KUALA LUMPUR, April 19 ― Several more letters exchanged between Bank Negara Malaysia (BNM) and Lembaga Tabung Haji (LTH) showed that the central bank expressed “satisfaction” with the fiscal management by the Muslim pilgrims’ fund, Deputy Minister in the Prime Minister’s Department Datuk Dr Asyraf Wajdi Dusuki said today.

In an interview with radio station BFM this morning, Asyraf said that the exposed letter from BNM to LTH last December 23, warning that it did not have enough reserves to pay back all its depositors, was not the only communication between the fund and the central bank.

“After that, Tabung Haji replied to the Bank Negara letter, and Bank Negara also wrote in to say that it is satisfied with the explanation,” Asyraf said.

“The problem was only the first letter went viral, while the second and third letters never went viral,” he added.

He also said that it is “normal procedure” for BNM to write “reminder” letters to Tabung Haji and other financial institutions regarding the its asset liquidity.

“It is normal for BNM to seek clarification on how they manage their asset liquidity and reserves,” he said.

The letter, purportedly by BNM governor Tan Sri Zeti Akhtar Aziz to LTH chairman Datuk Seri Abdul Azeez Rahim, warned the fund that it did not have enough reserves to pay back all of its 8.8 million depositors unless it liquidates its assets.

Asyraf also insisted that although Tabung Haji did not come under BNM’s supervision, the fund is still “answerable” to the central bank.

“There are many levels of governance when it comes to Tabung Haji. They are answerable to the Ministry of Finance, the Minister in the Prime Minister’s Department and also the Bank Negara,” he said.

The letter, which also stated that LTH’s liabilities had exceeded its assets at a ratio of RM1 to 98 cents, reportedly caused a bank run with some depositors withdrawing their savings with the pilgrim fund.

Two weeks ago, Asyraf told Parliament that some 33 depositors who withdrew their savings in total might face a wait of 83 years in the current queue list after they re-registered for their Haj trip.

Every depositor with the Muslim pilgrimage fund is required to keep a minimum of RM1,300 in their accounts to enable them to go on a Haj.

Shortly after the letter was leaked, LTH announced a dividend and bonus of 8 per cent for their depositors while declaring record profits.