Lembaga Tabung Haji to Come Under Bank Negara Malaysia: Ministry of Finance

On the 15th of July 2021, Malaysia’s Ministry of Finance stated that the pilgrims’ fund Lembaga Tabung Haji (LTH) is to come under Bank Negara Malaysia (BNM)’s purview. The Ministry of Finance elaborated that the Cabinet agreed at a meeting to list LTH as a ‘prescribed Islamic financial institution’ under Section 223 of the Islamic Financial Services Act 2013.

Why it Matters?

The Cabinet had also come to an agreement to strengthen the overall management and operations of LTH via a number of avenues, to ensure that its governance, integrity, and reputation are improved in the future. The decision is owing to the pilgrim fund board’s importance to the country’s financial system stability. Malaysia’s Ministe...