THERE is no proper justification from the Government on why Tabung Haji (TH) needs to be parked under Bank Negara Malaysia’s (BNM) purview, said Muslim Consumer Association of Malaysia (PPIM).
“Who made the decision? Is it a political decision or financial one? As far as I’m concerned, I don’t see any reason to do so,” its president Datuk Nadzim Johan told FocusM.
Three days ago, Finance Ministry announced that TH will now come under BNM’s purview, as per Section 223 of the Islamic Financial Services Act 2013.
TH was riddled with financial issues for years, with its former chairperson Datuk Seri Abdul Azeez Abdul Rahim being hauled up to court on three corruption charges, in addition to 10 other charges of money laundering.
Yesterday, Umno deputy president Datuk Seri Mohamad Hasan and former Parti Pribumi Bersatu Malaysia (Bersatu) Datuk A Kadir Jasin voiced out against the move, arguing that placing TH under BNM’s purview would cloud the institution’s founding purpose.
Former Prime Minister Datuk Seri Najib Tun Razak added that Government should set up a royal commission of inquiry (RCI) to probe TH first, before making decisions on such matters.
On that note, Nadzim stated that the Government should not treat TH like private banks, as both serve different objectives.
“BNM is about regulating banks. Just because TH deals with money, it doesn’t mean you can park it under a financial regulator.
“If that is the case, why not treat cooperatives like banks too? Clearly, the Cabinet erred big time by making this decision,” he opined.
Nadzim added the decision will have long-term ramifications on the hajj pilgrims’ funds, as BNM would treat TH like any other banks.
“TH is an independent investment company that invests in many sectors, unlike banks which are primarily about lending. It is a unique establishment, which has a specific law governing its administration.
“Right now, we are discussing with other non-governmental organisations (NGO) to deliberate on our next course of action following this shocking move,” he remarked. – July 19, 2021
Article by: Focus Malaysia
“WRONG MOVE”: CONSUMER GROUP ON TABUNG HAJI COMING UNDER BNM PURVIEW
https://focusmalaysia.my/wrong-move-consumer-group-on-tabung-haji-coming-under-bnm-purview/