PMX recently commented on the Royal Commission of Inquiry report into Tabung Haji.

He said the government was hesitant because it might affect the confidence of depositors.

Tabung Haji has finally rebuilt its reputation, and the government was rightfully worried about how a bad report could ruin it.

So I took a look at the annual report for Tabung Haji for the past few years.

Only reports since 2021 were available, but they contain good information about the institution set up to fund the Haj for Muslims in this country.

To recap, Tabung Haji went through a massive restructuring in 2018.

A significant portion of Tabung Haji’s investment portfolio was concentrated in the oil and gas industry, and by 2018, these assets were worth less than their investment cost.

To prevent Tabung Haji from going under, these assets were transferred to Urusharta Jamaah Sdn Bhd (UJSB).

Long story short, UJSB took over the underperforming assets so that Tabung Haji would remain solvent.

A bailout so that the pilgrim fund could start over again.

And a fresh beginning did happen. Corporate turnaround specialists like Tan Sri Azman Mokhtar were put in charge to clean house.

To ensure the statutory body can fulfill its obligations to its depositors, it has increased its international and sector exposure.

In 2025, fixed-income securities accounted for 57%, equities at 28%, property at 7%, and the money market at 8%.

In equities, 10.5% of the portfolio is invested locally.

And here are the investments in the BMQ50 companies.

It no longer depends on a single sector for its income.

The investments cross different sectors, some of which are not cyclical at all.

SDS and Focus Point are a few examples that have recurring revenue. You need to eat regardless of how the economy is doing, and you change glasses when your eyesight needs it.

So PMX need not worry about public perception at all.

Tabung Haji in 2026 is not the same institution it was before the bailout.

And it will only grow stronger from here, judging by how the portfolio is currently managed.