Tabung Haji’s RM27.5b UJSB sukuk safe, govt will honour guarantee, says Amir Hamzah

Finance Minister II Datuk Seri Amir Hamzah assured the public that the government will honor its guarantee for the RM27.5 billion UJSB sukuk issued by Urusharta Jamaah Sdn Bhd (UJSB). The restructuring of TH’s zero-coupon bond sukuk was done to meet payment obligations for the sukuk, which was initially issued at RM19.6 billion but matured at RM27 billion.

This restructuring led to an increase in returns and higher hibah payments compared to what TH would have earned with government-issued securities. The returns on the first sukuk were 4.05% and 4.1% for Sukuk 2. UJSB is a special purpose vehicle responsible for managing assets transferred from Lembaga Tabung Haji (TH). The government has restructured the zero-coupon bonds into sukuk that pay annual coupons, with Tabung Haji receiving returns of about RM440 million annually.