TH supports govt aspiration, to focus on domestic investments


KUALA LUMPUR: Lembaga Tabung Haji (TH) will continue to focus on investments in Malaysia compared to expanding its portfolio overseas in line with the government’s aspiration to support and stimulate domestic investments.

Its group managing director and chief executive officer, Syed Hamadah Syed Othman, said the strategic asset allocation for TH’s investments abroad is around 10 per cent, and at the moment, the pilgrimage fund board has no plans to make additional investments.

"The investment opportunities abroad are wider and can provide competitive returns...but we will continue to support the government’s aspiration to focus on domestic investments in the short to medium term," he said at a press conference to announce TH's profit distribution for the 2023 financial year (FY2023), here today.

He said the mandate given to TH is to ensure the safety of depositors’ funds and to provide stable returns, and this can be achieved by adhering to disciplined strategic asset allocation that always focuses on returns commensurate with the risks taken.

More than half or 58 per cent of TH’s current investments are in the form of fixed income or sukuk, and this forms the basis that enables the institution to obtain recurring and safe returns, he said, adding that the remaining investments are focused on equities, money market, and real estate both domestically and overseas.

TH today announced a profit distribution after zakat of 3.10 per cent for FY2023, the same as the previous year.

Minister in the Prime Minister's Department (Religious Affairs) Datuk Dr Mohd Na'im Mokhtar, when announcing this, said the total profit distribution of RM2.72 billion will benefit more than 9.15 million TH depositors. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Lembaga Tabung Haji , TH , domestic

   

Next In Business News

UK inflation pressure stays hot, dashing hopes for June rate cut
Potential exports of RM2.4bil from Kazakhstan, Uzbekistan signal opportunities in Central Asia - Tengku Zafrul
US announces details on higher China tariffs, some to start Aug 1
Five Petroleum to explore partnerships in Uzbekistan
Japan's 10-year yield hits more than decade high of 1% as BOJ bets build
Indonesian central bank holds interest rates steady, as expected
M&S annual profit soars 58% as turnaround strategy delivers
LVMH deepens partnership with Alibaba to boost tech presence in China
Asia stocks up on high hopes for Nvidia, NZ dollar jumps
CIMB forecasts mid-June kickoff for fuel subsidy rationalisation

Others Also Read