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20 May 2010
Concept Paper on Shariah Governance Framework for Islamic Financial Institutions
https://www.bnm.gov.my/-/concept-paper-on-shariah-governance-framework-for-islamic-financial-institutions
https://www.bnm.gov.my/documents/20124/761709/20110101_S_G_0001.pdf
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Reading: Concept Paper on Shariah Governance Framework for Islamic Financial Institutions Share: Concept Paper on Shariah Governance Framework for Islamic Financial Institutions Release Date: 20 May 2010 Click here for details © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
23 Apr 2010
Call for Public Feedback: Proposed Basic Motor Cover Framework (Update: Outcome of Public Consultation)
https://www.bnm.gov.my/-/call-for-public-feedback-proposed-basic-motor-cover-framework-update-outcome-of-public-consultation-1
https://www.bnm.gov.my/documents/20124/761709/Discussion_Paper_TPBID.pdf
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Reading: Call for Public Feedback: Proposed Basic Motor Cover Framework (Update: Outcome of Public Consultation) Share: Call for Public Feedback: Proposed Basic Motor Cover Framework (Update: Outcome of Public Consultation) Release Date: 23 Apr 2010 Note: Outcome of Public Consultation on Proposed Third Party Motor Cover Framework   Following the Government's announcement in Budget 2010 on the need to provide adequate access to reasonably priced basic motor insurance coverage, Bank Negara Malaysia is currently working with the relevant authorities in formulating a scheme to provide basic third party bodily injury and death cover at an appropriate level of protection to the public. Bank Negara Malaysia has undertaken consultations with consumer and transport associations, the Malaysian Bar Council as well as the insurance industry to obtain the first round of feedback on the guiding principles, objectives and proposed features under consideration. We would also like to seek similar feedback from members of the public. Attached are the presentation slides and FAQs with notes for your reference and information. We would greatly appreciate if you could submit your views and feedback on the "Proposed Basic Motor Cover Framework" to our contact points by 14 May 2010, Friday. Feedback received from all stakeholders will be taken into consideration towards further refining the proposals under consideration. Bank Negara Malaysia 23 April 2010 Outcome of Public Consultation on Proposed Third Party Motor Cover Framework Bank Negara Malaysia, together with the Ministry of Finance, completed initial consultation sessions on the proposed third party motor cover framework with key stakeholders in April 2010 and a consultation paper - explaining the rationale for proposing a basic scheme, guiding principles, objectives and broad features under consideration - was posted on BNM's website for members of the public to provide their feedback on the scheme. As at end-May 2010, a total of 125 respondents had submitted their feedback via email, memoranda or letters to editors of national newspapers. Feedback was received from members of the public, consumer, transport, and business associations, political parties, Members of Parliament, the Bar Council and lawyers, insurers and insurance agents. Several issues were highlighted in the feedback received. The majority of respondents concurred that the priority of the reforms to the insurance system in relation to the third party motor cover framework should be on addressing issues of the delays in the motor insurance claims settlement process. The majority were also open to the need for gradual adjustments to the motor insurance premiums to address price misalignments and to the possibility of moving to a risk-based pricing system. There was agreement that this move would encourage safe and responsible driving, as well as ensure the availability of motor insurance coverage in the long term, while spurring competitiveness and increased efficiency among general insurers and takaful operators. Most respondents also raised concerns on the expected cost to the Government in setting-up a new entity to oversee and manage the new scheme. On the proposal to cap third party bodily injury and death claims, some respondents were in favour of the imposition of reasonable caps on overall claims, while certain segments felt that restricting the rights to, as well as having limits on the amount of compensation, could result in accident victims being insufficiently compensated. The possibility of adopting a No-Fault-Liability system to replace the existing system as a more equitable approach in ensuring accident victims are promptly compensated has also been raised by some respondents. While those in favour of such a scheme consider it as a solution to the current inefficiencies, others have voiced objections that this may not be a practical system for Malaysia and may not provide sufficient compensation. Bank Negara Malaysia would like to thank all parties who have contributed their views and opinions. All the feedback are being taken into consideration and further engagement with stakeholders will be undertaken to provide a holistic solution that ensures adequate protection to motorists and road users at reasonable premiums. The review will therefore involve: resolving the issues on the appropriate overall limit of compensation; enhancing the existing court system to resolve disputes; phasing-in of additional measures to enhance the efficiency in the overall claims settlement process; and instituting gradual premium adjustments over time to reflect the cost of insurance. The infrastructure to support the framework will also be further reviewed to minimise the costs to the Government. This review will take into consideration the constructive feedback that has been received. In addition, extensive efforts will be undertaken towards significantly improving the overall claims settlement process. This would require the full support of all relevant stakeholders. The final proposal on a new framework for Third Party motor insurance coverage is expected to be submitted to the Government for consideration in December 2010. Bank Negara Malaysia 8 July 2010 © 2024 Bank Negara Malaysia. All rights reserved.
PART A. INTRODUCTION...................................................................................1 1. Overview of the Guidelines ................................................................................. 1 2. Legal Provisions ................................................................................................... 2 3. Scope ..................................................................................................................... 2 PART B. FRAMEWORK FOR INTRODUCTION OF NEW PRODUCTS..... 5 4. General Conditions............................................................................................... 5 5. General Exception ................................................................................................ 6 PART C. SUPERVISORY EXPECTATIONS ON PRODUCT RISK MANAGEMENT AND FAIR TREATMENT OF CONSUMERS..... 8 6. Product Risk Management .................................................................................. 8 7. Fair Treatment of Consumers ........................................................................... 15 8. Supervisory Action............................................................................................. 18 APPENDIX 1: INFORMATION REQUIREMENTS FOR NEW PRODUCTS......20 APPENDIX 2: SHARIAH INFORMATION REQUIREMENTS ..............................22 BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 1/22 PART A. INTRODUCTION 1. Overview of the Guidelines 1.1 Developments in the financial market and increasing competition have spurred greater innovation within the insurance and takaful industry with a wider diversity of products and services being made available to consumers. At the same time, trends towards financial convergence have significantly broadened the market segments in which insurers and takaful operators compete. 1.2 Against these developments, the regulatory framework for insurance and takaful products has been reviewed to further enhance consumer protection while according greater flexibility for insurers and takaful operators to respond to changing market conditions, both in managing risks and enhancing their competitiveness. 1.3 The revised regulatory framework set out in these Guidelines for the introduction of new products aims to:- (i) improve the time-to-market for insurance companies and takaful operators to introduce new products, or to effect changes to existing products; (ii) promote sound risk management practices in managing and controlling product risk by ensuring the appropriate assessment and mitigation of risk during the product development and marketing stages; and (iii) further strengthen the duty of care owed to consumers in ensuring that products developed and marketed are appropriate to the needs, resources and financial capability of targeted consumer segments. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 2/22 1.4 With the increased flexibility provided to insurance companies and takaful operators under these Guidelines, greater responsibility is placed on the board and senior management to ensure that product risks are well managed, and the needs and rights of consumers are respected. These responsibilities will continue to be reinforced by the Bank through its supervisory reviews and enforcement actions taken to protect consumers and promote sound risk management practices. 2. Legal Provisions 2.1 The Guidelines are issued pursuant section 201 of the Insurance Act 1996 (Insurance Act) and section 69 of the Takaful Act 1984 (Takaful Act). 2.2 The Guidelines shall be read together with other guidelines and circulars issued by the Bank on product offerings and disclosure requirements where applicable. 3. Scope 3.1 These Guidelines set out the applicable regulatory procedures and the Bank’s expectations regarding the management and control of risk associated with the development, offering and marketing of new insurance/takaful products by insurance companies and takaful operators. It also addresses the responsibilities of the institutions towards consumers in ensuring that products sold or recommended are suitable, and that customers are clearly and fully informed of the nature and risks associated with these products. 3.2 The Guidelines shall be applicable to all insurance companies licensed under the Insurance Act and takaful operators registered under the Takaful Act. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 3/22 3.3 A reference to ‘product’ in these Guidelines shall encompass insurance and takaful products offered by an insurance company or a takaful operator respectively, and products of other financial institutions that may be offered by the insurance company or takaful operator under distributorship or outsourcing arrangements1. 3.4 A new product is defined as follows: (i) An insurance or takaful p roduct that is being offered by the insurance company or takaful operator in Malaysia for the first time. For greater clarity, the Guidelines shall apply if the product has never been offered by the institution before in Malaysia, notwithstanding the fact that the product may already be offered by the institution’s group outside Malaysia; or (ii) A combination of, o r variation to, existing insurance or takaful products that results in a material change t o t h e risk profile/nature of the existing products. 3.5 The appointed actuary shall decide on whether a variation to an existing insurance or takaful product constitutes a material change for the purpose of paragraph 3.4 (ii). The determination of material change shall consider the risk implications of the change both from the insurance company/takaful operator’s perspective (as provider) and the customers’ perspective (as purchaser). The basis for determination should be documented and readily available for review by the oversight and internal control functions o f t h e insurance company/takaful operator, and the Bank. In the case of general insurers and general takaful operators where there is no appointed actuary, the qualified actuary engaged by the company or a member of senior management 1 Not including outsourcing agreements under which the insurance company or takaful operator is procuring (rather than providing) a service. This is dealt separately through direct applications to the Bank. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 4/22 responsible for risk management within the organisation shall decide on whether a variation constitutes a material change. 3.6 For product combinations or variations that do not result in a material change to the risk profile or nature of the existing product as described in paragraph 3.4 (ii), insurance companies and takaful operators should consider the expectations set out within these Guidelines and apply them as appropriate in proportion to the nature and extent of the variation. 3.7 The Guidelines generally do not apply to:- (i) the introduction of new delivery channels such as the internet, telephone, or mobile delivery platforms; and (ii) new/improved systems or processes which generally enhance the operations of insurance companies/takaful operators, but which are not directly related to the introduction of products covered under paragraph 3.4 above. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 5/22 PART B. FRAMEWORK FOR INTRODUCTION OF NEW PRODUCTS 4. General Conditions 4.1 The following general conditions must be met prior to introducing a new product:- (i) the insurance company or takaful operator has the capacity to adequately manage and control the risks associated with the product, including the financial capacity to support existing and new product lines; (ii) adherence to principles relating to the fair treatment of consumers; (iii) the institution must not knowingly offer a product (including its variations) that has been prohibited in other countries and which could potentially give rise to public concerns; and (iv) the product must comply with all necessary approvals required for its offer and/or any other applicable regulatory requirements, including other related guidelines issued by the Bank and the Securities Commission (if any). 4.2 Subject to paragraph 5.1 or unless otherwise notified by the Bank, an insurance company or takaful operator that meets the conditions stipulated in paragraph 4.1 may proceed to offer a new product to customers upon complete submission of information as described in Appendix 1 and Appendix 22, to the Bank. This shall hereafter be referred to as the ‘launch-and-file’ system. It is the responsibility of insurance companies and takaful operators to ensure that the information submitted pursuant to this paragraph is complete and accurate. 2 Appendix 2 is applicable to takaful operators only. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 6/22 4.3 In the case of general insurers and general takaful operators, the submission requirements under paragraph 4.2 are only applicable to medical and health insurance/takaful products. 4.4 Sections 6 and 7 of the Guidelines set out the Bank’s supervisory expectations in relation to the management of product risk and the fair treatment of consumers. Insurance companies and takaful operators should consider these supervisory expectations as a basis to develop appropriate policies and procedures that support a sound product management programme, and to determine if the requirements in paragraph 4.1(i) and (ii) have been met. 5. General Exception 5.1 The ‘launch-and-f i le ’ system is not a p p l icable to the following products:- (i) insurance and takaful products that are being introduced in the Malaysian market for the first time. For greater clarity, this shall include new insurance or takaful products within an existing product line that contain innovative features being introduced in the market for the first time; (ii) annuity certain and life/family annuity products; (iii) general and family takaful products that involve any of the following: (a) new Shariah contract(s); (b) changes in the Shariah contract for existing products3; or (c) creation of new sub-funds for existing products. 3 For example, from mudharabah to wakalah contract. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 7/22 (iv) investment-linked products invested in financial derivatives for purposes other than hedging of existing exposures. 5.2 With respect to the products stated in paragraph 5.1, insurance companies and takaful operators shall submit the following information to the Bank prior to offering the product: (i) information requirements as per Appendix 1 and Appendix 24; and (ii) proposed capital and accounting treatment for the product. 5.3 An insurance company or takaful operator shall not offer products covered under paragraph 5.1 until the expiry of 30 days from the date of receipt by the Bank of the complete submission of information pursuant to paragraph 5.2. 4 Appendix 2 is applicable to takaful operators only. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 8/22 PART C. SUPERVISORY EXPECTATIONS ON PRODUCT RISK MANAGEMENT AND FAIR TREATMENT OF CONSUMERS 6. Product Risk Management 6.1 Insurance companies and takaful operators are expected to develop and implement appropriate policies and procedures to prudently manage risks associated with the products offered by the institution. The policies and procedures should be designed to identify and control product risk across the value chain, including the stages of product development, authorisation, pricing, marketing, sale, distribution, portfolio management, accounting and ongoing service and maintenance. 6.2 It is also important that the management of product risks is well integrated within the insurance company and takaful operator’s overall governance framework and risk management system. This is to ensure that product innovation is carried out in a manner that is aligned with the insurance company or takaful operator’s business objectives, and consistent with its capability and capacity to manage associated risks. 6.3 The policies and procedures for managing product risk should be formally endorsed by the board and properly documented. These should include policies and procedures on product authorisation and governance throughout the life cycle of the product. Importantly, the policies and procedures must be communicated in a timely manner to all relevant parts and levels of the organisation and periodically reviewed in the light of changing circumstances. 6.4 Insurance companies and takaful operators should also ensure the adequacy and security of the IT systems and infrastructure to support their product suites. Proper assessments should be performed on the BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 9/22 IT-related risks, which include strategic, compliance, system support, operational, security, business resumption and reputation risks. 