THE Securities Commission (SC), which regulates the Kuala Lumpur Stock Exchange, is ready to step in to help Tabung Haji overcome its financial irregularities if instructed by the Federal Government.
As Tabung Haji is a highly capitalised entity in the country, it is good for the markets if the trust fund is well governed under financial oversight, said SC chairman Datuk Mohammad Faiz Azmi.
Faiz said that it is therefore prepared to regulate Tabung Haji's investments if the government directs it to and if all sides accept the recommendations from a recent review of the pilgrim fund's governance and investment framework.
Based on the Royal Commission of Inquiry, a joint task force comprising the SC, Bank Negara Malaysia and Tabung Haji was formed to examine and review the commission's recommendations.
"If the government feels that it is appropriate, we will do it. But for now, there is a task force with BNM and TH to discuss the recommendations, and we will implement what is appropriate," Faiz said after the closing ceremony of the "Powering SemiCons: Financing Your Next Breakthrough" event at G Hotel in George Town.
Penang Chief Minister Chow Kon Yeow officially closed the event earlier.
Faiz said TH, given the scale of investments, should be subjected to proper regulatory oversight, although the final decision rested with the government.
The commission also proposed that Tabung Haji's investment function be managed by a specialised department, known as Dana Haji, which would remain within the body but be registered or licensed by the SC.
On ensuring that the investments remain Shariah-compliant under any new regulatory framework, Faiz said the review committee had proposed establishing a Shariah committee for the pilgrim fund board.
Previously, the Minister in the Prime Minister's Department (Religious Affairs), Dr Zulkifli Hasan, was quoted as saying that the SC had been proposed to oversee the management of TH's funds and investments as part of efforts to strengthen the institution's oversight framework. - August 20, 2026.
