Upon completion of the exercise, Tabung Haji would have a clean balance sheet with assets equal to liabilities at RM77bil.
KUALA LUMPUR: Lembaga Tabung Haji (TH) is back on track supported by the current board of directors and new management team who understands the TH Act completely, deputy minister in the Prime Minister’s Department (Islamic Affairs) Fuziah Salleh said today.
She also said that TH has also not recorded any bank run since December last year.
“I am confident that TH now is under a team that is capable, high integrity and knows what are the best practises in Islamic finance.
“The worse is now over for TH. The problem was actually back in 2017, but people were not so worried as they were getting high hibah (dividends).
“Even though people get low hibah for 2018, they should know that everything is now back into Shariah- compliant,” Fuziah told reporters after delivering a keynote address at the one-day Malaysian Financial Planning Council (MFPC) International Conference on Islamic Wealth Management and Financial Planning.
She also reiterated that the haj subsidy will only be awarded to first time pilgrims.
“The quota for the haj currently stands at 30,200 individuals and we will not give anymore special quota to ministers and those with ‘connections’, but to those who are really eligible and elderly, who are first timers,” said Fuziah, adding that the people should understand TH’s objectives.
She also said there is no limitation on the amount of saving by depositors in TH.
Last Friday, TH announced a hibah of 1.25 per cent for the financial year 2018, which amounted to a payout of RM913 million to its 9.3 million depositors.
Earlier in her speech, Fuziah said her ministry has proposed three main thrusts of good governance to ensure sustainability to move forward with the rapid changes of the current atmosphere.
The first thrust she said involved the establishment of Malaysian Model in various fields including economy and Islamic finance.
“This model will be the benchmark on how we can amalgamate Islamic principles in our administration by taking into consideration of our local culture, multi-ethnic and multi-religious society.
“In gearing up to achieve this objective, the second thrust is infusing the Maqasid Shariah, a practical approach to Islam is adopted in the current administrative approach. While the third thrust namely is Rahmatan Lil Alamin (Mercy to All Creation),” Fuziah added. - Bernama
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