Republika, quoting Anggito Abimanyu, head of the fund.
Known by its local acronym BPKH, the fund manages money for members who are saving for their pilgrimage to Mecca. Anggito says all but 1% of its assets are now invested in Indonesia.
He says the initial plan was to invest in the Saudi Arabian cities of Mecca and Medina last year, but this was derailed by the coronavirus pandemic.
“We planned to invest in hotels, transportation and catering projects in the two holy cities. But due to the pandemic, and the uncertainty caused by these conditions, the plan was postponed,” he says in the April 19 news report.