Tabung Haji calls RM20m rebranding allegation ‘false and slanderous'
In a statement today, TH said such claims were inaccurate and stressed that strengthening its brand remains important even after 60 years of operations.
'TH has enhanced its brand several times before. These efforts are a crucial investment to shift mindsets and encourage Muslims to save systematically to meet Haj requirements,' it said.
TH clarified that the actual budget for brand rejuvenation is only RM2 million per year over a three-year period. The exercise includes extensive market surveys and engagement with depositors to better understand their needs.
The statement noted that demographic changes among Malaysia's Muslims have had a significant impact. TH has 9.6 million depositors — around 50 per cent of the country's Muslim population — with over 80 per cent of transactions now conducted digitally.
More than 53 per cent of depositors have savings of less than RM1,300, far from sufficient for Haj preparations.
'The cost of performing the Haj for a low-income (B40) pilgrim in 2025 is RM15,000,' it added.
TH said it plans campaigns to encourage early, consistent, and systematic savings to help Muslims build enough funds for haj while ensuring sustainable investments for the institution.
The board of directors will also review its strategy to remain competitive, provide top-quality service, and attract more Malaysians — especially young people — to become depositors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Foxconn's Apple era fades as AI servers drive growth in Taiwan tech sector
By Wen-Yee Lee TAIPEI (Reuters) -Taiwan's Foxconn, which rose to become a global tech manufacturing juggernaut by assembling millions of iPhones, can now say its main business is no longer Apple as it takes advantage of the AI-boom to diversify its income. Its revenue from making AI servers and other cloud and networking products, including for major customer Nvidia, surpassed smart consumer products such as iPhones for the first time in the second quarter, marking the culmination of a shift that began years ago and has swept through Taiwan's tech industry. Foxconn's heavy reliance on the smartphone business has long been viewed by investors as a significant risk, as demand growth for new iPhones has gradually weakened since they were first introduced nearly two decades ago, leaving the top iPhone assembler grappling with slowing sales momentum, analysts said. Wary of the risk, Foxconn Chairman Young Liu has been championing new businesses such as AI servers, electric vehicles and semiconductors since taking the top job in 2019. While its expansion into EVs and chips has yet to show a meaningful contribution to its topline, Foxconn's success in AI server manufacturing - the company is Nvidia's biggest server maker - is the result of its early bets before the technology was thrust into the limelight with the advent of ChatGPT in late 2022. Consumer electronics accounted for 35% of Foxconn's total revenue in the second quarter, while cloud and networking business represented 41%. In 2021, consumer electronics represented 54% of its revenue. The firm's prudent wagers years back helped it cultivate a now-prized relationship with the U.S. AI chip firm and other major AI players, analysts said. "The company has been in the business for years, meeting higher quality requirements, diversifying assembly and operations across sites, and pursuing vertical integration,' said Ming-Chi Kuo, an analyst at TF International Securities. Foxconn began producing reference designs for Nvidia's graphics cards around 2002 and started making general-purpose servers for cloud service providers' data centres as early as around 2009. Its AI server business with Nvidia is in many ways the culmination of that history, analysts said. Foxconn says it is now one of the world's largest suppliers of both general-purpose and AI servers, with a market share of nearly 40% in each. The company has also shown a willingness to commit investment to a project at an earlier stage than other companies, Kuo said, citing its past investments for Apple and similar moves for Nvidia. 'In long-term partnerships, Foxconn is more willing to take the initiative,' he said. Foxconn's plan to build factories in Houston, Texas — part of Nvidia's $500 billion U.S. investment plan — and in Mexico to produce AI servers for the U.S. client underscores this strategy, analysts said. Foxconn now expects its AI server revenue would grow more than 170% in the third quarter year-on-year. Foxconn and Nvidia declined to comment. Apple did not respond to request for comment. BROADER SHIFT The shift at Foxconn mirrors a broader trend in Taiwan's technology sector, where companies once centred on consumer electronics — such as Foxconn with iPhones, and Quanta Computer and Wistron Corp with notebooks — are now investing heavily in AI servers. Nvidia partner Wistron's revenue for January to July rose 92.7%, while Quanta's grew 65.6% in the same period. "The monthly sales jump for Taiwan ODMs in the first half of 2025 is evidence of this trend,' said Robert Cheng, head of Asia technology hardware research at BofA Global Research, referring to original design manufacturers like Foxconn that contract manufacture products for their clients. Their fast transition into AI servers is also the result of Taiwanese tech supply chain working closely with U.S. tech giants on data centre infrastructure work for a decade now, according to Chris Wei, industry consultant at Taiwan's Market Intelligence & Consulting Institute. He estimates Taiwan accounts for about 80% of global server shipments and more than 90% of AI servers. Cheng agrees. "We think this shift toward AI servers, whatever form it takes, is good for Taiwan's tech industry," he said, noting Taiwanese firms' ability to rapidly shift to cater to changing needs from their customers. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Vietnam Tire Market Forecast: USD 4.28 Billion by 2030, Driven by Local Automotive Expansion
