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Tabung Haji to be put under BNM supervision
savemalaysia
Publish date: Mon, 10 Dec 2018, 02:04 PM
KUALA LUMPUR (Dec 10): As part of its restructuring plan, Lembaga Tabung Haji (TH) will be put under the supervision of the central bank to win back the trust of depositors, as the pilgrim's fund requires stricter governance.
Minister in the Prime Minister's Department Datuk Seri Dr Mujahid Yusof Rawa said the weak governance under the previous management of TH had violated the trust of the rakyat.
"For this restructuring of TH that we are doing, it is important that the fund is put under the supervision of Bank Negara Malaysia (BNM) and to be subject to the strict financial standards and governance requirements.
"The government is committed in ensuring the recovery of the rakyat and depositors' trust in TH with the new leadership and management team of the fund, after what has transpired under the previous management," he said during a press conference at Parliament today.
As it is, BNM does not have any regulatory oversight of TH, as the fund is only governed under the Tabung Haji Act 1995.
http://www.theedgemarkets.com/article/tabung-haji-be-put-under-bnm-supervision
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2018-12-10 14:23