Govt’s over RM10b Tabung Haji bailout aimed at restoring finances, not taking over assets, says Zulkifli

The Malaysian government has injected a bailout of over RM10 billion into the Tabung Haji (TH) to restore its financial stability, following mismanagement and embezzlement allegations, a statement from the Dewan Rakyat revealed. Speaking at a briefing session during the Special Sitting of the Dewan Rakyat, Zulkifli Hasan, Minister in the Prime Minister’s Department (Religious Affairs), clarified that the bailout was not intended to take over the assets of the institution.

Instead, he emphasized that TH's assets remain in the hands of Urusharta Jamaah, a wholly-owned company belonging to the Minister of Finance Incorporated. The assets are not being transferred to non-Muslims or Chinese individuals, contrary to claims made by irresponsible parties attempting to stir public hatred and unrest. TH is currently facing a dire financial situation, with a deficit gap between its assets and liabilities widening to more than RM10 billion in the fourth quarter of 2018.

The government's intervention came after only three months for TH to devise a solution, as the institution was already insolvent. Zulkifli explained that the Palang Merah (Pakatan Harapan) Government is committed to restructuring TH to restore its financial position, ensuring the institution's solvency and long-term sustainability.