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Alpharabius Consultants LLP, D-07-09, Capital 4, Oasis Square, 2, Jalan PJU 1A/7, Ara Damansara, Petaling Jaya (2026)

30/07/2026

THE TABUNG HAJI RCI REPORT: THE PRESSURE TO DELIVER EXPECTATIONS.

Since the Tabung Haji RCI Report was declassified, social media has been filled with commentary from professionals, myself included, as well as ordinary Malaysians without formal backgrounds or professional qualifications.

Established in 1963, Tabung Haji was inspired by the vision of Professor Diraja Ungku Abdul Aziz, who believed Malaysian Muslims should have a Shariah compliant institution where they could save gradually for their pilgrimage to Makkah. More than six decades later, Tabung Haji remains more than a financial institution. It safeguards the savings, hopes and aspirations of millions of Muslims who dream of one day performing Hajj, one of the Five Pillars of Islam. That is why public trust has always been its greatest asset.

It is also worth remembering what Tabung Haji was created to be. It was never intended to function like ASB, a mutual fund or a fixed deposit. Its primary purpose was to provide Malaysians with a safe, Shariah compliant avenue to save for Hajj. Any annual hibah (dividend) was meant to reflect prudent stewardship of depositors' savings, not to compete with other investment products.

After reading the report, one thought stayed with Me. There were times when the powers that be came under pressure to deliver attractive (dividend) hibah in order to preserve confidence in the institution and support a particular narrative. When preserving that narrative became more important than faithfully presenting the institution's true financial position, governance began to weaken.

This is where creative accounting can emerge, not necessarily through outright fraud, but through accounting choices that prioritise appearances over faithful representation in an effort to preserve a particular narrative.

Governance on paper is often adequate. The problem arises when the powers that be are able to control decisions, information or processes without sufficient accountability, while too few people have the independence or courage to challenge them.

Malaysia has seen similar governance failures before. The Bank Bumiputra Malaysia Finance scandal, the Bank Negara foreign exchange losses, Perwaja Steel, the Port Klang Free Zone, 1MDB, and now the governance lessons emerging from the Tabung Haji RCI Report.

As I finished reading the report, I found myself reflecting on our other national institutions. PNB, KWSP, KWAP and LTAT safeguard the savings and retirement security of millions of Malaysians while playing an important role in the nation's economy.

Just my humble 2 cents. You decide what it's worth, and keep questioning the rest.

05/07/2026

CLOSING THE FIRST AND LAST MILE GAP IN GREATER KUALA LUMPUR

On 29 June 2026, the LRT3 Shah Alam Line officially began operations. After years of delays and cost increases, Malaysians rightly expect more than just another railway line. We expect a public transport system that works from the moment we leave home until we reach our destination.

Unfortunately, it did not take long for the first complaints to surface. Social media was filled with photos and videos showing incomplete pedestrian walkways and poor access to several LRT3 stations in Shah Alam. MBSA has since announced immediate and phased improvements. That is encouraging, but it also reminds us that building the railway is only part of the job.

Anyone who travels around the Klang Valley knows the reality. Spending 1 to 2 hours a day in traffic has become normal. Yet many people still choose to drive because getting to the station is unsafe, uncomfortable or simply inconvenient.

This is where Malaysia's public transport story is won or lost.

One concept worth understanding is Transit Oriented Development (TOD). In simple terms, TOD means planning homes, offices, shops and public spaces around a train station so that public transport becomes the preferred choice over the private car.

It sounds straightforward. In reality, it is much harder.

A station surrounded by apartments and shopping malls does not automatically become a successful TOD. If people struggle to reach the station safely and conveniently, the development has missed its purpose.

The Khazanah Research Institute found that Greater Kuala Lumpur already has an extensive rail network. The challenge is no longer building more rail lines. The challenge is making that network easy for people to access.

In my view, the greatest return on our transport investment is not simply building more rail lines. It is making the existing network safer, more convenient and easier for people to use.

A successful public transport system is one that people can access safely and conveniently, whether they walk, cycle, take a feeder bus, use ride hailing services or park and ride.

As former Bogotá Mayor Enrique Peñalosa once said, "A developed country is not a place where the poor have cars. It is a place where the rich use public transportation."

That should be our aspiration. Malaysia needs to build cities where public transport becomes the preferred choice because it is safe, accessible and designed around people.

This is just my humble 2 cents. You decide what it is worth, and keep questioning the rest.

