The Tabung Haji Experience: An Appraisal. By: AHMAD MUJTABA KHAN FAWAD AHMED KTK. Introduction. TH has been in operation since 1963, is viewed as one of the most successful experiments in the management of Hajj affairs in Islamic Ummah
The Tabung Haji Experience:An Appraisal
AHMAD MUJTABA KHAN
FAWAD AHMED KTK
Shariah principles in Tabung Haji Investment
Shareholder will finance a project and the dividends or profits are divided accordingly as
agreed by the parties.
Al Bai Bithaman Ajil
Financing with deferred repayment over a specific period of time (deferred sale). Housing
and Motor Vehicle Loan.
An agreement to provide the capital by one party and management expertise by the other party.
In case of Benevolent Loan, the provider of capital is guaranteed at least their principal amount.
In order to utilize the fund of depositors, tabunghaji uses the wadiah.
It requires new depositors to fill in the Depositors Personal and Nomination Form which includes the statement of aqadizin.
The principle of aqadizin under the law of the tabunghaji Act means that depositors agree to save in TabungHaji and give consent for it to manage their saving for investment purposes.
The profit derived from these investment is distributed among the depositors in the form of a bonus.
TH provides credit facilities to its staff for the purpose of buying a house/vehicle based on the principle of “baibithamanajil