Has the Malaysian Government been using our monies to subsidize Muslims to go to Mecca and perform the haj - about RM15,000 or more for each person? That is the impression one gets when we read the reported Anwar Ibrahim's statement on the issue.
So, the question is WHERE is the money coming from? Is it from the Government - the Federal government? the State government? OR the Tabung Haji - being the savings plus investment profits of those who plan to go for Haj? Or is it from the ZAKAT funds - being the Muslim tax? If it is we who are subsidizing, is it fair if the government just subsidizes Muslims, and not all other Malaysians to go to their religious sites overseas? Government ought to explain so there is NO MISCONCEPTION.
In the past, PMs and government has behaved like the monies in EPF/KWSP was government monies - but that is not true > It belongs 100% to the workers, and that includes the profits made using this monies > that is then shared to the EPF Account Holders through annual dividends?Tabung Haji is bearing 61% of the cost, easing the burden of the B40 group who will only need to pay RM10,980, while the M40 will receive a 48% subsidy and will pay RM15,980 for the pilgrimage.
Likewise, Tabung Haji monies are also monies belonging to the account holders, including the profits made using their savings. So, is Tabung Haji using these savings and profits to SUBSIDIZE Haj pilgrimage? Or is the Federal Government pumping in more MONEY as well? If so, the Government should consider contributing some monies into the EPF/KWSP account holders, especially those from B40 as it is common knowledge that most are short of money to survive in their OLD AGE - simpanan hari tua?
Who are the decision makers in Tabung Haji that decided on who to subsidize and at what rate? Do the account holders have a say in these decisions? Is it ONLY the Federal Government? Do the Sultans and the King have a part in this, noting that according to the Constitution, they bear the ultimate responsibility all things ISLAM.
I believe that the Federal Government does pay salaries, pension and for the upkeep of the facilities, etc > and that is all that is, the rest comes from the Tabung Haji monies...am I wrong? Or are the States also contributing annually?
As is now, the LUTH comes under the Minister of Finance? Do the Sultans and the King, who are the 'protectors' of Islam as per the constitution have decision making power in LUTH>
There has been past mismanagement resulting in losses worth billions? Can we then say that the Minister of Finance is wholly responsible?
Was there any criminal or civil action taken the persons from the management responsible? Wonder whether they were also political appointees?UJSB, which is a wholly owned unit of the Finance Ministry, completed the transfer of non-performing assets valued at RM9.63 billion held by LTH in December last year due to the fallout from financial mismanagement and wrongdoings by the previous management.
Who was responsible for giving subsidies to T20 - how much was lost by these unnecessary subsidy? Helping the poor is OK - but helping the RICH is unacceptable?
How much monies did Malaysia lose in the past 10-20 years - maybe the names of these T20 should be revealed - maybe they, who can really afford, should be asked to PAY BACK the subsidy amount they received >>> that maybe should include the upper class of of the M40 too.
If subsidies given to the rich and upper middle income earners were not given - we could have sent so many more POOR Muslims in Malaysia, some of whom who may not even be a LUTH account holder - as they simply do not have enough monies to dream of going for Haj.
No more haj, electricity subsidies for T20, says Anwar
Prime Minister Anwar Ibrahim says the subsidies will be reserved for those in the M40 and B40 groups.
PETALING JAYA: The government will no longer provide subsidies to Muslims from the T20 income group to perform the haj, says Anwar Ibrahim.
In a parliamentary reply to opposition leader Hamzah Zainudin (PN-Larut), the prime minister said the subsidy will be reserved for those in the M40 and B40 groups.
“Targeted subsidies are being made an issue. We will not increase the electricity tariff except for the T20 group. I want to make things clear, the T20 will no longer receive the subsidy.
“This is the same with haj financial assistance. We have increased (the subsidy) to the B40 group but not for the T20 group. They will have to bear the full cost because they can afford it,” he said.
On March 20, Lembaga Tabung Haji announced that anyone earning more than RM15,000 a month must pay the full amount for their pilgrimage, adding that the haj financial assistance (Hafis) will be targeted for the B40 and M40 groups.Tabung Haji group managing director Amrin Awaluddin had also said the cost to perform the haj had increased to RM30,850 compared with RM28,623 last year.
Tabung Haji is bearing 61% of the cost, easing the burden of the B40 group who will only need to pay RM10,980, while the M40 will receive a 48% subsidy and will pay RM15,980 for the pilgrimage.
Muslims who fall under the T20 group will have to bear the full cost. - FMT, 22/5/2023
Govt to bear RM10.3b in Tabung Haji’s rescue and restructuring plan
by BERNAMA/ pic by RAZAK GHAZALI
THE government will bear RM10.3 billion premium to ensure that the financial health of Lembaga Tabung Haji (LTH) is restored as part of the rescue and restructuring plan of the pilgrimage fund, Urusharta Jamaah Sdn Bhd (UJSB) announced yesterday.
UJSB, which is a wholly owned unit of the Finance Ministry, completed the transfer of non-performing assets valued at RM9.63 billion held by LTH in December last year due to the fallout from financial mismanagement and wrongdoings by the previous management.
The transfer was done from LTH to UJSB in exchange for RM19.9 billion, consisting of two tranches of sukuk totalling RM19.6 billion, namely RM10 billion of seven-year sukuk and RM9.9 billion of Islamic redeemable convertible preference shares, as well as RM300 million in cash payable to LTH.
“The difference of RM10.3 billion between the consideration of RM19.9 billion and RM9.63 billion market value of assets is to be borne by the government to ensure that the financial health of LTH is restored,” UJSB said in a statement.
UJSB pointed out that in the event the value of the assets depreciates further, the losses shouldered by the government will be higher than RM10.3 billion.
Explaining on the assets transferred, UJSB said it consists of a mixture of listed equity holdings, properties and one unlisted plantation asset.
The property assets transferred to UJSB include 0.63ha of land at Tun Razak Exchange (TRX).
The land was purchased by LTH at RM188.5 million or RM2,760 per sq ft, significantly higher than that paid for by 1Malaysia Development Bhd (1MDB) at only RM75 per sq ft (or RM5.1 million for 0.63ha).
UJSB then purchased the TRX land from LTH
at RM400 million or RM5,856 per sq ft, which does not reflect the
actual market value of the said land. The purchase consideration was
done at a significant premium (112.2%) to what LTH paid in April 2015
(RM188.5 million or RM2,760 per sq ft), it explained.
In a recent valuation exercise conducted in March 2019, the market value of the said TRX land stood at only RM205 million.
The huge difference between the market
value and the purchase value of the land (95% premium over market
value), together with all the other assets acquired by UJSB, was needed
to ensure the successful rescue and restructuring plan of LTH.
Overall, UJSB will bear significant losses as a result of impairment charges estimated at more than RM10 billion for the assets acquired from LTH.
The TRX land transaction itself will result in an impairment charge of RM195 million.
“With the transfer of assets now completed, UJSB will continue with its mandate and purpose, which are to carry out the rehabilitation and restructuring of assets under its care; to maximise asset recovery value; and to redeem all monetary instruments issued by UJSB and subscribed by LTH in a timely manner.” — Bernama - Malaysian Reserve, 15/11/2019
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