TH announces higher Hibah

Tabung Haji announces higher Hibah and Bonus for depositors, amidst higher cost of operations and impairment of some loss making investments.

That is a good sum, for over 9 million TH depositors and aspirant pilgrims. TH currently managing a savings scheme under the Wadiah principle, of over RM70b worth of funds.

It is an increase of 5.88% for Annual Hibah and 16.67% for Hajj special Hibah over previous year’s. The Gross Income is RM4.5billion.

For the last financial year, TH provided RM296m in subsidy against direct cost of performing Hajj, so that the charge for pilgrims could be maintained at RM9,980.

Include this year’s Hajj season, TH would have subsidized over RM1.5b in direct cost, for over 215,000 pilgrims muasassah scheme.

The subsidy had been raised from profits derived from shariah compliant investments.

Overall subsidiary contributed RM1.156m or 26% of total income. Mainly investments in financial services such Bank Islam, TH properties, TH Hotel Residence, TH Plantations and other investments abroad.

Another change is that our hibah bases change from lowest minimum balance to lowest yearly balance to encourage depositors to save for long term rather than short term bcos it is back to tab haji original objective of saving little by little to perform hajj.

TH has also impaired THHE of RM208m and two other portfolios Oil and Gas industry which are Scomi Energy Services and Alam Maritim totalling RM170m due to the poor global performance in the sector.

In all, TH impaired RM470m in losses.

Prudent management and tight investment policies are part of TH key success to increase Hibah to depositors, amidst growing subsidy for direct Hajj operations with objective to provide affordable pilgrimage for Malaysian Muslims.

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