In its statement yesterday, a TH spokesman said their focus had always been to extend the best in haj management, as well as conduct business and investments according to Islamic principles for the sake of its depositors.

The statement also said TH had managed its investments in accordance with the Strategic Asset Allocation Policy, and allegations that depositors risk losing their money were untrue and defamatory in nature.

“We’re disappointed over these ongoing attacks by certain quarters who have painted a negative picture about this organisation.

“We believe these attacks are politically motivated,” said the spokesman, adding that the haj subsidy would increase to about RM200 million this year.