PUTRAJAYA— Malaysia’s pilgrimage fund Tabung Haji today announced its lowest hibah (dividend) in history at 1.25 per cent, amounting to RM913 million for all depositors for the 2018 financial year.
Comparatively, for FY2017, Tabung Haji had paid a total of 6.25 per cent hibah to its depositors who have not performed their pilgrimage and 4.50 per cent to those who have.
In a press conference today, Minister in the Prime Minister’s Department (Islamic Religious Affairs) Datuk Seri Mujahid Yusof Rawa said this was on the back of mismanagement by the previous Barisan Nasional (BN) administration that paid high hibah despite the company’s inability to pay.
“The successful completion of the restructuring plan reflected the government’s determination to rescue Tabung Haji to protect the interest of 9.3 million depositors.
“In delivering this commitment, the government will allocate RM500 million in 2020 and subsequently RM1.73 billion per year until all Sukuk is redeemed.
“Total allocation from the government for the 10 years is estimated at RM17.8 billion. This is due to poor governance and mismanagement in the past. Manipulation of account was done to distribute high hibah despite the growing deficit,” said Mujahid. – MALAY MAIL
Tabung Haji dividend dives to 1.25% for 2018
TABUNG Haji today announced a dividend of 1.25% for 2018, a steep drop from the 6.25% paid out for the previous year.
The payout to be distributed among the fund’s 9.3 million depositors will amount to RM913 million, Minister in the Prime Minister’s Department Dr Mujahid Yusof Rawa announced today.
He said the lower dividend was because of the pilgrim fund’s current financial situation.
“Abuse of power in the fund’s administration before this and manipulation of the accounts to continue paying out dividends despite a deficit have caused this situation.” – THE MALAYSIAN INSIGHT
MALAY MAIL / THE MALAYSIAN INSIGHT
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