6.5 The policies and procedures for managing risks and risk mitigation measures and strategies employed by the institution should be commensurate with the complexity of risks associated with the products offered by the institution. Product management programme 6.6 Articulating a product management programme provides a sound basis for developing appropriate policies and procedures for managing product risk. A good product management programme should:- (i) clearly set out policies regarding the institution’s product design and pricing philosophy. These should address the institution’s profit expectations for the products offered, and policies on insurance/takaful product lines which the institution will offer, or is restricted from offering. The policies should reflect the institution’s corporate strategy, competitive positioning, risk/reward philosophy and financial capacity to absorb losses; (ii) relate the product strategy (e.g. considerations that influence the nature and timing of new product innovations) to the institution’s customer relationship philosophy; (iii) define parameters for the authorisation of new products or material variations to existing products, including the circumstances under which authority may be delegated; (iv) establish restrictions and/or prudent concentration limits for exposures, for example, to geographic regions, product lines, distribution channels, economic sectors, customer groups or any other relevant risk dimension; BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 10/22 (v) establish procedures to identify, assess and mitigate risks associated with products offered by the institution (for example, through reinsurance, underwriting and diversification); (vi) establish lines of responsibility for managing related risks, including responsibilities in monitoring adherence to approved policies and procedures; and (vii) establish internal communication flows to ensure that new product offerings and the management of associated risks are fully integrated throughout the institution’s business line and control functions. Product authorisation 6.7 All new products and material variations to existing products must be authorised by senior management and/or the board as appropriate. 6.8 Approving authorities within the institution should be clearly defined and documented, setting out the scope of authority given, to whom the authority is given and whether the authority may be further delegated. The levels of authority established should appropriately reflect the nature and complexity of the institution’s range of product offerings, the market segments which the institution competes in and the capacity of the institution to manage related risks. 6.9 The authorisation should be supported by a process that is objective and consistently applied. This will entail provisions for documentation requirements and internal reviews that are necessary for approving authorities to ensure that:- (i) the product proposal is consistent with the insurance company or takaful operator’s product management programme; BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 11/22 (ii) systems and procedures are in place to manage related risks and customer expectations; (iii) frontline, back-end staff as well as the agents are adequately trained to support the product; and (iv) sales/product illustrations and marketing strategies are appropriate and not misleading. 6.10 Information that is relevant to support a request for authorisation of a new product includes, but is not limited to: (i) the objective of introducing the product, target customers and a description of strategic alliance arrangements (if any); (ii) the key features of the product, method of distribution and samples of the term sheet and promotional material; (iii) a quantification of the product’s financial impact, including financial projections based on the target take-up rate and expected market share, risk-adjusted returns, sensitivity of projections to changes in market conditions, and whether adequate capital has been provided for the product, for both internal and regulatory capital purposes; (iv) an assessment of the potential risks associated with the product, including exposures to money-laundering risk, and how these risks will be measured, monitored and controlled; (v) an assessment of the appropriateness of the product for the targeted customer groups; (vi) an assessment of the skills, expertise and resources required to sell and manage the product throughout the pre, during and post contractual stages. The assessment should address whether BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 12/22 these elements are already fully present within the institution, and if not, the actions that will be taken to ensure that the necessary elements are met prior to the launch of the product; (vii) a description of related accounting and tax implications attached to the product, highlighting in particular accounting or tax treatments on which the success of the product will hinge, or which will materially alter the product’s risk-return profile; and (viii) whether the product complies fully with applicable legal and regulatory requirements or restrictions, including a description of any unresolved legal or regulatory issues. Ongoing monitoring and control of product risk 6.11 Insurance companies and takaful operators should ensure that adequate procedures are in place and operating effectively to monitor and control product risks on an ongoing basis. The procedures should provide for the ongoing identification, measurement and mitigation of existing and potential risks inherent in the institution’s product offerings. This includes but is not limited to: (i) clearly defined responsibilities within business lines f o r managing product risks within approved parameters/limits. Business lines should also be respons ib le fo r ensuring continuous adherence to approved policies and procedures. The accountability of business lines should be clearly established notwithstanding the presence of other control functions dedicated to compliance and risk management; (ii) clearly delineated lines of responsibility for monitoring and controlling risk by control functions that are independent of business lines; BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 13/22 (iii) adequate systems for measuring risk on a continuing basis; (iv) regular reviews of identified risk exposures in the light of changing market conditions not previously factored in to ensure that all material risks are identified and monitored in a timely manner, including risks arising from the external environment, market fluctuations, anti-selection, misrepresentations, catastrophes, litigations and changes in the regulatory and legal environment; (v) adequate coverage of the internal audit function to ensure the timely identification of internal control weaknesses, adherence to regulatory requirements and internal policies and procedures, and proper accounting and capital treatment. The internal audit function should be independent of the product management and control functions that it reviews; and (vi) comprehensive and regular reports to the senior management and board on:- (a) the overall effectiveness of policies and procedures for managing product risks; (b) current assessment of product risks and any change in the direction of risk (please refer to paragraphs 6.10 (iii) and (iv)); (c) material changes in market conditions that may impact the product risk profile going forward; and (d) internal control breaches and weaknesses. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 14/22 Compliance with Shariah principles 6.12 For takaful products, takaful operators should ensure that effective Shariah compliance review processes are in place during the pre- and post-launch stages of a new product offering. In particular, takaful operators should ensure that:- (i) appropriate processes have been established to ensure proper Shariah governance and compliance with all Shariah requirements as described under the “Guidelines on the Governance of Shariah Committee for Islamic Financial Institutions” issued by the Bank. Specifically, all product proposals should be endorsed and validated by the Shariah Committee, including the terms and conditions contained in proposal forms, offer letters, agreements and other legal documents used in the transaction. Similarly, all product manuals, advertisements or marketing materials, product illustrations and brochures used to describe the product shall be endorsed by the Shariah Committee; (ii) all Shariah issues are thoroughly researched prior to the deliberation of the Shariah Committee; and (iii) there is an effective process in place to monitor Shariah compliance of products on an ongoing basis. This includes ensuring that all operational decisions concerning the product are conducted in a Shariah-compliant manner, for instance, ensuring that invested assets or risks to be covered under takaful products are Shariah-compliant. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 15/22 7. Fair Treatment of Consumers 7.1 Insurance companies and takaful operators are expected to give due regard to the interests of consumers in the development, marketing and sale of new products. The board should approve policies and procedures that describe the appropriate parameters and guidance for the fair treatment of consumers which should serve to avoid the potential for mis-selling, terms and conditions that are inherently unfair to consumers, and business practices that restrict the freedom of choice to consumers. 7.2 Policies and procedures regarding product offerings and sales activities should be aimed at mitigating reputational risk and safeguarding the insurance companies and takaful operators from liability under applicable anti-fraud and fair practice laws and regulations. More specifically, the policies and procedures should ensure that:- (i) an explicit consideration of consumer-related issues and implications is incorporated within the product development and authorisation stages; (ii) customers are fully informed through appropriate disclosures (such as in benefit illustrations and marketing materials provided to customers) of the key features, terms and conditions, relevant Shariah principles (where applicable) and risks associated with the product; (iii) products offered by the institution are appropriate for the target group of consumers taking into consideration their broad needs and risk appetite; (iv) fees and charges imposed on the consumer are equitable, and comply with Shariah rulings in the case of takaful products; BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 16/22 (v) staff and agents involved in sales are suitably trained in the products offered, in particular investment and savings products, to properly advise consumers; (vi) compensation arrangements for sales staff and agents do not induce an excessive bias towards high revenue-generating products that are likely to result in unsuitable product recommendations or sales to customers; (vii) customer information is adequately safeguarded; and (viii) an adequate and effective system for resolving and monitoring customer complaints is put in place, and customers are provided with information on where and how to lodge a complaint. Regular reports should be provided to senior management on trends in the volume and nature of complaints against the institution, and actions as well as the time taken to deal with complaints. The reports should provide a basis for senior management to assess the effectiveness of the complaints management process a n d to i d e n t i f y areas in which interventions are required (e.g. products which need to be enhanced in terms of their features or disclosures or inappropriate s elling practices). Such reports should be escalated to the board as appropriate, in the form and at frequencies determined by the board, to facilitate its effective oversight o f t h e institution’s product offering and customer relationships. 7.3 The policies and procedures should comply with relevant principles and guidance issued by the Bank as may be applicable. This includes, but is not limited to, principles concerning product transparency, proper advice, and fees and charges. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 17/22 Customer suitability assessments 7.4 Insurance companies and takaful operators should develop and implement internal customer suitability assessment procedures aimed at ensuring that products o f fe red, in particular products with investments and savings components, are only marketed to suitable customers. Customer suitability procedures should be designed to seek sufficient knowledge about the customer to establish that:- (i) the customer has a practical understanding of the features of the product and the risks assumed; (ii) the product would meet the customer’s investment objectives and horizon; and (iii) the product is consistent with the customer’s appetite for risk. 7.5 Components of effective customer suitability procedures include:- (i) processes that clearly describe the types of consumers that a product would generally be suitable for; (ii) clear lines of authority for approving transactions with customers that do not meet generic customer suitability categorisations; (iii) sales personnel and agents who are suitably trained to properly analyse customers’ needs and risk appetites; (iv) effective supervision of personnel and agents involved in sales; and (v) appropriate documentation and record keeping to facilitate reviews of compliance with approved procedures. 7.6 Insurance companies and takaful operators should not recommend products to customers unless the institution is reasonably satisfied that BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 18/22 the product is suitable for the particular customer on the basis of information sought and obtained from the customer. Greater due diligence is expected for new customers. 8. Supervisory Action 8.1 It is the responsibility of the senior management to ensure that the conditions and requirements set out in these Guidelines are adhered to at all times, with effective oversight by the board. For this purpose, the board is required to submit an annual attestation to the Bank at the end of each financial year that the conditions and requirements of the Guidelines have been met throughout the reporting period. In addition, upon request, insurance companies and takaful operators shall submit information on policies and procedures for managing product risk (including specific information on the institution’s IT system) and ensuring the fair treatment of consumers to the Bank. 8.2 Insurance companies and takaful operators that fail to meet the conditions and requirements under these Guidelines, or to satisfactorily manage its product risks and responsibilities to consumers, w i l l be subject to appropriate supervisory action by the Bank, which can include:- (i) subjecting any new products introduced by the institution to the prior review or specific approval of the Bank before the products may be offered; (ii) directing the institution to recall any product offered; (iii) directing the institution to compensate consumers that have suffered losses; (iv) directing the institution to modify the terms and conditions of any product offered, including any excessive or BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 19/22 unreasonable fees and charges imposed, based on a consideration of factors set out in part 7; (v) imposing additional capital charges to provide for additional risks that are not satisfactorily managed by the institution; and (vi) publishing details of corrective actions taken against the institution. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 20/22 Appendix 1: Information Requirements for New Products 1. Information requirements as provided under the following guidelines and circulars on insurance and takaful products (where applicable):- (i) JPI/GPI 23 (Revised) – Submission of Actuarial Certificate under Section 142 of the Insurance Act 1996 issued on 9 November 2006; (ii) JPI/GPI 34 - Code of Good Practice for Life Insurance Business issued on 9 November 2006; (iii) For medical and health insurance or takaful products:- § Minimum Standard on Product Disclosure and Transparency in the Sale of Medical and Health Insurance Policies issued on 5 May 2003; § Minimum Standard on Product Disclosure and Transparency in Marketing of Medical and Health Takaful Plans issued on 19 January 2004; § Guidelines on Medical and Health Insurance Business issued on 26 August 2005; § Guidelines on Medical and Health Takaful Business issued on 17 September 2007; (iv) For takaful products:- § Guidelines on Family Takaful Products issued on 11 August 2006; § Guidelines on International Currency Business Unit (Takaful Operator) issued on 25 September 2008; BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 21/22 (v) For investment-linked products:- § Guidelines on Investment-Linked Business issued on 29 September 2005. 2. Details of any arrangements (including distribution arrangements) with other parties/strategic alliances (if any) in offering the new product, including information about the third party strategic alliance, associated risks and actions taken to minimise or mitigate the identified risks. 3. Description of the product’s key inherent risks from both the insurance companies/takaful operators and consumers’ perspectives, and the systems and/or processes in place to manage the risks. 4. For new products distributed through internet, wireless or other electronic channels, insurance companies/takaful operators mus t submi t the following:- (i) an assessment of the IT-related risks5 and measures put in place to mitigate the risks; (ii) detailed description on application security and application architecture diagram; (iii) detailed IT and network security infrastructure arrangements; and (iv) detailed network diagram (where applicable) depicting external linkages and control checkpoint. 5 Examples of IT-related risks include strategic, compliance, system support, operational, security, business resumption and reputational risk. BNM/RH/GL 010-14 Prudential Financial Policy Department Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators Page 22/22 Appendix 2: Shariah Information Requirements6 1. Product description, including name and features. 2. Product structure, including diagrams/transaction flows. 3. Type of Shariah contract used. 4. Shariah Committee’s deliberation, including :- (i) Shariah issues arising from the proposed structure; (ii) issues on takyif fiqhi (fiqh confirmation) 7; and (iii) the appropriate current Shariah ruling and/or recognised Shariah standard (if any). 5. Validation by all Shariah committee members. 6. Other relevant supporting documents. 6 The above format shall be used for the submission of information on new products and services, and presentation of takaful product proposals to the Bank and the Bank’s Shariah advisory council. 7 To state Shariah reference source.
Public Notice
25 Mar 2010
Slides are now available for download: Briefing Sessions on Annual Report 2009 and Financial Stability & Payment Systems Report 2009
https://www.bnm.gov.my/-/default-notice-19
https://www.bnm.gov.my/documents/20124/761709/AR2009briefing_sessions.pdf
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Reading: Slides are now available for download: Briefing Sessions on Annual Report 2009 and Financial Stability & Payment Systems Report 2009 Share: Slides are now available for download: Briefing Sessions on Annual Report 2009 and Financial Stability & Payment Systems Report 2009 Release Date: 25 Mar 2010 Click on the link below to download: Press Conference (24 Mar 2009) and Briefing to the Diplomatic Corps. (25 Mar 2009) by Governor [Slides | PDF, 378Kb] © 2024 Bank Negara Malaysia. All rights reserved.
