Let third party manage TH investments, says Kadir Jasin

 The veteran journalist says firms like Permodalan Nasional Bhd with proven records of success could be considered.

Veteran journalist A Kadir Jasin suggested that TH’s structure be overhauled to separate savings and investment management from haj affairs.

PETALING JAYA:

Veteran journalist A Kadir Jasin has suggested that the management of Tabung Haji’s investments be handed over to a third party with the expertise necessary to prevent further losses to the pilgrims’ fund.

Kadir said it was an option worth considering if TH did not have the personnel, systems or expertise required to ensure depositors’ funds are managed safely and profitably.

He noted that the Employees Provident Fund recorded average 10-year dividend rates of 5.88% for conventional savings and 5.60% for shariah savings, while Amanah Saham Bumiputera under Permodalan Nasional Bhd recorded 5.99% in dividends and bonuses.

However, he said, TH recorded an average dividend rate of 4.8%.

“In the 2025 financial year, TH declared hibah at a rate of 3.5% compared with ASB’s 5.75% and EPF’s 6.15%.

“It would not be wrong for the management of TH’s investments to be handed over to a third party with a proven record of integrity and success like PNB,” he said in a Facebook post today.

Kadir said the royal commission of inquiry’s report on TH released last week showed that investment activities were among the main reasons the institution was exposed to mismanagement and misappropriation.

He claimed that TH had previously been involved in several unsustainable investments, including the purchase of Felda Global Ventures Holdings Bhd shares and 1MDB-owned land at the Tun Razak Exchange, resulting in major losses for the institution.

“If investment funds like EPF and PNB can make profits and pay out high dividends, why can’t TH do the same?” he said.

Kadir also suggested that TH’s structure be overhauled to separate savings and investment management from haj affairs.

He said TH could focus on haj administration and logistics, and return to the original purpose of its establishment as proposed by Royal Prof Ungku Abdul Aziz Ungku Abdul Hamid.

He said Ungku Aziz’s proposal was contained in a working paper in 1959 titled “Rancangan Membaiki Ekonomi Bakal-bakal Haji”, or “A Plan to Repair the Economy of Prospective Haj Pilgrims”.

“Ungku Aziz tried to prevent Malaysian Muslims, the majority of whom are Malays, from taking on debt and pawning their assets to perform the haj,” he said. - FMT