NOVEMBER 16 — As we commemorate the centenary of World Savings Day on October 31, we reflect on the essential habit of saving — a fundamental practice crucial for achieving financial stability and independence. Established in 1924 during the International Savings Bank Congress in Milan, World Savings Day encourages individuals and institutions to prioritize saving, fostering a culture of financial prudence that enhances personal security, economic growth, and social welfare.

In Malaysia, this sentiment of savings resonates with the Malay proverb "Sikit-sikit lama-lama jadi bukit” (little by little, a small hill becomes a mountain), highlighting that diligent savings can yield significant future benefits. Unlike any other financial institution, Tabung Haji (TH), an institution dedicated to helping Malaysians save systematically and by Shariah principles for their Hajj pilgrimage, embodies the philosophy.

Gazing upon the majestic Tabung Haji building on Jalan Tun Razak, we see not only a striking feature of Kuala Lumpur’s skyline but also a testament to the unwavering vision of the late Royal Professor Ungku Abdul Aziz.

The visionary legacy of the late Royal Professor Ungku Abdul Aziz

The story of Tabung Haji unfolds through the extraordinary vision of the late Royal Professor Ungku Abdul Aziz Ungku Abdul Hamid, a distinguished Malaysian economist and scholar. Born on January 28, 1922, in Hampstead, London, he received his education at Sekolah Melayu Batu Pahat and the English College in Johor Baru, furthering his studies at Raffles College and the University of Malaya in Singapore. As the first and longest-serving Vice-Chancellor of the University of Malaya, he authored over 50 books on economic and social issues, leaving a profound intellectual legacy that earned him the esteemed title of Royal Professor from the Agong.

He initiated the establishment of Tabung Haji with his 1959 proposal, "Rancangan Membaiki Keadaan Ekonomi Bakal-bakal Haji” (Plan to Improve the Economic Conditions of Future Pilgrims). This visionary plan led to the formal creation of Tabung Haji in 1963. It was refined in 1969 and merged with the Pilgrims Affairs Office.

The power of cooperative savings

Recognising the economic challenges many rural Malays face in gathering the necessary funds, Ungku Aziz envisioned a system allowing small, regular contributions to accumulate over time. The practice mirrors the wisdom in "Sikit-sikit lama-lama jadi bukit”.

Central to this vision is the idea of Jemaah, or cooperative saving. A collective effort makes the pilgrimage financially feasible for individuals and nurtures a culture of mutual support and cooperation.

Through Tabung Haji, depositors can contribute whatever they can, whenever they can, believing that their commitment will yield a "hill” of savings sufficient for their pilgrimage. This cooperative spirit empowers individuals and strengthens community ties, ensuring everyone can participate in the sacred journey together.

Tabung Haji opened its first savings counter on September 30, 1963, welcoming initial deposits of RM45,610 from 1,281 depositors. By promoting savings and financial discipline, Tabung Haji has significantly contributed to the Malaysian economy, channelling funds into investments that support national development. As such, it serves as a model for other Islamic financial systems worldwide, seamlessly connecting individual spiritual goals with broader socio-economic growth.

Tabung Haji: Bringing World Savings Day principles to life in Malaysia

The creation of Tabung Haji reflects the principles championed by World Savings Day: fostering a culture of saving, responsible financial management, and long-term planning. By providing a safe platform for Malaysians to invest and grow their Hajj savings, Tabung Haji has become a model institution, embodying Ungku Aziz’s vision of financial inclusivity and empowerment. The headquarters by Hijjas Kasturi further reinforces this vision, standing as a physical representation of Tabung Haji’s role in Malaysia’s financial landscape.

Tabung Haji continues to build on this legacy by offering financial education programs that align with the objectives of World Savings Day. These initiatives enhance financial literacy and encourage Malaysians to adopt sound financial habits, supporting their Haj pilgrimage and a secure future.

Through the pioneering vision of Ungku Aziz and the architectural brilliance of Hijjas Kasturi, Tabung Haji stands as a beacon of financial awareness and cultural identity, inspiring generations to save for meaningful goals and contributing to a more resilient and financially aware society.

On World Savings Day, Tabung Haji serves as a poignant reminder of the importance of careful planning and disciplined saving. The pioneering vision of Ungku Abdul Aziz, alongside Hijjas Kasturi’s architectural legacy, continues to inspire Malaysians, illustrating how individuals can achieve significant milestones — both spiritually and economically — step by step. This fusion of financial discipline, spiritual purpose, and cultural identity exemplifies Malaysia’s potential, demonstrating that with a thoughtful foundation, we can build mountains of opportunity.

* Sr Dr Zuraini Md Ali is a senior lecturer with the Faculty of Built Environment, Universiti Malaya and Dr Nor Hayati Hussain is assistant professor with the Faculty of Built Environment, Tunku Abdul Rahman University of Management and Technology (TAR UMT).

** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.