“The waiting list for the haj pilgrimage is about 20 years. If the fund is better managed, it will be helpful for the haj pilgrims,” Kalla told journalists in his office in Jakarta on Tuesday, as reported by kompas.com.

With good investment, the cost of the haj pilgrimage would be more affordable, he said, adding that the investment scheme would abide by the requirements of sharia.

About 70 percent of the Rp 95.2 trillion (US$6.96 billion) haj fund in foreign currencies – US dollars and Saudi riyal – would continue to decline in value because of inflation, Kalla added.

Earlier, Coordinating Economic Minister Darmin Nasution had also said that investing the haj fund in infrastructure projects would be more profitable.

Darmin said that if the long-term fund was saved as a bank deposit, the interest rate would be about 5 to 6 percent, but if it was invested in the infrastructure sector, the returns would be about 12 to 13 percent.

President Joko “Jokowi” Widodo inaugurated the executive board of the Haj Fund Management Agency last Wednesday at the Presidential Palace. The agency is to take over management of the haj fund, which was previously managed by the Religious Affairs Ministry.

During the its launch, Jokowi called on the agency to use the fund to develop infrastructure projects, such as toll roads and ports. (bbn)

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