Hajj Fund Investment Management in Indonesia

Hulwati, Hulwati; Andespa, Roni; Mujiono, Slamet

doi:10.24952/tijaroh.v8i1.5189

Cited by 3 publications

(6 citation statements)

References 2 publications

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“…Moreover, ROI is the financial profit resulting from the success of the investment in Islamic Sukuk (Alouane and Messiad, 2022). In terms of the Hajj fund, most Muslims invest their money not only to take advantage of the opportunity to carry out the Hajj pillar but also to benefit from the ROI or profit resulted from investing their money in various businesses by the management of the Hajj fund (Hulwati et al, 2023). In the literature, numerous studies examine the role of return on investment in the decision to invest in Islamic sukuk.…”

Section: Literaturementioning

confidence: 99%

“…For instance, some scholars argue that for the studies using structural equation modeling (SEM), the researchers need to use 200 respondents and more (Kline, 2011). In addition, some others argue that using 5 to 10 respondents for each single manifest variable (item) used in the study would be adequate (Hair et al, 2010). On the other side, Kline (2015) argued that using 20 respondents for every single construct would be sufficient in quantitative research.…”

Section: Marketing Halal Investmentmentioning

confidence: 99%

“…The acceptable level of Cronbach's alpha needs to be 0.60 or more (Hair et al, 2010), and the value of CR is required to be 0.70 (Hair et al, 2010).…”

Section: Data Analysis Techniquesmentioning

confidence: 99%

“…To ensure the validity of the data, the author performed two techniques, namely, convergent validity using the value of average variance extracted (AVE). The value of AVE should be 0.50 or greater (Hair et al, 2010).…”

Section: Data Analysis Techniquesmentioning

confidence: 99%

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Marketing halal investment in Jordan: an investigation of Muslims’ behavioral intention to invest in Hajj fund sukuk

Almrafee

2024

JIMA

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Purpose This study aims to examine the effect of several factors on Muslims' intentions to invest in the Hajj fund Sukuk, Jordan. The study's hypothesis and model were derived from previous studies. Design/methodology/approach The present study was undertaken based on a self-administered questionnaire of 356 Jordanians who are Muslims and non-investors in Hajj Fund Sukuk. The sample was selected using a purposive sampling method. The data were analyzed using Smart-PLS version 4. Findings The results indicated that social influence, knowledge, religion and return on investment significantly affect the purchase intention of Jordanian Muslims to invest in Hajj Fund Sukuk. Research limitations/implications There are some limitations to this study. First, the study was done in Jordan; thus, additional research might be conducted in other parts of the Islamic world to learn more about the perception of investing in Islamic Sukuk, particularly Hajj Sukuk. Second, while the present study used a quantitative research technique to achieve its purpose, it would be advantageous if the researchers used more qualitative techniques, such as interviews or focus groups, in the future to explore additional factors that may impact Muslims' intent to invest in Hajj Fund Sukuk. Practical implications The findings of the current study could help practitioners in the Islamic sukuk industry by identifying the key factors that encourage Muslims to invest in Hajj sukuk. They may use the results of this study in the formulation of marketing policies and the development of marketing strategies to persuade more investors to invest their money in these sukuk. Originality/value To the best of the author’s knowledge, this is the first study carried out to better understand the main factors that may influence Muslims to invest in Hajj Sukuk in the Jordanian context. Hence, this study contributes to increasing the body of knowledge in the area of Islamic marketing in general and in the field of Islamic sukuk investment specifically.

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Section: Literaturementioning

confidence: 99%

Section: Marketing Halal Investmentmentioning

confidence: 99%

“…The acceptable level of Cronbach's alpha needs to be 0.60 or more (Hair et al, 2010), and the value of CR is required to be 0.70 (Hair et al, 2010).…”

Section: Data Analysis Techniquesmentioning

confidence: 99%

Section: Data Analysis Techniquesmentioning

confidence: 99%

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Marketing halal investment in Jordan: an investigation of Muslims’ behavioral intention to invest in Hajj fund sukuk

Almrafee

2024

JIMA

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“…The practice of pilgrimage in Islam not only includes the pilgrimage, but also includes visits to various holy places such as Medina and Jerusalem [2]. Investments in Hajj funds not only help organise the pilgrimage, but also benefit the wider community in Indonesia, supporting religious, educational, and social initiatives [3]. Hajj involves symbolic and spiritual elements, such as the Kaaba and Safa and Marwah, which have deep meaning [4].…”

