TH announces 3.1pct profit distribution for 2022

Lembaga Tabung Haji (TH) has announced a profit distribution of 3.1 percent after zakat (tithe) for the financial year 2022.

Minister in the Prime Minister's Department (Religious Affairs) Mohd Na'im Mokhtar, when announcing the matter, said the distribution of profits involved a sum of RM2.65 billion and would benefit more than 8.7 million TH depositors.

He said TH recorded a gross income of RM3.8 billion for 2022 compared to RM3.72 billion in 2021.

"This profit distribution is competitive, taking into account, among other things, that the distribution rate for 2022 is higher than the average fixed deposit rate of Islamic banking for a period of 12 months, which is 2.34 percent and zakat has been paid on behalf of the depositors," he told a press conference today.

Also present were TH chairperson Azman Mokhtar and group managing director Amrin Awaluddin, who is also TH chief executive officer, and TH Group executive director of finance, Mustakim Mohamad.

According to Na'im, the calculation of profit distribution in 2022 is based on the average monthly minimum balance saved throughout the year, which is the same as the calculation in previous years.

"Zakat payment amounting to RM97 million has been deducted and paid to all state Islamic religious councils on behalf of TH depositors.

"The depositors no longer need to pay the zakat on their savings and profit received. To date, TH has paid zakat amounting to RM1.27 billion," he added.

He said TH depositors can check the profit credited into their respective accounts from noon tomorrow, through the THiJARI platform, TH counters, Bank Islam and Bank Rakyat counters.

Information can also be obtained from the electronic channels of TH's strategic partner banks namely Bank Islam, Bank Rakyat, Maybank Islamic, CIMB Islamic and AmBank Islamic.

Meanwhile, Mustakim said the TH profit distribution rate in 2022 is the same as in 2021, which is 3.1 percent, but there is a seven percent increase in the total profit distribution, which is RM2.65 billion in 2022 compared to RM2.46 billion in the previous year.

He attributed the increase in the total profit distribution to the increase in savings in TH depositors' accounts.

- Bernama

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