KUALA LUMPUR, Sept 4 — Prime Minister Datuk Seri Anwar Ibrahim has backed a proposal by Lembaga Tabung Haji to place its investment operations under the regulatory oversight of the Securities Commission Malaysia (SC) or Bank Negara Malaysia (BNM).
Anwar, who is also the Finance Minister, said the move was appropriate to ensure Tabung Haji's operations are subject to tighter regulation and to prevent future abuse of power and other governance-related issues.
The initiative by Tabung Haji's new management, led by its chairman Tan Sri Abdul Rashid Hussain, is a positive step towards strengthening governance and accountability at the pilgrimage fund management institution.
“This is, in my view, appropriate, and I have been briefed by them and support the measures, including several proposed amendments to the Tabung Haji Act 1995,” he told the media after performing his Friday prayers at Masjid Bukit Indah in Ampang Jaya today.
Anwar added that the move will ensure tighter oversight of Tabung Haji's management by either the SC or BNM and prevent governance weaknesses from going unchecked, as had happened previously.
Yesterday, Abdul Rashid said Tabung Haji is refining a new regulatory framework to place its investment operations under the SC's statutory oversight.
The decision came after nearly six months of detailed deliberations by a joint task force established to examine the proposed regulatory framework.
The task force also comprises the SC chairman and BNM Governor, aiming to ensure Tabung Haji's investment management complies with Malaysia's capital market regulatory standards.