Slide 1 1 Taklimat Laporan Tahunan 2009 dan Laporan Kestabilan Kewangan & Sistem Pembayaran 2009 Gabenor Bank Negara Malaysia 24 Mac 2010 Embargo Not for publication or broadcast before 1800 hours on Wednesday, 24 March 2010 2 Please check against delivery Uneven global economic recovery in 2010 • The global economy is on a recovery path: – The advanced economies to record modest growth, supported by stimulus measures – The emerging economies, particularly Asia, to lead the global growth • Global financial conditions have stabilised – But lending activity in the advanced economies remains constrained 3 Please check against delivery • Modest growth in the advanced economies due to: − Persistent high unemployment − Restricted access to credit − Sluggish housing market − Continued de-leveraging by the private sector − Fiscal consolidation plans Global Growth Projection for 2010 • Better growth prospects in the emerging economies: − Stronger domestic demand − Robust financial sector − Growing intra-regional trade Emerging economies leading the recovery Source: IMF World Economic Outlook (WEO) (January 2010 Update), National authorities, BNM estimates 2008 2009e 2010f Annual change (%) World GDP 3.0 -0.8 3.9 World Trade 2.8 -12.3 5.8 US 0.4 -2.4 2.7 Euro area 0.6 -4.1 1.0 Japan -1.2 -5.2 1.7 East Asia 6.9 5.1 7.7~7.9 Asian NIEs 1.7 -0.9 4.6~4.9 China 9.6 8.7 10.0 ASEAN-4 4.6 1.1 4.4~5.2 India 7.4 6.5 7.7 4 Please check against delivery Financial conditions have improved but lending activities in the advanced economies yet to resume -10 -5 0 5 10 15 20 25 M ar -0 7 Ju n- 07 S ep -0 7 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 yoy, % Source: National authorities & Haver 1 Lending to non-financial corporations Credit growth to private sector UK1 Euro area US 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 Ja n- 20 07 A pr -2 00 7 Ju l-2 00 7 O ct -2 00 7 Ja n- 20 08 A pr -2 00 8 Ju l-2 00 8 O ct -2 00 8 Ja n- 20 09 A pr -2 00 9 Ju l-2 00 9 O ct -2 00 9 Ja n- 20 10 LIBOR-OIS TED spread basis points Source: Bloomberg Interbank market spreads Spreads have narrowed But credit growth remains negative 5 Please check against delivery 0 300 600 900 1200 1500 Prior 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 USD bn 0 50 100 150 200 250 300 350 400 450 USD bn Advanced economies losses Advanced economies capital Advanced economies cumulative losses (LHS) Advanced economies cumulative capital (LHS) Slow progress in financial sector resolution • Cumulative bank losses for advanced economies expected to reach USD2.6 trillion1 • As at end-2009, realised losses have reached USD1.7 trillion2 (65% of expected losses) • Continued deleveraging process • Banks remain cautious in view of the ongoing financial reforms Advanced economies refer to US and Europe Source: Bloomberg and BNM calculations 1 Based on IMF estimate (October 2009 GFSR) 2 BNM calculations based on Bloomberg data Cumulative bank losses exceeding capital raised 6 Please check against delivery Source: IMF and national authorities • Unprecedented stimulus measures during the crisis have led to rising fiscal deficit in many countries • Growing sovereign debt problems and fiscal consolidation may affect strength of growth Fiscal balance as % of GDP Large fiscal deficits and rising public debt levels in several advanced economies -15 -13 -11 -9 -7 -5 -3 -1 G re ec e U S Ire la nd U K Sp ai n Ja pa n P or tu ga l 2008 2009e 7 Please check against delivery 3Q 09 4Q 09 2009 2010f Annual change (%) Region1 5.5 8.6 5.1 7.7 ~ 7.9 PR China 9.1 10.7 8.7 10.0 India 7.9 6.0 6.5 7.7 Indonesia 4.2 5.4 4.5 5.5 ~ 6.0 Singapore 0.6 4.0 -2.0 4.5 ~ 6.5 Malaysia -1.2 4.5 -1.7 4.5 ~ 5.5 Chinese Taipei -1.0 9.2 -1.9 4.7 Korea 0.9 6.0 0.2 4.6 Hong Kong SAR -2.2 2.3 -2.7 4.0 ~ 5.0 Thailand -2.7 5.8 -2.3 3.5 ~ 4.5 Philippines 0.4 1.8 0.9 2.6 ~ 3.6 f forecast 1 excluding India Source: National authorities, IMF Regional economies to lead global growth Asian Region: Growth Outlook for 2010 8 Please check against delivery Modest inflation in 2010 -6 -4 -2 0 2 4 6 8 10 Ja n- 09 Fe b- 09 M ar -0 9 A pr -0 9 M ay -0 9 Ju n- 09 Ju l-0 9 A ug -0 9 S ep -0 9 O ct -0 9 N ov -0 9 D ec -0 9 Ja n- 10 Fe b- 10 Indonesia Thailand Philippines Singapore Malaysia China yoy,% Regional inflation rates rising moderately • Global inflation is expected to rise, albeit moderately in 2010 : – Improving demand conditions – Upward trend in commodity prices • But, underlying inflation is expected to remain contained 9 Please check against delivery Uneven recovery to lead to differences in thrust of policy 0 2 4 6 8 10 2008 2009 2010 China Thailand Indonesia Korea % Philippines Malaysia 0 1 2 3 4 5 6 2008 2009 2010 % US Euro area UK Japan Regional economies: Stronger growth expected Advanced economies: Recovery and improving financial conditions Key interest rates, % Key interest rates, % 10 Please check against delivery The Malaysian economy is projected to grow by 4.5% to 5.5% in 2010 • Growth will be underpinned by strengthening domestic demand and an improving external environment • The underlying strong fundamentals will provide support to a private sector-led recovery • Continued access to financing key in supporting private sector-led growth -2 -1 0 1 2 3 4 5 6 7 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 p/ 20 10 f/ Annual change (%) Source: Department of Statistics, Malaysia and Bank Negara Malaysia 4.5% 5.5% 11 Please check against delivery Strengthening domestic demand to drive growth, reinforced by external demand 2009p 2010f 2009p 2010f Annual change (%) Contribution to growth (p.p) Domestic demand -0.4 3.2 -0.3 2.8 Private sector -3.4 3.3 -2.2 2.1 Consumption 0.8 3.8 0.4 2.0 Investment -21.8 0.7 -2.6 0.1 Public sector 7.7 2.7 1.9 0.7 Consumption 3.7 -2.7 0.5 -0.4 Investment 12.9 9.3 1.3 1.1 Net exports 8.4 -18.6 1.1 -2.7 Exports of G&S -10.1 7.7 -12.0 8.3 Imports of G&S -12.5 11.7 -13.1 11.0 Real GDP -1.7 4.5 ~ 5.5 -1.7 4.5 ~ 5.5 12 Please check against delivery Private consumption to strengthen during the year % yoy 2008 2009p 2010f Private consumption 8.5 0.8 3.8 • Stronger expansion in consumer spending will be supported by : – Improvements in labour market conditions – Steady increase in disposable income – Sustained consumer confidence – Continued access to financing 13 Please check against delivery Improving labour market conditions in 2010 2.4 3.1 3.4 3.6 3.6 3.3 3.7 1.5 2.0 2.5 3.0 3.5 4.0 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 e 20 10 f Unemployment rate (as % of labour force) -4 -2 0 2 4 6 8 10 annual change (%) Employment (RHS) Labour force(RHS) Unemployment rate (LHS) Lower unemployment rate in 2010 e Estimate f Forecast Source: Economic Planning Unit 14 Please check against delivery Private investment to recover gradually % yoy 2008 2009p 2010f Real private investment 0.8 -21.8 0.7 • Capital spending is forecast to recover with the strengthening of domestic and external demand • Improved business optimism and resumption of projects that have been deferred Nominal Private Investment 0 10 20 30 40 50 60 70 80 90 2006 2007 2008 2009p/ 2010f/ RM billion Agriculture Mining Manufacturing Construction Services Source: Department of Statistics, Malaysia and BNM 62.1 77.0 80.6 62.5 65.4 15 Please check against delivery Gross FDI inflows sustained in 2010 • Gross inflows of FDI at RM32.4 billion in 2010 • Inflows into the manufacturing, services, and oil and gas sectors Gross FDI inflows into Malaysia 32.4 25.4 27.1 37.3 46.2 31.6 49.0 0 10 20 30 40 50 2004 2005 2006 2007 2008 2009p 2010f RM billion p/ preliminary; f/ forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia 16 Please check against delivery Public sector to continue to support domestic demand in 2010 2009p 2010f Annual change (%) Public sector 7.7 2.7 Consumption 3.7 -2.7 Investment 12.9 9.3 Contribution to growth (p.p) Public sector 1.9 0.7 17 Please check against delivery External trade to expand in 2010 Broad-based expansion in external trade -30 -20 -10 0 10 20 30 2005 2006 2007 2008 2009e/ 2010f/ yoy (%) -200 -100 0 100 200 RMb Trade balance (RHS) Exports (LHS) Imports (LHS) 2009e 2010f Annual change (%) Gross exports -16.6 11.2 Manufactured E&E Non E&E Commodities Agriculture Minerals -12.5 -11.0 -14.5 -27.6 -21.6 -32.2 10.1 10.0 10.3 16.3 12.8 19.4 Source: Department of Statistics, Malaysia and Bank Negara Malaysia e/ estimate f/ forecast -16.6% 11.2% 14.6% -16.6% RM116.7b • Export expansion to be more broad-based: – Stronger external demand, particularly from the region – Higher commodity prices • Imports to expand faster than exports: – expansion in manufactured exports – higher imports of consumption & capital goods 18 Please check against delivery Source: Department Statistics, Malaysia and Bank Negara Malaysia p/ preliminary f/ forecast Current account surplus to narrow but remains significant • Trade surplus to narrow as imports expand faster than exports • Recovery in external trade and outbound tourism will result in a marginal services deficit • Income deficit to widen due mainly to repatriation of profits and dividends by MNCs operating in Malaysia Narrowing current account surplus -50 -20 10 40 70 100 130 160 190 220 2006 2007 2008 2009p/ 2010f/ RMb -5 0 5 10 15 20 % GNI Goods Services Income Current transfers Current Account, % GNI (RHS) 14.3% 17% RM112.7b RM103.8b 19 Please check against delivery Annual change (%) 2009p 2010f Agriculture 0.4 3.1 Mining -3.8 2.5 Manufacturing -9.3 6.5 Construction 5.7 3.7 Services 2.6 4.9 Real GDP -1.7 4.5 ~ 5.5 Broad-based growth across all sectors 20 Please check against delivery Services sector to be a key contributor to growth Sub-sector 2009p 2010f Annual change (%) Total Services 2.6 4.9 Finance & insurance 4.4 5.2 Real estate & business services 2.1 7.0 Wholesale & retail trade 1.2 4.4 Accommodation & restaurant 2.7 4.8 Transport & storage -2.8 4.8 Communication 6.0 6.5 Utilities 0.4 5.0 Other services 4.4 5.1 Government services 3.0 3.0 • Higher demand for consumption-related services • Continued lending and financial intermediation activities • Recovery in trade and manufacturing-related services 21 Please check against delivery Strong recovery in the manufacturing sector • Broad-based expansion across all clusters, reflecting: Improved external demand Strengthening of domestic demand Value-added growth (% yoy) 2009p 2010f Total Manufacturing -9.3 6.5 Export-oriented -11.7 6.7 E&E -18.7 9.6 Primary-related (e.g. chemicals, petroleum, rubber, wood) -5.1 4.3 Domestic-oriented -4.5 6.2 Construction-related (e.g. iron & steel, cement) -2.6 6.5 Consumer-related (e.g. food & beverages, transport equipment) -9.4 5.4 22 Better performance in the agriculture and mining sectors % yoy 2009p 2010f Agriculture 0.4 3.1 Palm oil -1.0 1.1 Rubber -20.2 20.3 Mining -3.8 2.5 Crude Oil -4.4 1.8 Natural gas -4.0 2.5 Agriculture • Production of palm oil and rubber are expected to increase to meet higher demand Mining • Higher crude oil production with the recovery in demand • Higher gas output partly reflecting LNG exports to China 23 Please check against delivery Construction sector to maintain growth momentum • Growth supported by the second stimulus package, benefiting the civil engineering and non- residential sub-sectors, and the remaining projects under the Ninth Malaysia Plan • Continued growth in residential sub-sector due to stronger demand 2.1 5.7 3.7 4.7 0 1 2 3 4 5 6 2007 2008 2009p/ 2010f/ % yoy Growth in the Construction Sector 24 Please check against delivery Headline inflation to remain modest at 2.0 – 2.5% in 2010 0 1 2 3 4 5 6 2005 2006 2007 2008 2009 2010/f Annual change (%) Inflation Forecast for 2010 2.0 – 2.5% • Price increase in 2010 modest reflecting : – Improving demand conditions – Potential adjustments to administered prices 25 Please check against delivery OPR 2.0% 3.5% 2.25% 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Ja n- 08 M ar -0 8 M ay -0 8 Ju l-0 8 S ep -0 8 N ov -0 8 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 S ep -0 9 N ov -0 9 Ja n- 10 M ar -1 0 % Monetary policy remains supportive of economic growth The OPR was raised by 25 bps in March • OPR was reduced to a historic low in early 2009 under extraordinary conditions • Given improved economic outlook, the OPR was adjusted in March 2010 to: o normalise monetary conditions o prevent the risk of financial imbalances that could undermine the economic recovery process • Monetary policy continues to remain accommodative to provide support to domestic economic activity 26 Please check against delivery Continued access to financing is a key support to economic recovery Net financing through banking system loans and PDS Feb-10 9.9% 5 6 7 8 9 10 11 12 13 14 Ja n- 09 Fe b- 09 M ar -0 9 A pr -0 9 M ay -0 9 Ju n- 09 Ju l-0 9 A ug -0 9 S ep -0 9 O ct -0 9 N ov -0 9 D ec -0 9 Ja n- 10 Fe b- 10 yoy, % Q3 09: 7.2% Q4 09: 8.5% • Financing to businesses and households increasing, supported by : – continued access to financing – ample liquidity – low interest rate environment • Expansion in other sources of financing Domestic Sources of Financing for the Private Sector as at end 2009 PDS 19% DFIs 6% Other financial intermediaries 9% Equities 13% Banking system loans 53% 27 Please check against delivery Commercial Banks' Lending Rates 4.85% Average Lending Rate 5.76% Base Lending Rate 4 6 8 10 12 14 Ja n 95 M ar 9 6 M ay 9 7 Ju l 9 8 S ep 9 9 N ov 0 0 Ja n 02 M ar 0 3 M ay 0 4 Ju l 0 5 S ep 0 6 N ov 0 7 Ja n 09 M ar 1 0 % 15 M ar 1 0p Cost of financing remains low • BLR responded to OPR adjustments • Lending rates remained near historical lows : – Base lending rate: 5.76% (15 March 2010) – Average lending rate: 4.85% (end-Feb 2010) P Preliminary 28 Please check against delivery Deposit rates have increased Term Structure of FD rates 2.052.042.03 2.00 2.50 2.35 2.3 2.25 2.35 2.66 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 1 3 6 9 12 mths % p.a. Post OPR hike (15 Mar '10p) Pre-OPR hike (Feb '10) P Preliminary • FD rates raised by 16-30 bps following increase in OPR 29 Please check against delivery Domestic equity market recovered on improving economic conditions KLCI and Bursa Malaysia sectoral indices 30 40 50 60 70 80 90 100 110 120 Ja n- 08 M ar -0 8 M ay -0 8 Ju l-0 8 S ep -0 8 N ov -0 8 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 S ep -0 9 N ov -0 9 Ja n- 10 M ar -1 0 Finance KLCI Industrial Construction Plantations Index (Jan 2008=100) Performance of Major Indices (% growth) -50.6 -46.0 -49.2 -47.6 -48.3 -48.3 -40.7 -39.3 -38.5 -31.3 -42.1 87.0 78.3 64.5 63.2 63.0 52.0 49.7 45.2 23.5 22.1 19.0 -60 -40 -20 0 20 40 60 80 100 Indon Taiwan Spore Thai Phil HK Korea Msia US UK Jpn % 2008 2009 30 Please check against delivery Ringgit performance driven by external developments and improving domestic fundamentals • Ringgit was on a broad appreciating trend, in tandem with regional currencies • Generally, orderly ringgit adjustment Regional: CNY, IDR, KRW, PHP, SGD, TWD, THB Major: AUD, JPY, EUR, GBP Movement of Currencies against USD (31 Dec 2008 - 23 Mar 2010) 90 95 100 105 110 115 D ec -0 8 Ja n- 09 Fe b- 09 M ar -0 9 A pr -0 9 M ay -0 9 Ju n- 09 Ju l-0 9 A ug -0 9 S ep -0 9 O ct -0 9 N ov -0 9 D ec -0 9 Ja n- 10 Fe b- 10 Index 31 D ec 08 =100 Appreciation against USD Regional Major Ringgit 31 Please check against delivery For Malaysia, policies will focus on strengthening private sector led growth • Strategies being put in place to transition Malaysia to a high value-added, high income economy • Measures to promote private investment – incentives for high growth sectors – liberalisation of the economy – privatisation of Government-owned corporations • Monetary policy to remain supportive of growth • Ensure continued access to financing 32 Bank Negara Malaysia Annual Accounts 2009 33 Please check against delivery • Total assets of BNM increased by RM18.5 billion to RM363 billion with international reserves of RM331.3 billion (USD96.7 billion) • Net profit of RM7.7 billion • Dividend paid amounted to RM2 billion Financial position of the Bank remained strong in 2009 34 FINANCIAL STABILITY AND PAYMENT SYSTEMS REPORT 2009 35 Financial system stability was preserved, supported by a well- functioning financial intermediation process and orderly financial markets 36 Please check against delivery High degree of financial system resilience Banking sector (%) Dec 08 Jan 10 Risk-weighted capital ratio 12.6 14.8 Core capital ratio 10.6 13.3 Capital buffer (RM billion) 38.7 60.3 Insurance sector (%) Dec 08 Dec 09 Capital adequacy ratio 187.6 230.0 Capital buffer (RM billion) 12.3 18.6 • Strong solvency position – Forward looking capital management since 2008 – High quality of capital • Loan quality intact – Improved underwriting standards – Pro-active management of debts – Historical high provisions • Profitability sustained – RoE of 13.9% and RoA of 1.2%0 2 4 6 8 10 12 2001 2002 2003 2004 2005 2006 2007 2008 2009 Jan'10 % Net NPL ratio 1.7%1.8%2.2% 3.2% 37 Please check against delivery 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec RM billion PDS issued Loans approved - Large Businesses 2009 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec RM billion Loans approved - Households Loans approved - SMEs 2009 Access to financing supported early recovery 38 Please check against delivery Improving quality of loan portfolio 0 10 20 30 40 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q RM billion 0 1 2 3 4 5 % 2- <3 month 1- <2 month 2- <3 month (% of total loans) 1- <2 month (% of total loans) 2007 2008 2009 0 2 4 6 8 10 12 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q % Large businesses SMEs Households 2007 2008 2009 Stable loans-in-arrearsNPL ratio on steady decreasing trend 39 Please check against delivery Financial stability supported by supervisory vigilance and robust prudential framework • Early and prompt detection and management of emerging risks – Enhanced surveillance and stress testing – Strengthening of home-host supervisory engagement to support consolidated supervision • Improved risk management and governance practices – Implementation of more sophisticated approaches to assessments of capital adequacy under Basel II and Risk-Based Capital Framework – Continued strengthening of capital buffers to withstand potential shocks – Enhanced liquidity framework to address market disruptions and foreign currency exposures – Continued improvements in governance practices – Strengthened oversight capability of boards of financial institutions 40 Please check against delivery Policy measures to enhance access to financing • Special funds – SME Assistance Guarantee Scheme (RM 2 billion) – Working Capital Guarantee Scheme (RM 7 billion) – Industry Restructuring Guarantee Scheme (RM 3 billion) • Avenues for