This article first appeared in The Edge Financial Daily, on April 29, 2016.

KUALA LUMPUR: Lembaga Tabung Haji group managing director and chief executive officer (CEO) Tan Sri Ismee Ismail will handover his duties to his deputy Datuk Johan Abdullah.

Tabung Haji, also known as the pilgrims fund board, said Johan’s appointment would start on July 1. Johan joined the group in January 2015 as deputy group managing director and deputy CEO.

Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim said in a statement yesterday that Johan would be initially appointed as acting CEO from May 16.

“This handing over by Tan Sri Ismee is in line with Tabung Haji’s succession plan which has been put in place since January 2015.

“Tan Sri Ismee’s extraordinary vision and leadership has significantly contributed towards Tabung Haji’s many successes, earning recognition and respect worldwide.

“We are proud and thankful for his leadership throughout his more than 10-year tenure, as Tabung Haji has undergone [a] successful transformation that has resulted in increased profitability,” Abdul Azeez said.

Tabung Haji said Ismee had helped the group diversify its investments to grow its income.

According to Tabung Haji, the pilgrim fund’s revenue rose over RM4 billion for the first time in the financial year ended Dec 31, 2015. Profit after zakat and tax surpassed RM3 billion, according to Tabung Haji.

Tabung Haji’s successes are also reflected in their investments 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 the end of 2015.

“Tabung Haji’s growth and prominence also saw an increment in bonuses (an average of 6.6% net of zakat) paid to depositors from RM600 million to RM3.2 billion, which was higher than the market deposit rate offered by Islamic banks,” the fund said.