KUALA LUMPUR: Lembaga Tabung Haji (TH) has announced the transition to the Wakalah concept savings contract that provides added value and benefits to depositors without affecting any of the existing facilities and benefits of account holders, effective Dec 31, 2019.
TH, in a statement on Tuesday, said the transition was to replace the Wadiah Yad Dhamanah savings contract used previously.
"Under this new contract, TH is the representative to manage the depositors' fund for the purpose of investment activities and haj pilgrimage operations where the profits generated annually will be distributed to the depositors based on TH's financial performance.
"TH is always striving to improve its services by implementing reforms and restructuring for the benefit of the depositors," he said.
It said the depositors do not have to fill up any new documents and would be able to deal as usual at any TH branch offices nationwide.
"By retaining their deposits with TH after Dec 31,2019, the depositors are deemed to have agreed to the transition to the Wakalah concept savings contract," TH added.- Bernama
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