PKR vice president Rafizi Ramli has criticised Lembaga Tabung Haji for the fund's lackluster performance which brought only 3.83 percent in returns last year.
This amount, said Rafizi, was only a slightly better compared to fixed deposit rates by banks.
"That means the return of 3.83 percent can be achieved by simply putting the entire RM64.74 billion in fixed deposit at a bank without having to spend hundreds of millions in depositors' funds," he said.
Rafizi said Tabung Haji had achieved a return of 5.96 percent, 5.83 percent, 6.11 percent and 5.99 percent respectively in the preceding four years from investing the funds of depositors.
Despite the lower performance, Tabung Haji announced an annual bonus of 4.25 percent for 2016. An additional bonus of 1.5 percent was also given to those who had yet to perform the haj.
The annual bonus for 2015 was five percent and on top of an additional three percent for those who had yet to perform the haj.
Annual rate of Tabung Haji bonuses 1995-2016 .
Rafizi said the lower additional bonus for those who have yet to perform the haj meant it will take longer for depositors to reach their financial target to perform the pilgrimage.
Tabung Haji achieved a net profit of RM2.48 billion in 2016, down 29.8 percent from RM3.54 billion the previous year.
The fund said the decline was due to the absence of one off gains such as the sale of plantations in 2015.- Mkini