CONSOLIDATION OF PROSPECTIVE HAJJ PILGRIMS’ ACCOUNTS AS A MECHANISM FOR MANAGING BENEFIT VALUE: EMPIRICAL EVIDENCE FROM THE BPKH AND POLICY IMPLICATIONS

Abstract

The Hajj Financial Management Agency (BPKH) manages more than Rp176 trillion (2025) in pilgrim funds through a pooled fund system that limits individual transparency for prospective pilgrims facing a waiting period of approximately 26 years. This study examines the impact of account unitization—which converts each pilgrim’s deposit into units valued based on the daily Net Asset Value (NAV)—on investment and allocation efficiency, transparency, pilgrim satisfaction, and expectations regarding the timely repayment of Hajj Travel Costs (BPIH). The study employs a sequential explanatory mixed-methods design: the quantitative phase consists of a stratified random sampling survey of 380 prospective Hajj pilgrims analyzed using SEM-PLS (SmartPLS 4.0), followed by a qualitative phase involving in-depth interviews with 15 key informants from the BPKH, the MUI’s Sharia Council (DSN MUI), the Ministry of Hajj and Umrah, and Sharia Banks. A counterfactual historical simulation of the NAB using BPKH financial data from 2018–2025 was conducted to compare unitization with a pooled fund. Preliminary simulation results indicate that unitization would yield a portfolio return of 7.2% per year (vs. 5.8% for the pooled fund), a Sharpe ratio of 1.58 (vs. 1.12), a transparency index of 82.7 (vs. 45.2), and an expected on-time repayment rate for BPIH of 89% (vs. 54%). This study contributes a new integrative theoretical framework that combines Agency Theory, Modern Portfolio Theory, and Islamic Corporate Governance, with transparency as the key mediating variable and Islamic financial literacy as the moderating variable.