The Tabung Haji (TH) Board has welcomed the government's move to amend the Tabung Haji Act 1995, in line with the recommendations of the Royal Commission of Inquiry (RCI), to strengthen governance in ensuring that the responsibility entrusted to it continues to be preserved. This move aims to preserve the trust of Muslims and ensure the sustainability of the institution. As an Islamic financial institution that manages the savings of Muslims for the purpose of performing the hajj, TH is committed to continuing to strengthen governance, transparency, and integrity in order to safeguard the interests of depositors and the sustainability of the institution.
According to TH, it will continue to support every improvement effort to strengthen the trust of depositors and ensure that this trust continues to be preserved for future generations. Prime Minister Datuk Seri Anwar Ibrahim announced on Sunday that the government would implement amendments to the TH Act 1995 (Act 535) to ensure that the trust of Muslims continues to be preserved. Anwar, who is also the Finance Minister, stated that the amendment was among the steps taken by the MADANI Government to strengthen governance and ensure that every institutional weakness is firmly corrected.
The amendment is seen as a positive step towards strengthening the governance of TH, which has faced challenges in the past. The institution has been working to recover an outstanding arbitration award from Al-Rawda Real Estates Development & Project Management Co Ltd, but the chances of recovering the full amount are slim, according to experts. In a related development, Universiti Teknologi MARA (UiTM) Faculty of Management and Business senior lecturer Dr Mohd Iqbal Mohd Noor emphasized that winning an arbitration proceeding does not guarantee the recovery of the full amount awarded.
The key issue is whether the parties responsible have sufficient, identifiable, and enforceable assets to satisfy the award. The amendment to the TH Act 1995 is expected to strengthen the governance of the institution and ensure that the trust of Muslims is preserved. With this move, TH is committed to continuing to strengthen governance, transparency, and integrity in order to safeguard the interests of depositors and the sustainability of the institution.
The government's move to amend the TH Act 1995 is a significant step towards addressing the challenges faced by the institution. It is expected that the amendment will help to strengthen the governance of TH and ensure that the trust of Muslims is preserved. As the institution moves forward, it is essential that it continues to prioritize governance, transparency, and integrity in order to maintain the trust of its depositors.
In conclusion, the Tabung Haji Board's welcome of the government's move to amend the Tabung Haji Act 1995 is a positive step towards strengthening the governance of the institution. The amendment aims to preserve the trust of Muslims and ensure the sustainability of the institution, and it is expected to have a significant impact on the institution's operations and governance.
