TH launches stewardship framework as governance foundation

by TMR / pic by TMR FILE

LEMBAGA Tabung Haji (TH) has launched its Stewardship Framework, the foundation of its governance structure, which will help the pilgrims fund to deliver its mandate of providing world class hajj services more effectively and sustainably.

The framework is based on Maqasid Shariah or the higher objectives of shariah that covers five main principles namely the protection of religion, life, intellect, property and future generations.

“As an Islamic institution managing the growing savings of Malaysian Muslims, TH has a responsibility to continuously improve how it carries out this trust. The Stewardship Framework is our guide and also the guide for the next generation of leaders and employees of TH,” said THE Chairman, Tan Sri Md Nor Yusof.

About half of all Malaysian Muslims or 8.3 million are now depositors at TH, which was set up in 1963 to help them save for hajj, the fifth pillar of Islam.

Over the last 58 years, TH has organised hajj for 1.5 million people.

The growth of TH over the years has given rise to the need for TH to strengthen its governance structure further through its Stewardship Framework.

The main objectives of TH’s Stewardship Framework are to embrace Maqasid Shariah, conduct operations in compliance with Shariah principles and to upholdM strong corporate governance with integrity.

As part of the launch, TH will also roll out internal programmes progressively to help its employees to internalise the framework and its role in strengthening corporate governance moving forward.

“With over 58 years of experience in shariah-compliant operations, it is essential for us to ensure the long term sustainability of TH. As such, TH is committed to applying the principles of Maqasid Syariah in all daily activities while ensuring that all Board Members, Investment Panel, Senior Management and our staff always uphold the four main principles of the framework, namely Islamic Values & Principles; Effective Ethical Leadership, Effective Internal Control & Risk Management; and Accountability to Stakeholders,” added TH.