KUALA LUMPUR: Economists welcomed Tan Sri Abdul Rashid Hussain's appointment as the new chairman of Lembaga Tabung Haji (TH), citing his extensive experience and expertise as crucial assets for the growth and stability of the group.
Nusantara Academy for Strategic Research senior fellow Dr Azmi Hassan expressed confidence in Tan Sri Rashid's ability to navigate these challenges, given his demonstrated experience in leading the successful RHB Group.
Azmi highlighted the importance of Abdul Rashid's non-affiliation to political parties, seeing it as a positive criterion for unbiased decision-making.
"Abdul Rashid's unaffiliated status is crucial for the decisions ahead, ensuring they are made based on the genuine needs and priorities of TH."I would say that is a good sign for TH in the coming years," he told the Business Times today.
Meanwhile, Putra Business School economic analyst Associate Professor Dr Ahmed Razman Abdul Latiff emphasised the need for leveraging Abdul Rashid's expertise to strengthen governance, enhance financial management, and elevate professionalism within TH.
"Hopefully TH can leverage Abdul Rashid's expertise and wealth of experience to strengthen its governance, financial management and improve its professionalism, while at the same time keeping true to its original mandate and objectives," he said.
Abdul Rashid was appointed chairman of TH yesterday (Dec 20), taking over from Tan Sri Azman Mokhtar, who served the position for two years.
Abdul Rashid, who is known as the co-founder of Rashid Hussain Securities and the RHB Group, was also one of six members of the Tabung Haji Royal Commission of Inquiry (TH RCI), set up in 2022 to review the fund's operations in the 2014–2020 period.He established Rashid Hussain Securities in 1983, which later became RHB Group.
Abdul Rashid also served on the board of Khazanah Nasional Bhd from 1994 to 1998 and was chairman of its executive committee during that period.
Minister of Religious Affairs Mohd Na'im Mokhtar in a statement said Abdul Rashid's appointment will be invaluable in rebuilding and progressing TH as a world class hajj pilgrim fund."TH welcomes the appointment and is grateful to receive a respected and experienced corporate figure who was also the founder of RHB Group, one of the biggest banking groups in the country," said TH group managing director and chief executive officer Syed Hamadah Syed Othman.
"We are confident that our collective effort to strengthen TH will continue with his experience and leadership," he added.
TH is a fund that was formed to help generate savings for hajj costs. The pilgrim fund recorded a gross income of RM3.85 billion in 2022, compared with RM3.72 billion a year ago.Ends