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A former chief executive of Tabung Haji appeared in Putrajaya Magistrate's Court on Wednesday as investigations intensify following a Royal Commission of Inquiry into the pilgrim fund's substantial losses.
Malaysia narrowly avoided a RM74.5 billion government liability if a major bank run had struck Tabung Haji in 2018, according to a senior minister. The Islamic pilgrimage fund faced serious insolvency.
Malaysia's religious affairs minister has stated that Lembaga Tabung Haji's RM10 billion financial crisis could have been averted had the institution acted on five warning letters issued by Bank Negara Malaysia from 2014 onwards.
Between 35 and 40 Members of Parliament have signalled their intention to participate in a dedicated parliamentary debate on the Royal Commission of Inquiry findings concerning Tabung Haji's financial deterioration, scheduled for August 11.
Tabung Haji faced a severe financial crisis rooted in growing asset-liability imbalances, prompting a comprehensive recovery strategy and a Royal Commission of Inquiry into its operations from 2014 to 2020.
Prime Minister Anwar Ibrahim has blamed greed, poor governance, and financial mismanagement for nearly bringing Tabung Haji to collapse, signalling the government's determination to reform the troubled Islamic pilgrimage fund.
A Royal Commission inquiry into Tabung Haji has warned that the government's RM88 billion deposit guarantee will be triggered if the pilgrimage board's recovery plan fails, jeopardising Malaysia's fiscal stability.
A Royal Commission of Inquiry has revealed that Tabung Haji should have declared a net loss of RM1.4 billion in 2017, not the RM3.4 billion profit it reported. The findings expose systemic accounting failures that obscured the pilgrimage fund's deteriorating financial health.
Malaysia's Cabinet has authorised public disclosure of the Royal Commission of Inquiry report into Tabung Haji's financial crisis, following successful stabilisation and a 3.5% profit distribution announcement for 2025.
Prime Minister Anwar Ibrahim indicated the Tabung Haji RCI report may be released imminently, contingent on whether Cabinet sign-off is necessary before the sensitive findings become public.