Kuala lumpur: Good governance and competent leadership are crucial to prevent a recurrence of problems previously faced by Lembaga Tabung Haji (TH), while enabling the institution to deliver greater benefits to depositors, particularly the younger generation.
According to BERNAMA News Agency, IKRAM Malaysia Economic Agenda Team data analyst Mohamad Ikmal Ahmad Nordin emphasized that issues raised in the Royal Commission of Inquiry (RCI) report on TH should be viewed comprehensively by examining the root causes of the problems, despite the institution having undergone a recovery process.
He pointed out that leadership competency is among the key areas requiring attention, especially since TH not only manages Hajj-related affairs but also functions as a financial institution. 'If it is a financial institution, then those at the top should at least have the ability to read accounts or manage money. Perhaps the institution needs to be filled with fund managers, accountants or actuaries, people with such expertise,' he remarked.
Mohamad Ikmal further suggested that investment management, Hajj management, and religious affairs could potentially be entrusted to the Department of Islamic Development Malaysia (JAKIM) or the Minister in charge of religious affairs. He stressed that strengthening TH's governance is directly linked to the interests of the younger generation, as improved financial management could enable schemes to assist them in preparing for the Hajj pilgrimage.
He advocated for good governance and leadership that is forward-looking and progressive, noting that young people need to push for these changes because they understand their own challenges, including the difficulties and costs associated with saving for the Hajj.
Additionally, Mohamad Ikmal urged TH to refocus on its original mandate and rebuild public confidence, including by exploring instruments that could facilitate more Muslims in performing the Hajj. He also supported the continuation of forensic audits of TH-related companies to identify factors contributing to TH's previous issues and determine who benefited from the flow of funds.
He cautioned against addressing only one issue and ignoring others, as this might lead to a recurrence of the problems. 'If we deal with only one issue and sweep the others under the carpet, these things may happen again. So, I agree that forensic audits should be carried out and continued on the companies under (TH),' he concluded.