GEORGE TOWN: The Federal Government will decide whether the Securities Commission Malaysia (SC) will be given a regulatory role over Tabung Haji, says its chairman Datuk Mohammad Faiz Azmi.
He said the commission is prepared to regulate Tabung Haji’s investments if the government accepts recommendations from the recent review.
"A joint task force involving the SC, Bank Negara Malaysia and Tabung Haji is currently examining recommendations made by the review committee and determining which proposals should be implemented.
“If the government feels that it (the proposal) is appropriate, we will do it,” he said during a press conference held after the closing ceremony of the ‘Powering Semicons: Financing Your Next Breakthrough’ roadshow at G Hotel here on Wednesday (Aug 19).
Faiz said that, given the scale of Tabung Haji's investments, the agency should be subject to proper regulatory oversight.
When asked about ensuring that Tabung Haji’s investments remain Shariah-compliant under any new regulatory framework, Faiz said the review committee has proposed establishing a Shariah committee for the pilgrim fund board.
He said the proposed committee would provide greater assurance to depositors that their funds were invested in accordance with Shariah principles.
“The recommendation in the review is to establish a Shariah committee, like those in Islamic banks.
"That will reassure depositors that their investments are Shariah-compliant,” he added.
