Indonesia's president wants a national fund that arranges Haj pilgrimages to make investments in infrastructure projects that the country needs and the government itself cannot afford to build.
The World Bank estimated this week there's a funding gap of about $500 billion between what Indonesia spends and what's needed to deal with shortcomings.
Infrastructure bottlenecks have hurt economic growth in Southeast Asia's largest economy for years and President Joko Widodo has made it his administration's top priority to fix the situation.
On Wednesday, Widodo inaugurated the board of managers for a new independent Haj fund agency. It takes over management of the fund from the religious affairs ministry.
Traditionally, the Haj fund has put most of the money it receives from Indonesian Muslims, who pay deposits to get a place for a pilgrimmage, into banks.
Widodo told the new board that rather than leave funds "idle", it is better to invest them in places that are "safe but with big profits".
The president said the fund should get the first offer to invest in the government's "brown field infrastructure projects" such as toll roads or ports, promising such investment would be profitable.
As of the end of 2016, the ministry managed 95.2 trillion rupiah ($7.14 billion) of pilgrims' money. The new board estimated the amount will top 100 trillion rupiah this year.
Pilgrims from Indonesia, home to the world's biggest Muslim population, often wait almost a decade before making their trips.
Saudi Arabia sets a quota for pilgrims from every country to visit the Islamic holy city of Mecca. Indonesia's Haj quota for 2017 is 211,000 people.
One of the new Haj fund managers, Anggito Abimanyu, said the newly-founded agency will focus on mapping out its programme, including its investment choices.
"It is possible under the law for us to invest in banking instruments, in portfolio or directly," he said.
Separately, Darmin Nasution, coordinating minister for economics, said on Wednesday that visiting World Bank President Jim Yong Kim offered to Widodo to help Indonesia get more international funding for priority infrastructure projects. No details were disclosed.
Without mentioning the offer, Kim said the bank and the government of Indonesia, the World Bank Group's third biggest client, "are going to demonstrate just how quickly a developing country can go from low to middle to high income status" by working together.
Reuters
Thu Jul 27 2017
Indonesia's President Joko Widodo gestures during an interview with Reuters in Jakarta, Indonesia, July 3, 2017.
Former special forces commander Prabowo to take up Indonesian presidency
Indonesia's Prabowo Subianto will take over as president of the world's third-largest democracy after sweeping the country's election with policies like free meals for school children
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Trump says he would impose tariffs on China if China went into Taiwan
Republican presidential candidate Donald Trump said he would impose additional tariffs on China if China were to "go into Taiwan,"
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.