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8/13/2019 Issue & Ethics 2
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MALAYSIA DEPOSIT INSURANCE
CORPORATION OR PERBADANAN
INSURANS DEPOSIT MALAYSIA (PIDM)
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INTRODUCTION
Perbadanan Insurans DepositMalaysia (PIDM) is a Governmentbody established in 2005 under the
Akta Perbadanan Insurans DepositMalaysia (PIDM Act).
Also known as the Malaysia
Deposit Insurance Corporation(MDIC), especially within theinternational context.
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MANDATE OF PIDM
Administer a depositinsurance systemand a takaful and
insurance benefits
protection system.
Provide protection againstthe lossof part or all of
takaful or insurancebenefits for which aninsurer member is liable.
Provide incentivesfor sound risk
management in thefinancial system.
Promote orcontribute to thestability of the
financial system.
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WHAT PROTECTION PIDM PROVIDE?
Deposit Insurance System
Takaful and Insurance Benefits Protection
System
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DEPOSIT INSURANCE SYSTEM
Deposit insurance is a system established by the
Government to protect depositors against the loss of
their insured deposits placed with member institutions in
the event the member institution fails.
Commercial and Islamic banks that are memberinstitutions of PIDM are also referred to as member
banks.
A deposit insurance system enhances consumer
protection by providing explicit protection todepositors.
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BENEFITS TODEPOSITORS
protects your bankdeposits and will promptlyreimburse you on yourinsured deposits should amember bank fail.
protection is provided byPIDM automatically and noapplication is required.
no charge to depositors forthis protection.
BENEFITS TO THEFINANCIAL SYSTEM
protecting depositorsagainst the loss of theirdeposits.
providing incentives forsound risk management in
the financial system. minimises costs to the
financial system by findingleast cost solutions toresolve failing memberinstitutions.
dealing with memberinstitution failuresexpeditiously andreimbursing depositors assoon as possible
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COVERAGE
Deposits eligible for protection
Current and savings deposit accounts
Fixed deposits
Joint accounts, trust accounts
Foreign currency deposits
Deposits NOT eligible for protection
Deposits not payable in Malaysia
Inter-bank money market placements
Negotiable instruments of deposit (NIDs) and other bearer deposits
Repurchase agreements Unit trusts
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TAKAFUL AND INSURANCE BENEFITS
PROTECTION SYSTEM (TIPS)
TIPS is a system established by the Government to protect
owners of takaful certificates and insurance policies
from the loss of their eligible takaful or insurance
benefits in the unlikely event of an insurer member failure.
Takaful operators and insurance companies which aremember institutions of PIDM are also referred to as insurer
members.
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BENEFITS TO
DEPOSITORS
protects you against theloss of your eligible takafulor insurancebenefits should an insurermember fail.
automatically and noapplication is required.
no charge to owners oftakaful certificates and
insurance policies for thisprotection.
BENEFITS TO THE
FINANCIAL SYSTEM
protecting takafulcertificate and insurancepolicy owners against theloss of their benefits.
providing incentives forsound risk management inthe financial system.
finding least cost solutionsto resolve failing member
institutions. dealing with member
institution failuresexpeditiously.
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CONCLUSION
The establishment of PIDM has encouraged more people
to save their money in the bankas their money will be
protected.
The PIDM has helped all the Malaysians, both low-income
group and high-income group.
Then, people are more confidence to save their money in
member banks.
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THANK YOU
Q & A SESSION