PUTRAJAYA: Lembaga Tabung Haji (TH) will give a hibah (dividend) of 1.25% to its depositors for the 2018 financial year, says Datuk Seri Dr Mujahid Yusof Rawa.
The Minister in the Prime Minister's Department said this amounted to a total payout of RM913mil for TH's 9.3 million depositors.
This is the lowest hibah given to depositors in TH's history.
In 2017, depositors were given a hibah of 4.5%, while those who had not performed the haj were given an additional 1.75% bonus.
"The Pakatan Harapan government inherited TH from the previous government in a sad state," said Mujahid at a press conference at the Putrajaya Islamic Complex here on Friday (April 5).
He said TH suffered from "poor governance and mismanagement" under the previous Barisan Nasional government, prompting the need for financial restructuring, which was completed on December last year.
Mujahid said that the previous administration had paid hibah to TH's depositors without conforming to the TH Act 1995.
"Manipulation of accounts was done to distribute high hibah despite the growing deficit (between assets and liabilities)," he added.
He said TH now had a total asset surplus of RM1bil for the 2018 financial year after the financial restructuring exercise.
This, he said, was in contrast to 2017 where TH reported a total asset deficit of RM4.1bil.
"The successful completion of the restructuring plan reflects the government's determination to rescue TH, thus protecting the interest of its depositors," he said.
He added that the government will allocate RM500mil in 2020 for TH and RM1.73bil per year after that until all of its sukuk (shariah-compliant bonds) were redeemed.