The government has been accused of failing to fully honour its financial commitment to Tabung Haji by replacing RM11.5 billion of a matured sukuk with a new debt instrument due in 2036, rather than settling the amount in cash or equivalent assets.

Former economy minister Rafizi Ramli said the Urusharta Jamaah Sdn Bhd (UJSB) Sukuk Series 1, which matured on May 29, involved RM12.5 billion that the government should have redeemed through cash or assets of equivalent value.

"However, of the RM12.5 billion that needed to be settled...