No large withdrawals despite record-low hibah — TH

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PUTRAJAYA (April 5): There have been no large withdrawals by Lembaga Tabung Haji (TH) depositors, said group managing director and chief executive officer Datuk Seri Zukri Samat.

He said the fund hopes there will not be any large-scale withdrawals despite TH announcing its lowest hibah (dividend).

“We have been monitoring the situation and so far, we have not seen that tendency even though there is a lot of bad publicity. The withdrawal rate is quite normal even today,” he said.

Zukri said this at a press conference in response to a question if TH expects large withdrawals from depositors following the announcement of the record low hibah here today.

Earlier, Minister in the Prime Minister’s Department Datuk Seri Dr Mujahid Yusof had announced a 1.25 percent hibah rate for TH, amounting to a payout of RM913 million to its depositors for the 2018 financial year.

Last year, TH announced a hibah rate of 4.5 percent, and an additional 1.75 percent hibah haji for those who had not gone on their pilgrimage, for the 2017 financial year.

Asked about the 1.3 percent of depositors whose total savings are almost half of the fund’s RM74.5 billion in savings, Zukri said the TH board is reviewing the matter.

“It is true that these depositors are wealthy and they saved with TH for investment purposes. We will carefully review this matter to determine if this system of deposits will be continued or changes will be made to it,” he said.

On another question if TH will limit savings in the manner of Amanah Saham Bumiputera, he said the matter needs to be examined.