Lembaga Tabung Haji belongs strictly to Muslim depositors in Malaysia.
It is an Islamic financial institution and statutory body created solely to manage savings and operations for the Hajj pilgrimage.
It is a government-owned statutory body, regulated under the Tabung Haji Act 1995.
Dividends and operations run entirely on deposits and Shariah-compliant investments made by Muslim contributors, without non-Muslim public funds or ownership.
What went wrong?
Bank Negara Malaysia first raised official concerns about Tabung Haji's finances in December 2015, issuing warning letters highlighting that the fund's liabilities exceeded its assets.
Dec 2015 – where BN / UMNO was still the government and occupying Putrajaya.
Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz sent warning letters to Tabung Haji's chairman and the Prime Minister's Department.
In the letter, Zeti said the value of TH’s reserves had become negative, and this meant at current market values (in 2015), TH’s assets were not sufficient to meet all its financial obligations.
Zeti’s letter also warned that in the event of a mass withdrawal, it could cause Tabung Haji to seek government financial aid in order to fulfil its obligations under Section 24 of the Tabung Haji Act 1995.
The Prime Minister and Finance Minister then was PM6.
How was Tabung Haji 'rescued’?
The Pakatan then government executed a targeted rescue and restructuring plan to address a multi-billion ringgit financial deficit caused by previous over-declaration of dividends.
The PM then was PM7.
And PM7 was behind and the 'architect’ in the rescue of the country from the Asian Financial crisis.
To rescue the banks in the country from collapsing due to sudden surge in Non Performing Loans (NPL) in their books, the then PM4, who later lead as PM7, created Danaharta and Danamodal to take over all the NPLs from the bank and concurrently recapitalise the banks.
In the case of Tabung Haji, the government under PM4/7 created Urusharta Jamaah Sdn Bhd, wholly owned by the Minister of Finance Inc to assume `temporary ownership’ of all the non performing assets of Tabung Haji, concurrently `removed it’ from the balance sheet of Tabung Haji.
Just like how the financial institutions was revived subsequent to the Asian Financial crisis in 1997, Tabung Haji was revived in a somewhat similar fashion.
Because the deposits were fully guaranteed by the government, if Tabung Haji had collapsed, the government could have been forced to assume about RM74.5 billion in liabilities.
Who established the RCI?
The then government, led by PM8 announced in 2021 that an RCI would be established to investigate Tabung Haji's management and operations.
The inquiry covered the estimated RM11 billion gap between its assets and liabilities, as well as possible breaches of the law governing the pilgrims' fund.
What changed under the Madani government?
The Madani government inherited the unpublished RCI report after Anwar became prime minister in 2022.
It initially withheld the report while Tabung Haji was being stabilised and later began discussions on returning suitable assets held by Urusharta Jamaah
Who mismanaged Tabung Haji that led it to be `rescued’ in 2018?
Politicians and their cronies were helming it.
Who ordered the `rescue” of Tabung Haji in 2018?
Politicians helming the then government.
Who ordered a RCI to be formed to investigate Tabung Haji in 2021?
Politicians helming the then government.
When was the RCI report concluded?
The Royal Commission of Inquiry (RCI) report on Lembaga Tabung Haji was completed and finished around July 2022 (with public statements indicating it was finalized and ready by 2023).
Who was helming and leading the government then around July 2022?
PM9.
When was the RCI report submitted to the government?
The final Royal Commission of Inquiry (RCI) report on Tabung Haji was formally completed and submitted to the government in 2023.
Who was helming and leading the government in 2023?
PMX.
Why was the report not released to the public after that?
According to PMX, who confirmed in July 2026, the delay in releasing the submitted report was a strategic decision to prevent panic among depositors and avoid mass fund withdrawals while Tabung Haji underwent financial recovery and a management overhaul.
Is Tabung Haji stabilised now?
The public needs to know.
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