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No loans taken: IIUM denies being financially incapacitated, unstable | Scoop
Following the Auditor-General's Report 2/2024 noting that IIUM's overall financial position is unstable, with an accumulated deficit of RM17.06 million as of December 31, 2022, the university has denied the claims of financial incapacity to repay its debts or instability in its financial standing. – Siti Aisyah Ibrahim Facebook pic, July 6, 2024
News

No loans taken: IIUM denies being financially incapacitated, unstable

Accumulated deficit due to big allocation for mandatory retirement plan and ageing staff, cannot borrow from banks for being public uni therefore requesting MoF for more funds

Bernama
Updated
6:51 PM MYT

 

KUALA LUMPUR – The International Islamic University Malaysia (IIUM) denies claims of financial incapacity to repay its debts or instability in its financial standing. 

In a statement today, IIUM refuted recent media reports as inaccurate and misleading, emphasising that as a public university, it is prohibited from borrowing from financial institutions for operational expenses. 

“The management of IIUM wishes to confirm that no loans have been taken to date,” the statement read. 

IIUM further stated that this assertion can be verified through the audits conducted by independent auditors, KPMG Malaysia, which has consistently awarded clean audit certificates to the university for three consecutive years since 2021. 

On Wednesday, the Auditor-General’s Report 2/2024 noted that IIUM’s overall financial position is unstable, with an accumulated deficit of RM17.06 million as of December 31, 2022.  

IIUM stated that the accumulated deficit was due to a significant allocation for the mandatory retirement benefit plan, under the requirements of the Malaysian Financial Reporting Standards. 

“For the financial year ending 2022, RM308.59 million was recorded as the total commitment for the retirement benefit plan,” it explained, adding that the management aimed to avoid reliance on government grants and utilised internal resources for the mandatory retiring staff. 

It clarified that nearly RM100 million in internal funds had been disbursed to retiring staff, unlike other public universities funded entirely by the government through the Public Service Department (Pension Division). 

Due to higher inflationary rates, phased salary increments since 2012, and an ageing staff demographic, the university’s annual commitments have also increased. 

“The university conducted a study and found that internal resources are no longer sufficient to fund the retirement service benefits. Therefore, the management has submitted a request to the Finance Ministry for additional annual allocations,” said IIUM. 

IIUM is expected to allocate an average of RM24 million annually starting from the 2024 financial year, with anticipated increases aligning with Prime Minister Datuk Seri Anwar Ibrahim’s plan to reform the salary structure of public servants, scheduled for implementation by the end of this year. – July 6, 2024

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