Tabung Haji declares 3.25 per cent profit distribution for FY2024, highest in seven years

Minister in the Prime Minister's Department (Religious Affairs) Datuk Dr Mohd Na'im Mokhtar said the total profit distribution amounts to RM2.92 billion, benefiting more than 9.54 million TH depositors.

"This rate was achieved after accounting for zakat payments of 2.5775 per cent (RM99.35 million)," he said at a press conference announcing TH's profit distribution rate for the 2024 financial year here.

Also present were TH Board chairman Tan Sri Abdul Rashid Hussain, TH group managing director and chief executive officer Datuk Syed Hamadah Syed Othman and group executive director of finance Mustakim Mohamad.

Mohd Na'im said the high profit distribution was driven by improved investment performance, the impact of economic growth and a positive stock market in 2024, as well as ongoing efforts to control operating costs.

"Alhamdulillah, to date, TH's total profit distribution over its 61-year history amounts to RM45.79 billion," he said. Mohd Na'im said depositors could check their 2024 profit distribution, credited into their accounts from this Sunday, via the THiJARI platform, Tabung Haji counters, Bank Islam and Bank Rakyat counters, as well as electronic banking channels of TH's strategic partner banks - Bank Islam, Bank Rakyat, Maybank Islamic, CIMB Islamic and AmBank Islamic.

He also announced the zakat payment of RM99.35 million to all State Islamic Religious Councils (MAIN) on behalf of depositors for 2024, allocated based on the ratio of deposit balances in each state.

He said the zakat payment, directly or indirectly, supports the government's efforts to eradicate hardcore poverty.Mohd Na'im said that as an institution managing deposit savings for the haj, TH has assisted over 1.5 million Muslims in the country to perform the pilgrimage, while also covering Haj Financial Assistance amounting to RM2.8 billion since its introduction in 2001.

Regarding the Zakat Wakalah Programme, Mohd Na'im said TH had assisted over 670,000 asnaf (eligible zakat recipients) nationwide last year, with more than 2.2 million asnaf benefiting from the initiative over the past decade.

Meanwhile, Syed Hamadah said the profit distribution declaration complies with the Tabung Haji Act 1995 and was made after TH's 2024 financial statements were audited by the National Audit Department.TH's profit distribution rate stood at 3.10 per cent from 2020 to 2023, while the rates for 2019 and 2018 were 3.05 per cent and 1.25 per cent, respectively.

-- BERNAMA