Section: Introductionmentioning

confidence: 99%

Optimising Hajj Service Management in the Office of the Ministry of Religious Affairs of Kotamobagu City

Mokodenseho,

Ibrahim,

Musa

et al. 2024

WSiSS

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The optimization of Hajj service management stands as a pivotal endeavor for the Office of the Ministry of Religious Affairs in Kotamobagu City, North Sulawesi, as it seeks to facilitate a seamless pilgrimage experience for residents embarking on the sacred journey to Mecca. Through a qualitative analysis, this research explores the current practices, challenges, and opportunities for optimization in Hajj service management. In-depth interviews, focus group discussions, and document analysis were employed to gather insights from key informants and stakeholders directly involved in Hajj service management. The results reveal a nuanced understanding of the logistical complexities, communication gaps, and capacity-building needs inherent in managing Hajj services. Furthermore, opportunities for optimization, including leveraging technology, strengthening communication and coordination, and empowering stakeholders, are identified as promising avenues for enhancing the efficiency, effectiveness, and quality of Hajj services. By addressing these challenges and embracing innovative strategies, the Office of the Ministry of Religious Affairs can enhance the pilgrimage experience, uphold the sanctity of the Hajj journey, and serve the needs of pilgrims with diligence and compassion.

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Protection of Hajj and Umrah Pilgrims from Fraud: Evidence from Indonesia

Setiawan,

Soewarno

2024

SJEKI

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This study explores the prevalence of fraud targeting Hajj and Umrah pilgrims in Indonesia and examines the government's role in protecting these pilgrims. Utilizing a qualitative approach, data were collected through observations and interviews with key stakeholders, including officials from the Ministry of Religious Affairs (MoRA), travel agency representatives, and Umrah pilgrims in an East Java district. The findings reveal that excessive trust in Hajj and Umrah travel agencies without verifying their licenses and track records is the primary cause of fraud. Additionally, Ponzi schemes by certain travel agencies, offering low-cost Umrah packages with uncertain travel schedules, further exacerbate the issue. The government's "Lima Pasti Umrah" (Five Guaranteed Umrahs) program is highlighted as a crucial preventive measure against fraud. This study enhances understanding of the protective measures available for Hajj and Umrah pilgrims in Indonesia and provides recommendations for improving fraud prevention programs for future pilgrims.======================================================================================================== ABSTRAK – Perlindungan Jemaah Haji dan Umrah dari Penipuan: Praktik di Indonesia. Penelitian ini mengkaji prevalensi penipuan yang menyasar jemaah haji dan umrah di Indonesia serta menganalisis peran pemerintah dalam melindungi para jemaah tersebut. Penelitian ini menggunakan pendekatan kualitatif, di mana data dikumpulkan melalui observasi dan wawancara dengan para pemangku kepentingan utama, termasuk pejabat Kementerian Agama (Kemenag), perwakilan biro travel, dan jemaah umrah di salah satu kabupaten di Jawa Timur. Temuan penelitian menunjukkan bahwa kepercayaan berlebihan terhadap biro travel haji dan umrah tanpa memeriksa izin dan rekam jejak mereka menjadi faktor utama terjadinya penipuan. Selain itu, praktik skema Ponzi yang dilakukan oleh oknum biro travel, yang menawarkan paket umrah murah dengan jadwal perjalanan yang tidak pasti, semakin memperparah masalah ini. Sebagai langkah antisipatif, pemerintah membuat Program "Lima Pasti Umrah”. Hasil kajian diharapkan dapat meningkatkan literasi mengenai perlindungan bagi jemaah haji dan umrah di Indonesia dan memberikan rekomendasi program pencegahan penipuan bagi jemaah di masa mendatang.

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Hajj Fund Investment Management in Indonesia

Cited by 3 publications

References 2 publications

Marketing halal investment in Jordan: an investigation of Muslims’ behavioral intention to invest in Hajj fund sukuk

Marketing halal investment in Jordan: an investigation of Muslims’ behavioral intention to invest in Hajj fund sukuk

Optimising Hajj Service Management in the Office of the Ministry of Religious Affairs of Kotamobagu City

Protection of Hajj and Umrah Pilgrims from Fraud: Evidence from Indonesia

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