Monday, September 22, 2014
Tabung Haji denies investing in Detroit
We are very grateful to hear this from Tabung Haji.
Below is the statement from Tabung Haji.
Lembaga Tabung Haji (TH) on Monday denied that it has made an investment in the United States (US).
"TH expressed regret over the recent speculative remarks on its investment in the US.
"To put the subject into perspective, TH as of to date has not made any investment commitments in Detroit or any other cities in the US," it said in a statement.
As such, TH said there were no transactions or payments made for any kind of investments in the US.
"Therefore, the public should not rely on any unofficial sources which is merely speculative in nature and may not reflect the truth," it said.
Notwithstanding the above, TH said it had thus far invested in Saudi Arabia, the United Kingdom, Australia and Asian countries for diversification purposes.
Encouraged by favourable returns from these overseas investments, TH would continue to explore for similar opportunities in new countries as guided by its Strategic Asset Allocation framework, it said.
"The overseas investment activity as its domestic counterpart is subjected to a rigorous internal investment process.
"TH is very mindful of all its activities to uphold the interest of the ummah and its valued depositors," it noted.
The statutory body's principal activity is Hajj operations and management, savings and investments.
Among its core investment sectors are Islamic banking, plantation, real estate, property development and construction, information technology, oil and gas, hospitality and halal food.
TH has 120 branches across the country and a branch in Jeddah, Saudi Arabia.