Politics · Malaysia Bureau
Anwar backs financial regulator oversight of Tabung Haji investments
Prime Minister Datuk Seri Anwar Ibrahim has endorsed a proposal for either the Securities Commission or Bank Negara Malaysia to oversee Tabung Haji's investment activities, signalling strengthened regulatory scrutiny of the pilgrim fund manager.
LSN Malaysia ·
KUALA LUMPUR — Prime Minister Datuk Seri Anwar Ibrahim on Wednesday threw his support behind a proposal to place Lembaga Tabung Haji (TH) investment operations under the supervision of either the Securities Commission (SC) or Bank Negara Malaysia (BNM), according to sources familiar with the matter.
The endorsement represents a significant step towards bolstering oversight of the fund manager's financial activities and investment portfolio management. The proposal, which originated from TH itself, underscores efforts to strengthen governance frameworks and ensure greater accountability in handling contributions from Malaysian pilgrims.
The move comes as TH has faced scrutiny regarding its investment strategies and financial performance in recent years. By bringing operations under the purview of either the SC or BNM, the proposal aims to align TH's practices with established regulatory standards and provide enhanced protection for pilgrim savings.
Either regulator would bring significant supervisory expertise to monitor TH's investment decisions and ensure compliance with financial regulations. The SC typically oversees securities markets and capital market activities, while BNM holds authority over banking and financial system stability.
Details regarding the implementation timeline and which regulator would ultimately assume oversight responsibilities remain under discussion between relevant government agencies and TH.