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Malaysia's central bank says pilgrimage fund addressed risk management issues
January 26, 2016 / 7:28 AM / 2 years ago

Malaysia's central bank says pilgrimage fund addressed risk management issues

KUALA LUMPUR, Jan 26 (Reuters) - Malaysia’s central bank said on Tuesday that the country’s pilgrimage fund, Lembaga Tabung Haji, has taken appropriate measures to strengthen its risk management practices.

The central bank statement comes after local media reported a leaked letter allegedly from the central bank warning the fund of its slipping reserves, and that it had insufficient reserve levels to pay its depositors dividends this year.

“The institution has proactively taken appropriate measures to further strengthen its risk management practices, both on its own initiative and in response to earlier engagements with the (Central) Bank,” it said in a statement, referring to Lembaga Tabung Haji.

The statement added that the central bank will monitor significant non-bank financial institutions that are linked to the financial system.

Reporting by Emily Chow; Editing by Sam Holmes

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