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Peace

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EXAMPLES OF STATUTORY BODIES IN MALAYSIA IN TERMS OF ECONOMIC AND SOCIAL DEVELOPMENT
The existence of statutory bodies has contributed a lot towards the development of Malaysia. Some of the developments can be seen in terms of social value and economic value. There are a number of statutory bodies in Malaysia that have contributed towards both the developments mentioned earlier. However, this report will only focus on three examples of statutory bodies in Malaysia, which consist of two statutory bodies that have contributed towards economic development and one statutory body that has contributed towards social development.
ECONOMIC VALUE DEVELOPMENT
Lembaga Tabung Haji
Lembaga Tabung Haji is one of the many examples of statutory body that has contributed towards the development in terms of economic value in Malaysia. Lembaga Tabung Haji is an institution that was established with a focus on Islamic Finance in Malaysia. It was established in 1963. Lembaga Tabung Haji is the largest Islamic fund manager in Malaysia, with funds in excess of RM36 billion (Lembaga Tabung Haji, 2013). Lembaga Tabung Haji has 50 years of experience in terms of deposits, pilgrim services and operations, as well as investments. This many years of experience has strengthened its reputation in the country and proves that it is a very successful institution. Lembaga Tabung Haji has been striving for the economic empowerment of Muslims in Malaysia to leverage existing funds and resources.
As a means to contribute towards the development of Malaysia’s economic sector, Lembaga Tabung Haji continues to strengthen its position in the market, both domestically and internationally. Lembaga Tabung Haji has successfully expanded its investment activities to include various economic sectors, such as, commercial, industrial, and plantation (Islamic Research and Training Institute Islamic Development...

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