TH Brand Rejuvenation Under Strict Guidelines, Syariah Panel Monitoring

KUALA LUMPUR, Aug 28 (Bernama) -- The brand rejuvenation of Lembaga Tabung Haji (TH) is being carried out under strict guidelines and monitored by its board of directors and Syariah Advisory Committee.

TH group managing director and chief executive officer Mustakim Mohamad explained that all haj policies and affairs are fully overseen by TH management, the board of directors, the Syariah Advisory Committee, and the Haj Advisory Committee.

He said the TH brand rejuvenation is a strategic move to strengthen its role as an Islamic savings institution that remains relevant to current needs, while ensuring Malaysian Muslims can perform the haj in a more organised and secure manner.

“It also aims to increase individual savings levels, strengthen the work culture and provide modern digital services that meet the needs of the younger generation,” he said in a statement today.

He added that in light of the low savings rate among depositors, the brand rejuvenation is also an effort to encourage more Muslims to save consistently for the haj.

Mustakim said low savings levels have led to half of the depositors who receive haj offers each year having to decline or defer their turn, despite the availability of haj financial assistance.

“Many depositors who are financially capable tend to save with other financial institutions and only transfer the full haj payment to their TH accounts after their appeals are approved to fill the vacancies left by those unable to accept the haj offer,” he said.

Meanwhile, TH chairman Tan Sri Abdul Rashid Hussain, in the same statement, said TH is not widely seen as a savings institution capable of attracting consistent deposits, especially when competing with more attractive savings and investment products such as unit trusts, gold, education funds and private retirement schemes.

He added that the number of TH depositors currently stands at 9.6 million, indicating that 50 per cent of Malaysia’s Muslim population has yet to open a TH account.

“More concerning is that data also shows that 53 per cent of depositors do not have savings of at least RM1,300, the minimum amount required to register for the haj,” he said.

-- BERNAMA