Lembaga Tabung Haji to Come Under Bank Negara Malaysia Only Until RCI Completes Findings: MoF

The decision to place Lembaga Tabung Haji (LTH) under the regulation of Bank Negara Malaysia (BNM) as announced by Malaysia’s Ministry of Finance (MoF) on the 15th of July 2021, is a temporary measure until the findings of the Royal Commission of Inquiry (RCI) are presented to the Government of Malaysia for further steps. This was clarified by Malaysia’s MoF on the 22nd of July 2021.

Why it Matters?

The MoF stated that the move will not alter the nature of LTH's role as a management agency for Malaysian pilgrims, and that it will continue to operate as per the Tabung Haji Act 1995 (Act 535). BNM's regulatory scope at present, pending the completion of the RCI, is focused only on deposit taking and on risk and liquidity management, with a...