Vietnam's tire market presents opportunities through rising vehicle production, supported by increased foreign investments and domestic car manufacturing growth. Vietnam's strategic advantage in rubber production and favorable government policies further enhance its position as a manufacturing hub. Emerging trends like smart tires cater to tech-savvy consumers, boosting demand. Vietnamese Tire Market Dublin, Aug. 18, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Tire Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Vietnamese Tire Market was valued at USD 3.13 Billion in 2024 and is expected to reach USD 4.28 Billion by 2030, rising at a CAGR of 5.37%. Vietnam's tire market is experiencing significant growth, driven by several key factors. The country's robust automotive manufacturing sector, bolstered by foreign investments from major global automakers like Toyota, Honda, and Ford, has led to increased domestic production and demand for tires. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service The Insurance Savings You Expect Additionally, Vietnam's strategic position as a leading producer of natural rubber, ranking third globally with an annual output of 1.2-2 million tons, provides a cost-effective advantage in raw material sourcing for tire manufacturers. Government incentives, such as favorable tax rates for foreign enterprises, further enhance the attractiveness of Vietnam as a manufacturing hub. Market Drivers Rising Vehicle Production: The increasing production of vehicles in Vietnam is a major driver of tire demand. As the automotive industry expands, both passenger cars and commercial vehicles require a constant supply of tires. This growth is largely attributed to the rise in foreign direct investments (FDIs) by global automobile manufacturers, which has enhanced local production capacities. As the demand for vehicles continues to rise, tire manufacturers are positioned to benefit from the growing need for replacement tires, which boosts overall market growth. Moreover, the rise in domestic consumption and export opportunities further strengthens the automotive sector, fostering tire market development. This trend is expected to continue as production volumes grow in tandem with the increasing automotive fleet. The increasing penetration of vehicles in rural areas also adds to the demand for tires, creating new market opportunities. For instance, Vietnam's domestic car production reached an estimated 388,500 units in 2024, a 27% increase from 2023, according to the General Statistics Office. Approximately 134,500 vehicles were produced during the three-month registration fee reduction from September to November, accounting for one-third of the annual output. December saw a decline to 47,000 units, down from 52,400 units in November, as the fee reduction policy expired and manufacturers adjusted to avoid inventory surplus. By the end of November, domestically assembled vehicle sales hit 159,868 units, reflecting a 1.6% year-on-year increase and comprising 59.5% of total market sales. Looking ahead, domestic production is expected to grow with new factories from Chinese brands like Omoda, Jaecoo, Geely, and Lynk & Co in Thai Binh, Skoda's plant in Quang Ninh with 120,000-unit capacity launching in early 2025, and VinFast's new electric car factory in Ha Tinh focused on VF 3 and VF 5 models. Key Market Challenges Fluctuating Raw Material Prices: The prices of key raw materials used in tire manufacturing, such as rubber, steel, and synthetic polymers, are highly volatile. These fluctuations often lead to unpredictable production costs, impacting the profitability of tire manufacturers. Price hikes in raw materials can result in higher tire prices for consumers, which may reduce demand, especially in price-sensitive market segments. Managing these cost fluctuations without compromising product quality remains a significant challenge for tire manufacturers. To mitigate this issue, manufacturers are increasingly seeking alternative sources of raw materials or exploring recycling methods. However, these alternatives often come with their own set of challenges, including limited availability or higher production costs. Balancing these fluctuations while maintaining competitive pricing remains a constant hurdle. Key Market Trends Shift Towards Smart Tires: The growing interest in smart vehicles has led to the emergence of smart tires equipped with sensors to monitor various parameters such as tire pressure, wear levels, and temperature. These innovations provide real-time data, enhancing vehicle safety and performance. As consumers become more technology-savvy, the demand for such smart solutions is expected to rise, encouraging tire manufacturers to develop new products with enhanced technological features. The integration of smart tires with vehicle diagnostics systems is expected to revolutionize vehicle maintenance, making it easier for car owners to monitor tire health. This trend not only caters to safety-conscious consumers but also appeals to those seeking better fuel efficiency and reduced