Prime Minister Datuk Seri Anwar Ibrahim has backed a proposal by Lembaga Tabung Haji (TH) to place its investment operations under the regulatory oversight of either the Securities Commission Malaysia (SC) or Bank Negara Malaysia (BNM).
Anwar, who is also Finance Minister, said the move by TH’s new management, led by chairman Tan Sri Abdul Rashid Hussain, was appropriate to ensure the institution’s investment activities were subject to stronger regulatory controls.
He said tighter oversight could also help prevent abuse of power and other negative elements from recurring in the management of the pilgrimage fund.
“I believe this is appropriate. I have been briefed on the matter and support the steps being taken, including several proposed amendments to the Tabung Haji Act 1995,” he told reporters after Friday prayers at Masjid Bukit Indah in Ampang Jaya today.
Anwar said stronger regulation was needed so that TH’s management would be more closely monitored by either the SC or BNM and would not “slip through” regulatory oversight as had allegedly happened in the past.
The comments came a day after Abdul Rashid announced that TH was refining a new regulatory framework to place its investment operations under statutory supervision by the SC.
He said the decision followed almost six months of detailed deliberations by a joint task force.
The task force included the SC chairman and BNM governor, with the aim of ensuring TH’s investment management practices comply with the country’s capital market regulatory standards.
The proposed changes are part of broader efforts to strengthen governance and oversight of TH’s investment operations.
