Tabung Haji to bring back RM1bil from overseas

KUALA LUMPUR: As part of efforts to boost Malaysia's economy, Lembaga Tabung Haji (TH) expects to bring back RM1 billion from its foreign property investments, besides allocating about RM3.5 billion for local property investments.

"As an Islamic institution and catalyst for the national economy, TH is responding to the Prime Minister's call to enhance the stability of the financial market via existing and new initiatives to enable TH to actively participate in domestic investments with high mulltipier effect," the statutory body said in a statement here on Tuesday.

TH said existing inititives include the RM200 million RIA Fund launched on April 2 to spur bumiputra small and medium enterprises' (SMEs) development, for which loans worth RM60.5 million have been approved as of July 31.

TH will also invest in integrated livestock rearing to reduce the country's imports and has approved allocations to enable it to take in 700 people under the 1Malaysia Training Programme.

Prime Minister Datuk Seri Najib Tun Razak on Monday announced proactive measures to boost the economy, including encouraging government-linked companies and government-linked investment companies, as well as private firms, to repatriate their profits back to the country to invest in high-multiplier local projects.

Other measures include reviving fund manager ValueCap Sdn Bhd with a RM20 billion fund to support undervalued shares and stabilise the equity market; restructuring and rescheduling business loans; a RM2 billion allocation for a working capital guarantee scheme for SMEs; and a RM5 billion allocation for service sectors. - Bernama