Islamic Finance

Malaysia’s Tabung Haji names three new heads to strengthen financial, investment portfolio

Malaysia’s pilgrims board Lembaga Tabung Haji has named three new heads in its senior management team to strengthen its financial and investment business.

Merina binti Abu Tahir is Tabung Haji’s new Chief Financial Officer, Damshal Awang Damit is its new Chief Investment Officer and the new General Manager of Strategic Investment is Muhammad Fawwaz Aminuddin.

Merina binti Abu Tahir was previously the head of internal audit at Malaysia Airlines and Chair of ACCA Malaysia Advisory Committee.

New CIO Damshal Awang Damit was formerly head of equity and fixed income at Malaysia’s Social Security Organisation (SOCSO), and from 1999 to 2003 served at Tabung Haji in the corporate planning department.

Muhammad Fawwaz Aminuddin joins Tabung Haji from government-linked company UMW Group where he was general manager.  

Tabung Haji, which helps Malaysians save for the hajj, has around 9 million depositors. The Islamic financial institution has been in turmoil for the last couple of years.

A PwC review of the financial position of TH conducted after Malaysia’s change of government in May 2018 showed, among other matters, that the company’s management had manipulated the profitability of the fund, and did not prudently record some 549 million ringgit ($129 million) in impairment losses on investments.

The government stepped in with a rescue package that largely involved buying Tabung Haji assets via sukuk and cash. In August last year, Tabung Haji’s then-outgoing CEO Zukri Samat, who was appointed in July 2018 to turn around the business, said the worst was over for Tabung Haji. Nik Mohd Hasyudeen Yusoff is the company’s current CEO.

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