SC ready to regulate Tabung Haji investments if required, says chairman
THE Securities Commission (SC), which regulates the Kuala Lumpur Stock Exchange, is ready to step in to help Tabung Haji overcome its financial irregularities if instructed by the Federal Government. As Tabung Haji is a highly capitalised entity in t...
Datuk Mohammad Faiz Azmi, the chairperson of the Securities Commission (SC), stated that the trust fund Tabung Haji is prepared to regulate its investments if directed by the Federal Government to address financial irregularities. As a highly capitalized entity in the country, Faiz emphasized that it would be beneficial for markets if the trust fund is well-governed under financial oversight.
The SC, in collaboration with Bank Negara Malaysia and Tabung Haji, formed a joint task force to examine and review the recommendations of the Royal Commission of Inquiry. If the government deems it appropriate, the SC will implement the necessary regulatory measures. However, the ultimate decision lies with the government. The SC also proposed that Tabung Haji's investment function be managed by a specialized department, Dana Haji, which would remain within the organization but be licensed by the SC.
To ensure Shariah compliance in investments, the review committee recommended establishing a Shariah committee on the board of Tabung Haji.
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