Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 1 ISSN :0250- 7196 PERFORMANCE OF HAJJ FUND IN INDONESIA AND MALAYSIA 1Munifah Syanwani, 2Roikhan Mochamad Aziz, 3Acep R Jayaprawira, 4Nur Hidayah, 5Pramesti Sekar ABSTRACT Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH) are two kinds of financial hajj institutions in managing hajj finances. The purpose of this research is to see the performance of Badan Pengelola Keuangan Haji (BPKH) portfolio compared with Tabung Haji (TH) portfolio by using index series of Badan Pengelola Keuangan Haji (BPKH) Indonesia and Tabung Haji (TH) Malaysia obtained from Financial Report of BPKH and TH. In addition, this study also analyzed the growth of Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH) asset and its potential in the future. The analysis method used is descriptive analysis, Mann Whitney U-Test different test and Independent T-Test test with SPSS software-assisted. The results showed that there were significant differences both from the index return as well as the outstanding growth of the assets Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH). Descriptively, the return index value of Badan Pengelola Keuangan Haji (BPKH) is higher than Tabung Haji (TH). Based on the results of the powersim value model test, the prediction of the growth of the Badan Pengelola Keuangan Haji (BPKH) in 2027 reached Rp 243,580,739,407,051 and Tabung Haji (TH) in 2027 reached RM 166,831,195. Keywords: Financial hajj; BPKH; Tabung haji; Return; Outstanding assets 1. Introduction In Islam there is a pillar of Islam. The fifth pillar of Islam is Hajj. To carry out the Hajj, supplies and readiness of pilgrims are needed so that they can carry out the Hajj properly. Besides that, physical and spiritual readiness is very important because the Hajj must be carried out with a healthy body, clean / halal property, healthy understanding, and a clean heart. After government established the hajj institution for services to manage persons of 1Universitas Islam Negeri Syarif Hidayatullah Jakarta, Email: Fasyanwani@gmail.com 2Universitas Islam Negeri Syarif Hidayatullah Jakarta, Email: Roikhan.ma@uinjkt.ac.id 3 Universitas Trisakti Jakarta Acepjayaprawira@gmail.com 4 Universitas Islam Negeri Syarif Hidayatullah Jakarta, nurhidayah@uinjkt.ac.id 5 Dynivity Institute Jakarta Hahslm472319@gmail.com mailto:Fasyanwani@gmail.com mailto:Roikhan.ma@uinjkt.ac.id mailto:Acepjayaprawira@gmail.com mailto:nurhidayah@uinjkt.ac.id mailto:Hahslm472319@gmail.com Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 2 ISSN :0250- 7196 pilgrimage, then government developed institution of finance to manage the money of pilgrimage. The Badan Pengelola Keuangan Haji (BPKH) is a state institution that manages and develops hajj funds in the financial system based on Islamic principles that are corporative with a special character. With the large significance and contribution of BPKH funds to the Indonesian Islamic financial and banking system, this could be a positive trigger for all parties (BPKH), Islamic Financial Institutions, and Islamic Banking) (Maulana, 2018; Muliadi & Feriyanto, 2018). Operates to carry out public services based on separate laws (lex specialis). This status is needed because BPKH is a special financial management state institution with funding sources from pilgrims in the form of Hajj Pilgrimage Implementation Fees (BPIH) and/or other Hajj receipts, but still operates based on the principles of transparency, accountability, and professionalism applied in the financial industry, so that burden the government's annual budget (APBN), as referred to in the management of state finances (Jumali, 2018; Kittaniy, 2019). Malaysia has taken a step further to save funds towards the Hajj, known as Tabung Haji (TH). TH is one of the best hajj fund management places in Malaysia that is able to fulfill the wishes and realize the prospective pilgrims to perform the Hajj, established in 1963. The Malaysian government under the Ministry of Trade and Industry (MITI) made the Tabung Haji Institute an equity source (capital) of Bumiputera in companies operating in the Malaysian exchange. Tabung Haji (TH) is a superior Islamic Financial Institution in Malaysia. Established in 1963, TH has more than 50 years of experience in Deposit, Management & Hajj Operations. The Malaysian government under the Ministry of Trade and Industry (MITI) established the Tabung Haji Institute an equity source (capital) of Bumiputera in companies operating in the Malaysian exchange. The technical implementation of investments offered by Awl Awm Offers (IPOs) is accepted through royal agencies and financial institutions. In 2007, the Tabung Haji Institute passed 10 IPO investment offers from 25 proposed IPO bids. With an investment of RM 151.5 million. The IPO that has been disbursed by the Tabung Haji Investment Fund consists of seven companies on the main board, namely the property sector, construction (building), user, agriculture and commerce (services) and the three companies on the second board in the industrial sector and the users. 