Kuala lumpur: The Cabinet will deliberate on a proposal to publicly release the final report of the Royal Commission of Inquiry (RCI) on Tabung Haji (TH) before making an official decision, according to Minister in the Prime Minister's Department (Religious Affairs), Dr. Zulkifli Hasan. The proposal comes amid confusion and allegations regarding the sale of TH's strategic assets by a former Treasury secretary-general.

According to BERNAMA News Agency, Dr. Zulkifli emphasized that the allegations concerning the asset sale were false, clarifying that the actions taken were part of a bailout effort to rescue a financial institution serving Muslims, which had suffered due to misappropriation of depositors' funds prior to 2018.

During a reply to Senator Datuk Seri Prof Dr. Noor Inayah Ya'akub in the Dewan Negara, Dr. Zulkifli explained that the transfer of underperforming and problematic TH assets to government-owned Urusharta Jamaah Sdn Bhd (UJSB) was a collective Cabinet decision in 2018. The decision was made following revelations by the Auditor-General and Bank Negara Malaysia about TH's financial struggles, including an asset-liability deficit of RM10.9 billion.

Dr. Zulkifli noted that around RM6 billion was withdrawn by depositors in a short period, driven by a crisis of confidence, while attempts to secure a standby loan were unsuccessful. The government faced potential liabilities of approximately RM74.5 billion if TH collapsed, as deposits were fully guaranteed by the government.

He further stated that the intervention to stabilize TH has been successful, with deposit amounts rising from RM69.4 billion in 2019 to over RM95.1 billion by mid-2023. Additionally, the profit distribution rate increased from 1.25 percent in 2018 to 3.5 percent for 2025, marking the highest rate in eight years. Despite inflation, the cost of performing the haj has remained constant from 2024 to 2026.