'TH placed under BNM due to its importance to financial system stability'

The decision to place Lembaga Tabung Haji (TH) under the regulation of Bank Negara Malaysia (BNM) is to improve the pilgrimage fund board’s overall management and operations due to its importance to the country’s financial system stability.

Finance Minister Tengku Zafrul Abdul Aziz (above) said the move was also taken to safeguard the interest of depositors and strengthen TH's financial position in fulfilling its mandate in line with good governance standards set by the United Nations Convention Against Corruption (UNCAC).

“In line with the establishment of the Royal Commission of Inquiry (RCI) relating to TH, the government continues to strongly support the ruling under Article 3(1) of the Federal Constitution on Islam as the federal religion and...