For the FY19, which is still under audit, TH generated a total of RM3.2b through fixed-income asset investments

pic by MUHD AMIN NAHARUL

PILGRIM fund Lembaga Tabung Haji’s (TH) total assets in the first half of the year (1H20) stood at RM78 billion, exceeding its liabilities, according to Prime Minister (PM) Tan Sri Muhyiddin Yassin.

In a parliamentary written reply, Muhyiddin revealed the latest position of TH board assets as of June 30, as announced in the TH performance report, at RM78 billion, with surplus assets against its liabilities of RM1.9 billion.

He also said the pilgrim fund recorded a good performance for its financial year 2019 (FY19).

“For the FY19, which is still under audit, TH generated a total of RM3.2 billion through fixed-income asset investments, which produced RM1.6 billion or 51% of overall revenue.

“Property investment and equity contributed RM500 million while Islamic money market instruments generated RM400 million in 2019,” Muhyiddin said.

He also clarified that TH is not being controlled by non-Muslims as alleged by certain quarters.

In line with the implementation of the TH restructuring and recovery plan, Muhyiddin said the fund’s non-performing assets were moved to a special-purpose vehicle company, namely Urusharta Jamaah Sdn Bhd (UJSB).

He added that UJSB is fully owned by the government under the Finance Ministry (MoF) Inc.

“Therefore, TH is not being controlled by non-Muslims,” Muhyiddin added.

He was responding to a question from former religious affairs minister in charge of TH, Datuk Seri Mujahid Yusof Rawa (Parti Pribumi Bersatu Malaysia-Parit Buntar), who asked the premier to clarify the state of TH’s assets and whether the fund was indeed being controlled by non-Muslims.

In a social media posting later, Mujahid said he hoped Muhyiddin’s response would put to rest talk that the Pakatan Harapan (PH) administration had sold off TH’s assets.

“Facts do not lie,” he said.

This was because the PH government was often accused of selling TH assets to non-Muslim companies and matters got worst when a picture of former Finance Minister Lim Guan Eng at a TH meeting went viral on social media.

According to the PM’s Department’s clarification, the picture was taken during Mujahid’s visit with the Malaysian Islamic Development Department (Jakim) DG and officials from Jakim’s Shariah Maqasid Division to the MoF to explain the concept of a Rahmatan Lil’ Alamin Islamic administration on Feb 18.

Former PM Tun Dr Mahathir Mohamad in February also emphasised that the fund was “letting go” of some of its assets because they were not giving any returns.

The previous government had to bail out TH last year, which cost an estimated RM17 billion after discovering that the fund was in deficit, owing to financial decisions made during the Barisan Nasional administration.