KUALA LUMPUR, Oct 22 (Bernama) -- The government has allocated RM1 billion to Urusharta Jamaah Sdn Bhd (UJSB) for the early redemption of sukuk in 2027, thereby strengthening the cash flow of Lembaga Tabung Haji (TH).
The Ministry of Finance (MOF) said it is committed to providing the allocation for the early redemption of the sukuk, subject to the government’s financial position.
“Previously, the allocation could not be provided as planned because the government had to prioritise expenditure to address the COVID-19 pandemic.
“This commitment is being continued to support UJSB in meeting its obligations to TH, while also prudently recovering assets,” the MOF said in a written reply on the parliament website today to a question from Datuk Dr Ahmad Marzuk Shaary (PN-Pengkalan Chepa) regarding UJSB’s financial position and its capacity to fulfill its sukuk obligations without additional financial support from the government.
According to the ministry, UJSB has consistently recorded operating profits since 2019, including RM297 million for financial year 2025, while the value of assets under its management grew to RM11.61 billion by the end of 2025, up from RM9.7 billion in 2018.
The MOF said UJSB’s accumulated losses of RM13.2 billion as of the end of 2025 should be distinguished from its operating performance.
In 2018, UJSB acquired TH assets valued at RM9.7 billion for a price of RM19.9 billion; the RM10.2 billion difference represented a premium granted to TH to assist in its financial recovery, but it ultimately became a source of losses for UJSB through asset impairment.
“Furthermore, the sukuk profit costs accrued to TH also contributed to UJSB’s accumulated losses.
“In other words, the sukuk costs borne by UJSB translated into accrued profit income for TH,” the ministry said.
-- BERNAMA