21/12/2023 (Malaysia) - In a significant development in Malaysia's financial sector, Tan Sri Abdul Rashid Hussain has been announced as the new chairman of Lembaga Tabung Haji (TH), effective from December 20, 2023. He succeeds Tan Sri Azman Mokhtar, who admirably held the position for two years.
Abdul Rashid, a renowned figure in the corporate world, co-founded the RHB Group, which has grown into one of Malaysia's largest banking groups. His vast experience includes founding Rashid Hussain Securities in 1983, an enterprise that later evolved into the RHB Group. His leadership roles span various prestigious organizations, including serving on the board of Khazanah Nasional Bhd from 1994 to 1998 and as chairman of Putrajaya Holdings Bhd from 1995 to 2000.
Under Abdul Rashid's stewardship, Rashid Hussain Securities became a leading stockbroker in Malaysia, pioneering in-house research on Malaysian companies. The monumental merger of Kwong Yik Bank Bhd with DCB Bank Bhd in 1997, forming RHB Bank Bhd, marked the country's largest banking merger at the time. Despite facing challenges during the 1997/98 financial crisis, which led to him relinquishing control of his stake in the RHB Group, Abdul Rashid's resilience and expertise have kept him at the forefront of the industry.
Abdul Rashid's career in financial services began in 1971 with Strauss Turnbull in the UK. He returned to Malaysia in 1975 to work with Bumiputra Merchant Bankers Bhd before venturing into his stockbroking firm. Currently, he also serves as a member of the board of governors of the International Islamic University Malaysia.
His recent appointment as one of the six members of the Tabung Haji Royal Commission of Inquiry, set up in 2022 to review the fund's operations between 2014 and 2020, underscores his continued influence and dedication to the financial sector.
TH's group managing director and chief executive officer, Syed Hamadah Syed Othman, expressed confidence in Abdul Rashid's leadership, anticipating further strengthening of TH. He also expressed gratitude to Azman for his significant contributions, which saw the fund's total deposits grow by almost 7.0% from January 1, 2022, to November 30, 2023. TH, primarily aimed at assisting pilgrims with savings and subsidizing haj costs, reported a gross income of RM3.85 billion in 2022.
As Abdul Rashid Hussain takes the helm of Lembaga Tabung Haji, the financial industry eagerly anticipates the strategic direction and growth he will bring to this esteemed institution.