debt restructuring – Large corporations: Corporate Debt Restructuring Committee (CDRC) – SMEs : Small Debt Resolution Scheme (SDRS) – Individuals : Agensi Kaunseling dan Pengurusan Kredit (AKPK) • Avenues for complaints and financial advice – BNM Integrated Contact Centre – ABMConnect • Introduction of credit enhancement agency in 2009 – Danajamin Nasional Berhad 41 Please check against delivery Developmental strategies continued to be pursued - In addition to institutional arrangements, mechanisms and schemes for access to financing • Enhance interlinkages with international economies – Liberalisation plan for financial sector – MoUs to strengthen bilateral and multilateral cooperation – Reinforce international dimension of Islamic finance • Promote financial inclusion – Raise level of financial literacy – Operational flexibilities for new branches and bancassurance arrangements for insurance companies and takaful operators • Continuous priority on human capital development – Asian Institute of Finance (AIF) fully operationalised to coordinate human capital development initiatives – Continuous enhancement to FSTEP programme design and delivery – Enhance FIDE programme for boards of financial institutions 42 Please check against delivery Outlook for domestic financial stability • Malaysian financial system has adequate buffers to withstand external risks and domestic challenges – Banking system capitalisation expected to remain >10% under most challenging stress test scenario • Downside risks mainly stem from external environment – Sustainability of global economic recovery – Orderly exit from unconventional support measures – Reforms in global prudential regulations and regulatory structure – Destabilising capital flows 43 Please check against delivery Supported by strengthened financial stability framework under Central Bank of Malaysia Act 2009 • Greater clarity in mandates, functions and power • Captures core elements of macroprudential stability – Ex-ante surveillance powers for timely risks identification – Pre-emptive powers to avert or mitigate systemic risks – Ex-post powers for resolution to reduce impact of instability • Complemented by strengthened framework for governance, transparency and accountability • Positions the Bank to effectively address current and future challenges 44 Please check against delivery Areas of focus for financial sector in 2010 • Blueprint for financial sector development – Develop a strong and stable financial sector that best serves Malaysia – Competitive, dynamic and inclusive financial system • Comprehensive review of existing legislations to ensure an effective and efficient legislative framework to: – Align legislation with more principle-based and differentiated supervisory approaches – Enhance appropriate enforcement and resolution framework – Achieve more consistent legal framework across different financial sectors – Strengthen market conduct regulation and supervision • Transition to enhanced deposit guarantee scheme • Greater internationalisation of sukuk market 45 Please check against delivery Thank you Taklimat �Laporan Tahunan 2009 dan�Laporan Kestabilan Kewangan �& Sistem Pembayaran 2009�� Uneven global economic recovery in 2010 Slide Number 3 Financial conditions have improved but lending activities in the advanced economies yet to resume Slow progress in financial sector resolution Slide Number 6 Regional economies to lead global growth Modest inflation in 2010 Uneven recovery to lead to differences in thrust of policy The Malaysian economy is projected to grow by �4.5% to 5.5% in 2010� Strengthening domestic demand to drive growth, reinforced by external demand Private consumption to strengthen during the year Improving labour market conditions in 2010 Private investment to recover gradually Gross FDI inflows sustained in 2010 Public sector to continue to support domestic demand in 2010� External trade to expand in 2010 Current account surplus to narrow but remains significant Broad-based growth across all sectors Services sector to be a key contributor to growth Strong recovery in the manufacturing sector Slide Number 22 Construction sector to maintain growth momentum Headline inflation to remain modest at 2.0 – 2.5% in 2010 Slide Number 25 Continued access to financing is a key support to economic recovery Cost of financing remains low Deposit rates have increased Domestic equity market recovered on improving economic conditions Slide Number 30 �For Malaysia, policies will focus on strengthening private sector led growth� Bank Negara Malaysia� Annual Accounts 2009 Slide Number 33 FINANCIAL STABILITY AND PAYMENT SYSTEMS REPORT 2009 Financial system stability was preserved, supported by a well-functioning financial intermediation process and orderly financial markets High degree of financial system resilience Access to financing supported early recovery Improving quality of loan portfolio Financial stability supported by supervisory vigilance and robust prudential framework Policy measures to enhance access to financing Developmental strategies continued to be pursued �- In addition to institutional arrangements, mechanisms and schemes for access to financing Outlook for domestic financial stability Supported by strengthened financial stability framework under Central Bank of Malaysia Act 2009 Areas of focus for financial sector in 2010 Slide Number 45
Public Notice
07 Jan 2010
FAQs related to Buying or Selling of Foreign Currency and FAQs related to Money Changing Services.
https://www.bnm.gov.my/-/faqs-related-to-buying-or-selling-of-foreign-currency-and-faqs-related-to-money-changing-services
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Reading: FAQs related to Buying or Selling of Foreign Currency and FAQs related to Money Changing Services. Share: FAQs related to Buying or Selling of Foreign Currency and FAQs related to Money Changing Services. Release Date: 07 Jan 2010 Click here to view the Frequently Asked Questions © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
16 Dec 2011
Newly published: Notification on the Implementation of Basel III
https://www.bnm.gov.my/-/newly-published-notification-on-the-implementation-of-basel-iii
https://www.bnm.gov.my/documents/20124/761706/12_nt_007_25.pdf
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Reading: Newly published: Notification on the Implementation of Basel III Share: 23 Newly published: Notification on the Implementation of Basel III Release Date: 16 Dec 2011 Notification on the Implementation of Basel III has been published. The PDF format document are available for download via the URL provided below: Download Link © 2024 Bank Negara Malaysia. All rights reserved.
BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III 1. Overview .....................................................................................................................2 2. Approach to implementing individual elements of the reform package .....................3 3. Reporting requirements and supervisory expectations during the transition.............9 Appendices............................................................................................................................11 Appendix 1 Phase-in arrangements ...............................................................................11 BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 2/11 1. Overview 1.1. In December 2010, the Basel Committee on Banking Supervision (“Basel Committee”) finalised a package of measures to strengthen global capital and liquidity rules with the goal of strengthening the resilience of the global banking system. The rules are detailed out in the documents Basel III: A global regulatory framework for more resilient banks and banking systems and Basel III: International framework for liquidity risk measurement, standards and monitoring1 (collectively referred to as Basel III). 1.2. Bank Negara Malaysia (“the Bank”) supports the implementation of these reform measures and will strengthen the existing capital and liquidity standards for banking institutions in Malaysia2, bringing them in line with Basel III. The Bank targets to implement the reform package in Malaysia in accordance to the globally-agreed levels and implementation timeline which provides for a gradual phase-in of the standards beginning 2013 until 2019 (refer to Appendix 1). 1.3. This paper sets out the Bank’s approach to incorporating the individual elements of the reform package into the domestic regulatory and supervisory framework, as well as its expectations of banking institutions with respect to managing the transition towards the new regime. 1 From time to time, the Basel Committee publishes additional documents detailing out individual components of the Basel III reform package. These and other related documents are available at its website ( www.bis.org/bcbs/basel3/compilation.htm). For the purpose of implementation in Malaysia, the Basel III reform package is defined to also include enhancements to the Basel II framework made by the Basel Committee in July 2009, as well as other remaining components of the Basel II framework which have yet to be implemented in Malaysia. 2 Namely the Risk-Weighted Capital Adequacy Framework and Capital Adequacy Framework for Islamic Banks, and the Liquidity Framework. http://www.bis.org/bcbs/basel3/compilation.htm BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 3/11 2. Approach to implementing individual elements of the reform package Enhancing the definition of capital 2.1. The Bank supports the aim of Basel III to strengthen the quality of capital held by banking institutions and intends to implement the new definition of regulatory capital which provides greater focus on common equity, while also strengthening the eligibility criteria for other capital instruments. 2.2. A concept paper detailing out the revised definition of regulatory capital (including the eligibility criteria for new capital instruments) will be issued for industry consultation in the first quarter of 2012, with the revised rules expected to be finalised by mid-2012 and implemented beginning January 2013 in accordance with the timelines set under Basel III (refer to Appendix 1). 2.3. All non-Basel III compliant capital instruments issued prior to the issuance of this circular will continue to be recognised post-2013, subject to a gradual phasing-out by 2023. Any new issuances of capital instruments by banking institutions in 2012 will only be considered by the Bank for approval if such capital instruments comply with the eligibility criteria set forth by the Basel Committee3. These instruments will continue to be recognised under Basel III (i.e. post-2013) even if the revised capital definition to be issued by the Bank is more stringent than the criteria set by the Basel Committee. The concept paper will provide greater detail on the approach to phasing-out non-compliant capital instruments a n d the phasing-i n o f the regulatory requirements, including that relating to the Basel II deduction rules which have yet to be implemented in Malaysia and the regulatory adjustments under Basel III. 3 Issuances of new capital instruments which do not contain clauses intended to ensure loss absorbency at the point of non-viability but meet all other Basel III criteria will also be considered, but may be gradually phased-out beginning 2013. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 4/11 Raising the minimum capital requirements and introducing capital buffers 2.4. In addition to strengthening the quality of capital, minimum capital requirements for banking institutions in Malaysia will be raised in line with the levels determined under Basel III. Banking institutions will also be required to hold a capital conservation buffer comprising common equity of 2.5% over- and-above the regulatory minimum4 . Table 1 illustrates the new capital requirements, including buffers, against the Basel II standard underpinning the present Risk-Weighted Capital Adequacy Framework and Capital Adequacy Framework for Islamic Banks. Table 1 Common Equity Tier 1 Capital Ratio Core Capital Ratio (CCR)5 Risk- Weighted Capital Ratio (RWCR)6 Basel III Minimum 4.5% 6% 8% Conservation buffer +2.5% Minimum plus conservation buffer 7% 8.5% 10.5% Basel II Minimum 2% 4% 8% As part of the Bank’s efforts to strengthen its macroprudential toolkit to deal with systemic risk, the Bank will also consider introducing a countercyclical capital buffer regime in line with Basel III which will require banking institutions to ho ld variable amounts of capital buffers over -and-above the capital conservation buffer7 . The operation and magnitude of the countercyclical 4 Banking institutions will generally be able to conduct business as normal when their capital levels fall into the conservation range as they experience losses, although they will be subject to restrictions on their distributions (e.g. payment of dividends). On the other hand, banking institutions will be subject to the strongest supervisory sanctions when breaching minimum regulatory levels. 5 Also referred to as the Tier 1 Capital Ratio. 6 Also referred to as the Total Capital Ratio. 7 The Basel Committee provides for the size of the buffer to vary between zero and 2.5% of risk- weighted assets to be held in common equity. To illustrate, banking institutions will be required to hold up to 9.5% in common equity when the buffer is fully applied (i.e. 2.5% in common equity to be held to BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 5/11 buffer for exposures in Malaysia will be determined by the Bank based on its assessment of systemic risk, including indicators relating to credit growth and leverage, as informed by a methodology that will take into account domestic circumstances. 2.5. The higher capital requirements will be implemented gradually in Malaysia beginning 2013 through 2015, and the capital conservation buffer between 2016 and 2019, in line with the Basel Committee’s recommended phase-in requirements as outlined in Appendix 1. 2.6. The Bank will issue concept papers outlining the rules and mechanisms to implement the new capital buffers by 2014. The Bank will also clarify existing supervisory processes (e.g. supervisory approvals of dividend distributions) and risk management requirements (e.g. Pillar 2 capital planning and stress testing) before the new buffer requirements are implemented. Enhancing the risk coverage of the capital framework 2.7. Basel III also introduces measures to strengthen c apital requirements for trading book and complex securitisation exposures, as well as that for counterparty credit risk exposures arising from derivatives, repo and securities financing activities. While these markets and activities have developed more noticeably in Malaysia over recent years, such activities remain less complex with risks remaining at manageable levels. At the same time, the Basel Committee is also understood to be working on more fundamental reforms to the existing market risk and securitisation frameworks. In view of this and the Bank’s present assessment that current requirements sufficiently capture the nature and complexity of trading book and securitisation exposures observed in the banking system, the Bank does not expect the implementation of these enhancements to be a priority for Malaysia in the immediate term. meet the countercyclical capital buffer requirement, in addition to 7% to meet the minimum and capital conservation buffer requirements). BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 6/11 Implementation of the Leverage Ratio 2.8. Basel III introduces a Leverage Ratio which is intended to reinforce risk-based requirements and constrain the build-up of leverage, thus mitigating the effects of excessive deleveraging in the banking system during distressed periods. The Leverage Ratio also serves as an additional safeguard against model risk and measurement error inherent in the various approaches to calculating risk-weighted assets8. The Basel Committee has targeted that banks publicly disclose their Leverage Ratio positions beginning 2015, with the 3% target level becoming a fully binding minimum beginning 2018. 2.9. In Malaysia, leverage levels of individual banking institutions are monitored and assessed by the Bank as part of the supervisory process. A final decision to formally adopt the Leverage Ratio as a binding measure, including the need to fine tune the measurement of the Leverage Ratio, will be made by the Bank closer to the targeted 2018 deadline set under Basel III after an assessment has been made on whether the leverage ratio would work as intended and material concerns observed during the transition period have been adequately addressed. For this purpose, banking institutions will be required to report to the Bank their Leverage Ratio positions calculated according to Basel III rules beginning June 2012. Based on their current profiles, all banking institutions are expected to comfortably meet the 3% leverage level. Additional loss-absorbency requirements for systemically important banking institutions 2.10. In addition to the main policy measures under the Basel III reform package, the Basel Committee has also proposed higher capital requirements for the largest and most internationally-active banks globally. This will require banks identified as systemically important to hold additional capital buffers ranging 8 For example, the Internal Ratings-Based approach for credit risk and the Internal Models Approach for market risk. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 7/11 from 1% to 3.5% comprising common equity, depending on a bank's systemic importance. 2.11. At present, banking institutions in Malaysia are relatively small and have less complex activities as compared to many of their international counterparts, and as such are not immediately targeted by this global measure. Nonetheless, as banking institutions in Malaysia evolve to become key regional players, it will be more important to ensure that they are better able to withstand financial shocks and contagion risk, as their significance to the domestic and regional financial system and economy increases. The Bank will therefore assess at a later date the need to require large banking institutions to operate at higher levels of capital, commensurate with their size, extent of cross-border activities and complexity of operations. Implementation of the Liquidity Coverage Ratio and Net Stable Funding Ratio 2.12. The Bank will implement the Basel III liquidity standards in Malaysia through enhancements to the existing Liquidity Framework: i. The Basel III Liquidity Coverage Ratio will be adopted as the standard for ensuring that banking institutions hold sufficient high quality liquid resources to survive an acute stress scenario lasting a month9 . Accordingly, amendments to the existing measurement standard underpinning the Liquidity Framework will be made, including in regard to the list of eligible liquefiable assets and behavioural assumptions; ii. The Bank will consider implementing the Net Stable Funding Ratio, which aims to create incentives for banking institutions to fund activities with more stable sources of funding over a one-year horizon. The new standard will act as a supplemental measure to the Liquidity Coverage Ratio under the Liquidity Framework; and 9 The Liquidity Framework, which was issued in 1998 and first implemented in 2000, is conceptually similar with the Basel III Liquidity Coverage Ratio. