Prime Minister Datuk Seri Anwar Ibrahim publicly backed a proposal to place Lembaga Tabung Haji’s investment operations under the regulatory oversight of either the Securities Commission Malaysia (SC) or Bank Negara Malaysia (BNM) today in Ampang Jaya after Friday prayers [1, 2, 3, 4].

Anwar said the move aims to ensure tighter regulation, prevent abuse of power, and address governance problems that Tabung Haji faced previously. He said, "This is, in my view, appropriate, and I have been briefed by them and support the measures, including several proposed amendments to the Tabung Haji Act 1995" [1]. He also noted the reforms are led by Tabung Haji's new management under chairman Tan Sri Abdul Rashid Hussain, calling the oversight implementation "appropriate" and affirming his support [2].

The regulatory framework proposal comes after nearly six months of deliberations by a joint task force comprising the SC chairman, BNM governor, and Tabung Haji leadership to align oversight with Malaysia’s capital market practices [1, 3, 4]. About 90-95% of Tabung Haji’s assets are invested in the capital market, putting much of its portfolio under the SC's supervisory remit [2].

This follows findings from a 211-page Royal Commission of Inquiry report completed in July 2022, which identified weaknesses in governance and financial management at Tabung Haji between 2014 and 2020. The RCI found that reported profits, such as a RM3.4 billion 2017 profit, were overstated—with corrected figures showing a RM1.4 billion net loss if proper accounting standards had been applied [2]. The reforms aim to address such past issues.

The joint task force finalized the regulatory oversight proposal between March and September 2026. On September 3, chairman Tan Sri Abdul Rashid Hussain publicly announced the plan to place Tabung Haji’s investments under SC oversight [1, 3, 4].

Prime Minister Anwar’s endorsement today affirms support for the proposed amendments to the Tabung Haji Act 1995, which will be submitted for legislative consideration to tighten investment governance and compliance.%n [1, 2, 3, 4]