2. Literature Review Hajj Hajj etymologically comes from Arabic, al-hajju which means: al-qashdu which is intentional or towards, intends, intending to go or intend to come to someone who is considered noble. Terminologically, Hajj is intentional to go to Baitullah in a predetermined manner and time (Aziz, 2016). Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 3 ISSN :0250- 7196 Bedan Pengelola Keuangan Haji (BPKH) Hajj etymologically comes from Arabic, al-hajju which means: al-qashdu which is intentional or towards, intends, intending to go or intend to come to someone who is considered noble. Terminologically, Hajj is intentional to go to Baitullah in a predetermined manner and time (Aziz, 2016; Purba & Sitorus, 2017). Tabung Haji (TH) Tabung Haji or the Tabung Haji Institute is the board of Malaysian pilgrims. Tabung Haji was formerly known as the Hajj Affairs and Tubes Institute (LUTH). The main office is located at Jalan Tun Razak, Kuala Lumpur. Tabung Haji provides savings facilities for pilgrims who will go to Makkah through investments in Islamic vehicles (Muneeza, 2018). BPKH and TH The difference between Hajj Financial Management Agency (BPKH) and Hajj Saving (TH) such as Investment in BPKH is Sharia time deposits of Rp. 54.6 trillion while in TH is Property of Rp. 24 trillion. Benefits of BPKH gives State Sharia securities Rp. 35.7 trillion while TH gives Deposits of Rp. 19.8 trillion. Determination of policy in BPKH is government debt of Rp. 0.13 trillion while TH is foreign investment of Rp. 17.8 trillion. The financial structure of organization in BPKH prefers to profit sharing from securities and deposits while TH prefers plantations, concessions and equipment Rp. 11 trillion. And sharing of hajj fund management that received by customers in BPKH should be based on parliamentary discussion while in TH is not including investments (Aziz, 2018). Portfolio performance or performance A portfolio is a combination or combination or set of assets, either in the form of real assets or financial assets owned by investors. In the formation of a portfolio, investors always want to maximize the expected return with a certain level of risk that they are willing to bear or look for a portfolio that offers the lowest risk with a certain level of return. Portfolio characteristics like this are referred to as efficient portfolios (Tandelilin: 2010, 157). Return A portfolio is a combination or combination or set of assets, either in the form of real assets or financial assets owned by investors. In the formation of a portfolio, investors always want to maximize the expected return with a certain level of risk that they are willing to bear or look for a portfolio that offers the lowest risk with a certain level of return. Portfolio characteristics like this are referred to as efficient portfolios (Tandelilin: 2010, 157). Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 4 ISSN :0250- 7196 3. Methodology Calculation of returns of the Indonesian Hajj financial management agency and tabung Haji Malayaisa The test will be carried out with the return parameter in each portfolio of the Hajj Financial Management Agency (BPKH) compared to the Tabung Haji (TH) portfolio. The calculation results of the actual return level are based on the calculation of the level of monthly returns throughout 2012-2016. Mathematically actual return can be formulated as follows: Information: Rt = Return Index on day t Pt = Prices on the day on the index of the Hajj Financial Management Agency (BPKH) / Tabung Haji (TH) Pt-n = Price on day-1 on the index of the Hajj Financial Management Agency (BPKH) / Tabung Haji (TH) Calculation of growth outstanding assets of Indonesian hajj finance management agency and tabung Hajji Malaysia In simple terms, the outstanding growth of Hajj Financial Management Agency (BPKH) and Tabung Haji (TH) assets can be calculated by comparing the calculation of the outstanding assets of the Hajj Financial Management Agency (BPKH) compared to / Hajj Tube (TH) in a certain period with the previous period, so how much growth can be known (Yahaya, 2016). The results of the calculation of growth outstanding assets of the Hajj Financial Management Agency (BPKH) and Tabung Haji (TH) are based on the calculation of monthly growth rates throughout 2012-2016. Mathematically the outstanding asset growth of the Hajj Financial Management Agency (BPKH) / Tabung Haji (TH) can be formulated as follows: Information: Gt = Growth of Outstanding Assets of Badan Pengelola Keuangan Haji (BPKH) / Tabung Haji (TH) at