KUALA LUMPUR (June 27): Tan Sri Abdul Rashid Hussain could have easily remained in retirement after a long career that saw him as an investment banker and co-founder of RHB Bank Bhd (KL:RHBBANK), one of the country’s key banking groups built through the consolidation era of the 1990s.

Instead, the veteran banker made an unexpected return to public service in late 2023, taking on the chairmanship of Lembaga Tabung Haji (TH), Malaysia’s pilgrim fund. For many, it was indeed a surprise move. 

As with many senior appointments in government-linked institutions, questions soon followed over whether politics played a role — speculation Rashid outright denies, on the basis that his return was for the sake of duty and experience. 

Rashid was not walking into an unfamiliar institution either. He had previously served as a member of the Royal Commission of Inquiry in 2022, which examined the management and governance issues at TH.

In an exclusive interview with The Edge, Rashid shares that almost three years into the role, he believes the institution has moved past its most difficult recovery phase. 

Still, the balancing act remains complex. On one side, TH must continue to grow its depositor base and ensure sustainable funding for Malaysian pilgrims undertaking the haj. On the other, it must manage lingering legacy issues, including the restructuring of older assets and unresolved structural weaknesses.

The Edge takes a closer look at these challenges, from legacy holdings such as Urusharta Jamaah Sdn Bhd to the broader operational and governance adjustments still shaping TH’s long-term trajectory.

Get the full story in the June 29 issue of The Edge Malaysia.

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