by LYDIA NATHAN / pic by RAZAK GHAZALI
PILGRIMS fund board Lembaga Tabung Haji (TH) has appointed Mohamad Damshal Awang Damit as ED for its investment division which took effect yesterday.
In a statement, TH said Mohamad Damshal had previously played the role of CIO and has more than 27 years of experience under his belt in domestic and global investments.
He was also a chartered financial analyst, and served as a prominent member of TH from 1999 to 2003 in the corporate planning division, while leading the fixed income unit at the Social Security Organisation.
Mohamad Damshal has a Master’s degree in business administration from the University of Toledo, Ohio.
TH group MD and CEO Datuk Nik Mohd Hasyudeen Yusoff said the group took into consideration the amount of experience and expertise of its members when appointing positions.
“With the appointment of Mohamad Damshal, the senior management is confident that his experience in investment will help TH face the challenging circumstances brought upon by the Covid-19 pandemic. TH is also focusing on discovering more talents in line with its mission to become an Islamic institution that is reputable,” he said.
He also conveyed his thanks to former ED of investment Hizamuddin Jamaluddin for his continuous commitment and expertise he contributed during his tenure.
“TH is very grateful for all the time and effort he has put in and we wish him all the best for his future undertakings,” he said.
TH last month signed a deal with Johor Corp’s wholly owned subsidiary, Bukit Damansara Development Sdn Bhd, to acquire an office building located in Petaling Jaya, Selangor, for RM147 million.
The move marked the pilgrims fund board’s first major investment after it completed the transfer of hundreds of non-performing assets to Urusharta Jamaah Sdn Bhd, a special-purpose vehicle under the Ministry of Finance, for a total RM19.9 billion at book value in 2018.
Hizamuddin had then said the group would focus on developing a sustainable portfolio, as well as restructuring TH’s capability and capacity.
He said the group aimed to increase investment in fixed income to 58%, while the equity and property segments would be increased to 18% and 11% respectively.
Currently, TH’s investment in fixed income stands at 54% of the group’s strategic asset allocation (SAA), with equity at RM17.26 billion or 22% of the SAA and money market at RM12.68 billion or 16% of the SAA.