Initial amendments to the 1966 MARA Act are ready, aiming to embed modern governance and manage its RM23 billion asset portfolio effectively.
KUALA LUMPUR: The initial draft amendments to the Majlis Amanah Rakyat (MARA) Act 1966 have been finalised.
MARA chairman Datuk Dr Asyraf Wajdi Dusuki said the amendments aim to ensure the agency’s continued relevance and embed principles of good governance.
He stated the draft will now be submitted to Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi for further refinement.
“We recognise the need to amend the MARA Act as it no longer fully reflects MARA’s current role and development,” Asyraf Wajdi told reporters.
“Therefore, we believe the Act requires a new lease of life, with governance and management principles firmly embedded within it.”
The move follows an announcement by Ahmad Zahid, who is also Rural and Regional Development Minister, last November.
He stated then that the Act would be amended to enable more efficient and effective management of MARA’s assets.
The agency’s asset portfolio is valued at more than RM23 billion. – Bernama
