Hajj Fund Management Agency (BPKH) remains financially healthy on paper. Total assets reached Rp238.8 trillion by the end of June 2025, while the institution recorded a comprehensive surplus of Rp5.87 trillion in the first half of the year. These figures suggest stability, prudence, and continued growth. Yet a closer reading of the financial statements reveals a more fundamental policy question: is the Hajj fund still being managed primarily for pilgrims, or has it gradually become an instrument to sustain government policy? To subscribe please click here
