KUALA LUMPUR (April 16): Islamic financial expert Dr Zaharuddin Abd Rahman is of the view that the current Lembaga Tabung Haji (Pilgrims’ Fund Board) under the current management has placed the Islamic institution on the right track with a more transparent and professional corporate management.

According to the adjunct professor of the Faculty of Business and Accountancy in Universiti Selangor, resulting from the re-structuring of the Board (TH), the institution now has a more sustainable investment and risk management.

“At the moment, TH’s assets and liabilities are more stable and not based on creative accounting which changes the features of the accounts according to the desires of TH but which are not exposed in the financial report and not told to the people.

“Today, TH has returned to its functions based on the Tabung Haji Act 1995 and (the financial report) tabled to Parliament and the public,” he said as a guest of the  “Ala Carte” programme produced by Bernama Radio at Wisma Bernama here.

Zaharuddin said with positive development arising from monitoring from Bank Negara Malaysia and without any political interference, TH could bounce back as a respected Islamic institution.

He added that with its stable foundation, TH could implement various strategies which would benefit the depositors including the possibility of introducing two accounts for haj and investment purposes.

“The accounts of people who really want to go for the pilgrimage will not be exposed to high risks but will be stably managed with investments in places with fixed income."