Islamic Lifestyle 

Malaysia: Tabung Haji to distribute RM2.88b in ’hibah’ to depositors

| 03 February, 2017


The country’s pilgrimage fund, Lembaga Tabung Haji, is set to distribute a total of RM2.88 billion of hibah (income distribution) to its 9.1 million depositors.

Minister in the Prime Minister's Department, Datuk Seri Jamil Khir Baharom had earlier announced a hibah distribution of 4.25 per cent to its depositors and an additional hajj hibah of 1.5 per cent for all its depositors who yet to perform the hajj.

“The hibah distribution will benefit a total of 9.1 million distributors, while the hajj hibah will be given to a total of 8.5 million depositors who have yet to perform the Hajj,” he said at the announcement today.

“In fact, this hibah distribution has taken into account the 2.5 per cent of Tabung Haji's corporate Zakat in 2016, which amounted to RM60.3 million.”

Jamil also announced a decrease in Tabung Haji's net profit to RM2.48 billion on the back a RM3.42 billion revenue for the financial year ended December 31, 2016, in comparison to a RM3.54 billion net profit, on the back of RM4.47 billion in 2015.

“The decrease in revenue last year in comparison to 2015 of some RM1 billion or 23 per cent is because Tabung Haji had received a one-off dividend from the sell of a plantation asset in Indonesia amounting to RM874 million and a building in London worth RM290 million," he said.

“It should also be noted that other fund managers also experienced decreases in their asset under management on the back of ongoing economy volatility.”

Copyright New Straits Times