Kuala lumpur: The proposed Majlis Amanah Rakyat (MARA) Bill 2026, aimed at streamlining and strengthening the agency's governance, is now in its final stage and is expected to be tabled in Parliament this November.

According to BERNAMA News Agency, MARA chairman Datuk Asyraf Wajdi Dusuki stated that 80 per cent of the Bill's contents focus on good governance, following international standards and sound corporate practices, while also limiting the powers of the chairman. The chairman's role is to serve as a 'check and balance' without involvement in administrative matters. Datuk Asyraf emphasized that the objective is to build a strong, solid, and robust institution in terms of corporate governance, eliminating room for corruption, malpractice, or misappropriation.

On August 12, Asyraf Wajdi mentioned that the Bill was drafted to prevent incidents of abuse of power, governance weaknesses, misappropriation, irregularities, and other risks that could harm the institution, which is responsible for safeguarding the interests of the Malays and Bumiputera. A key provision in the draft MARA Bill 2026 is the reduction of the MARA chairman's powers, limiting the chairman's role to chairing the Board of Directors or Council and determining policy matters, a change from the powers outlined in the MARA Act 1966.

He further elaborated that the MARA Act 1966 needed updating to align with current developments and corporate governance requirements. Asyraf expressed the need for continuous improvement, noting that what is relevant today may not be applicable in the future, and that better changes must be made over time.