TH: Interests of 8.3 million depositors protected
KUALA LUMPUR: Tabung Haji (TH) has given an assurance to all of its 8.3 million depositors that their interests will remain protected and continue to be improved.
The assurance by TH came on the heels of the announcement that the government would carry out a review of the statutory body’s operating model to ensure that issues of governance, integrity and reputation were improved.
The pilgrims’ fund board, in a statement yesterday, also gave its assurance that the absolute right of managing and operating the haj would remain with TH.
It added that the government’s guarantee on TH deposits, as stipulated under Section 24 of the Tabung Haji Act 1995, would remain intact in the interest of depositors, and that its involvement in the economic sector would be made based on good governance, as well as sound management and operations.
“TH will continue to embark on efforts to improve its administration, management, operation and investments for the interest of depositors, which will ensure that the board remains relevant through the implementation of programmes and initiatives.
“In addition, TH is working together and is involved in the review carried out by the Prime Minister’s Department, Finance Ministry and Bank Negara Malaysia in the interest of its depositors and the board itself,” read the statement.
It added that any proposals to improve the management and operation of TH, as well as the setting up of the Royal Commission of Inquiry to investigate issues connected with the board, would not affect its operations.
“The daily operation of TH will proceed as usual,” the board said.
TH was referring to the announcement by Deputy Prime Minister Datuk Seri Ismail Sabri Yaakob on the setting up of the RCI under the Commissions of Enquiry Act 1950 to investigate issues connected to TH that arose following audits carried out by consultants, such as PricewaterhouseCoopers, Ernst & Young and Roland Berger between 2014 and last year.
To date, the amount of deposits with TH had reached RM82 billion compared with about RM46,000 when the board was set up in 1963.
It added that the amount of deposits today was the highest in the history of its 58 years of existence. TH also said that it was on the right path with a strong and stable financial position.
“Based on the faith, confidence and responsibilities entrusted by the people, the government has proposed to improve TH’s management and operations by forming a new operation module policy and review the TH Act.
“TH proposed that a comprehensive study that will be undertaken alongside the Prime Minister’s Department, Finance Ministry and Bank Negara Malaysia is necessary to evaluate the new operation module and our existing capacity, including assets, liabilities, human resources expertise and others.
“The aspect of administration, integrity and reputation as an Islamic financial institution is important to ensure the interest and confidence of the public, especially our depositors, remain in tact,” read the statement.