For the first installment, the ministry will put Rp 1.5 trillion of funds in sukuk through a private placement system in May, Religious Affairs Minister Maftuh Basyuni said Wednesday during a signing of memorandum of understandings (MoU) with the Finance Ministry.
"Deposits above Rp 2 billion in banks are not guaranteed, while the government fully guarantees sukuk. The money can also be used for the benefit of people," said Maftuh.
The one-year non-tradable sukuk, named the Indonesian Haj Funds Sukuk (SDHI) will have a coupon of 8.52 percent, according to the Finance Ministry.
The Religious Affairs Ministry now manages Rp 15.24 trillion and $59.19 million of Haj funds and Rp 713.45 billion and $66.21 million of Ummah Trust funds.
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