Amendments to MARA Act to be presented to Parliament this year

Amendments to the MARA Act 1966 are slated for presentation to Parliament this year, a move initiated at the request of Deputy Prime Minister Datuk Seri Dr. Ahmad Zahid Hamidi. The proposed changes aim to ensure the legislative process is completed on schedule and to enhance the relevance and role of Majlis Amanah Rakyat (MARA) in the development of bumiputera communities.

Datuk Dr. Asyraf Wajdi Dusuki, Chairman of MARA, stated that the draft amendments are currently in the policy stage. They will be circulated to relevant stakeholders and other ministries for evaluation and feedback before being submitted to the Cabinet for approval. This process ensures that the new act is robust and incorporates diverse perspectives.

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This stage is the policy stage, and we will provide the draft to all stakeholders, especially other ministries, for evaluation and feedback from them.

The primary objective of these amendments is to create a new MARA Act that is more effective and better equipped to support bumiputera development agendas. According to Asyraf Wajdi, the draft indicates approximately 80% of the changes will focus on governance and administration, aligning with international standards and best practices in corporate governance.

This legislative overhaul is seen as crucial for strengthening MARA's position and its ability to fulfill its mandate. By replacing the MARA Act 1966, the revised legislation is expected to modernize the agency's operations and better serve the needs of the bumiputera community in line with contemporary economic and social landscapes.

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Then, we will bring it up again to the Cabinet Meeting for the purpose of obtaining approval to be presented in Parliament.