OJK Sees Boost in Islamic Banking Role After Hajj Cost Reduction

Positive Impact on Sharia Financial Ecosystem

The Financial Services Authority (OJK) is optimistic that the recent reduction in Hajj costs for 2026 will significantly boost the role of Islamic banking in Indonesia's sharia financial ecosystem. Dian Ediana Rae, OJK's Executive Head of Banking Supervision, stated that the lower Hajj costs will provide a greater opportunity for people to perform one of Islam's pillars.

Increased Role in Hajj Fund Management

The reduction in Hajj costs is expected to enhance the role of Islamic banks in managing Hajj funds. According to Indonesian law (UU No. 34/2014), Hajj funds must be managed by Sharia Commercial Banks (BUS) or Sharia Business Units (UUS). This makes Hajj savings products unique to Islamic banking.

Digital Access to Hajj Services

Islamic banks have been offering easy access to Hajj-related products through mobile banking services, allowing pilgrims to open accounts, deposit funds, check balances, and register for Hajj quotas efficiently. OJK continues to coordinate with the Hajj Financial Management Agency (BPKH) and the Ministry of Religious Affairs to enhance Hajj fund management.

Financial Inclusion Impact

The cost reduction is expected to broaden the customer base and increase sharia financial inclusion. OJK will continue monitoring the performance and governance of Islamic banks that partner with Hajj cost recipient banks. The 2026 Hajj cost was set at Rp87.4 million per pilgrim, down from Rp89.4 million in 2025, with the actual Hajj travel cost (Bipih) decreasing to Rp54.2 million from Rp55.42 million.