Effect of Income Per Capita

Oct 13, 2025 by wbrum.org 144 views

Introduction

Hajj Savings is a form of savings that applies the principle of Mudaraba Mutlaqah, where the funds stored by customers will be managed until the agreed time, and can only be withdrawn when the customer will carry out the pilgrimage. In the city of Medan, there are a number of factors that affect the number of Hajj savings, including per capita income, the number of Muslim populations, inflation rates, pilgrimage costs, and the number of available hajj quota. This article aims to analyze the factors that affect the number of Hajj savings in Medan, using the Ordinary Least Square (OLS) method and secondary data in the form of a quantitative time series.

Methodology

The method used in this analysis is Ordinary Least Square (OLS) or the smallest quadratic method. The data analyzed in the form of secondary data in the form of a quantitative time series, and the analysis was carried out using e-views 5.1 and Microsoft Excel 2007 software. The data used in this analysis includes per capita income, the number of Muslim populations, inflation rates, pilgrimage costs, and the number of available hajj quota.

Effect of Income Per Capita

The results of the analysis show that the per capita income of the people of Medan City has a significant positive influence on the number of hajj savings. This means, the higher a person's income, the more likely it is to set aside funds for Hajj savings. Higher income provides more flexibility in managing finances, so that people tend to be more able to save for pilgrimage. This is because individuals with higher income have more disposable income, which they can use to save for their pilgrimage.

The Importance of Per Capita Income in Hajj Savings

Per capita income is an important factor in determining the number of hajj savings. This is because individuals with higher income have more disposable income, which they can use to save for their pilgrimage. In addition, higher income also provides more flexibility in managing finances, so that people tend to be more able to save for pilgrimage.

Increased Muslim Population

Furthermore, the number of Muslim populations in Medan also has a significant positive impact on Hajj savings. This shows that the more the number of Muslims in an area, the greater the potential to increase Hajj savings. With more and more individuals who plan to perform the pilgrimage, the demand for Hajj savings will also increase.

The Role of Muslim Population in Hajj Savings

The number of Muslim populations in Medan has a significant positive impact on Hajj savings. This is because more individuals who plan to perform the pilgrimage will increase the demand for Hajj savings. In addition, a larger Muslim population also means that there are more individuals who are interested in performing the pilgrimage, which will increase the potential for Hajj savings.

Effect of Inflation Level

Unlike the previous two factors, the inflation rate in Medan has a negative effect on the number of Hajj savings. High inflation can reduce people's purchasing power, so they are more difficult to save. The increase in prices of goods and services requires the public to divert funds that should be saved to daily needs, which in turn will reduce their ability to save for pilgrimage.

The Negative Impact of Inflation on Hajj Savings

Inflation has a negative impact on Hajj savings. This is because high inflation can reduce people's purchasing power, making it more difficult for them to save. In addition, the increase in prices of goods and services requires the public to divert funds that should be saved to daily needs, which in turn will reduce their ability to save for pilgrimage.

Hajj Travel Costs

High pilgrimage travel costs also have a significant positive influence on the number of hajj savings. In this context, the higher the cost required to perform the pilgrimage, the greater the motivation of the community to start saving. This happens because the cost of hajj that does not encourage individuals to be more serious in planning their pilgrimage savings.

The Positive Impact of Hajj Travel Costs on Hajj Savings

Hajj travel costs have a significant positive influence on the number of hajj savings. This is because the higher the cost required to perform the pilgrimage, the greater the motivation of the community to start saving. In addition, the cost of hajj that does not encourage individuals to be more serious in planning their pilgrimage savings.

Hajj Quota

Finally, the number of hajj quota set for each year also has a positive effect on the hajj savings. A limited quota can motivate the community to save immediately, so that they do not run out of opportunities to carry out the pilgrimage. Thus, the quota factor is one of the important drivers for the community to prepare their pilgrimage funds from an early age.

The Role of Hajj Quota in Hajj Savings

Hajj quota has a positive effect on the hajj savings. This is because a limited quota can motivate the community to save immediately, so that they do not run out of opportunities to carry out the pilgrimage. In addition, the quota factor is one of the important drivers for the community to prepare their pilgrimage funds from an early age.

Conclusion

Based on the analysis above, it can be concluded that there are several factors that significantly affect the number of hajj savings in the city of Medan. Revenue per capita and the number of Muslim populations have a positive impact, while inflation has a negative effect. Meanwhile, the cost of pilgrimage and the pilgrimage quota also contributed significantly to the amount of hajj savings. Understanding of these factors is important for developing strategies that can encourage more people to save to carry out the pilgrimage.

