Increase in dividend restores confidence of Tabung Haji depositors

The profit distribution after tithe or “hibah” (dividend) of 3.05 percent by the Pilgrims Fund Board or Tabung Haji, which is higher compared with the fiscal year 2018, is seen as restoring the confidence of its depositors, said Minister in the Prime Minister’s Department (Religious Affairs) Zulkifli Mohamad Al-Bakri.

In congratulating the fund's management and its board of directors for the success, he said, the higher dividend is expected to encourage depositors to continue to invest and keep their savings with Tabung Haji.

“The profit recorded is a reflection of the outcome of efforts by the management in formulating investment strategies and cost management measures.

“The biggest challenge facing Tabung Haji is how to strengthen its financial position, following the uncertainty of the stock market due to the global trade war," he said in a statement today.

Tabung Haji, in a statement yesterday, announced a profit distribution after zakat (tithe) of 3.05 percent for the 2019 financial year (FY19), with a payout totalling RM2.1 billion compared with RM913 million for FY18.

The improved financial performance is based on a sustainable investment strategy and prudent cost management measures which contributed to the growth in financial distribution in 2019.

Zulkifli said it was possible through concerted efforts by the fund and all related parties and expressed confidence of the agency making more profit in future through their commitment and dedication in managing and governing the institution.

“The establishment of Tabung Haji is based on a sacred intention, to help Muslims in Malaysia fulfil the fifth pillar of Islam.

“It is hoped that Tabung Haji will be able to make more profit in the future, as well as contribute more to Islamic economy and development," he added.

-- BERNAMA