Anwar endorses proposal for SC or BNM oversight of Tabung Haji investments

Prime Minister Anwar Ibrahim has endorsed a proposal by Tabung Haji (TH) to have its investment operations overseen by either the Securities Commission Malaysia (SC) or Bank Negara Malaysia (BNM). As the finance minister, Anwar believes this measure is necessary to ensure that TH's operations are subjected to stricter regulations and to avert potential governance issues.

The move comes from TH's new management, headed by its chairman Tan Sri Abdul Rashid Hussain. Anwar stated that this step would strengthen governance and accountability at the pilgrimage fund management institution. The proposal aims to ensure tighter oversight of TH's management by either the SC or BNM, thereby preventing any unchecked governance weaknesses, similar to previous instances.

Abdul Rashid revealed that TH is currently refining a new regulatory framework for its investment operations under the statutory oversight of either the SC or BNM. This decision was the result of nearly six months of detailed deliberations by a joint task force, comprising the SC chairman and BNM Governor, with the goal of ensuring TH's investment management adheres to Malaysia's capital market regulatory standards.