Some people, explained Ariff, can easily be assured by a narration based on faith. As such, many will accept “the PAS way of doing it”, which was to meet up with Tabung Haji officials and declare the matter settled.

“Others, who also have faith, want their camels outside, to be tied.”

While the latter group has faith in the assurances given by God-fearing people, added the MP, “we want to be further assured by concrete analysis. Why not study Rafizi’s analysis with an open heart? All Tabung Haji needs to do is to respond to Rafizi’s analysis if it’s sincere.”

And really, this is not an issue about sincerity, added Ariff. “The issue is about the prudent financial management of an institution that supposedly looks out after the real Malay interests. Malays have got billions in the form of savings. Small amounts perhaps compared to the money put in by institutional investors but big to individual investors. They faithfully saved money to perform the 5th pillar of Islam.”

But if TH makes bad investments or spends money unwisely, then it will have less money to provide quality services, pointed out Ariff. “It will have not enough to subsidize pilgrims going on Haj.”

It’s this matter of prudent financial management that was the main issue raised by Bank Negara. In 2015, the dividends paid out by Tabung Haji amounted to RM3.2 billion, a sum that exceeded the amount of distributable reserves and current profits by RM1.2 billion.

Previously, Bank Negara submitted a letter to TH that advised them to set aside more funds as reserves, which are required to meet emergency needs and buffer TH in lean years so it has enough to cover overhead and operational costs for a few months.

However, pointed out Ariff, “the fact that the levels have gone negative and [have been] greatly reduced, implies that Tabung Haji has not done so. This is very risky, says Bank Negara.”

And if TH continues to distribute dividends beyond its capabilities like in 2015, this was another cause for concern, explained Ariff, since they obviously cannot afford it and even TH’s net profit as of December 2015 was not RM3.53 billion as a certain minister recently announced.

“Not all the reserves can be taken out. Only the distributable reserves [can be taken out] as TH correctly said. If the dividend and bonus payouts exceed the payable amount, then TH‘s reserves may remain greatly reduced or even negative. Then the worry expressed by Bank Negara remains. But still, TH remains recalcitrant  and will not explain itself .”