21/06/2026

MALAYSIA'S BIGGEST CORRUPTION PROBLEM IS SILENCE

A recent newspaper report highlighted an uncomfortable truth. Many public servants know when something is wrong. They know when procurement processes are manipulated, conflicts of interest exist and public resources are misused. Yet many remain silent, not because they support corruption, but because they are afraid of the consequences of speaking up.

Having listened to many stories over the years, and having seen a few situations unfold myself, I can understand why some choose silence. Speaking up is rarely easy. The personal and professional consequences can be real. But that does not make the problem any less serious.

The challenge is not that we do not know corruption exists. The challenge is what we choose to do when we see it. Corruption survives not only because some are willing to break the rules, but also because too many believe there is little they can do about it.

The Auditor General's Report 2025 flagged RM48.78B worth of government programmes with irregularities, yet only 0.3% was recovered. Those numbers are alarming, but corruption is not merely about billions lost on paper. As an accountant, I have learned that numbers rarely tell the full story. Behind every irregularity is a decision. Behind every decision is a consequence.

Think about a pothole on a public road. Costs are cut. Materials are downgraded. Oversight becomes weak. Months later, the pothole returns. People no longer remember how it started. They only see the traffic jam, damaged vehicles and accidents that follow. What began as an inflated contract becomes a real consequence for ordinary people. We often see the numbers. We rarely see the consequences.

Recent data tabled in Parliament by Datuk Seri Azalina Othman Said revealed that most bribery arrests involve Malaysians under 40. Some who take bribes point to financial pressure and rising living costs. Others justify bribery as a way to overcome bureaucracy and delays. Whatever the reason, bribery weakens institutions, distorts decisions and erodes public trust.

The ACCA reported that 63% of Malaysian SMEs believe rejecting bribes could result in lost business opportunities. When bribery becomes a business strategy, integrity becomes a competitive disadvantage. That is when corruption stops being an individual problem and becomes a cultural one.

Many of us grew up hearing three simple words: Bersih. Cekap. Amanah. The issue today is not a lack of laws or plans. The issue is whether integrity is rewarded and whether people feel safe enough to do the right thing when it matters most.

Perhaps the better question is not why corruption persists, but why honesty still feels risky. Until honesty feels safer than silence, the cycle will continue. Because corrupt people damage institutions. But silence protects them.

This is just my humble 2 cents. You decide what it is worth, and keep questioning the rest.

01/06/2026

UPU 2026: HOPE, OPPORTUNITY & A GROWING PARADOX

On 22 May 2026, 169,803 students received their UPUOnline offers. For many families, it was a day filled with relief, pride & optimism about the future.

Out of 235,480 applications submitted by SPM leavers, 72.1% of students secured places in public universities, polytechnics, community colleges and MARA institutions.

Yet beneath these encouraging numbers lies a growing paradox.

Malaysia now has almost 6 million graduates in its workforce & continues producing more than 300K graduates annually.

Yet skill-related underemployment reached approximately 1.93 million people in Q1 2026. Various studies estimate that more than 70% of employed graduates are working in semi skilled or low skilled occupations. Youth unemployment for those aged 15 to 24 remains above 10%.

I am reminded of a quote delivered by Dwight Manfredi (Sylvester Stallone) in Tulsa King:

"The whole point of a college degree is to show a potential employer that you showed up someplace four years in a row, completed a series of tasks reasonably well and on time."

The quote is intentionally provocative, but it raises an important question about the true purpose of higher education. Is a university merely a pathway to employment, or is it a place where individuals learn how to think, challenge assumptions, solve problems and create value in a rapidly changing world?

Graduates say they cannot find suitable jobs, while employers insist they cannot find suitable talent. Both statements are true at the same time.

That is the paradox. What Malaysia increasingly faces is a mismatch between the skills being supplied and the skills being demanded.

And just as we are trying to solve this challenge, Artificial Intelligence is changing the landscape.

The students receiving offers today will likely graduate between 2029 and 2031. By then, AI will be deeply embedded across the economy and workplace. Many routine tasks currently performed by fresh graduates will be automated, augmented or fundamentally redesigned. Some jobs will disappear, many jobs will evolve, and entirely new jobs will emerge.

The AI economy will need people who can think critically, solve complex problems, exercise judgement, connect ideas and adapt continuously.

Perhaps the real value of a university education is not to produce graduates who are ready for a job, but to produce graduates who can think critically, solve problems and create value wherever life takes them.

To all the students receiving their offers last week, congratulations.

As you begin the next chapter of your journey, do not just focus on obtaining a degree. Focus on changing the way you think.

