Tabung Haji to maintain investment process
LEMBAGA Tabung Haji has no plans to change its investment process since it has helped the fund maintain its performance.
Group managing director and chief executive officer Datuk Ismee Ismail said this in response to claims that Tabung Haji's recent investments were quite risky.
Speaking to reporters after the signing of an agreement between Tabung Haji and AmanahRaya Bhd on property investment cooperation in Kuala Lumpur yesterday, he said that to decide on a particular investment, the proposal has to go through a complex but transparent process.
"I think it is a good structure. It involves independent committees - an investment panel and a board of directors' panel. At present, there is no need to change the process," he said.
He said an investment will only be approved in the board meeting after it has gone through the panels.
"Most importantly, the process to make the investment has to be correct. If anything happens after that, it is beyond our control.
"Market conditions and the atmosphere in particular sectors of the economy differ from the time we make the investment. So most importantly is how we will monitor the investment," Ismee said.
If there are problems, he said, the Tabung Haji management will study how it can recover the investment or improve the situation.
"For Tabung Haji, it must first be able to retain the value of depositors' money. It means, if a depositor keeps RM1 he should be able to get RM1 back," he said.
Meanwhile, Tabung Haji expects to invest more in real estate in Mecca and Madinah in the next one to two years in its move to keep the cost of Hajj performance at affordable rates.
Ismee said the group has been seriously looking at investment opportunities there since 2008.
"We are actively looking for investment opportunities especially in Mecca. There have been many proposals but we need to check the pricing, distance from the mosque to the hotel and other needs," he said. - Bernama
Group managing director and chief executive officer Datuk Ismee Ismail said this in response to claims that Tabung Haji's recent investments were quite risky.
Speaking to reporters after the signing of an agreement between Tabung Haji and AmanahRaya Bhd on property investment cooperation in Kuala Lumpur yesterday, he said that to decide on a particular investment, the proposal has to go through a complex but transparent process.He said an investment will only be approved in the board meeting after it has gone through the panels.
"Most importantly, the process to make the investment has to be correct. If anything happens after that, it is beyond our control.
"Market conditions and the atmosphere in particular sectors of the economy differ from the time we make the investment. So most importantly is how we will monitor the investment," Ismee said.
If there are problems, he said, the Tabung Haji management will study how it can recover the investment or improve the situation.
"For Tabung Haji, it must first be able to retain the value of depositors' money. It means, if a depositor keeps RM1 he should be able to get RM1 back," he said.
Meanwhile, Tabung Haji expects to invest more in real estate in Mecca and Madinah in the next one to two years in its move to keep the cost of Hajj performance at affordable rates.
Ismee said the group has been seriously looking at investment opportunities there since 2008.
"We are actively looking for investment opportunities especially in Mecca. There have been many proposals but we need to check the pricing, distance from the mosque to the hotel and other needs," he said. - Bernama
Comments
Post a Comment