the time of t Outstandingt = Total Outstanding Assets of the Badan Pengelola Keuangan Haji / Tabung Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 5 ISSN :0250- 7196 Haji Malaysia at the time of t Outstandingt-n = Total Assets Outstanding of Badan Pengelola Keuangan Haji (BPKH) / Tabung Haji (TH) at the 1st time Kolmogorov-Smirnov test Normal data can be tested by the Kolmogorov-Smirnov Test. H0: Data is normally distributed H1: Data is not normally distributed Test Kolmogrov Smirnov is defined by: D = ) )) Where F is the theoretical cumulative distribution of the tested data distribution that is normal from the data. Then the value of D is compared with the table at a certain level of significance α. Independent test of two sample t-tests Independent sample t-test is a type of statistical test that aims to compare the average of two groups that are not in pairs or not related to each other. Not in pairs can be interpreted as a study conducted for two different sample subjects. Homogeneity of variants tested based on the formula: Data is stated to have the same variance (equal variance) if F-Calculate F- Table. Non-parametric test The non-parametric statistical method is a test whose model does not specify the existence of certain conditions regarding population parameters which are the source of the research sample. Non-parametric statistics are often called distribution-free statistics (distribution-free statistics) because the method does not require assumptions about population distribution patterns. Many Whitney U-test To determine the difference in the independent variable to the dependent variable, Mann- Whitney U test was calculated. This consideration is carried out because the data is ordinal, large sample data and for two unequal samples. Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 6 ISSN :0250- 7196 Mann-Whitney Test Formula with normal distribution approach: ) With : U = n1n2 + ) E(U) = ) = √ ) R1 = Number of first sample ratings n1 = Number of samples 1 n2 = Number of samples 2 System dynamics According to Massachusetts Institute of Technology (MIT), System Dynamics is a methodology used to study the problems around us. Unlike other methodologies that examine problems by sorting them into smaller parts, System Dynamics sees the problem as a whole. 4. Results 1. Calculation of Returns of Hajj and Tabung Haji Financial Management Bodies Return index of the Badan Pengelola Keuangan Haji (BPKH) has a higher value compared to the return of the Tabung Haji index (TH) which is -0.04% with a standard deviation of 1.60%. Table 1: Return Index Name Return Standard Deviation BPKH -0.04% 1.60% TH -0.63% 1.85% As for the standard deviation value which is the opposite. The standard deviation value of the Tabung Haji (TH) index has a higher value when compared to the standard deviation of the index of the Badan Pengelola Keuangan Haji (BPKH). The Tabung Haji (TH) index standard deviation is 1.85%, while the index deviation standard of the Badan Pengelola Keuangan Haji (BPKH) is 1.60%. 2. Kolmogorov-Smirnov Test Return Comparison Statistics of Badan Pengelola Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 7 ISSN :0250- 7196 Keuangan Haji (BPKH) and Tabung Haji (TH). The Asymp value. Sig. (2-tailed) less than 0.05, H0 is rejected and H1 is accepted, meaning that it can be concluded that the data is not normally distributed. Table 2: K-S Test Name Return K-S Sig 0.05 0.432 0.000 Therefore, testing the significance of differences was done by Mann Whitney U-Test. 3. Difference Test Mann Whitney U-Test Statistics Return Comparison Index of Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH) The Asymp value. Sig. (2-tailed) less than 0.05, H0 is rejected and H1 is accepted. Table 3: MWU Test Test Statisticsa Hajj Return Mann-Whitney U 1194.000 Wilcoxon W 3024.000 Z -3.194 Asymp. Sig. (2-tailed) .001 It can be concluded that there is a significant difference between the return of the Hajj Financial Management Agency (BPKH) and Tabung Haji (TH). 4. Calculation of Growth Outstanding Assets of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Hajj (TH) The results of the calculation of growth outstanding assets of the Hajj Financial Management Agency (BPKH) and Tabung Haji (TH). Table 4: Growth Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 8 ISSN :0250- 7196 Name Growth Outstanding Aset BPKH -1.45% TH -1.13% The growth outstanding of Tabung Haji (TH) assets has the highest value when compared to the growth outstanding assets of the Hajj Financial Management Agency (BPKH) which is - 1.13%. While growth outstanding assets of the Hajj Financial Management Agency (BPKH) is equal to -1.45%. 