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 8/11 iii. Existing maturity mismatch, liquid asset and supplemental liquidity indicators reported under the Liquidity Framework10 will also be enhanced in line with the monitoring metrics proposed under Basel III. 2.13. Prior to their formal implementation as binding measures, the Bank will commence an “observation period” to comprehensively assess the impact of the standards and consider appropriate transitioning arrangements. For the purpose of this assessment, banking institutions will be required to calculate, and report the Liquidity Coverage Ratio and Net Stable Funding Ratio to the Bank with effect from June 2012. 2.14. During the observation period, the Bank will assess the following: § Impediments to the scope and potential for banking institutions to increase their share of retail-based funding in order to achieve compliance. § Impact on market liquidity arising from an increase in demand by banking institutions for eligible liquid assets, particularly those which are Shariah- compliant, which in turn may alter the characteristics of these instruments and their availability to meet liquidity needs. § Impact of the Net Stable Funding Ratio on long-term funding and the maturity transformation function performed by the banking system. § The application of the Basel III liquidity standards on a consolidated and global basis in a manner that provides for a more comprehensive assessment of liquidity risk (i.e. including subsidiaries and foreign operations), while also giving due regard to potential impediments to the transferability of liquidity across currencies, jurisdictions and legal entities. 2.15. The Bank expects to publish concept papers laying out the proposed rules for the Liquidity Coverage Ratio in 2013 and the Net Stable Funding Ratio in 2016, in time for expected implementation from 2015 and 2018 respectively. 10 As required under the third level of liquidity measurement in the Liquidity Framework. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 9/11 3. Reporting requirements and supervisory expectations during the transition 3.1. Banking institutions will be required to calculate and report their capital, leverage and liquidity positions to the Bank based on standardised reporting templates11 during the observation period, prior to the formal implementation of the standards as binding measures. These reporting templates will be issued to the industry in the first quarter of 2012, with reporting commencing in June 2012. 3.2. In preparation for formal implementation, the Bank expects that as part of sound capital and risk management, banking institutions should consider the likely impact of planned enhancements to the capital and liquidity requirements in setting and maintaining internal capital targets, determining funding strategies, or pursuing any transactions or strategies that could materially impact capital levels, including dividend strategies and acquisitions. Banking institutions should adopt prudent earnings retention policies with a view to meeting the enhanced capital and liquidity requirements by the expected implementation dates. The board should be adequately informed of the implications of the requirements on the banking institution’s business and risk strategies, and any material challenges likely to be faced by the banking institution in meeting the requirements. 3.3. As part of its supervisory process, the Bank will engage individual banking institutions on their plans to meet the capital and liquidity requirements, particularly during: i. annual business plan discussions; ii. reviews of dividend proposals; 11 This will entail banking institutions computing and reporting to the Bank their Basel III ratios prior to their formal implementation, although they will not be required to comply with the targets and minimum requirements unless otherwise notified by the Bank. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 10/11 iii. supervisory assessments of banking institutions' asset-liquidity management process; and iv. reviews of banking institutions’ capital management plans. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 11/11 APPENDICES Appendix 1 Phase-in arrangements12 2011 2012 2013 2014 2015 2016 2017 2018 2019 Leverage Ratio Observation period reporting Standard in force Minimum common equity capital ratio13 3.5% 4% 4.5% 4.5% 4.5% 4.5% 4.5% Capital conservation buffer 0.625% 1.25% 1.875% 2.5% Minimum common equity plus conservation buffer 3.5% 4% 4.5% 5.125% 5.75% 6.375% 7% Minimum tier 1 capital 4.5% 5.5% 6% 6% 6% 6% 6% Minimum tier 1 capital plus conservation buffer 4.5% 5.5% 6% 6.625% 7.25% 7.875% 8.5% Minimum total capital 8% 8% 8% 8% 8% 8% 8% Minimum total capital plus conservation buffer 8% 8% 8% 8.625% 9.25% 9.875% 10.5% Capital instruments that no longer qualify as non- core tier 1 or tier 2 capital Phased out over a 10 year horizon beginning 2013 Liquidity Coverage Ratio Observation period reporting Standard in force Net Stable Funding Ratio Observation period reporting Standard in force 12 All dates are as of 1 January unless otherwise indicated. Shading indicates transition periods. 13 Banking institutions will also be required to submit to the Bank calculations of their Basel III capital positions in during the observation period in 2012. Overview Approach to implementing individual elements of the reform package Reporting requirements and supervisory expectations during the transition APPENDICES
Public Notice
01 Dec 2011
New act: Money Services Business Act 2011 (Act731)
https://www.bnm.gov.my/-/new-act-money-services-business-act-2011-act731-1
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Reading: New act: Money Services Business Act 2011 (Act731) Share: New act: Money Services Business Act 2011 (Act731) Release Date: 01 Dec 2011 New act on Money Services Business has been posted on Bank Negara Malaysia's website. Click here to view the new act. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
04 Nov 2011
Key Events at Sasana Kijang and Lanai Kijang (November - December 2011)
https://www.bnm.gov.my/-/key-events-at-sasana-kijang-and-lanai-kijang-november-december-2011-1
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Reading: Key Events at Sasana Kijang and Lanai Kijang (November - December 2011) Share: Key Events at Sasana Kijang and Lanai Kijang (November - December 2011) Release Date: 04 Nov 2011 10 Nov 2011 Simposium Penggunaan Bahasa Kebangsaan Sektor Kewangan dan Insurans 2011 Organiser:Bank Negara Malaysia Sasana Kijang 13-19 Nov 2011 5th SEACEN Advanced Leadership Course: Central Banking Leadership: Leading Transformation in Times of Uncertainty Organiser: The South East Asian Central Banks Research & Training Centre (SEACEN) Sasana Kijang 14 Nov 2011 2nd Organization of Islamic Conference (OIC) Experts' Group Workshop Organiser: Bank Negara Malaysia Sasana Kijang 14 Nov 2011 Tun Ismail Ali Chair Public Lecture Organiser: Bank Negara Malaysia Sasana Kijang 15 Nov 2011 Islamic Financial Intelligence Summit Organiser: The Banker Sasana Kijang 16 Nov 2011 Meeting of Central Banks & Monetary Authorities of the OIC Member Countries Organiser: Bank Negara Malaysia IFSB Public Hearing Organiser: Islamic Financial Services Board/ Bank Negara Malaysia Master Class on Islamic Finance Organiser: Bank Negara Malaysia 6th Governing Board Meeting of the IILM Organiser: Islamic Financial Services Board/ Bank Negara Malaysia Sasana Kijang     17 Nov 2011 19th Meeting of the Council of the IFSB Organiser: Islamic Financial Services Board/ Bank Negara Malaysia 4th Islamic Financial Stability Forum Organiser: Islamic Financial Services Board/ Bank Negara Malaysia   Sasana Kijang 30 Nov 2011 - 1 Dec 2011 Meeting on Forum on Asian Insolvency Reform 2011 (FAIR 2011) Organiser - Jabatan Insolvency co-hosted with Bank Negara Malaysia Sasana Kijang See also: Press Statement on the Opening of Sasana Kijang © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
21 Oct 2011
BNM Website Scheduled Maintenance on Friday, 21st October 2011 (11.00 pm - 1.00 am)
https://www.bnm.gov.my/-/web-maintenance-21102011
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Reading: BNM Website Scheduled Maintenance on Friday, 21st October 2011 (11.00 pm - 1.00 am) Share: BNM Website Scheduled Maintenance on Friday, 21st October 2011 (11.00 pm - 1.00 am) Release Date: 21 Oct 2011 Please be informed that we will be performing a scheduled maintenance on Bank Negara Malaysia website system on Friday, 21st October (11 p.m. until 1.00 a.m.). During that period, access to Bank Negara Malaysia website services will be intermittent and occasionally unavailable. We apologise for any inconvenience caused by this maintenance activity. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
07 Oct 2011
Download the 2012 Budget Speech by Prime Minister of Malaysia now
https://www.bnm.gov.my/-/download-the-2012-budget-speech-by-prime-minister-of-malaysia-now
https://www.bnm.gov.my/documents/20124/761706/attachment_budget2012_en.pdf, https://www.bnm.gov.my/documents/20124/761706/budget2012_en.pdf
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Reading: Download the 2012 Budget Speech by Prime Minister of Malaysia now Share: Download the 2012 Budget Speech by Prime Minister of Malaysia now Release Date: 07 Oct 2011 The 2012 Budget Speech by YAB Dato' Seri Mohd. Najib Tun Abdul Razak, Prime Minister and Minister of Finance. Click on the hyperlink below to download. The 2012 Budget Speech & Attachment © 2024 Bank Negara Malaysia. All rights reserved.
BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III 1. Overview .....................................................................................................................2 2. Approach to implementing individual elements of the reform package .....................3 3. Reporting requirements and supervisory expectations during the transition.............9 Appendices............................................................................................................................11 Appendix 1 Phase-in arrangements ...............................................................................11 BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 2/11 1. Overview 1.1. In December 2010, the Basel Committee on Banking Supervision (“Basel Committee”) finalised a package of measures to strengthen global capital and liquidity rules with the goal of strengthening the resilience of the global banking system. The rules are detailed out in the documents Basel III: A global regulatory framework for more resilient banks and banking systems and Basel III: International framework for liquidity risk measurement, standards and monitoring1 (collectively referred to as Basel III). 1.2. Bank Negara Malaysia (“the Bank”) supports the implementation of these reform measures and will strengthen the existing capital and liquidity standards for banking institutions in Malaysia2, bringing them in line with Basel III. The Bank targets to implement the reform package in Malaysia in accordance to the globally-agreed levels and implementation timeline which provides for a gradual phase-in of the standards beginning 2013 until 2019 (refer to Appendix 1). 1.3. This paper sets out the Bank’s approach to incorporating the individual elements of the reform package into the domestic regulatory and supervisory framework, as well as its expectations of banking institutions with respect to managing the transition towards the new regime. 1 From time to time, the Basel Committee publishes additional documents detailing out individual components of the Basel III reform package. These and other related documents are available at its website ( www.bis.org/bcbs/basel3/compilation.htm). For the purpose of implementation in Malaysia, the Basel III reform package is defined to also include enhancements to the Basel II framework made by the Basel Committee in July 2009, as well as other remaining components of the Basel II framework which have yet to be implemented in Malaysia. 2 Namely the Risk-Weighted Capital Adequacy Framework and Capital Adequacy Framework for Islamic Banks, and the Liquidity Framework. http://www.bis.org/bcbs/basel3/compilation.htm BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 3/11 2. Approach to implementing individual elements of the reform package Enhancing the definition of capital 2.1. The Bank supports the aim of Basel III to strengthen the quality of capital held by banking institutions and intends to implement the new definition of regulatory capital which provides greater focus on common equity, while also strengthening the eligibility criteria for other capital instruments. 2.2. A concept paper detailing out the revised definition of regulatory capital (including the eligibility criteria for new capital instruments) will be issued for industry consultation in the first quarter of 2012, with the revised rules expected to be finalised by mid-2012 and implemented beginning January 2013 in accordance with the timelines set under Basel III (refer to Appendix 1). 2.3. All non-Basel III compliant capital instruments issued prior to the issuance of this circular will continue to be recognised post-2013, subject to a gradual phasing-out by 2023. Any new issuances of capital instruments by banking institutions in 2012 will only be considered by the Bank for approval if such capital instruments comply with the eligibility criteria set forth by the Basel Committee3. These instruments will continue to be recognised under Basel III (i.e. post-2013) even if the revised capital definition to be issued by the Bank is more stringent than the criteria set by the Basel Committee. The concept paper will provide greater detail on the approach to phasing-out non-compliant capital instruments a n d the phasing-i n o f the regulatory requirements, including that relating to the Basel II deduction rules which have yet to be implemented in Malaysia and the regulatory adjustments under Basel III. 3 Issuances of new capital instruments which do not contain clauses intended to ensure loss absorbency at the point of non-viability but meet all other Basel III criteria will also be considered, but may be gradually phased-out beginning 2013. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 4/11 Raising the minimum capital requirements and introducing capital buffers 2.4. In addition to strengthening the quality of capital, minimum capital requirements for banking institutions in Malaysia will be raised in line with the levels determined under Basel III. Banking institutions will also be required to hold a capital conservation buffer comprising common equity of 2.5% over- and-above the regulatory minimum4 . Table 1 illustrates the new capital requirements, including buffers, against the Basel II standard underpinning the present Risk-Weighted Capital Adequacy Framework and Capital Adequacy Framework for Islamic Banks. Table 1 Common Equity Tier 1 Capital Ratio Core Capital Ratio (CCR)5 Risk- Weighted Capital Ratio (RWCR)6 Basel III Minimum 4.5% 6% 8% Conservation buffer +2.5% Minimum plus conservation buffer 7% 8.5% 10.5% Basel II Minimum 2% 4% 8% As part of the Bank’s efforts to strengthen its macroprudential toolkit to deal with systemic risk, the Bank will also consider introducing a countercyclical capital buffer regime in line with Basel III which will require banking institutions to ho ld variable amounts of capital buffers over -and-above the capital conservation buffer7 . The operation and magnitude of the countercyclical 4 Banking institutions will generally be able to conduct business as normal when their capital levels fall into the conservation range as they experience losses, although they will be subject to restrictions on their distributions (e.g. payment of dividends). On the other hand, banking institutions will be subject to the strongest supervisory sanctions when breaching minimum regulatory levels. 5 Also referred to as the Tier 1 Capital Ratio. 6 Also referred to as the Total Capital Ratio. 7 The Basel Committee provides for the size of the buffer to vary between zero and 2.5% of risk- weighted assets to be held in common equity. To illustrate, banking institutions will be required to hold up to 9.5% in common equity when the buffer is fully applied (i.e. 2.5% in common equity to be held to BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 5/11 buffer for exposures in Malaysia will be determined by the Bank based on its assessment of systemic risk, including indicators relating to credit growth and leverage, as informed by a methodology that will take into account domestic circumstances. 2.5. The higher capital requirements will be implemented gradually in Malaysia beginning 2013 through 2015, and the capital conservation buffer between 2016 and 2019, in line with the Basel Committee’s recommended phase-in requirements as outlined in Appendix 1. 