TH committed to protecting depositors' interests

KUALA LUMPUR: Lembaga Tabung Haji (TH) has given the assurance that it would strengthen its corporate governance to continue to safeguard the interests of all its 8.3 million depositors.

In a statement today, TH said the proposal to improve its management and operations, as well as the setting up of a Royal Commission of Inquiry (RCI) to investigate issues arising from audits carried out by consultants from 2014 to 2020 would not disrupt its operations.

"TH's daily operations will continue to run as usual," the statement said.

The pilgrim fund's total deposits which to date stood at RM82 billion and the highest since its establishment in 1963 reflected the people's confidence and trust in TH.

"TH is now on the right track with a stronger and more stable financial position," read the statement.

On July 14, Deputy Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the cabinet had agreed to set up an RCI under the Commission of Inquiry Act 1950 (Act 119).

TH also gave its assurance that the absolute rights of the management and operations of haj, as well as the government's guarantee on the deposits as stipulated under Section 24 of the Tabung Haji Act 1995 would remain intact.

TH's involvement in the economic sector would also be done based on good governance as well as sound management and operations for the benefit of its depositors.

The statement also said that the proposal to improve TH's management and operations would involve a new policy model and a review of amendments to the Tabung Haji Act 1995.

In this regard, TH proposed that a comprehensive study be conducted by the Prime Minister's Department, Finance Ministry, BNM to evaluate the proposed new policy model by taking into account the existing capacity including assets, liability, human resources expertise and others.

"The aspect of good governance, integrity and TH's reputation as an Islamic financial institution is important to ensure the public, especially our depositors remain confident with TH," it said.

-- BERNAMA