Ismee to hand over duties as LTH Group MD/CEO effective July 1

Ismee Ismail will be handing over his duties as group managing director and chief executive officer (CEO) of Lembaga Tabung Haji (LTH) to Johan Abdullah, effective July 1.

LTH in a statement today said Johan, who joined it on Jan 15 last year as deputy group managing director and deputy CEO, will be assuming the duties of acting CEO from May 16.

Chairperson Abdul Azeez Abdul Rahim said the handing over was in line with LTH’s succession plan put in place in January 2015.

He said Ismee’s extraordinary vision and leadership had significantly contributed towards the pilgrims fund board's many successes, earning recognition and respect worldwide.

“We are proud and thankful for his leadership throughout his more than 10-year tenure, with LTH undergoing a successful transformation that resulted in increased profitability,” he added.

Meanwhile, Johan, formerly the group managing director and CEO of BIMB Holdings Bhd, has vast experience in the areas of corporate finance, capital markets and Islamic finance.

He holds a Masters in Business Administration (Finance) degree from Morehead State University and another in Business Administration (Finance) from Eastern Michigan University.

The statement said under Ismee’s stewardship, LTH had managed to diversify its investment portfolio and income stream with revenue soaring over RM4 billion for the first time, while profit after zakat and taxes surpassed RM3 billion for the year-ended Dec 31, 2015.

From early 2006 to 2015, the accumulative profit surpassed the RM18 billion mark.

During the same period, LTH’s subsidies for the total hajj operations amounted to RM815 million and also succeeded in ensuring that the payment to Muasassah pilgrims remained at RM9980 from 2009.

The organisation’s successes are also reflected in its investment in real estate and properties overseas, especially in the Holy Land, the United Kingdom and Australia.

The depositors fund saw a four-fold rise from RM13.3 billion (early 2006) to RM62.5 billion by end-2015.

The growth and prominence also saw an increment in bonuses (an average of 6.6 percent net off zakat) paid to depositors from RM0.6 billion to RM3.2 billion, which was higher than the market deposit rate offered by Islamic banks.

LTH has 123 branches throughout Malaysia and one in Jeddah, Saudi Arabia.

- Bernama