Th Placed Under Bnm Due To Its Importance To Financial System Stability


 


The decision to place Lembaga Tabung Haji (TH) under the regulation of Bank Negara Malaysia (BNM) is to improve the pilgrimage fund board’s overall management and operations due to its importance to the country’s financial system stability.
Finance Minister Tengku Zafrul Abdul Aziz (above) said the move was also taken to safeguard the interest of depositors and strengthen TH's financial position in fulfilling its mandate in line with good governance standards set by the United Nations Convention Against Corruption (UNCAC).
“In line with the establishment of the Royal Commission of Inquiry (RCI) relating to TH, the government continues to strongly support the ruling under Article 3(1) of the Federal Constitution on Islam as the federal religion and TH will remain the leading agency, especially in the management of hajj pilgrims to fulfil the fifth pillar of Islam.
“Accordingly, the government wants to give its commitment that the improvement in TH's operations is aimed at protecting and improving the interests of depositors, apart from ensuring its TH’s financial strength will continue to contribute to the stability of the country’s financial system,” he said In a statement today.
He said TH is a financial institution that is considered systemic and closely interconnected with the national financial system due to its large scale of operations, in terms of deposit and investment size, among others, managing almost RM82 billion in deposits in the second quarter of 2021, accounting for 10 per cent of the total deposits in the Islamic banking system.
“Part of the deposits received are placed in Islamic banking institutions. The sudden withdrawal of deposits can trigger liquidity problems for the Islamic banking institution,” Zafrul said.
Besides that, he said TH holds RM36 billion worth of corporate sukuk and has large shareholdings in the form of strategic investments in various corporate companies including those listed on Bursa Malaysia.
Therefore, he said the proposal for a more formal regulatory arrangement under BNM would place TH as a prescribed Islamic financial institution under Section 223 of the Islamic Financial Services Act 2013 (Act 759) and enhanced the long-term sustainability of TH.
“Monitoring and regulation by BNM is an important component in efforts to empower TH as a more resilient Islamic institution in the country’s financial ecosystem and towards elevating its position as an excellent and sustainable government-linked investment company globally,” he said.
Zafrul said BNM was given the responsibility under the Central Bank of Malaysia Act 2009 (Act 701), among others, to preserve the stability of the country’s financial system.
He said to implement this mandate, BNM has been empowered under Act 701 as well as Act 759 including to regulate financial institutions of a systemic nature, subject to the governance requirements contained in the relevant acts.
The minister said the same approach had been adopted in regulating development financial institutions established with specific mandates such as Bank Simpanan Nasional (BSN) and Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat).
“Therefore, BNM's regulatory framework proposal for TH will be tailored based on the characteristics and risks of TH’s business model, namely ‘fit-for-purpose regulation’, not necessarily the same as other banking institutions,” he said.
Zafrul said the regulation by BNM was also needed to create checks and balances in line with the ruling by the Special Cabinet Committee on Anti-Corruption.
"A similar check and balance approach has been implemented in the capital market and other industries, for example, Permodalan Nasional Bhd (PNB) which is regulated by the Securities Commission Malaysia (SC) does not obstruct or block it from implementing its original mandate in the country's development agenda especially in prospering the bumiputera economy.
"In the context of Shariah, BNM has its Syariah Advisory Council comprising syariah scholars and knowledgeable and experienced individuals, and is also recognised at the international level," he said.
He said TH depositors will continue to enjoy government guarantees as provided under the Tabung Haji Act 1995 (Act 535), the same approach such as BSN which is regulated by BNM whereby savings of depositors are still fully guaranteed by the government.
"Every investment activity by TH must be syariah-compliant and the investment evaluation must be implemented through a process that is thorough and transparent such as those practised by other fund institutions, with the formation of an Investment Panel comprising individuals with background and expertise in the financial and investment sectors," said Zafrul.
The Finance Ministry will also work closely with the Minister in the Prime Minister's Department (Religious Affairs) to ensure that the absolute rights and interests of TH depositors will not be eroded, but in fact, will be improved, he added.
- Bernama


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2021/07/th-placed-under-bnm-due-to-its.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MalaysiansMustKnowTheTruth+%28Malaysians+Must+Know

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Tabung Haji Not A Bank Should Not Come Under Bnm Says Umno Youth

Tabung Haji Not A Bank Should Not Come Under Bnm Says Umno Youth

papar berkaitan - pada 21/7/2021 - jumlah : 447 hits
The Cabinet has agreed for Tabung Haji to come under the purview of Bank Negara Malaysia PETALING JAYA Lembaga Tabung Haji is neither a bank nor an insurance or takaful company to come under the purview of Bank Negara Malaysia says Umno You...
Health System Still Under Strain As Daily Cases Hit 5 Digits

