Kuala lumpur: Claims that Tabung Haji (TH) suffered losses due to a stock market downturn are baseless, as the stock market remained strong and reached its highest level in 2018, while the decline that year was only about 6 per cent.

According to BERNAMA News Agency, Finance Minister II Datuk Seri Amir Hamzah Azizan stated that TH's stock holdings at the time fell significantly more than the overall market performance. Despite this, changes to TH's management and board of directors have been credited with strengthening controls and improving the institution's governance.

Amir Hamzah highlighted that even after writing down RM2.6 billion on its remaining holdings post-2018, TH managed to pay 'hibah,' with the amount increasing each year. This, he noted, demonstrates the positive outcomes of the changes made at Tabung Haji.

Furthermore, Amir Hamzah addressed the RCI's recommendation that hibah declarations should be made only after the financial statements have been audited. This contrasts with the previous practice of making them on a pro forma basis. He assured that any concerns over past issues have been addressed through the current improvements.