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Published on: Tuesday, July 20, 2021
By: Bernama
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Kuala Lumpur: The decision to place Lembaga Tabung Haji (TH) under the regulation of Bank Negara Malaysia (BNM) is to improve the pilgrimage fund board’s overall management and operations due to its importance to the country’s financial system stability.
Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz
(pic) said the move was also taken to safeguard the interest of depositors and strengthen TH’s financial position in fulfilling its mandate in line with good the governance standards set by the United Nations Convention Against Corruption (UNCAC).
“In line with the establishment of the Royal Commission of Inquiry (RCI) relating to TH, the government continues to strongly support the ruling under Article 3(1) of the Federal Constitution on Islam as the federal religion and TH will remain the leading agency, especially in the management of hajj pilgrims to fulfil the fifth pillar of Islam.
The writer is president of the Pakistan Institute of Legislative Development And Transparency.
IN this age of globalisation, nations are voluntarily giving up a part of their legislative sovereignty to supranational entities like the European Union (EU) and global agencies like the UN. In the former case, the legislatures of member states may be ceding as much as 80 per cent of their legislative rights to the European Parliament, although the figure varies widely from country to country.
A country doesn’t have to be a part of an entity like the EU to experience this aspect of globalisation. There are several other ways in which states depart from the classical concept of sovereignty. Countries are frequently entering into bilateral and multilateral treaties, accords and conventions which bind them to the terms of such agreements.