Why is MARA Act 1966 being amended?

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MARA Act 1966 Amendment Aims to Ensure Relevance and Good Governance

The Majlis Amanah Rakyat (MARA) Act 1966 is undergoing amendments to ensure the agency remains relevant and is administered with good governance. This initiative is deemed crucial given MARA's significant asset base, which exceeds RM23 billion, and the need for its proper management. The proposed changes intend to steer MARA back towards its original core business and rectify past leadership errors.
Focus on Original Core Business

A primary objective of amending the MARA Act 1966 is to reorient the agency towards its foundational purpose. This involves ensuring MARA concentrates on its original core business, aligning its operations with the objectives for which it was established. The aim is to move away from any deviations that may have occurred under previous leadership.
Rectifying Past Mistakes and Ensuring Good Governance

The amendments are intended to correct mistakes made by previous leadership within MARA. By implementing stronger governance structures and oversight, the agency seeks to operate with greater accountability and transparency. This focus on good governance is considered essential for the responsible stewardship of MARA's substantial assets.
Supporting Bumiputera Economic Initiatives

With its assets, investments, and generated profits, MARA is expected to play a vital role in financing initiatives outlined by the Bumiputera Economic Congress. The amendments aim to ensure that MARA is on the right track to effectively support these programs. This financial capacity, coupled with proper management, will enable MARA to stand independently and contribute significantly to economic development.
Draft Bill Within Six Months

MARA has been allocated a timeframe of six months to prepare a draft bill for the proposed amendments to the MARA Act 1966. This period will allow for the necessary legal drafting and consultations to ensure the amended act effectively meets its objectives of enhancing relevance and good governance.

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Why is MARA Act 1966 being amended?

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