2.6. The Bank will issue concept papers outlining the rules and mechanisms to implement the new capital buffers by 2014. The Bank will also clarify existing supervisory processes (e.g. supervisory approvals of dividend distributions) and risk management requirements (e.g. Pillar 2 capital planning and stress testing) before the new buffer requirements are implemented. Enhancing the risk coverage of the capital framework 2.7. Basel III also introduces measures to strengthen c apital requirements for trading book and complex securitisation exposures, as well as that for counterparty credit risk exposures arising from derivatives, repo and securities financing activities. While these markets and activities have developed more noticeably in Malaysia over recent years, such activities remain less complex with risks remaining at manageable levels. At the same time, the Basel Committee is also understood to be working on more fundamental reforms to the existing market risk and securitisation frameworks. In view of this and the Bank’s present assessment that current requirements sufficiently capture the nature and complexity of trading book and securitisation exposures observed in the banking system, the Bank does not expect the implementation of these enhancements to be a priority for Malaysia in the immediate term. meet the countercyclical capital buffer requirement, in addition to 7% to meet the minimum and capital conservation buffer requirements). BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 6/11 Implementation of the Leverage Ratio 2.8. Basel III introduces a Leverage Ratio which is intended to reinforce risk-based requirements and constrain the build-up of leverage, thus mitigating the effects of excessive deleveraging in the banking system during distressed periods. The Leverage Ratio also serves as an additional safeguard against model risk and measurement error inherent in the various approaches to calculating risk-weighted assets8. The Basel Committee has targeted that banks publicly disclose their Leverage Ratio positions beginning 2015, with the 3% target level becoming a fully binding minimum beginning 2018. 2.9. In Malaysia, leverage levels of individual banking institutions are monitored and assessed by the Bank as part of the supervisory process. A final decision to formally adopt the Leverage Ratio as a binding measure, including the need to fine tune the measurement of the Leverage Ratio, will be made by the Bank closer to the targeted 2018 deadline set under Basel III after an assessment has been made on whether the leverage ratio would work as intended and material concerns observed during the transition period have been adequately addressed. For this purpose, banking institutions will be required to report to the Bank their Leverage Ratio positions calculated according to Basel III rules beginning June 2012. Based on their current profiles, all banking institutions are expected to comfortably meet the 3% leverage level. Additional loss-absorbency requirements for systemically important banking institutions 2.10. In addition to the main policy measures under the Basel III reform package, the Basel Committee has also proposed higher capital requirements for the largest and most internationally-active banks globally. This will require banks identified as systemically important to hold additional capital buffers ranging 8 For example, the Internal Ratings-Based approach for credit risk and the Internal Models Approach for market risk. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 7/11 from 1% to 3.5% comprising common equity, depending on a bank's systemic importance. 2.11. At present, banking institutions in Malaysia are relatively small and have less complex activities as compared to many of their international counterparts, and as such are not immediately targeted by this global measure. Nonetheless, as banking institutions in Malaysia evolve to become key regional players, it will be more important to ensure that they are better able to withstand financial shocks and contagion risk, as their significance to the domestic and regional financial system and economy increases. The Bank will therefore assess at a later date the need to require large banking institutions to operate at higher levels of capital, commensurate with their size, extent of cross-border activities and complexity of operations. Implementation of the Liquidity Coverage Ratio and Net Stable Funding Ratio 2.12. The Bank will implement the Basel III liquidity standards in Malaysia through enhancements to the existing Liquidity Framework: i. The Basel III Liquidity Coverage Ratio will be adopted as the standard for ensuring that banking institutions hold sufficient high quality liquid resources to survive an acute stress scenario lasting a month9 . Accordingly, amendments to the existing measurement standard underpinning the Liquidity Framework will be made, including in regard to the list of eligible liquefiable assets and behavioural assumptions; ii. The Bank will consider implementing the Net Stable Funding Ratio, which aims to create incentives for banking institutions to fund activities with more stable sources of funding over a one-year horizon. The new standard will act as a supplemental measure to the Liquidity Coverage Ratio under the Liquidity Framework; and 9 The Liquidity Framework, which was issued in 1998 and first implemented in 2000, is conceptually similar with the Basel III Liquidity Coverage Ratio. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 8/11 iii. Existing maturity mismatch, liquid asset and supplemental liquidity indicators reported under the Liquidity Framework10 will also be enhanced in line with the monitoring metrics proposed under Basel III. 2.13. Prior to their formal implementation as binding measures, the Bank will commence an “observation period” to comprehensively assess the impact of the standards and consider appropriate transitioning arrangements. For the purpose of this assessment, banking institutions will be required to calculate, and report the Liquidity Coverage Ratio and Net Stable Funding Ratio to the Bank with effect from June 2012. 2.14. During the observation period, the Bank will assess the following: § Impediments to the scope and potential for banking institutions to increase their share of retail-based funding in order to achieve compliance. § Impact on market liquidity arising from an increase in demand by banking institutions for eligible liquid assets, particularly those which are Shariah- compliant, which in turn may alter the characteristics of these instruments and their availability to meet liquidity needs. § Impact of the Net Stable Funding Ratio on long-term funding and the maturity transformation function performed by the banking system. § The application of the Basel III liquidity standards on a consolidated and global basis in a manner that provides for a more comprehensive assessment of liquidity risk (i.e. including subsidiaries and foreign operations), while also giving due regard to potential impediments to the transferability of liquidity across currencies, jurisdictions and legal entities. 2.15. The Bank expects to publish concept papers laying out the proposed rules for the Liquidity Coverage Ratio in 2013 and the Net Stable Funding Ratio in 2016, in time for expected implementation from 2015 and 2018 respectively. 10 As required under the third level of liquidity measurement in the Liquidity Framework. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 9/11 3. Reporting requirements and supervisory expectations during the transition 3.1. Banking institutions will be required to calculate and report their capital, leverage and liquidity positions to the Bank based on standardised reporting templates11 during the observation period, prior to the formal implementation of the standards as binding measures. These reporting templates will be issued to the industry in the first quarter of 2012, with reporting commencing in June 2012. 3.2. In preparation for formal implementation, the Bank expects that as part of sound capital and risk management, banking institutions should consider the likely impact of planned enhancements to the capital and liquidity requirements in setting and maintaining internal capital targets, determining funding strategies, or pursuing any transactions or strategies that could materially impact capital levels, including dividend strategies and acquisitions. Banking institutions should adopt prudent earnings retention policies with a view to meeting the enhanced capital and liquidity requirements by the expected implementation dates. The board should be adequately informed of the implications of the requirements on the banking institution’s business and risk strategies, and any material challenges likely to be faced by the banking institution in meeting the requirements. 3.3. As part of its supervisory process, the Bank will engage individual banking institutions on their plans to meet the capital and liquidity requirements, particularly during: i. annual business plan discussions; ii. reviews of dividend proposals; 11 This will entail banking institutions computing and reporting to the Bank their Basel III ratios prior to their formal implementation, although they will not be required to comply with the targets and minimum requirements unless otherwise notified by the Bank. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 10/11 iii. supervisory assessments of banking institutions' asset-liquidity management process; and iv. reviews of banking institutions’ capital management plans. BNM/RH/NT 007-25 Prudential Financial Policy Department Islamic Banking and Takaful Department Implementation of Basel III Page 11/11 APPENDICES Appendix 1 Phase-in arrangements12 2011 2012 2013 2014 2015 2016 2017 2018 2019 Leverage Ratio Observation period reporting Standard in force Minimum common equity capital ratio13 3.5% 4% 4.5% 4.5% 4.5% 4.5% 4.5% Capital conservation buffer 0.625% 1.25% 1.875% 2.5% Minimum common equity plus conservation buffer 3.5% 4% 4.5% 5.125% 5.75% 6.375% 7% Minimum tier 1 capital 4.5% 5.5% 6% 6% 6% 6% 6% Minimum tier 1 capital plus conservation buffer 4.5% 5.5% 6% 6.625% 7.25% 7.875% 8.5% Minimum total capital 8% 8% 8% 8% 8% 8% 8% Minimum total capital plus conservation buffer 8% 8% 8% 8.625% 9.25% 9.875% 10.5% Capital instruments that no longer qualify as non- core tier 1 or tier 2 capital Phased out over a 10 year horizon beginning 2013 Liquidity Coverage Ratio Observation period reporting Standard in force Net Stable Funding Ratio Observation period reporting Standard in force 12 All dates are as of 1 January unless otherwise indicated. Shading indicates transition periods. 13 Banking institutions will also be required to submit to the Bank calculations of their Basel III capital positions in during the observation period in 2012. Overview Approach to implementing individual elements of the reform package Reporting requirements and supervisory expectations during the transition APPENDICES
Public Notice
30 Sep 2011
Shariah Resolutions in Islamic Finance (Second Edition) Now Available in English
https://www.bnm.gov.my/-/shariah-resolutions-in-islamic-finance-second-edition-now-available-in-english
https://www.bnm.gov.my/documents/20124/9198675/shariah_resolutions_2nd_edition_EN.pdf
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Reading: Shariah Resolutions in Islamic Finance (Second Edition) Now Available in English Share: Shariah Resolutions in Islamic Finance (Second Edition) Now Available in English Release Date: 30 Sep 2011 The Second Edition of the Shariah Resolutions in Islamic Finance (English version) is now available. The Bahasa Melayu version of this book was earlier released in October 2010 (Refer to the Press Release). The book is a complilation of Shariah resolutions made between 1997 and 2009. This is part of Bank Negara Malaysia's continuous effort to enhance public and the financial communities' understanding on the Shariah interpretations and the juristic reasoning for these rulings. Click here to download the book. © 2024 Bank Negara Malaysia. All rights reserved.
Shariah Resolutions in Islamic Finance - 2nd Edition - English S E C O N D E D I T I O N BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA SHARIAH RESOLUTIONS IN ISLAMIC FINANCE SECOND EDITION ii First Edition Published 2007 Second Edition Published 2010 www.bnm.gov.my October 2010 © Bank Negara Malaysia, 2010. All rights reserved. Foreword by Governor of Bank Negara Malaysia xi Foreword by Chairman of Shariah Advisory Council of Bank Negara Malaysia xiii Shariah Advisory Council of Bank Negara Malaysia xv Members of the Shariah Advisory Council of Bank Negara Malaysia (1997 – 2010) xvi Introduction xviii PART 1: SHARIAH CONTRACTS IJARAH 3 1. Application of al-Ijarah thumma al-Bai` in Vehicle Financing 2. Assignment of Liabilities in al-Ijarah thumma al-Bai` 3. Ownership Status of Ijarah Asset 4. Termination of Ijarah Contract 5. Issuance of Bank Negara Negotiable Notes Based on Ijarah Concept 6. Ijarah Contract with Floating Rental Rate 7. Absorption of Costs Associated with Ownership of Asset in Ijarah 8. Liability of Lessee over Third Party’s Asset 9. Lessee’s Priority to Purchase Asset in the Event of Default in Rental Payment 10. Surplus Sharing from Sale of Ijarah Asset between Lessor and Lessee 11. Utilisation of Third Party’s Asset Acquired Through Mudarabah Contract as Underlying Asset in Issuance of Sukuk Ijarah 12. Application of Ijarah Mawsufah fi al-Zimmah Concept in Financing for House under Construction Based on Musyarakah Mutanaqisah 13. Deposit Payment in Islamic Hire Purchase 14. Utilisation of Third Party’s Asset Acquired Through Sale Concept in Issuance of Sukuk Ijarah CONTENTS iii iv ISTISNA` 21 15. Project Financing Based on Istisna` with Pledging of Conventional Bond MUDARABAH 24 16. Islamic Negotiable Instrument of Deposit Based on Mudarabah 17. Application of Mudarabah Contract in Current Account Product 18. Mudarabah Investment Certificate as Security 19. Profit Equalisation Reserve 20. Administrative Costs in Mudarabah Deposit Account 21. Intra-Day Transaction as an Islamic Money Market Instrument 22. Indirect Expenses 23. Assignment of Weightage 24. Practice of Islamic Financial Institutions in Transferring Mudarabah Investment Profit to Customer to Avoid Displaced Commercial Risk 25. Third Party Guarantee on Liability of a Mudarib’s Counterparty in Mudarabah Transaction 26. Mudarib’s Guarantee on Liability of His Counterparty in Mudarabah Joint Venture 27. Capital Contribution by Mudarib in Mudarabah Joint Venture 28. Third Party Guarantee for Capital and/or Profit in Mudarabah Transaction MUSYARAKAH 40 29. Financing Products Based on Musyarakah 30. Financing Based on Musyarakah Mutanaqisah 31. Application of Wa`d as a Mechanism in Dealing with Customer’s Default in Financing Based on Musyarakah Mutanaqisah QARD 47 32. Qard Principles in Islamic Finance 33. Liquidity Management Instrument Based on Qard 34. Combination of Advance Profit Payment Based on Qard and Murabahah Contract RAHN 53 35. Two Financing Facilities Secured by an Asset 36. Dealing with a Charged Asset 37. Conventional Fixed Deposit Certificate as Security in Islamic Financing 38. Islamic Debt Securities as Collateralised Asset 39. Sale of Collateralised Asset in the Event of Default by Financing Receiver to Pay the Financing Amount to Financier 40. Profit Accrued from Collateralised Asset Throughout Charge Tenure TAKAFUL 62 41. Takaful Model Based on Tabarru` and Wakalah 42. Application of Musahamah Concept in Commercial General Takaful Plan 43. Retakaful Business Model Based on Wakalah - Wakaf 44. Takaful Coverage for Islamic Financing 45. Takaful Coverage for Conventional Loans 46. Takaful Coverage for Conventional Credit Card Product 47. Retakaful with Conventional Insurance and Reinsurance Company 48. Retakaful Service Fee as Income for Shareholders Fund 49. Co-Takaful Agreement 50. Segregation of Takaful Funds 51. Imposition of Management Fee on Takaful Participants’ Contribution 52. Distribution of Surplus from Participants’ Risk Fund 53. Distribution of Investment Profit from Participants’ Investment Fund and Participants’ Risk Fund 54. Provision of Reserve in Takaful Business 55. Mechanism to Overcome Deficit in Participants’ Risk Fund 56. Hibah in Takaful 57. Nomination Based on Hibah under Takaful Scheme 58. Principle of Utmost Good Faith in Takaful 59. “Insurable Interest” in Takaful v TAWARRUQ 94 60. Deposit Product Based on Tawarruq 61. Financing Product Based on Tawarruq 62. Sukuk Ijarah and Shariah Compliant Shares as Underlying Asset in Tawarruq Transaction 63. Application of Tawarruq in Sukuk Commodity Murabahah 64. Proposed Operational Model of Commodity Murabahah House (Now Known as Suq al-Sila`) WADI`AH 101 65. Adaptation (Takyif) of Wadi`ah Yad Dhamanah as Qard WAKALAH 103 66. Application of Wakalah bi al-Istithmar in Deposit Product BAI` DAYN 106 67. Repurchase of Negotiable Islamic Debt Certificate 68. Sale of Debt Arising from Services BAI` `INAH 109 69. Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate 70. Application of Bai` `Inah in Islamic Interbank Money Market 71. Application of “Sale and Buy Back” Contract 72. Conditions for Validity of Bai` `Inah Contract 73. Stipulation to Repurchase Asset in Bai` `Inah Contract vi PART II: SUPPORTING SHARIAH CONCEPTS HIBAH 117 74. Hibah in Interbank Mudarabah Investment Contract 75. Application of Hibah in the Contract of al-Ijarah thumma al-Bai` 76. Hibah in Wadi`ah Contract 77. Hibah in Qard Contract IBRA’ 123 78. Ibra’ in Islamic Financing 79. Two Forms of Ibra’ in a Financing Agreement 80. Ibra’ in Home Financing Product Linked to a Wadi`ah or Mudarabah Deposit Account TA`WIDH AND GHARAMAH 129 81. Imposition of Ta`widh and Gharamah in Islamic Financing Facilities 82. Imposition of Compensation on a Customer who Makes Early Settlement 83. Method of Late Payment Charge on Judgment Debt PART III: ISLAMIC FINANCIAL PRODUCTS FINANCIAL DERIVATIVE INSTRUMENTS 137 84. Spot and Forward Foreign Currency Exchange Transactions 85. Islamic Profit Rate Swap Based on Bai` `Inah 86. Forward Foreign Currency Exchange Transaction Based on Bai` Mu’ajjal 87. Foreign Currency Option Based on Hamish Jiddiyyah, Wa`d and Tawarruq 88. Foreign Currency Option Based on Wa`d and Two Independent Tawarruq Transactions vii ISLAMIC CREDIT CARD 148 89. Islamic Credit Card Based on Bai` `Inah and Wadi`ah 90. Islamic Credit Card Based on the Concept of Ujrah 91. Takaful Cover for Islamic Credit Cardholders 92. Cash Back Rebate on Credit Card Annual Fee 93. Islamic Credit Card Based on the Concepts of Wakalah and Kafalah HYBRID PRODUCTS 155 94. Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contracts 95. Deposit Product Based on Mudarabah and Qard Contracts 96. Deposit Product Based on Wadi`ah and Mudarabah Contracts 97. Financing Product for House under Construction Based on Istisna` Muwazi, Ijarah Mawsufah fi al-Zimmah and Ijarah Muntahia bi al-Tamlik SUKUK BASED ON BAI` BITHAMAN AJIL (BBA) 160 98. Mudarabah Interbank Investment as Underlying Asset in a Deferred Payment Sale 99. The Existence of Underlying Asset Throughout the Sukuk Maturity Tenure 100. Bidding Methods for the Sukuk BBA PART IV: SHARIAH ISSUES IN RELATION TO THE OPERATIONS OF SUPPORTING INSTITUTIONS IN ISLAMIC FINANCE CREDIT GUARANTEE CORPORATION (M) BERHAD 165 101. Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation 102. Guarantee on the Sale Price viii DANAJAMIN NASIONAL BERHAD 168 103. Shariah Concept for the Operation of Guarantee Facility by Danajamin Nasional Berhad 104. Capital Segregation in the Operation of Danajamin 105. Scope of Danajamin’s Guarantee on Sukuk 106. Guarantee on the Obligation Arising from Purchase Undertaking 107. Late Payment and Additional Recourse Charge 108. Ownership of Underlying Asset in Sukuk Based on Ijarah Contract MALAYSIA DEPOSIT INSURANCE CORPORATION 175 109. Shariah Concept for the Operation of Islamic Deposit Insurance 110. Commingling of Funds Contributed by Islamic and Conventional Banking Institutions in Deposit Insurance 111. Guarantee Limit for Islamic Banking Deposits by PIDM 112. Definition of Term “Deposit” in Islamic Deposit Insurance 113. Status of PIDM’s Claim Against Depositors’ Claim in the Event of Winding up of an Islamic Banking Institution 114. Application of Muqasah in Islamic Deposit Insurance NATIONAL MORTGAGE CORPORATION (CAGAMAS) 182 115. Mortgage Guarantee Facility PART V: SHARIAH ISSUES IN ISLAMIC FINANCE WINDING UP OF ISLAMIC BANKING INSTITUTIONS 187 116. Priority of Depositors in Recovering Deposit in the Event of Winding Up of an Islamic Banking Institution 117. Surplus Sharing Post Liquidation and Payment of Claims between Islamic and Conventional Banking Funds 118. Status of Conventional Fund Placed in Mudarabah Special Investment Account in the Event of Winding Up of Banking Institutions ix x ACCOUNTING AND REPORTING STANDARDS IN ISLAMIC FINANCE 190 119. Method for Profit Distribution 120. Method for Revenue Recognition 121. Application of “Substance over Form” Principle in Islamic Finance 122. Application of Probability Principle 123. Application of Time Value of Money Principle OTHER MATTERS 197 124. Deposit or Customer’s Investment Fund from Doubtful Sources 125. Financing to a Party Who Explicitly Performs Non-Shariah Compliant Activities 126. Application of Conventional Overdrafts to Cover Insufficiency in Wadi`ah Current Account 127. Commitment Fee on Unutilised Balance of Islamic Overdraft Facility or Revolving Credit 128. Islamic Financial Instrument as Underlying Asset in Conventional Transaction 129. Financial Market Instruments as Underlying Asset in Deferred Transaction 130. Mechanism in Determining the Amount of Settlement Price in Financial Market 131. Restructuring and Rescheduling in Islamic Financing Agreement 132. Bidding Concept by Principal Dealer in Islamic Money Market 133. Financing Settlement Through New Financing 134. Undetermined Sale Price in Sale and Purchase Agreement 135. Underlying Concept for Islamic Block Discounting Transaction GLOSSARY 215 xi Bismillahirrahmanirrahim, The successful publication of this book, the second edition of Bank Negara Malaysia’s Shariah Resolutions in Islamic Finance documents Shariah rulings made by Bank Negara Malaysia’s Shariah Advisory Council (SAC). It aims to be an essential guide and reference point for the Islamic financial community. This recent decade has been a defining era in the development of Islamic finance. This period, marked by the increased internationalisation and sustained global expansion, Islamic finance has continued to evolve as an increasingly important component of the global financial system. It has facilitated greater cross-border financial flows. This is particularly evident with the increased dynamism of sukuk in the international Islamic financial markets. There are also increased global efforts to improve Shariah governance in Islamic financial institutions within the respective different jurisdictions. Whilst Islamic finance demonstrated resilience during the recent global financial crisis, continuous efforts are being taken to further strengthen the international financial infrastructure and regulatory oversight in Islamic finance to ensure that it remains effective and competitive in today’s more challenging international financial environment. In tandem with the widening international outreach, there has been a steady increase in product innovation and market breakthroughs in Islamic finance. The product range has now expanded into an extensive spectrum of retail financing and sophisticated financial products such as private equity, project finance, the origination and issuance of sukuk and in wealth management products. The dynamism of Shariah has been an important driving force in contributing to the accelerated pace of innovation in Islamic finance. The pursuit to meet the growing and differentiated demand of the global community for Islamic financial solutions has now expanded beyond the traditional contracts such as murabahah, musyarakah and mudarabah, to other innovative Shariah structures and hybrid concepts such as wakalah bi al-istithmar and musyarakah mutanaqisah. This attests to the ability of Shariah scholars and advisors to harness the wisdom of Shariah to facilitate the structuring of product features that are competitive and innovative. This has contributed to the rapid development of contemporary Islamic financial products and services. FOREWORD BY GOVERNOR OF BANK NEGARA MALAYSIA xii As the highest authority in the ascertainment of Shariah in Islamic finance, the SAC has a pivotal role in ensuring the credibility and integrity of Shariah rulings. In its capacity as a centralised referral body for Islamic finance communities, the SAC upholds the objectives (maqasid) of Shariah and preserves its sanctity through resolutions which are subjected to robust deliberation and rigorous consultative processes, thereby contributing immensely to the effectiveness of Shariah governance framework in Malaysia. This second edition of the SAC resolutions, which is a compilation of all the Shariah resolutions made between 1997 and 2009, is a continuation of the earlier efforts to deepen the understanding on the Shariah interpretations and the juristic reasoning for the rulings. Together with the ongoing initiative to develop the Shariah Parameter References, the SAC Resolutions publication series is part of the commitment by Bank Negara Malaysia towards the development of the industry. It aims to increase the level of transparency on juristic reasoning in Islamic finance and thus an increased appreciation and acceptance of Shariah decisions. It would also allow for more efficient Shariah governance at institutional level, whilst catalysing greater cross-border harmonisation in the interpretation and application of Shariah. Finally, I wish to thank all those who have been involved in the publication of this book, particularly the SAC members, whose collective wisdom, wealth of experience and tireless dedication have been a pivotal contribution to the development and advancement of Islamic finance. Dr. Zeti Akhtar Aziz Governor Bank Negara Malaysia Assalamualaikum Warahmatullahi Wabarakatuh, All Praise to Allah SWT and Prayers to His Messenger, Prophet Muhammad SAW, his family, companions and followers. Bank Negara Malaysia has always been at the forefront of the country’s noble pursuit in providing dynamic and cutting-edge support to the Islamic finance industry. In tandem with the burgeoning interest in Islamic finance worldwide that attracts a growing number of Muslims and non-Muslims alike, Bank Negara Malaysia has taken significant measures to encourage the proliferation of knowledge and understanding in Islamic finance in order to meet the increasing demand within the industry. One such effort, with Allah’s SWT Blessings, is the publication of this second edition of Bank Negara Malaysia’s Shariah Resolutions in Islamic Finance. This book is a scholarly compilation of the resolutions which emanated from the various meetings of the Shariah Advisory Council of Bank Negara Malaysia over the years from 1997 - 2009. It is envisaged that this book will contribute towards enriching the corpus of knowledge on the subject of Islamic finance and will be relied upon by the industry as a basis for product development and product enhancement. This fatwa-based compilation is regarded as a manifestation of the collective Ijtihad of a council of scholars who are responsible to advise Bank Negara Malaysia on Shariah matters relating to Islamic finance. The collective Ijtihad is a new phenomenon in Islamic law since the 20th century, which is more evident in the Islamic finance industry through the practices of the Shariah advisory services. The compilation of fatwas or resolutions is made more relevant in a jurisdiction such as Malaysia, whereby the resolutions of the Shariah Advisory Council of Bank Negara Malaysia are binding on all Islamic financial institutions, takaful companies, courts and arbitrators. The value of this compilation can be appreciated when the resolutions are analysed within the framework of Islamic juristic arguments and Islamic philosophy of Ijtihad, in particular the collective Ijtihad. FOREWORD BY CHAIRMAN OF SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA xiii I am hopeful that this compilation will serve the purposes for which it is published. Wassalam. Dr. Mohd Daud Bakar Chairman Shariah Advisory Council of Bank Negara Malaysia 2006 – 2010 xiv The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in 1997 as the highest authoritative body in ascertainment of Shariah matters relating to Islamic finance in Malaysia. The SAC has been given the mandate to ascertain the Islamic law for the purposes of Islamic banking business, takaful business, Islamic financial business, Islamic development financial business, or any other businesses, that are based on Shariah principles and are supervised and regulated by Bank Negara Malaysia. As the reference body and advisor to Bank Negara Malaysia on Shariah matters, the SAC is also responsible for validating all Islamic banking and takaful products to ensure their compatibility with Shariah principles. In addition, the SAC advises Bank Negara Malaysia on any Shariah issues pertaining to Islamic financial business or transactions of Bank Negara Malaysia, as well as other related entities. In the recent provisions of the Central Bank of Malaysia Act 2009, the roles and functions of the SAC have been further reinforced whereby the SAC is accorded the status as the sole authoritative body on Shariah matters pertaining to Islamic banking, takaful and Islamic finance in Malaysia. While the rulings of SAC are applicable to Islamic financial institutions, the courts and arbitrator are also required to refer to the rulings of the SAC for any proceedings relating to Islamic financial business, and such rulings shall be binding. The SAC comprises prominent scholars and Islamic finance experts, whom are qualified individuals with vast experience and knowledge in various fields, especially in finance and Islamic law. SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA xv xvi MEMBERS OF THE SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA (1997 - 2010) Dr. Mohd Daud Bakar Sessions of Appointment: 1997 - 2010 Dato’ Dr. Abdul Halim Ismail Sessions of Appointment: 1997 - 2010 Tun Abdul Hamid Mohamad Sessions of Appointment: 2004 - 2010 Tan Sri Datuk Sheikh Ghazali Abdul Rahman Sessions of Appointment: 1999 - 2010 Datuk Haji Md. Hashim Yahaya Sessions of Appointment: 1997 - 2010 Sahibus Samahah Dato’ Haji Hassan Ahmad Sessions of Appointment: 1997 - 2010 Dato’ Wan Mohamad Dato’ Sheikh Abd Aziz Sessions of Appointment: 2008 - 2010 Prof. Madya Dr. Engku Rabiah Adawiah Engku Ali Sessions of Appointment: 2006 - 2010 Prof. Madya Dr. Mohamad Akram Laldin Sessions of Appointment: 2008 - 2010 Dr. Muhammad Syafii Antonio Sessions of Appointment: 2006 - 2010 Prof. Madya Dr. Abdul Halim Muhammad Sessions of Appointment: 2004 - 2008 xvii Dr. Mohd Parid Sheikh Ahmad Sessions of Appointment: 2004 - 2008 Dr. Aznan Hasan Sessions of Appointment: 2006 - 2008 Prof. Datuk Dr. Abdul Monir Yaacob Sessions of Appointment: 1999 - 2006 Dr. Mohd Ali Baharum Sessions of Appointment: 2001 - 2006 Prof. Dr. Joni Tamkin Borhan Sessions of Appointment: 1999 - 2003 Prof. Dato’ Dr. Haji Othman Ishak Sessions of Appointment: 1997 - 1999 Dato’ Dr. Haron Din Sessions of Appointment: 1997 - 1999 Dr. Ahmed Ali Abdalla Sessions of Appointment: 1997 - 1999 Allahyarham Prof. Emeritus Tan Sri Datuk Ahmad Ibrahim Sessions of Appointment: 1997 - 1999 Allahyarham Dato’ Sheikh Azmi Ahmad Sessions of Appointment: 1997 - 1999 Allahyarham Dr. Abdullah Ibrahim Sessions of Appointment: 1997 - 1999 The Central Bank of Malaysia Act 2009 (the Act) has recognised the Shariah Advisory Council of Bank Negara Malaysia (SAC) as the highest authoritative body in ascertainment of matters relating to Shariah issues in Islamic finance. In this regard, Bank Negara Malaysia had published Shariah Resolutions in Islamic Finance (Second Edition) to serve as an important Shariah reference for Islamic finance industry practitioners, courts and arbitrators. This is in line with the requirement of the Act that requires all financial institutions, courts and arbitrators to refer to the SAC on any matters or proceedings relating to Islamic financial business. This book contains the decisions of the SAC since its establishment in 1997 to 2009. It has been revised and endorsed by the SAC as the latest edition and applicable as reference on Shariah rulings relating to Islamic finance. This edition supersedes the Shariah Resolutions in Islamic Finance (First Edition) which was published in 2007 and the Summary of National Shariah Advisory Council Decisions for Islamic Banking and Takaful (Summary of SAC Decisions) which was released in 2002. Accordingly, all new Islamic financial products that will be offered by Islamic financial institutions or any existing products to be offered to new customers must comply with the rulings of this Shariah Resolutions in Islamic Finance (Second Edition). However, for Islamic financial products which have been contracted between the customers and Islamic financial institutions based on the Shariah rulings published in the First Edition and the Summary of SAC Decisions, the contracts remain in force until maturity. In the event where there are any inconsistencies between the English and Bahasa Melayu versions, the Bahasa Melayu version shall prevail. Any queries relating to Shariah Resolutions in Islamic Finance (Second Edition) may be submitted to the SAC Secretariat via e-mail: [email protected] INTRODUCTION xviii xix ABBREVIATIONS AAOIFI Accounting and Auditing Organisation for Islamic Financial Institutions AITAB Al-ijarah thumma al-bai` BBA Bai` bithaman ajil BNNN-Ijarah Bank Negara Negotiable Notes based on the concept of ijarah Cagamas National Mortgage Corporation CGC Credit Guarantee Corporation (Malaysia) Berhad CMH Commodity Murabahah House CPO Crude palm oil Danajamin Danajamin Nasional Berhad FAST Fully Automated System for Issuing/Tendering IBS Islamic Banking Scheme INID Islamic Negotiable Instrument of Deposit IT Information technology MII Mudarabah Interbank Investment NIDC Negotiable Islamic Debt Certificate n.d. No date no. Number xx OIC Organisation of the Islamic Conference p. Page PIDM Perbadanan Insurans Deposit Malaysia (Malaysia Deposit Insurance Corporation) PER Profit Equalisation Reserve ‘r’ Rate of return of financial institutions RENTAS Real Time Electronic Transfer of Funds and Securities SAC Shariah Advisory Council of Bank Negara Malaysia SAW Sallallahu `alaihi wasallam SPV Special Purpose Vehicle SWT Subhanahu wa ta`ala T+2 Two days after the transaction date v. Volume 1 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E PART 1: SHARIAH CONTRACTS 2 Ijarah refers to a lease or commission contract that involves an exchange of usufruct or benefits of an asset or a service for rent or commission for an agreed period. In the context of Islamic finance, the ijarah concept is usually applicable in financing contracts such as in real property financing, vehicle financing, project financing and personal financing. There are also financing products that enable customers to lease assets from Islamic financial institutions with an option to acquire the leased assets at the end of the lease tenure based on the concept of ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai`. 1. Application of al-Ijarah thumma al-Bai` in Vehicle Financing There has been a proposal by an Islamic financial institution to introduce vehicle financing based on al-ijarah thumma al-bai` (AITAB) concept. The financing based on AITAB involves two types of contracts, namely leasing contract (ijarah), followed by sale contract (al-bai`). At the initial stage, the Islamic financial institution will conclude an ijarah agreement with the customer. Under this agreement, the Islamic financial institution will appoint the customer as an agent to purchase the vehicle identified by the customer. Subsequently, the Islamic financial institution will lease the vehicle to the customer for a specified period. Upon expiry of the lease period, the customer has the option to purchase the vehicle from the Islamic financial institution. If the customer opts to purchase the vehicle, the Islamic financial institution and the customer will conclude a sale contract and the ownership of the vehicle will be transferred from the Islamic financial institution to the customer. In this regard, the SAC was referred to on the issue as to whether the application of AITAB in the aforesaid vehicle financing is allowed by the Shariah. Resolution The SAC, in its first meeting dated 8 July 1997 and 36th meeting dated 26 June 2003, has resolved that the application of the AITAB concept in vehicle financing is permissible, subject to the following conditions: IJARAH 3 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 4 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. The modus operandi of AITAB shall consist of two independent contracts, namely ijarah contract and al-bai` contract; ii. The sale price upon expiry of the lease period may be equivalent to the last rental amount of ijarah; iii. An agency letter to appoint the customer as an agent for the Islamic financial institution shall be introduced in the modus operandi of AITAB; iv. The AITAB agreement shall include a clause that specifies “will purchase the vehicle” at the end of the lease period, as well as a clause on early redemption by the lessee; v. The deposit paid to the vehicle dealer does not form a sale contract since it is deemed as a deposit that has to be paid by the Islamic financial institution; vi. In line with the principles of ijarah, the Islamic financial institution as the owner of the asset shall bear all reasonable risks relating to the ownership; and vii. For cases relating to refinancing with a new financier, the lessee shall firstly terminate the existing AITAB contract before entering into a new AITAB agreement. