JOHOR BARU: A proposed amendment to the Majlis Amanah Rakyat (Mara) Act 1966 has cleared a key hurdle after receiving Cabinet approval at the policy level, says its chairman Datuk Dr Asyraf Wajdi Dusuki (pic).
“The Cabinet has approved the policy paper for us to amend the Mara Act 1966,” he said on the sidelines of Majlis Zikir Peringatan Haul Asmaulhusna held at Masjid Sultan Iskandar here yesterday.
However, he said the approval was currently limited to the policy stage and that the draft amendments would now be circulated to relevant stakeholders, particularly ministries, for further review and feedback.
He said the consultation process was necessary to ensure that all views and concerns were taken into account before the proposal was brought back to the Cabinet for final approval.
Asyraf Wajdi said the final draft of the amendments would be presented to the Cabinet for approval before it is presented in Parliament.
He added that Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the minister overseeing Mara, had expressed hope that the amendments could be tabled this year.
On May 14, Asyraf Wajdi said about 70% of the proposed amendments would focus on strengthening corporate governance, including measures to prevent abuse of power and conflicts of interest within the organisation.
He said the existing Act, which was drafted in 1966, no longer reflected the governance requirements of a modern institution managing billions of ringgit in assets and investments.
According to him, the current legal framework places excessive authority in the hands of the Mara chairman and council members, creating potential risks for abuse of power, manipulation and misappropriation if adequate checks and balances are not in place.
Among the key proposals under the new Mara Bill 2026 are the creation of several governance bodies mandated by law, including an audit committee, risk committee, finance and governance committee, as well as an investment committee.
