Kuala lumpur: Depositors should continue to have confidence in Lembaga Tabung Haji (TH), as recovery efforts for the institution have been and are being implemented to safeguard their interests. Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid emphasized that despite the issues highlighted in the Royal Commission of Inquiry (RCI) report, which were already known to the public, they have been addressed through various recovery programs, now yielding positive outcomes, especially in TH's financial health.
According to BERNAMA News Agency, TH has recorded net assets for five consecutive years from 2021, with positive growth. These improvements reflect TH's efforts to enhance its financial standing by implementing changes in governance, leadership, and management structure. Dr. Mohd Afzanizam reassures depositors that TH's performance should also be evaluated based on its management of haj operations and relations with the Saudi Arabian government, beyond just financial metrics.
He highlighted TH's commendable reputation in Saudi Arabia, which has facilitated better haj quotas for Malaysia. The positive perception of Malaysian pilgrims by Saudi Arabia, attributed to TH's guidance in discipline and other aspects, further reinforces the institution's standing.
Meanwhile, IKRAM Malaysia secretary-general Mohd Hafiz Abd Hamid pointed out that TH should be seen as more than just a savings institution. It holds a significant role as a trustee for Muslims, closely tied to the aspiration of performing the haj. He stressed the importance of maintaining public trust in TH's management.
Depositor Nooraishah Wahab expressed continued confidence in TH, stating that the RCI report's disclosure did not deter her from keeping her savings with the institution. She hopes the management will uphold depositors' trust and safeguard their interests.
The 211-page RCI report, made public on July 29, detailed weaknesses in TH's management and operations from 2014 to 2020, along with 25 recommendations for improvement. As of July 30, TH had implemented 75 percent of these recommendations, demonstrating its commitment to reform and recovery.