Wakalah

Terms And Conditions of Wakalah

Membership requirements
1. A Muslim.
2. Malaysian Citizen.
Account Types
1. Adult Accounts
  1. Savings account for depositors aged 18 years and above.
2. Junior Account Under Guardianship
  1. Savings accounts for depositors under the age of 18 years.
  2. This account shall be regulated by a guardian.
Wakalah
1. The depositors appoint TH as a representative to manage their funds in TH's account without being bound by any terms other than those prescribed and in accordance with the Tabung Haji Act 1995.
2. Depositors may deposit and withdraw money from TH's account in accordance with the TH Act and in accordance with the Tabung Haji (Deposit and Withdrawal) Regulations, any amendments and procedures that have been prescribed in TH.
3. Depositors receive distributed profit from TH's investment activities after deducting TH management costs, Hajj costs and zakat, always subject to TH meeting the relevant requirements under the Tabung Haji Act 1995.

Frequently asked questions related to the TH declaration of Wakalah (beginning December 31, 2019).

	QUESTION	ANSWERS
1	What is the definition of Wakalah?	Wakalah means an act of one person (Muwakkil) who appoints another party (Wakil) as one’s representative to handle one’s affairs.
2	Does this mean the concepts of Wadiah Yad Dhamanah is used for savings and Wakalah for investment?	The concepts of Wadiah Yad Dhamanah and Wakalah can both be used for the purpose of savings and saving funds can be invested.
3	Why are the Syariah contract for TH accounts changed to Wakalah?	Through Wakalah contract, depositors will have the opportunity to gain additional values and other benefits under the Wakalah contract, while continue to enjoy existing benefits.
4	Why does TH executes the contract change now?	TH always strive to improve and enhance its services by implementing and restructuring reforms and efforts.
5	Is this new contract one of TH’s latest efforts in restructuring?	Yes.