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Tabung Haji is a popular choice among Malaysian Muslims for savings and investments. If you are a depositor or looking to start saving with Tabung Haji, you can receive grants from this institution. This article will explain the types of Tabung Haji grants you need to know.
What is Tabung Haji Hibah and How Many Types of Hibah are There?
What does Tabung Haji grant mean? Essentially, a grant is a profit-sharing between the grant provider and the depositor. It is different from regular investments like ASB and SSPN that offer consistent dividends or returns each year.
In other words, this grant is like a gift declared by Tabung Haji based on their financial capability in the current year. The grant return is not mandatory every year like dividends. Instead, the amount of the grant return depends entirely on the profits earned by Tabung Haji.
Tabung Haji provides three types of grants to depositors: Annual Grant, Hajj Grant, and Amanah Grant. Here is an explanation of each grant offered by Tabung Haji:
1. Annual Hibah
The Annual Hibah is a return that depositors can receive based on the current year’s financial performance. If Tabung Haji finds that its assets exceed liabilities, you are likely to receive a grant return. This concept is known as Wadiah Yad Dhamanah, which means according to the grant provider’s financial capability in the current year.
2. Hajj Haji
The Hajj Hibah was introduced in 2013 with the aim of providing a return to depositors who have not performed the Hajj, especially those with savings less than the current Hajj cost. Let’s say the current Hajj cost is RM9,980, and your savings in Tabung Haji are less than that amount. In that case, you will receive a Hajj Hibah return. This enables you to fulfill the fifth pillar of Islam, which is performing the Hajj.
3. Amanah Hibah
Tabung Haji also offers the Amanah Hibah product to help depositors manage their finances better. Essentially, the Amanah Hibah is the giving of assets from the giver’s Tabung Haji savings account to the desired recipient while the giver is still alive.
This Tabung Haji hibah is made out of love and voluntarily without any coercion. The giver of the Amanah hibah is free to give the grant assets to any desired recipient, including family members, friends, or non-Muslim individuals.
Here are some advantages of receiving the Amanah hibah:
- Anyone is eligible to receive the grant assets, as it is not subject to inheritance laws (faraid).
- The grant recipient will fully own the assets, as other heirs cannot claim them according to inheritance laws (faraid).
- It can serve as an alternative for distributing assets to those who have recently embraced Islam and do not have Muslim heirs or to adopted children.
- The giver of the Amanah hibah can still enjoy the benefits of the granted assets as long as both the giver and the Amanah hibah recipient are alive.
The giver of the Amanah hibah must have a Mature Account and be 18 years old or above. As for the recipient, there are no specific requirements, as it can be entrusted to anyone regardless of whether they are Malaysian citizens or non-Malaysian citizens, Muslims or non-Muslims, young or old.
How to Claim Tabung Haji Amanah Hibah
If the giver of the hibah passes away, the recipient can claim the granted assets. The Amanah Grant recipient can make a claim to Tabung Haji after the giver of the Amanah Hibah’s death.
Here are the documents required during the claim process:
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- Claim Form for Withdrawal of Tabung Haji Hibah Amanah/ *Name (JP035);
- Identification documents of the recipient of Hibah Amanah/ Legal Guardian/ *Recipient’s Name/ Heir of Hibah Amanah (original and copy);
- Death Certificate/ Report of Death of the Donor of Hibah Amanah (original and copy);
- Birth Certificate/ Adoption Certificate (if the recipient of Hibah Amanah is below 18 years old and/or mentally incapacitated) (original and copy).
What if the recipient of the hibah passes away before the donor? In this situation, the administrator of the heir of Hibah Amanah can make a claim to Tabung Haji.
The following are the required documents:
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- Letter of Administration/Order (in the event the recipient of Hibah Amanah has passed away) (original and copy);
- Death Certificate/Report of Death for the recipient of Hibah Amanah/*Name of the deceased recipient (original and copy).
When Should You Open a Tabung Haji account and Enjoy the Benefits of hibah?
You may still be searching for a suitable platform to save your money apart from your savings account. In addition to low-risk investment platforms such as ASB, Tabung Haji is also an alternative that you should consider.
Depositors who save their money in the Tabung Haji platform also have the opportunity to register for the pilgrimage (Haji) through their Tabung Haji account.
Here are other advantages of saving with Tabung Haji:
- Compliant with Islamic Shariah savings;
- Guaranteed by the government;
- Dividends and bonuses may be tax exempt;
- Assisting the pilgrims (jemaah haji);
- Ability to fulfill zakat obligations;
- No savings limit.
Not only that, Tabung Haji also offers hibah that can help you manage your finances, and at the same time, you can increase your funds through hibah returns. However, it is important to note that the returns are dependent on Tabung Haji’s current financial performance. Products like Hibah Amanah also allow you to leave assets to the heirs you choose in the event of your demise.
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