This article first appeared in The Edge Financial Daily on August 16, 2018

KUALA LUMPUR: Pilgrims fund Lembaga Tabung Haji, currently managing over RM73 billion of deposits, is waiting for a new management team to kick things off and chart the direction for its future investments 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 yesterday.

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

Jahaberdeen is aware that Tabung Haji’s operations, particularly those related to the investment panel, “remain a status quo, pending directions from the new leadership to restart operations”. “I think we are waiting for some directions to kick-start the meeting and discuss the future investment directions,” he added.

Tabung Haji’s investment panel, established in 2001, is an independent committee of investment advisers to the board of directors and management concerning investment proposals.

The establishment of the investment panel, made pursuant to Section 11 of Lembaga Tabung Haji Act 1995, is to ensure the pilgrims 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 to equities, 27% to fixed income, 15% to properties and the remaining 5% to cash.

On whether Tabung Haji is studying plans to dispose of any of its property assets overseas, Jahaberdeen said: “Nothing whatsoever.” Currently, Tabung Haji owns three office buildings in the UK, and a residential apartment in Australia. On Tabung Haji’s investment returns, Jahaberdeen added: “So far, no issues.”