Tabung Haji to focus on domestic investments

The pilgrimage fund board has no plans to make additional investments abroad.

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.

Group managing director and chief executive officer Syed Hamadah Syed Othman said the strategic asset allocation for TH’s investments abroad is around 10% 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 briefing to announce TH’s profit distribution for the financial year 2023 (FY23), here yesterday.

More than half or 58% 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.

He added that the remaining investments are focused on equities, money market and real estate, both domestically and overseas.

TH announced a profit distribution after zakat of 3.10% for FY23, the same as the previous year. — Bernama