Latest from GIFC

Thursday, 5 July 2007

Profile 015 - Lembaga Tabung Haji (Pilgrimage Fund Board) - Malaysia

In line with the concept of Islam as “Addeen”, a complete religion for this world and the after-life, everything that has been commanded by Allah SWT will benefit mankind on earth and during Judgement Day. With such belief and strong determination to perform their pilgrimage, Muslims have been inspired to gather wealth to finance their journey to the Holy Land. To refrain them from involving elements of usury - an illegal practice in Islam – Malaysian Muslims in the past had resorted to various traditional means of saving and keeping their money for the sacred journey. There were also those who sold their livestock, properties and inheritance to earn sufficient fund for their pilgrimage. Such practices caused negative financial and social implications on them and their families during and after their pilgrimage. This is besides damaging the rural economic structure and threatening the national economic growth. The scenario became a driving force for the government to draw up a scheme that could help Malaysian Muslims to save gradually for their pilgrimage. The effort saw the birth of the Pilgrims Fund Corporation that was established in November 1962 and commenced operation on September 30, 1963. Its existence was also strongly attributed to a working paper presented by the Royal Professor Ungku Aziz titled, “Plan To Improve The Economy of Prospective Pilgrims” in 1959. To help boost its services and facilities to the prospective pilgrims, the corporation undergo a merger with Penang-based Pilgrimage Affairs Management Office in 1969 resulting the formation of the Pilgrimage Management and Fund Board or better known as Tabung Haji. Objectives of this new entity, established under Act 8 of Pilgrimage Management and Fund Board 1969 are: i) To enable Muslims to save gradually to support their expenditure during pilgrimage and for other beneficial purposes ii) To enable Muslims to have active and effective participations in investment activities permissible in Islam through their savings and iii) To protect, safeguard interests and ensures welfare of pilgrims during pilgrimage by providing various facilities and services. With such objectives in mind, Tabung Haji is highly determined to provide excellent and comprehensive services with premium quality to satisfy the pilgrims need prior, during and after their pilgrimage. This is besides giving maximum returns to depositors. This is evidence of Tabung Haji’s commitment and dedication, not only as an efficient and effective body in managing pilgrimage matters but also as an alternative entity in managing Muslims investments that are done in accordance to the Islamic teaching. As a professional and responsible corporate organisation, Tabung Haji has never failed to keep abreast with development domestically and internationally to maintain its competitive edge. A study to strengthen its position in the international platform and to diversify its scope and functions was conducted in 1995. Result to such an aggressive move was the introduction of a new act, the Pilgrimage Board Act 1995 or better known as Akta Tabung Haji 1995 that came on stream on June 1,1995. Enforcement of the new Act 535 has automatically abolished the previous act and the name Pilgrimage Management and Fund Board has been changed to Pilgrimage Board (better known as Lembaga Tabung Haji) effective from August 28,1997. A more corporate-looking abbreviation, TH , was introduced to the Malaysian and international public to replace the words Tabung Haji.

Alfalah Consulting - Kuala Lumpur: 
Islamic Investment Malaysia:

No comments:

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational Alfalah Consulting, KL-Malaysia:


Register Online . Register Today

Islamic Financial Planning & Wealth Management by Ahmad Sanusi Husain