A group of NGOs have called upon Minister in the Prime Minister’s Department (Religious Affairs) Zulkifli Mohamad Al-Bakri and Finance Minister Tengku Zafrul Abdul Aziz to suspend the designation of Lembaga Tabung Haji (TH) as an Islamic financial institution under the Islamic Financial Services Act 2013.
A statement calling for the suspension was endorsed by 26 individuals including Chambers of Commerce secretary-general Mohd Azli bin Md Yusof, Majlis Tindakan Ekonomi Melayu (MTEM) chairperson Abdul Halim Husin and Movement for Monetary Justice Malaysia chairperson Ahamed Kameel Mydin Meera, among others.
“We are deeply saddened that the decision to regulate Tabung Haji like other Islamic banks was made in a hurry without public consultation, seemingly unaware of how it can change the concept of the business model inspired by TH’s founders.
“At the same time, it denies the role of TH in empowering and developing the Muslim economy,” the groups said in a statement issued today.
Yesterday, Zafrul announced the decision to place TH under the regulation of Bank Negara Malaysia to improve the pilgrimage fund board’s overall management.
The minister added that the move was to safeguard the interest of depositors and strengthen TH’s financial position in fulfilling its mandate in line with good governance standards set by the United Nations Convention Against Corruption (UNCAC).
In their statement, the NGOs also noted the establishment of a Royal Commission of Inquiry (RCI), saying that any changes to TH should be suspended until after the RCI has had time to carry out its investigation.
“The appointment of TH under the Islamic Financial Services Act (2013) is premature and could prejudice the RCI investigation and place the mandate of the royal commission of inquiry as weak and meaningless.
“The RCI should be given a reasonable period of time to complete its investigation before any decision on the determination of TH is announced,” they said.
On July 16, Zulkifli said the setting up of the RCI would be finalised soon following demands from most MPs for TH issues to be fairly and thoroughly investigated.
Deputy Prime Minister Ismail Sabri Yaakob previously announced that the RCI will be set up under the Commissions of Enquiry Act 1950 (Act 119) to investigate issues connected to TH following audits carried out by consultants such as PricewaterhouseCoopers, Ernst & Young and Roland Berger between 2014 and 2020. - Mkini
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