It is no longer about what degree you are taking. It is about your ability to question assumptions, solve problems, adapt to change and create opportunities.

This is your opportunity to change not only your own future, but the future of your family for generations to come.

That's just my humble 2 cents; you decide what it's worth, and keep questioning the rest

09/05/2026

FROM GLOBAL CONFLICT TO MALAYSIAN HOUSEHOLDS

Malaysia is about 6,000 km away from Iran, yet geopolitical conflict in one part of the world can send shockwaves through economies, supply chains and eventually Malaysian households.

Earlier, I wrote about how geopolitical tensions in the Middle East could eventually affect Malaysian grocery bills through higher oil prices, shipping costs and global food inflation. I also wrote about rising retrenchments in Malaysia and the growing pressure faced by workers and families trying to navigate an increasingly uncertain economy.

Now, another warning signal is emerging; According to a recent FMM survey, 28% of manufacturers in Malaysia are considering job cuts as global uncertainty continues to disrupt trade, supply chains and operating costs. The Electrical and Electronics sector appears the most exposed at 51%, followed by machinery and equipment at 34%.

The middle east crisis create an energy shocks and disruptions to global trade routes. Almost 20% of global oil flows through the Strait of Hormuz, one of the world’s most critical trade chokepoints. Oil prices rise. Shipping and logistics costs increase. Raw materials become more expensive. Business margins tighten. Eventually, businesses begin reducing jobs.

Malaysia is especially vulnerable because trade exceeds 120% of GDP, making us highly exposed to external shocks and supply chain disruptions.

At the same time, Malaysia is already experiencing labour market stress. In Q1 2026, Malaysia recorded about 24,100 retrenchments, a 47% increase compared to the same period last year. Manufacturing, wholesale and retail, and information and communication remain among the most affected sectors.

As of February 2026, Malaysia’s labour force stands at 17.3 million, with 16.8 million employed. Close to 10% of the workforce is now in gig work.

Many retrenched workers quickly re enter the workforce through gig work, E-hailing, delivery services or contract arrangements. Technically, they remain employed, but E-hailing and gig based jobs often lack long term job stability and retirement security.

Many affected workers are between 30 and 45 years old, part of the sandwich generation supporting both children and ageing parents.

Bank Negara Malaysia previously reported that only 37% of Malaysians could sustain more than 3 months of expenses if income suddenly stopped.

Because behind every layoff statistic is not just a number, but a family quietly trying to hold everything together.

02/05/2026

EDUCATION PARTICIPATION IS DRIVING MALAYSIA’S INCOME GAP

1.6 million Malaysians are now in the gig economy. Many started right after SPM.
According to recent reports by Astro Awani and Sinar Harian, Pertubuhan Lestari Ekonomi Aktivis Digital Malaysia has raised concerns over the growing number of school leavers choosing p hailing as their primary source of income without a clear career plan. This signals a structural shift in the labour market. As of February 2026, Malaysia’s labour force stands at 17.3 million, with 16.8 million employed. Close to 10% of the workforce is now in gig work. This is alarming, as e hailing lacks long term job stability and retirement security.

At the same time, the government is placing strong emphasis on TVET. According to Ahmad Zahid Hamidi, more than half of SPM graduates are now opting for this pathway. In 2025, a total of 413,299 students sat for SPM. If over 50% enter TVET, we are building a large pipeline of semi skilled workers.

We have seen this before. Past policies that promoted biotechnology and IT created an oversupply of graduates without sufficient industry absorption. The risk of repeating this cycle remains if education pathways are not aligned with actual economic demand.

When a large portion of Bumiputera students are concentrated in this pathway, with lower participation in high professional programmes and STEM fields, it raises concerns about representation in high income sectors.

The reality is that income gaps persist. Data from the Department of Statistics Malaysia shows median monthly household income at RM8,167 for Chinese households, RM6,627 for Indian households, and RM5,793 for Bumiputera households. These reflect differences in access to education, industry participation, and entry into higher value careers.

Malaysia’s income gap is not created in the workforce. It starts the moment SPM students decide what they want to do after SPM.
What we are seeing today appears to be a short term solution to reduce unemployment.

Channeling young Malaysians into TVET or the gig economy may improve employment statistics, but it does not build a high income economy.

Malaysia must focus on building a strong pipeline of high value professionals. If Malaysia is serious about becoming a high income nation, the focus must shift from employability to developing talent that creates value.

