possible deposit flight will not exceed IDR 26 trillion and the liquid asset available is IDR 28 trillion. The study concludes that there is no liquidity threat for Islamic banks in Indonesia. The findings also uncover the risky condition that even though the capital adequacy ratio (CAR) is on average 14%, real capital measured by Equity to total asset (ETA) is only 5.4%.