In a statement, TH said it would cooperate with the Prime Ministers’ Department, finance ministry and Bank Negara Malaysia in the interest of its depositors and the entity.

The agency said it would propose that the right to management and operations of the pilgrimage will remain with TH, adding that it would also recommend that all deposits under Section 24 of the Tabung Haji Act 1995 remain for the benefit of depositors.

TH said it would continue to improve and strengthen its operations and administration to safeguard the interests of depositors, even during the investigation to be conducted by the royal commission of inquiry.

“Based on this responsibility, the government has proposed to improve the overall management and operations of TH.

“This will involve proposals for a new TH operation model and a review to amend the Tabung Haji Act 1995.”

It called for a joint comprehensive study to evaluate the new operating model, which should take into account TH’s existing capacities, including assets, liabilities and human resource expertise.

“Aspects of administration, integrity and the reputation of TH as an Islamic financial institution are extremely important to ensure the confidence and interests of the people.”