Otherwise, we are creating a future of economic dependency that will undermine long term stability.

28/04/2026

LABOUR DAY REFLECTIONS ON WORK AND LIFE IN MALAYSIA

As we prepare to observe the Labour Day holiday at the end of the week, some will celebrate without job security.

In the first quarter of 2026, about 24,100 workers were retrenched in Malaysia, a 47% increase compared to the same period last year. January alone recorded 10,700 job losses, followed by 7,500 in February and 5,900 in March.

For many, Labour Day is not just a day of rest. It is a reminder to be grateful for the work we have and the stability we often take for granted.
Labour Day in Malaysia honours the people who keep the economy moving, from those who wake before sunrise to those who return home long after dark.

Malaysia officially recognised Labour Day in 1972, when the late Tun Dr Ismail Abdul Rahman declared 1 May a public holiday. But its roots go further back, inspired by the Eight Hour Day Movement. 8 hours for work, 8 for rest, 8 for life.
More than a century later, that balance still feels distant.

In Malaysia, the Employment Act 1955 sets working hours at not more than 45 hours a week. Yet reality is often heavier. Commutes, unpaid overtime, and constant connectivity stretch work far beyond office hours.

On average, Malaysians already work about 44.8 hours a week, based on Labour Force Survey data by the Department of Statistics Malaysia. Add 1 to 2 hours of daily commuting, and the real cost of work extends far beyond what is recorded.

Add side hustles and after hours expectations, and the line between working and living starts to blur. Time for family, rest, and personal growth is slowly traded away.

At the same time, salary growth has not kept pace with the rising cost of living. The median monthly salary is about RM2.6K, while living costs in urban areas can range between RM2.5K to RM3.5K. While wages have increased, costs have risen faster, eroding purchasing power. Data from Bank Negara Malaysia and Department of Statistics Malaysia shows many workers remain underpaid relative to productivity.

For many, the gap is no longer just numbers. It is felt at the end of the month. The increase in minimum wage to RM1.7K from February 2025 was necessary, but dignity at work cannot stop there.

It must also mean fair pay, safe workplaces, reasonable hours, career mobility, reskilling, and stronger protection during economic transitions.

This Labour Day, it is worth asking whether the system is working for the very people who sustain it.

A strong economy is not built by exhausted and anxious people. It is built by people who are respected, protected, fairly paid, and given enough time and security to live the life they are working to support.

18/04/2026

BEHIND EVERY LAYOFF NUMBER IS A FAMILY TRYING TO HOLD ON

In March alone, 5,900 workers were laid off, with Selangor and Kuala Lumpur accounting for 29.3% and 25.6% of total retrenchments, based on Loss of Employment data from PERKESO and analysis by Hong Leong Investment Bank.

In Q1 2026, Malaysia recorded 24,100 retrenchments, a 47% increase from about 16,500 in Q1 2025. January peaked at 10,658 cases, followed by 7,500 in February and 5,900 in March, yet at first glance, the labour market still appears stable.

Layoffs are concentrated in manufacturing, wholesale and retail, and information and communication, sectors most exposed to global demand shifts and cost pressures.

Unemployment remains low at 2.9%, with total employment rising to 16.79 million and job vacancies rebounding to around 107,000.
But this is where the numbers begin to hide the truth, as some retrenched workers re enter the workforce quickly, often in the gig economy as e hailing drivers, delivery riders, or contract workers, and by definition, they are still considered employed.

But job security is no longer the same. There is no sick leave, no EPF, and no insurance.

In January 2026, 53.7% of retrenchments involved high skilled roles, while the largest group affected was those aged 30 to 45, many part of the sandwich generation supporting ageing parents while raising their own families.
A household suddenly loses its main income, yet expenses do not stop, and for urban poor households, limited savings and higher living costs mean even a short disruption can immediately affect their ability to afford food, rent, and transportation.

Bank Negara Malaysia report found that only 37% of Malaysians can sustain more than 3 months of expenses if income is disrupted.

At the same time, EPF data shows a deeper concern, with many members not meeting basic retirement adequacy levels and millions having less than RM10K in their accounts.

When income is disrupted, the margin for error disappears almost immediately, and the pressure quickly turns into a domino effect.

Families begin to cut essentials. Nutrition is affected. Children may not receive the same quality of meals, especially in households supporting both children and ageing parents.

External pressures are building at the same time, as tensions in the Middle East disrupt global energy and supply chains, raising fuel, shipping, and logistics costs that flow into higher prices for daily essentials.

