Malaysia $18 Billion Islamic Pilgrimage Fund Tabung Haji Appoints Founder of RHB Group Abdul Rashid Hussain as New Chairman Succeeding Azman Mokhtar after 2-Year Term, RHB Group is Top 5 Largest Financial Services Group in Malaysia
27th December 2023 | Hong Kong
Malaysia $18 billion (MYR 88 billion) islamic pilgrimage fund Tabung Haji has appointed founder of RHB Group Abdul Rashid Hussain as Tabung Haji new Chairman, succeeding Azman Mokhtar after a 2-year term. RHB Group is one the largest & top 5 financial services group in Malaysia. In 1983, Abdul Rashid Hussain setup Rashid Hussain Securities. In 1998, Abdul Rashid Hussain created RHB Bank with the merger of Kwong Yik Bank and DCB Bank, and created RHB Banking Group in 1999 with the merger Sime Bank and RHB Bank. Tan Sri Azman Mokhtar is currently the Chairman of Lembaga Tabung Haji Malaysia (Hajj Pilgrims Fund Board), the Chairman of the Board of Directors of Universiti Teknologi Malaysia (UTM), the Chairman of INCEIF University (The International Centre for Education in Islamic Finance) and the Chairman of the Malaysia International Islamic Finance Centre (MIFC) Leadership Council. Between June 2004 and July 2018, he was the Managing Director of Khazanah Nasional Berhad, Malaysia’s strategic investment fund. Lembaga Tabung Haji (TH) is an Islamic institution that continuously strives in providing the most comprehensive and systematic facilities for the welfare of Malaysian hajj pilgrims. Other than providing a halal savings platform and efficient hajj management services, TH also carries out investment activities to increase the value of depositors’ savings with TH. Lembaga Tabung Haji (TH) is a statutory body governed by the Tabung Haji Act 1995 (Act 535). TH’s main activities are hajj pilgrimage management, depository services and investment. TH has about nine million depositors and 107 branches with 10,000 touch-points nationwide. TH also operates from an office in Jeddah, Kingdom of Saudi Arabia under the purview of the Malaysian Consulate.
“ Malaysia $18 Billion Islamic Pilgrimage Fund Tabung Haji Appoints Founder of RHB Group Abdul Rashid Hussain as New Chairman Succeeding Azman Mokhtar after 2-Year Term, RHB Group is Top 5 Largest Financial Services Group in Malaysia “
Malaysia $18 Billion Islamic Pilgrimage Fund Tabung Haji Appoints Founder of RHB Group Abdul Rashid Hussain as New Chairman Succeeding Azman Mokhtar after 2-Year Term
Lembaga Tabung Haj
Lembaga Tabung Haji (TH) is an Islamic institution that continuously strives in providing the most comprehensive and systematic facilities for the welfare of Malaysian hajj pilgrims. Other than providing a halal savings platform and efficient hajj management services, TH also carries out investment activities to increase the value of depositors’ savings with TH. Lembaga Tabung Haji (TH) is a statutory body governed by the Tabung Haji Act 1995 (Act 535). TH’s main activities are hajj pilgrimage management, depository services and investment. TH strives to provide excellent Hajj services to Malaysian pilgrims and its consistent track record has gained world-wide recognition as a role model for innovative Hajj management. TH has about nine million depositors and 107 branches with 10,000 touch-points nationwide. TH also operates from an office in Jeddah, Kingdom of Saudi Arabia under the purview of the Malaysian Consulate.
History
Prior to the establishment of Lembaga Tabung Haji, there was no Islamic financial institution that provides specific hajj savings and management services to Muslims in this country. Even though there were several banks already operating, the Muslims were reluctant to use conventional banking for their hajj savings as they wanted to ensure that their hajj savings were free from riba’ (usury) in order to attain a hajj mabrur.
- The idea to set up the Hajj Provident Fund Corporation (Perbadanan Wang Simpanan Bakal-bakal Haji (PWSBH)) was inspired by a proposal made by the renowned Malay economist, the late Royal Professor Allahyarham YM Ungku Abdul Aziz bin Ungku Abdul Hamid in December 1959 to the Federal Government of Malaya.
- The first step was taken with the establishment of PWSBH under Law No. 34, 1962, in 1963. The corporation was under the purview of the Ministry of Rural Development.
- Beginning on 30 September 1963, PWSBH created history by opening counters to collect deposits from prospective hajj pilgrims in the country. Malaysian Muslims were educated at an early age on the need to save in a Shariah-compliant organisation to prepare for their hajj pilgrimage.
- When operations began in 1963, a total of 1,281 prospective hajj pilgrims opened their accounts with a total savings of RM46,610. Their main objective then was to ensure that their savings were secured and free of riba’ (usury) to enable them to fulfil the fifth Pillars of Islam and to attain a hajj mabrur. Dividends and bonuses were not in mind at all, at that time.
- The confidence displayed by the prospective pilgrims drove PWSBH to continue upgrading its services to ensure that it fulfilled the fardhu kifayah (religious duty of collective obligation). Since then, PWSBH continued its active efforts in attracting more Muslims to use the savings facility provided by the government to ensure that their savings were are halal and safe.
- In 1969, to further strengthen its role in coordinating hajj savings and management, PWSBH was merged with the Hajj Affairs Management Office (Pejabat Urusan Hal Ehwal Haji ) which has been operating since 1951 in Penang. This newly set up organisation was named Lembaga Urusan dan Tabung Haji (LUTH) and was later renamed as Lembaga Tabung Haji in 1995, known as Tabung Haji or by its acronym TH.
- With the establishment of TH, the affairs related to Malaysians’ hajj pilgrimage became much simpler and well-organised. Malaysian Muslims who are making their maiden trip to the Holy Land would have nothing to worry about because TH looks into all their needs including matters related to passport, hajj visa, transportation, accommodation in Makkah, Madinah, Mina, and Arafah as well as healthcare and hajj pilgrimage guidance.
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