KUALA LUMPUR (Aug 15): Lembaga Tabung Haji, a pilgrim fund that is currently managing over RM73 billion of deposits, is waiting for the new management team to get the ball rolling and chart the direction for its future investment and operations, according to a member of its investment panel, Datuk Seri Jahaberdeen Mohamed Yunoos. 

"Since the new government has taken over, we (the investment panel) have not yet had any meeting," Jahaberdeen, a veteran lawyer, told reporters on the sidelines of the four-day International Malaysia Law Conference 2018 (IMLC 2018) here today. 

Tabung Haji appointed former Securities Commission executive chairman Tan Sri Mohammed Nor Md Yusof as its new chairman in July, and former BIMB Holdings Bhd chief executive officer (CEO) Datuk Seri Zukri Samat as the pilgrim fund's new CEO.

As far as he is aware, Jahaberdeen said Tabung Haji's operations, particularly related to the investment panel, "remains status quo, pending directions from the new leadership to restart operations."

"I think we are waiting for some [guidance] to kick-start the meeting and discuss the future investment directions," he added. 

Tabung Haji's investment panel was established in 2001. It is an independent committee of investment advisors to advise the board of directors and management related to any investment proposals. 

The establishment of the investment panel, made pursuant to Section 11 of Lembaga Tabung Haji Act 1995, was to ensure that the pilgrim fund can enhance its investment value and ensure competitive returns.

Jahaberdeen was appointed a member of Tabung Haji's investment panel on Nov 1, 2016.

Currently, Tabung Haji allocates 53% of its assets in equities, 27% in fixed income, 15% in properties and the remaining 5% in cash.

When asked whether Tabung Haji is studying plans to dispose of any of its property assets overseas, Jahaberdeen said: "Nothing whatsover."

Currently, Tabung Haji owns three office buildings in the United Kingdom, and one residential apartment in Australia.

When asked about Tabung Haji's investment returns, Jahaberdeen added: "So far, no issues."

Earlier at the IMLC 2018, Jahaberdeen spoke on the topic of religious freedom and aired his views on the Islamic faith and the apostasy law. "Muslims have to reclaim Islam from the shackles," he said.

Jahaberdeen added that the Malays have to free themselves from two bondages, in order for them to progress. 

"First is the political bondage, and second is the religious bondage," he said.