Govt could have faced RM74.5b liability from Tabung Haji bank run in 2018, says Zulkifli
KUALA LUMPUR, Aug 11 — The government risked assuming liabilities of about RM74.5 billion if a massive panic...
In August 2018, Malaysia faced a potential financial crisis that could have left the government with liabilities of approximately RM74.5 billion, according to Dr Zulkifli Hasan, a minister in the Prime Minister's Department. The situation arose due to a massive withdrawal of funds from Tabung Haji, a government-sponsored pension fund, in 2018.
However, the crisis was averted when the government declared a hibah, or endowment, for the year 2018, which resulted in net withdrawals of only RM6 billion in a short period after the announcement.
Dr Zulkifli emphasized during a ministerial briefing on the Royal Commission of Inquiry (RCI) report and the measures taken to restore Tabung Haji's financial position, that if no hibah was declared, the panic withdrawals could have been significantly higher. He further stated that at the time, Tabung Haji was technically insolvent and required rescue, leading the Pakatan Harapan government to implement a restructuring plan to restore the institution's financial stability and ensure its long-term sustainability.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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