maintenance costs. Smart tires are poised to become a mainstream offering in the automotive market. Key Market Players Bridgestone Corporation Betron Vietnam Co., Ltd Goodyear Tire & Rubber Company Sumitomo Rubber Industries Ltd Danang Rubber JSC Pirelli & C. S.p.A. Yokohama Rubber Company Limited Kumho Tire Co. Inc BFGoodrich Tyres Hankook Tire & Technology Co., Ltd. Report Scope: In this report, the Vietnam Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: Vietnam Tire Market, By Vehicle Type: Passenger Car Two-Wheelers Light Commercial Vehicles (LCV) Medium & Heavy Commercial Vehicles (M&HCV) Vietnam Tire Market, By Demand Category: OEM Aftermarket Vietnam Tire Market, By Tire Construction Type: Radial Bias Vietnam Tire Market, By Region: Northern Central Southern Key Attributes: Report Attribute Details No. of Pages 85 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $3.13 Billion Forecasted Market Value (USD) by 2030 $4.28 Billion Compound Annual Growth Rate 5.3% Regions Covered Vietnam For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Tire Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Foxconn's Apple era fades as AI servers drive growth in Taiwan tech sector
By Wen-Yee Lee TAIPEI (Reuters) -Taiwan's Foxconn, which rose to become a global tech manufacturing juggernaut by assembling millions of iPhones, can now say its main business is no longer Apple as it takes advantage of the AI-boom to diversify its income. Its revenue from making AI servers and other cloud and networking products, including for major customer Nvidia, surpassed smart consumer products such as iPhones for the first time in the second quarter, marking the culmination of a shift that began years ago and has swept through Taiwan's tech industry. Foxconn's heavy reliance on the smartphone business has long been viewed by investors as a significant risk, as demand growth for new iPhones has gradually weakened since they were first introduced nearly two decades ago, leaving the top iPhone assembler grappling with slowing sales momentum, analysts said. Wary of the risk, Foxconn Chairman Young Liu has been championing new businesses such as AI servers, electric vehicles and semiconductors since taking the top job in 2019. While its expansion into EVs and chips has yet to show a meaningful contribution to its topline, Foxconn's success in AI server manufacturing - the company is Nvidia's biggest server maker - is the result of its early bets before the technology was thrust into the limelight with the advent of ChatGPT in late 2022. Consumer electronics accounted for 35% of Foxconn's total revenue in the second quarter, while cloud and networking business represented 41%. In 2021, consumer electronics represented 54% of its revenue. The firm's prudent wagers years back helped it cultivate a now-prized relationship with the U.S. AI chip firm and other major AI players, analysts said. "The company has been in the business for years, meeting higher quality requirements, diversifying assembly and operations across sites, and pursuing vertical integration,' said Ming-Chi Kuo, an analyst at TF International Securities. Foxconn began producing reference designs for Nvidia's graphics cards around 2002 and started making general-purpose servers for cloud service providers' data centres as early as around 2009. Its AI server business with Nvidia is in many ways the culmination of that history, analysts said. Foxconn says it is now one of the world's largest suppliers of both general-purpose and AI servers, with a market share of nearly 40% in each. The company has also shown a willingness to commit investment to a project at an earlier stage than other companies, Kuo said, citing its past investments for Apple and similar moves for Nvidia. 'In long-term partnerships, Foxconn is more willing to take the initiative,' he said. Foxconn's plan to build factories in Houston, Texas — part of Nvidia's $500 billion U.S. investment plan — and in Mexico to produce AI servers for the U.S. client underscores this strategy, analysts said. Foxconn now expects its AI server revenue would grow more than 170% in the third quarter year-on-year. Foxconn and Nvidia declined to comment. Apple did not respond to request for comment. BROADER SHIFT The shift at Foxconn mirrors a broader trend in Taiwan's technology sector, where companies once centred on consumer electronics — such as Foxconn with iPhones, and Quanta Computer and Wistron Corp with notebooks — are now investing heavily in AI servers. Nvidia partner Wistron's revenue for January to July rose 92.7%, while Quanta's grew 65.6% in the same period. "The monthly sales jump for Taiwan ODMs in the first half of 2025 is evidence of this trend,' said Robert Cheng, head of Asia technology hardware research at BofA Global Research, referring to original design manufacturers like Foxconn that contract manufacture products for their clients. Their fast transition into AI servers is also the result of Taiwanese tech supply chain working closely with U.S. tech giants on data centre infrastructure work for a decade now, according to Chris Wei, industry consultant at Taiwan's Market Intelligence & Consulting Institute. He estimates Taiwan accounts for about 80% of global server shipments and more than 90% of AI servers. Cheng agrees. "We think this shift toward AI servers, whatever form it takes, is good for Taiwan's tech industry," he said, noting Taiwanese firms' ability to rapidly shift to cater to changing needs from their customers. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
