PM: Tabung Haji not controlled by non-Muslims, records RM78b in assets

• UPDATED to reflect statement that Tabung Haji's assets exceed its liabilities by RM1.9billion, and not the fund's liabilities amounted to RM1.9 billion. The error is regretted.

PARLIAMENT | Tabung Haji recorded total assets of RM78 billion in the first half of the year with assets exceeding the fund's liabilities by RM1.9 billion.

"The latest position of Lembaga Tabung Haji's total assets as of June 30 as announced in its first half of 2020 performance report is RM78 billion with assets exceeding its liabilities by RM1.9 billion,” said Prime Minister Muhyiddin Yassin.

"In line with the implementation of the Tabung Haji restructuring and recovering plan, non-performing assets were moved to a special purpose vehicle (SPV) company namely Urusharta Jamaah Sdn Bhd (UJSB).

"It is fully owned by the government under the Minister of Finance Incorporated," Muhyiddin told Mujahid Yusof Rawa (Pakatan Harapan-Parit Buntar) in a written parliamentary reply yesterday.

The Pagoh MP said, therefore, Tabung Haji was not being controlled by non-Muslims.

Mujahid, who's a former de facto religious affairs minister under the previous Harapan government, had asked if it was true that Harapan had sold many Tabung Haji assets and that it was controlled by non-Muslims.

Separately, Muhyiddin, in a written reply to Hasan Arifin (Perikatan Nasional-Rompin) who asked on the Tabung Haji revenue in 2019, said it had recorded a good performance last year.

"For the 2019 financial year which is still under audit, Tabung Haji had generated RM3.2 billion through fixed-income assets investment which produced RM1.6 billion or 51 percent of overall revenue.

"The property investment and equity contributed to RM0.5 billion, while the Islamic money market instruments generated RM0.4 billion in 2019," he said.

Gun trained at Guan Eng

Under the Tabung Haji Act 1995, Tabung Haji cannot issue dividends if its liabilities exceeded its assets.

In February, before the Harapan government collapsed, Tabung Haji had announced the transfer of four of its hotels to Urusharta Jamaah.

They were among 29 assets owned by Tabung Haji which had incurred losses.

Under the Harapan government, certain quarters had blamed DAP, notably former finance minister Lim Guan Eng (above), for purportedly interfering with Tabung Haji operations.

DAP was accused of harbouring an agenda to dilute the position of Islam and the Malays. This, especially after a fake image began circulating alledging Lim was chairing a Tabung Haji meeting.

Mujahid had defended Lim at the time, pointing out that it is the minister of religious affairs and not the finance minister who is responsible for decisions pertaining to the fund.

Subsequently, in June, Umno Youth had called on the PN government to set up a royal commission of inquiry (RCI) on the operations of Tabung Haji. - Mkini