Anwar: Putting Tabung Haji under Bank Negara’s supervision a good move

(Bernama) – Placing Lembaga Tabung Haji (TH) under the supervision of Bank Negara Malaysia is crucial towards refocusing on its original purpose, says Port Dickson Member of Parliament, Datuk Seri Anwar Ibrahim.

However, he said, more needed to be done in terms of supervision, but did not elaborate.

Speaking to reporters at the Fourth Annual Symposium on Islamic Finance here today, he said the pilgrims fund was a good institution, but had been mismanaged by people who used it for political or personal interests.

“TH is an example of how damage has been inflicted and trust betrayed. It is not the fault of the institution, nor investors, but the management that misused power to rob the people and action should be taken against them,” he added.

Yesterday, Minister in the Prime Minister’s Department Datuk Seri Dr Mujahid Yusof Rawa said TH would be placed under the (supervision of) the central bank from January next year, in a move to win back the trust of depositors.

He said the Cabinet had given its full support for the recovery of TH, which includes the establishment of a special purpose vehicle (SPV) this month.

The SPV’s function is to take over, restore and maximise the recovery effort of underperforming assets, as well as sales of the assets to improve TH’s financial position.

Meanwhile, Anwar said the Islamic financial system must have a clear shift and discuss issues, including poverty.

“Over the past few decades, this issue has been sidelined. But it is, at present, a key agenda of Islamic financial institutions, including banks in focusing on the community in general.

“Generating growth is not just having a system that is halal, but it must also be just and encourage equality,” he added.