The Responsibility of Deposit Insurance Corporations to Hajj Funds Invested Based on Mudharabah Muqayyadah Contracts

Abstract

This article aims to analyze the reasons for mandatory of wakalah contract from prospective pilgrims to the Hajj Financial Management Agency (BPKH) for managing Hajj funds, and how the Hajj Financial Management Agency (BPKH) responsible of the hajj funds invested in collaboration with the Recipient Bank for Hajj Implementation Fee Deposits (BPS BPIH) as the LPS Participating Bank. This juridical normative article used a conceptual and statutory approach, with secondary data such as legislation, books and legal journals. The result showed: First, wakalah contract signed by prospective pilgrims at the time making the initial deposit of Hajj Administration Costs (BPIH) to BPS BPIH is mandatory, because it is absolute condition determined by law for every person who registers the hajj. Second, BPKH is responsible for compensating losses jointly between implementing board and supervisory board for Hajj funds invested by BPKH based on a business cooperation agreement (mudhorobah muqayyadah) with BPS BPIH. Therefore, in order to protect hajj funds, the provisions of Article 53 paragraph (1) UUPKH need to be revised by expanding the scope of jointly liability parties in investing Hajj funds, with including BPS BPIH, if the investment was carried out by BPKH in collaboration with BPS BPIH.