5. Kolmogorov-Smirnov Test Statistics Comparison of the Growth of Outstanding Assets of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH) The output above shows the Asymp value. Sig. (2-tailed) more than 0.05, H0 is accepted and H1 is rejected. Table 5: K-S Grwoth Growth Outstanding Aset BPKH dan TH K-S Sig 0.05 0.161 0.089 It can be concluded that the data is normally distributed. Therefore, testing the significance of differences was done by Independent T-Test. 6. Independent Differential Test of T-Statistical Test Comparison of Growth of Outstanding Assets of the Badan Pengelola Keuangan (BPKH) and Tabung Haji (TH) The Asymp value. Sig. (2-tailed) less than 0.05 then H0 is rejected and H1 is accepted. Table 6: Growth Outstanding of Hajj Asset Levene's Test for Equality of Variances t-test for Equality of Means F Sig. T Df 18.930 .000 -2.707 118 -2.707 101.274 It can be concluded that there is a significant difference between the growth outstanding assets of the Hajj Financial Management Agency (BPKH) and Tabung Haji (TH). Table 7: T-test Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 9 ISSN :0250- 7196 t-test for Equality of Means Mean Difference Std. Error Differen ce 95% Confidence Interval of the Difference Sig. (2-tailed) Lower Upper .008 -.31367 .11586 -.54310 -.08423 .008 -.31367 .11586 -.54350 -.08384 7. Prediction of the Development of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH) in the coming year The projected growth of assets of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH) in the next 10 years based on the results of the powersim model test. Figure 1. BPKH Forecast (IDR) Source: Analysis, 2018. BPKH increased from Rp 93.910.919.512.672 (USD 6,260,727,968 aor 6 billion usd) in 2017 to Rp 103.302.011.463.939 in 2018 with upsurge of 10% in a year. And after 10 years, in year of 2027 BPKH will have total assets about Rp 243,580,739,407,051 or US$ 16,238,715,960 (about USD 16 billion). Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 10 ISSN :0250- 7196 Figure 2. The Forecast (MYR) Source: Analysis, 2018. TH hiked from Rm 64,320,648 (USD 15,436,955 or 15 million usd) in 2017 to Rm 70,752,712 in 2018. And after 10 years, in year of 2027 TH will have total assets about Rm 166,831,195 or US$ 40,039,487 (about USD 40 million). 5. Conclusion and Suggestions 1. There is a significant difference between the return of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH). The Hajj Financial Management Agency (BPKH) has a higher return compared to Tabung Haji (TH). Descriptively viewed from the value of the index return of the Badan Pengelola Keuangan Haji (BPKH) of -0.04%. While the return of the Tabung Haji index (TH) is -0.63%. As for the standard deviation value which is the opposite. The standard deviation value of Tabung Haji (TH) has a higher value compared to the standard deviation of the index of the Badan Pengelola Keuangan Haji (BPKH). The standard deviation of the Badan Pengelola Keuangan Haji (BPKH) is 1.60%. The standard deviation of Tabung Haji (TH) is 1.85%. 2. Furthermore, for the growth outstanding of Tabung Haji (TH) assets, it turns out to have a higher value than the growth outstanding assets of the Hajj Financial Management Agency (BPKH) which is -1.13%. While growth outstanding assets of the Badan Pengelola Keuangan Haji (BPKH) amounted to -1.45%. There is a significant difference between the return index of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH). Based on the results of the powersim value model test, the prediction of the growth of the Badan Pengelola Keuangan Haji (BPKH) in 2027 reached Rp 243,580,739,407,051 or US$ 16,238,715,960 (about USD 16 billion) and Tabung Haji (TH) in 2027 reached RM 166,831,195 or US$ 40,039,487 (about USD 40 million). Hamdard Islamicus, Vol. 43 No. S.2 (2020), 685- 696 https://hamdardfoundation.org/hamdard Islamicus/ 11 ISSN :0250- 7196 3. There is a significant difference between the return of the Badan Pengelola Keuangan Haji (BPKH) and Tabung Haji (TH). The Hajj Financial Management Agency (BPKH) has a higher return compared to Tabung Haji (TH). Descriptively viewed from the value of the index return of the Badan Pengelola Keuangan Haji (BPKH) of -0.04%. While the return of the Tabung Haji index (TH) is -0.63%. As for the standard deviation value which is the opposite. The standard deviation value of Tabung Haji (TH) has a higher value compared to the standard deviation of the index of the Badan Pengelola Keuangan Haji (BPKH). The standard deviation of the Badan Pengelola Keuangan Haji (BPKH) is 1.60%. The standard deviation of Tabung Haji (TH) is 1.85%. 4. Furthermore, for the growth outstanding of Tabung Haji (TH) assets, it turns out to have a higher value than the growth outstanding assets of the Hajj Financial Management Agency (BPKH) which is -1.13%. While growth outstanding assets of the Badan Pengelola Keuangan Haji (BPKH) amounted to -1.45%. 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