Nearly 90pct of Tabung Haji RCI recommendations near completion

BANGI: Nearly 90 percent of the recommendations from the Royal Commission of Inquiry (RCI) aiming to enhance Tabung Haji's (TH) internal governance are anticipated to be finalized, following the amendments to the relevant Act and the institution's regulatory framework. TH chairman Tan Sri Rashid Hussin stated that the majority of recommendations under TH's jurisdiction have already been executed, while the remaining matters necessitate collaboration from the government and pertinent agencies.

Most recommendations concerning TH's internal affairs have already been implemented. The remaining tasks involve external procedures that require cooperation from the government and associated agencies. Rashid emphasized during the Dialog Ummah: Realiti dan Masa Depan TH, that the past failures of TH, especially regarding corporate governance and integrity, should not be replicated.

He cautioned that TH cannot depend solely on trust in individuals but must fortify its checks and balances to maintain the institution's resilience, proper governance, and independence from interference that could damage depositors' confidence. TH has undertaken various enhancements in corporate governance, liquidity, and risk management as part of its commitment to fulfilling the RCI recommendations.

The institution has also enlisted experts to improve its training and governance programs, while strengthening its board committees and granting their chairmen increased powers for more thorough oversight. Rashid concluded that the final step is to ensure external factors affecting TH are regulated by the relevant institutions. He acknowledged that it takes time but expressed optimism, stating that TH will eventually be regulated by the appropriate institution, with God's will.