This means households are dealing with income shocks and rising living costs at the same time.
Over time, this strain becomes more than financial, as prolonged stress affects mental wellbeing, increasing the risk of anxiety and depression.

And behind every layoff number is a family quietly adjusting and carrying forward, because they have no choice.

To every breadwinner out there, doing your best and holding everything together, just remember this.

Kita usahakan lagi (OST Papa Zola)

05/04/2026

SPM RESULTS AND THE QUESTION OF QUALITY?

Last week, the government announced SPM results and claimed that national performance has improved. But is it true?
Firstly, congratulations to all students who received their results. Strong outcomes reflect years of discipline, effort and resilience, supported by parents and teachers.

SPM 2025 does show progress. Straight A+ students increased from 352 to 376. Students achieving at least one credit rose from 22.73% to 23.76%, while those who failed all subjects declined from 1,789 to 1,631.

On the surface, the numbers are encouraging. However, the core issue remains unchanged. Around 30.6% of students still fail at least one subject, nearly 1 in 3. Mathematics remains among the subjects with the highest failure rates, at 23.2% in 2023 and 22.4% in 2024, with 2025 subject-level data yet to be fully disclosed.

Even as international assessments such as PISA show gradual improvement in functional skills, Malaysia’s PISA 2022 results improved to 409 in Mathematics and Science and 388 in Reading, but remain below the OECD average. This suggests progress in basic competencies, but gaps in higher order thinking and academic mastery remain.

At the same time, the absence of centralised assessments such as UPSR and PMR makes early identification of learning gaps more challenging. By the time students reach SPM, it may already be too late to intervene meaningfully.

This leads to a deeper concern about how performance is being achieved. If grades are adjusted to meet targets, rather than reflecting true capability, we risk misrepresenting the real state of student learning.

SPM results may be improving. But if learning quality is not, then we are only improving the numbers. The quality of SPM today will define the quality of our workforce tomorrow and ultimately the strength of the nation’s economy.

Are we benchmarking the right outcomes?

14/03/2026

BALIK KAMPUNG SHOULD NEVER BECOME A JOURNEY OF TRAGEDY

Every festive season in Malaysia brings a familiar ritual. Families prepare baju raya, bake kuih raya, and plan the long awaited journey home. The tradition of balik kampung is deeply embedded in Malaysian culture, especially during Aidilfitri, when millions travel back to their hometowns to reunite with loved ones.

This year alone, highway operators expect about 2.3 mil vehicles to travel across major highways during the festive period, significantly increasing traffic nationwide.

But behind this cherished tradition lies a troubling reality.Malaysia records about 6,000 road deaths every year on average. That means one life is lost roughly every 2 hours on our roads. Even more alarming, a road accident occurs approximately every 50 seconds.

During festive periods, these numbers often surge as millions of vehicles travel simultaneously across highways and federal roads.

In 2025, accidents during the Hari Raya travel window ranged between 1,313 and 2,040 daily cases, with fatalities recorded almost every day.

Recognising this recurring pattern, the police conduct special festive road safety operations known as "Ops Sikap", which literally means "Operation Attitude". The name itself reflects the core issue. Many accidents are not caused by poor roads or faulty vehicles, but by behaviour behind the wheel.

Police statistics continue to show that human behaviour remains the dominant cause of road accidents. In 2024 alone, careless driving recorded 854 cases, followed by dangerous driving with 142 cases, speeding with 142 cases, and following too closely with 118 cases.
Even in 2025 between January and September, the pattern remained the same. Careless driving recorded 701 cases, while speeding recorded 113 cases, dangerous driving 104 cases, and dangerous overtaking 80 cases.

It is undoubtedly ironic that despite the lessons learnt in Ramadan, especially with regard to virtues such as patience, caring and respect, many still drive dangerously, resulting in traffic accidents during the balik kampung season.

Studies indicate that 85% of road accidents in Malaysia are caused by human factors such as carelessness, impatience, fatigue and disregard for traffic rules.

The consequences go far beyond statistics. Families lose loved ones. Children lose parents. Communities lose young people who could have contributed to the nation’s future.

Most road accidents are preventable.Plan your journey and take breaks when necessary. Do not drive when tired. Respect speed limits. Be patient with other drivers & check your vehicle before travelling.

Sometimes, better late than never. Aidilfitri is meant to be a celebration of togetherness, forgiveness and joy. The journey home should reflect these values.

Because every balik kampung journey should end with happiness.

Alpharabius Consultants LLP

30/07/2026

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