Health System Still Under Strain As Daily Cases Hit 5 Digits

papar berkaitan - pada 18/7/2021 - jumlah : 236 hits
Covid 19 assessment will now be conducted virtually to avoid long lines like the one at Stadium Malawati on Monday PETALING JAYA Malaysia s healthcare system remains stretched to its limits with the number of daily cases consistently hittin...
5809 Wrong Move Consumer Group On Tabung Haji Coming Under Bnm Purview Focus Malaysia 19 07 2021

5809 Wrong Move Consumer Group On Tabung Haji Coming Under Bnm Purview Focus Malaysia 19 07 2021

papar berkaitan - pada 22/7/2021 - jumlah : 293 hits
THERE is no proper justification from the Government on why Tabung Haji needs to be parked under Bank Negara Malaysia s purview said Muslim Consumer Association of Malaysia Who made the decision Is it a political decision or financial one A...
Take Serious View Of Tabung Haji Under Bnm Says Pas

Take Serious View Of Tabung Haji Under Bnm Says Pas

papar berkaitan - pada 20/7/2021 - jumlah : 319 hits
Idris Ahmad said Tabung Haji does not just handle pilgrimages but was also an institution to strengthen the economy of Muslims PETALING JAYA The Cabinet s decision to place Lembaga Tabung Haji under the purview of Bank Negara Malaysia must ...
Placing Th Under Bnm An Interim Solution Finance Ministry

Placing Th Under Bnm An Interim Solution Finance Ministry

papar berkaitan - pada 23/7/2021 - jumlah : 225 hits
The regulation of Lembaga Tabung Haji under Bank Negara Malaysia is an interim solution and will not change the original nature of TH as a superior agency especially in the management of pilgrims to fulfil the fifth pillar of Islam as stipu...
Penang Lazada Facility Closed For Sop Enhancements Not Due To Covid 19

Penang Lazada Facility Closed For Sop Enhancements Not Due To Covid 19

papar berkaitan - pada 12/7/2021 - jumlah : 300 hits
Online sales platform Lazada Malaysia has clarified that there has been no Covid 19 cases in its Lazada Express logistics facility in George Town Penang after a picture of a closure notice for the facility was spread on social media Over th...
Covid 19 Several Nilai Roads Closed Due To Enhanced Mco

Covid 19 Several Nilai Roads Closed Due To Enhanced Mco

papar berkaitan - pada 10/7/2021 - jumlah : 219 hits
SEREMBAN Several major roads in Nilai bordering the districts of Jelebu Port Dickson and Kajang in Selangor have been closed since Friday following the enforcement of an enhanced movement control order in the Seremban district Nilai distric...
High Klang Valley Numbers Due To Ramped Up Testing Says Dg

High Klang Valley Numbers Due To Ramped Up Testing Says Dg

papar berkaitan - pada 9/7/2021 - jumlah : 241 hits
Close contact detection and health screening activities have been implemented more vigorously for the early detection of cases says Dr Noor Hisham Abdullah PETALING JAYA The increase in Covid 19 cases in the Klang Valley reported this week ...
Sabah S Kg Pukak Cluster Could Have Been Due To Thanksgiving Feast

Sabah S Kg Pukak Cluster Could Have Been Due To Thanksgiving Feast

papar berkaitan - pada 21/7/2021 - jumlah : 346 hits
Sabah Covid 19 spokesman Datuk Seri Masidi Manjun said the Kampung Pukak cluster stemmed from a thanksgiving feast which was attended by the immediate family members at the index case s home on July 3 and had spread among the community NSTP...
Rasa Masakan Korea Soondubu Jigae Beef Di Dubuyo

China S President To Host Official Dinner For Anwar

Drama One Cent Thief 2 Lakonan Syafiq Kyle Azira Shafinaz

I Bought A Toy Like Vape Online Mp Tells Dewan Chamber

Tip Mudah Santan Berketul Jadi Elok Semula Letak Sehelai Daun Ini Saja

Maggi Goreng

Unlocking Savings Expert Tips For Finding Discounted Cigarettes In Australia

Kips Bay Decorator Show House Dallas 2024 An Exquisite Showcase Of Design


echo '';
Biodata Terkini Penyanyi Illa Sabry Peserta Gegar Vaganza 2024 Musim 11 GV11

Info Dan Sinopsis Drama Berepisod Senyawa iQIYI Malaysia

Info Dan Sinopsis Drama Berepisod Project Projek Exit Astro Originals

Pelajari Asal Usul Nama Makhluk Seram Kisah Fiksyen Barat Yang Terkenal

10 Fakta Filem Kahar Kapla High Council Yang Ramai Tak Tahu Prekuel Drama Project Projek High Council


Tan Sri Vincent Tan Dan U Mobile

Cinta Itu Indah Tetapi Duit Lebih Berkuasa

Pencipta Squid Game Hwang Dong Hyuk Sahkan Musim 3 Sebagai Penutup Kisah Gi Hun

Sedapnya Kopi Kering Beku Kapsul Dari Zus Coffee

Anwar Slams Hypocritical Criticism Over His Response To Najib S Apology

A Sucker Punch For Rm1 000 What S The Value Of Dignity In Malaysia