The Importance of Understanding Factors Affecting Hajj Savings

Understanding the factors that affect the number of hajj savings is important for developing strategies that can encourage more people to save to carry out the pilgrimage. This is because the factors that affect hajj savings can vary from one area to another, and understanding these factors can help policymakers and stakeholders to develop targeted strategies to increase hajj savings.

Recommendations

Based on the analysis above, the following recommendations can be made:

Increase per capita income: Increasing per capita income can increase the number of hajj savings. This can be achieved through economic development and job creation programs.
Increase Muslim population: Increasing the number of Muslim populations can increase the demand for hajj savings. This can be achieved through population growth and migration programs.
Reduce inflation: Reducing inflation can increase the purchasing power of individuals, making it easier for them to save for hajj. This can be achieved through monetary policy and economic development programs.
Increase hajj travel costs: Increasing hajj travel costs can motivate individuals to save more for hajj. This can be achieved through increasing the cost of pilgrimage travel.
Increase hajj quota: Increasing hajj quota can motivate individuals to save more for hajj. This can be achieved through increasing the number of hajj quota available.

By understanding the factors that affect the number of hajj savings, policymakers and stakeholders can develop targeted strategies to increase hajj savings and encourage more people to save to carry out the pilgrimage.

Q: What is Hajj Savings?

A: Hajj Savings is a form of savings that applies the principle of Mudaraba Mutlaqah, where the funds stored by customers will be managed until the agreed time, and can only be withdrawn when the customer will carry out the pilgrimage.

Q: What are the factors that affect the number of Hajj savings in Medan?

A: The factors that affect the number of Hajj savings in Medan include per capita income, the number of Muslim populations, inflation rates, pilgrimage costs, and the number of available hajj quota.

Q: How does per capita income affect Hajj savings?

A: Per capita income has a significant positive influence on the number of hajj savings. This means, the higher a person's income, the more likely it is to set aside funds for Hajj savings.

Q: How does the number of Muslim populations affect Hajj savings?

A: The number of Muslim populations in Medan also has a significant positive impact on Hajj savings. This shows that the more the number of Muslims in an area, the greater the potential to increase Hajj savings.

Q: How does inflation affect Hajj savings?

A: Unlike the previous two factors, the inflation rate in Medan has a negative effect on the number of Hajj savings. High inflation can reduce people's purchasing power, so they are more difficult to save.

Q: How does pilgrimage travel cost affect Hajj savings?

A: High pilgrimage travel costs also have a significant positive influence on the number of hajj savings. In this context, the higher the cost required to perform the pilgrimage, the greater the motivation of the community to start saving.

Q: How does hajj quota affect Hajj savings?

A: Finally, the number of hajj quota set for each year also has a positive effect on the hajj savings. A limited quota can motivate the community to save immediately, so that they do not run out of opportunities to carry out the pilgrimage.

Q: What are the recommendations for increasing Hajj savings in Medan?

A: Based on the analysis above, the following recommendations can be made:

Increase per capita income: Increasing per capita income can increase the number of hajj savings. This can be achieved through economic development and job creation programs.
Increase Muslim population: Increasing the number of Muslim populations can increase the demand for hajj savings. This can be achieved through population growth and migration programs.
Reduce inflation: Reducing inflation can increase the purchasing power of individuals, making it easier for them to save for hajj. This can be achieved through monetary policy and economic development programs.
Increase hajj travel costs: Increasing hajj travel costs can motivate individuals to save more for hajj. This can be achieved through increasing the cost of pilgrimage travel.
Increase hajj quota: Increasing hajj quota can motivate individuals to save more for hajj. This can be achieved through increasing the number of hajj quota available.

Q: What is the importance of understanding factors affecting Hajj savings?

A: Understanding the factors that affect the number of hajj savings is important for developing strategies that can encourage more people to save to carry out the pilgrimage. This is because the factors that affect hajj savings can vary from one area to another, and understanding these factors can help policymakers and stakeholders to develop targeted strategies to increase hajj savings.

Q: What are the benefits of increasing Hajj savings in Medan?

A: Increasing Hajj savings in Medan can have several benefits, including:

Increased pilgrimage participation: Increasing Hajj savings can increase the number of individuals who are able to participate in the pilgrimage.
Economic benefits: Increasing Hajj savings can also have economic benefits, such as increasing the demand for pilgrimage-related services and products.
Social benefits: Increasing Hajj savings can also have social benefits, such as increasing the sense of community and social cohesion among Muslims in Medan.

By understanding the factors that affect the number of Hajj savings, policymakers and stakeholders can develop targeted strategies to increase hajj savings and encourage more people to save to carry out the pilgrimage.