BUSINESS

TH CHAIRMAN TO GIVE PRIORITY TO STRENGTHENING FUND'S INVESTMENT

02/04/2024 07:31 PM

KUALA LUMPUR, April 2 (Bernama) -- Lembaga Tabung Haji (TH) chairman Tan Sri Abdul Rashid Hussain will give priority to strengthening the fund’s investment.

Drawing on his extensive experience in the banking sector, Abdul Rashid highlighted the importance of stabilising TH's balance sheet to ensure sustainable earnings in the future.

TH declared a distributed profit of 3.10 per cent after zakat for the financial year 2023, maintaining the same profit distribution rate for the fourth consecutive year. 

Abdul Rashid, the founder of RHB banking group, also expressed concern over the rising cost of performing the haj, with 85 per cent of the cost attributed to external factors such as transportation and accommodation.

"In the longer term, the cause for concern will be if we have to reduce the subsidy or only subsidise the poorest segment," he told a press conference after announcing TH’s profit distribution earlier today. 

The cost of performing the haj for muassasah pilgrims has increased to RM33,300 this year from RM30,850 last year, primarily due to higher accommodation costs in Saudi Arabia amid rapid development around the holy cities of Medina and Mecca.

Abdul Rashid assumed the role of TH chairman on Dec 20 last year, succeeding Tan Sri Azman Mokhtar.

-- BERNAMA


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