LEMBAGA Tabung Haji (TH) or the Malaysian hajj pilgrims fund has launched its Stewardship Framework – the foundation of its governance structure – which will help the pilgrims fund to deliver its mandate of providing world class hajj services more effectively and sustainably.
Based on Maqasid Shariah or the higher objectives of Shariah, the framework covers five main principles namely the protection of religion, life, intellect, property and future generations.
“As an Islamic institution managing the growing savings of Malaysian Muslims, TH has a responsibility to continuously improve how it carries out this trust,” commented TH chairman Tan Sri Md Nor Yusof.
“The Stewardship Framework is our guide and also the guide for the next generation of leaders and employees of TH.”
About half of all Malaysian Muslims or 8.3 million are now depositors at TH which was set up in 1963 to help them save for hajj, the fifth pillar of Islam. Over the last 58 years, TH has organised hajj for 1.5 million individuals.
The growth of TH over the years have given rise to the need for TH to strengthen its governance structure further through its Stewardship Framework.
The main objectives of TH’s Stewardship Framework are to embrace Maqasid Shariah, conduct operations in compliance with Shariah principles and to uphold strong corporate governance with integrity.
In fact, the establishment of TH was rooted in Maqasid Shariah where Royal Professor Ungku Aziz’s idea was to help Muslims then to save and protect them from financial difficulties after returning from hajj as most would sell their prized possessions like land or livestock.
The creation of TH has enabled Muslims to conduct pilgrimage safely and responsibly in line with the principles of Maqasid Shariah.
As part of the Stewardship Framework launch, TH will also roll out internal programmes progressively to help its employees to internalise the framework and its role in strengthening corporate governance moving forward.
“With over 58 years of experience in shariah-compliant operations, it is essential for us to ensure the long term sustainability of TH,” Md Nor pointed out.
“As such, TH is committed to applying the principles of Maqasid Syariah in all daily activities while ensuring that all board members, investment panel, senior management and our staff always uphold the four main principles of the framework.”
The main principles are Islamic values & principles; effective ethical leadership, effective internal control & risk management; and accountability to stakeholders. – Sept 3, 2021
