Tabung Haji to study move to separate its savings categories for its depositors, says Fuziah

KUALA LUMPUR: A study is being carried out to see whether there should be two types of savings categories for Lembaga Tabung Haji (TH) depositors, says Deputy Minister in the Prime Minister's Department Fuziah Salleh.

"Tabung Haji is mulling a decision whether to create two separate deposit categories. This is being studied because there are depositors who are saving up to perform their haj have different needs to those who are saving for investment.

"So we need to balance the two and ensure that both types of depositors will achieve their goals in Tabung Haji," she told Datuk Seri Hasan Arifin during Question Time on Wednesday (Oct 16).

Hasan had asked a supplementary question whether there was any change in TH's policy involving its depositors.

To Hasan's original question, Fuziah said that TH's performance showed a stronger financial position compared to last year.

"In the first half of this year, it generated RM1.3bil, mainly from its fixed deposit income investments worth RM663mil, real estate investment worth RM292mil and from Islamic financial instruments worth RM199mil," she said.

She added that Tabung Haji's net profits increased to RM815mil on the back of continuous cost-saving measures.

"As of June 30 this year, TH's financial position remains stable when its assets are valued above its liabilities by RM1.8bil.

"Its total assets stands at RM74bil while its liabilities are RM72.2bil in comparison to Dec 31,2018, whereby its assets totalled RM1bil.

"Throughout 2019, the value of its domestic equity increased by RM1.12bil from RM6.36bil at the end of last year to RM7.8bil up to Sept 27,2019," she said.

Throughout the year, Tabung Haji had made RM1.219bil by selling its assets with a profit of RM61.1mil.

Meanwhile, when met at the Parliament lobby, Fuziah said that Tabung Haji is projecting a higher amount of net profit which will mean more returns for depositors.