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. The option to execute a sale contract at the end of the lease tenure is a feature of AITAB and ijarah muntahia bi al-tamlik that is permissible and practised in the market. This option does not contradict the Shariah as the ijarah contract and the sale contract are executed independently;1 and ii. The OIC Fiqh Academy, in its resolution no. 110 (12/4), has also allowed ijarah muntahia bi al-tamlik, subject to certain conditions.2 1 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 2/2. 2 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 2000, no. 12, v. 1, p. 697 - 698. 5 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 2. Assignment of Liabilities in al-Ijarah thumma al-Bai` Most vehicle financing facilities offered by Islamic financial institutions are based on al-ijarah thumma al-bai` (AITAB) concept. However, there are circumstances whereby the lessee decides to discontinue the lease and seeks to find another person as a replacement who will continue the lease and will ultimately purchase the asset from the Islamic financial institution. This arrangement is in line with the provision of the Hire Purchase Act 1967 that allows a lessee to transfer his rights and liabilities under a hire purchase agreement to another person. In this regard, the SAC was referred to on the issue as to whether the concept of assignment of liabilities as provided under the Hire Purchase Act 1967 is applicable in vehicle financing based on AITAB. Resolution The SAC, in its 7th meeting dated 29 October 1998, has resolved that vehicle financing based on AITAB may apply the concept of assignment of liabilities as provided under the Hire Purchase Act 1967. Basis of the Ruling The assignment of rights or liabilities does not contradict the Shariah as Islam recognises transfer of rights and liabilities based on mutual agreement by the parties. In the context of vehicle financing based on AITAB, if a lessee decides to discontinue the lease, he may transfer his rights and liabilities to another party who will continue the lease and will ultimately purchase the asset from the Islamic financial institution. 6 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 3. Ownership Status of Ijarah Asset In an ijarah contract, the lessor is the owner of the ijarah asset whereas the lessee is only entitled to the usufruct of the asset. Since in the current practice the lessor’s name is not registered in the asset’s title, the SAC was referred to on the issue as to whether the lessor possesses the ownership of the leased asset. Resolution The SAC, in its 29th meeting dated 25 September 2002, has resolved that the lessor is the owner of the leased asset although his name is not registered in the asset’s title. Basis of the Ruling The aforesaid SAC’s resolution is based on the Shariah recognition of both legal ownership and beneficial ownership.3 In the context of ijarah, the lessor has the beneficial ownership although the asset is not registered under his name. Such beneficial ownership may be proven through the documentation of the ijarah agreement concluded between the lessor and the lessee. 4. Termination of Ijarah Contract Termination of a contract is allowed in Shariah whenever the contracting parties decide to discontinue the mutually agreed contract. Termination of a contract may occur due to various reasons, which include among others, to avoid injustice, losses or any other harm to the contracting parties. In this regard, the SAC was referred to on the basis for termination of an ijarah contract. 3 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1990, no. 6, v. 1, p. 771. 7 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 29th meeting dated 25 September 2002, has resolved that an ijarah contract may be terminated if the leased asset does not function and loses its usufruct, the contracting parties do not fulfill the terms and conditions of the contract or both contracting parties mutually agree to terminate the contract. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. The subject matter of an ijarah contract is the usufruct of the leased asset and if the asset loses its usufruct, the ijarah contract may be terminated.4 ii. Based on the principle of freedom to contract, both contracting parties are free to stipulate any mutually agreed contractual terms and conditions. Therefore, the ijarah contract may be terminated if any of the contracting parties does not satisfy the agreed terms and conditions. This is in line with the following hadith of Rasulullah SAW: 4 Al-Syatibi, Al-Muwafaqat fi Usul al-Syari`ah, Dar al-Ma`rifah, 1999, v. 3, p. 165; Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 8, p. 125. 5 Ibnu Majah, Sunan Ibnu Majah, Dar al-Fikr, (n.d.), v. 2, p. 737, hadith no. 2185. 6 Abu Daud, Sunan Abi Daud, Bait al-Afkar al-Dawliyyah, 1999, p. 398, hadith no. 3594. “Verily, the contract of sale is based on mutual consent.”5 “The Muslims are bound by their (agreed) conditions except the condition that permits what is forbidden or forbids what is permissible.” 6 iii. The ijarah contract is a binding contract that requires mutual agreement of both parties for its termination. 8 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 5. Issuance of Bank Negara Negotiable Notes Based on Ijarah Concept Bank Negara Malaysia proposed to issue Bank Negara Negotiable Notes based on ijarah concept (BNNN-Ijarah). The proposed structure of the BNNN-Ijarah is as follows: i. Bank Negara Malaysia will sell the beneficial interests of its real property (such as land and building) to a Special Purpose Vehicle (SPV). The SPV will then lease the property to Bank Negara Malaysia for a specific period through execution of an ijarah muntahia bi al-tamlik agreement. As a consideration, Bank Negara Malaysia will pay rent (at a rate which is agreed during the conclusion of the contract) for every 6 months throughout the lease period; ii. Bank Negara Malaysia will provide to the SPV wa`d to repurchase the property at an agreed price on the maturity date; iii. The SPV will then create a trust for the property and subsequently issue BNNN- Ijarah for subscription by market participants. Investors who subscribe to BNNN- Ijarah will make the purchase payment to the SPV and the proceeds will be utilised by the SPV for the settlement of the property’s purchase price to Bank Negara Malaysia. Subsequent to this transaction, the market participants as investors now become the owners of the trust created by the SPV. As the owners, they are entitled to the rent paid by Bank Negara Malaysia; and iv. Since the BNNN-Ijarah represents beneficial ownership on pro-rated basis of the property, the BNNN-Ijarah holders are able to sell the notes to the market at par price, at discounted price or at premium. In this regard, the SAC was referred to on the issue as to whether the proposed issuance of Bank Negara Negotiable Notes which is based on ijarah is permissible by the Shariah. 9 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 33rd meeting dated 27 March 2003, has resolved that the proposed structure of Bank Negara Negotiable Notes based on ijarah concept is permissible provided that there are two separate contracts executed at different times, whereby a sale contract is made subsequent to an ijarah contract, or there is an undertaking to acquire ownership (al-wa`d bi al-tamlik) through sale or hibah at the maturity of the leasing contract. Basis of the Ruling The aforesaid SAC’s resolution is based on the considerations as mentioned in item 1.7 6. Ijarah Contract with Floating Rental Rate At the initial stage of the development of Islamic finance, most of Islamic financing facilities were offered at fixed rates with long maturity periods. With such features, Islamic financial institutions were tied to low profit rates, therefore limiting their abilities to provide satisfactory returns to the investors. In addressing this issue, a committee had been set up to study feasible financing models with floating or flexible rates that would facilitate the Islamic financial institutions to manage their assets and liabilities more efficiently and offer competitive returns to the customers. Among the identified financing models that may adopt the floating rate mechanism is financing that is based on ijarah contract. In this regard, the SAC was referred to on the issue as to whether the floating rate financing may be applied in ijarah contract. 7 Application of al-Ijarah thumma al-Bai` in Vehicle Financing. 10 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 33rd meeting dated 27 March 2003, the 35th meeting dated 22 May 2003 and the 38th meeting dated 28 August 2003, has resolved that the rate of rental in ijarah contract may vary based on an upfront agreement to base it against a mutually agreed variable for a specified period. Basis of the Ruling In an ijarah contract, the rate of rental of an asset is negotiable between the lessor and the lessee. It can be a fixed rate for the whole tenure until maturity or a flexible rate that varies according to a certain method. In order to avoid any element of gharar (uncertainty), an agreed method must be determined and described upon concluding the contract. Subsequently, both contracting parties are bound by the terms until the maturity date of the contract. Any changes to the agreed floating rate shall be deemed as the risk willingly taken by both parties based on an upfront mutual agreement. In addition, the rate of rental must be known by both contracting parties.8 The determination of the rate may be made for the whole lease period or in stages. The rate may also be fixed or floating depending on its suitability as acknowledged by both lessee and lessor.9 7. Absorption of Costs Associated with Ownership of Asset in Ijarah Generally, an Islamic financial institution as the lessor and the owner of the ijarah asset is responsible to bear the maintenance costs of the asset particularly the costs related to its ownership, such as quit rent and assessment fee. In addition, any loss due to damage to the ijarah asset shall be borne by the Islamic financial institution. Therefore, the ijarah asset is usually covered by a takaful scheme in order to mitigate the financial risk that may occur in the event of impairment of the ijarah asset. 8 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 5/2/1. 9 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 5/2/1. 11 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the issue as to whether the owner of the ijarah asset may transfer the obligation to bear the costs of maintenance and takaful coverage to the lessee, namely the customer. Resolution The SAC, in its 29th meeting dated 25 September 2002, the 36th meeting dated 26 June 2003 and the 104th meeting dated 26th August 2010, has resolved that the owner of the asset is not allowed to transfer the obligation to bear the costs of maintenance and takaful coverage of the leased asset to the lessee. However, the owner may appoint the lessee as his agent to bear those costs which will be offset in the sale transaction of the asset at the end of the lease period. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. The lessor is responsible to bear the costs of maintenance and takaful coverage of the leased asset, if any.10 The quit rent, for instance, is a type of maintenance cost that relates to the ownership of the asset, and therefore it must be borne by the lessor. However, the lessee is allowed to pay for the quit rent and takaful coverage cost on behalf of the lessor, and the amount of such payment shall be deemed as part of the deposit and will be offset (muqasah) in the sale transaction at the end of the lease period; and ii. Although there are differences in terms of type, feature and tenure of debts, the mutually agreed offsetting of debts (al-muqasah al-ittifaqiyyah) is permissible, since consent is considered as a mutual agreement (ittifaqiyyah) of the debtor and the creditor to any extra amount of their debt towards each other (if any).11 10 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 5/1/7. 11 AAOIFI, Al-Ma`ayir al-Syar`iyyah,Standard no. 4 (Al-Muqasah), paragraph 2/2/3. 12 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 8. Liability of Lessee over Third Party’s Asset Essentially, all risks related to the ownership of the asset such as accident or damage to a third party’s asset due to negligence of the owner of the asset is borne by the owner. However, in the context of ijarah, an issue arises as to whether the Islamic financial institution (as the owner of the ijarah asset) is liable for any damage to a third party’s asset due to negligence of the lessee (or the customer). For example, if an accident happened due to negligence of the lessee and caused damage to a third party’s vehicle and also the leased vehicle via ijarah contract, should the Islamic financial institution as the owner of the ijarah asset be liable for losses suffered by the third party? In this regard, the SAC was referred to on the issue as to whether the Islamic financial institution is allowed to request for an indemnity letter from the customer that indicates the customer’s guarantee to indemnify a third party, either in the form of cash, repair or replacement, in cases where accident or damage occur due to the customer’s negligence. Resolution The SAC, in its 36th meeting dated 26 June 2003, has resolved that the Islamic financial institution is allowed to request for an indemnity letter from the customer for the purpose of ensuring that the customer in his capacity as a lessee provides a guarantee to indemnify a third party, either in cash, repair or replacement, if the occurrence of an accident or damage to the third party’s asset is caused by his negligence. Basis of the Ruling The liability to a third party that relates to the ownership of the asset, such as an accident or damage, is supposed to be borne by the owner of the asset. However, the owner may transfer such liability to the lessee if the third party’s claim is caused by the lessee’s negligence. 13 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 9. Lessee’s Priority to Purchase Asset in the Event of Default in Rental Payment In a financing contract based on ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai`, there is a possibility that the lessee may default in settling the rental payment of the ijarah asset. As the financier and owner of the asset, the Islamic financial institution may suffer losses due to such default. Based on the terms of the contract, the Islamic financial institution as the owner of the asset shall make an offer to sell the asset to the customer if the customer fails to settle the rental payment within a specified period. If the customer refuses or cannot afford to buy the asset, the Islamic financial institution shall sell it in the market in order to recover its capital and costs incurred. In this regard, the SAC was referred to on the issue as to whether a defaulted customer may be given the priority to purchase the leased asset before it is offered to the market, and whether a clause regarding such priority can be included in the agreement. Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the customer who has defaulted in paying the rent may be given the priority to purchase the leased asset before it is sold in the market, and such priority may be included in the terms of the agreement. Basis of the Ruling The aforesaid SAC’s resolution has considered that the main objective of the lessee in entering the ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai` contract is to own the asset upon maturity of the financing period. Therefore, the customer should be given the priority to buy the asset before it is offered to the market based on the agreed terms of ijarah contract. This practice is not contradictory to the objectives of ijarah contract (muqtada al-`aqd). 14 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 10. Surplus Sharing from Sale of Ijarah Asset between Lessor and Lessee In the event a customer defaults in rental payment and is unable to purchase the asset in an ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai` financing facility, the Islamic financial institution as the financier will normally sell the leased asset to the market to recover its capital and costs incurred. In this regard, the SAC was referred to on the issue as to whether any surplus (which is the sale price that exceeds the amount claimed by the Islamic financial institution) gained from the sale of the leased asset will solely belong to the Islamic financial institution or it must be shared between the Islamic financial institution and the customer. Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the Islamic financial institution as the lessor is not obliged to share the surplus with the customer as the asset is wholly owned by the lessor. However, the lessor may, at his discretion, give the surplus wholly or partially to the customer based on hibah. Basis of the Ruling The aforesaid SAC’s resolution is based on the principle that the asset owner in an ijarah contract has full right over the leased asset. Therefore, if the asset is sold to the other party, the whole sale price belongs to the asset owner. As such, it is not obligatory on the owner to give the whole or part of his rights to others without his consent. In addition, the sale or auction of the leased asset in the market is due to the lessee’s default in rental payment which should have been made in accordance with the terms and conditions of the contract. 15 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 11. Utilisation of Third Party’s Asset Acquired Through Mudarabah Contract as Underlying Asset in Issuance of Sukuk Ijarah There was a proposal to issue sukuk ijarah that utilises a third party’s asset that is acquired through a mudarabah contract. Under this mechanism, entity A serves as a mudarib who receives the mudarabah capital in kind from the third party. Entity A subsequently sells the asset to a Special Purpose Vehicle (SPV) and later leases back the asset from the SPV with rent payable twice a year. The SPV then issues sukuk ijarah and makes coupon payments twice a year payable to the investors using the rental proceeds received from entity A. Upon maturity, entity A has an option to purchase the asset from the SPV and subsequently returns it to the original owner with an agreed profit rate. The mudarabah profit is determined based on cost saving derived from the issuance of sukuk ijarah. In this regard, the SAC was referred to on the issue as to whether the proposed issuance of sukuk ijarah that utilises a third party’s asset acquired through a mudarabah contract as an underlying asset is permissible. Resolution The SAC, in its 67th meeting dated 3 May 2007, has resolved that the proposed issuance of sukuk ijarah that utilises a third party’s asset acquired through a mudarabah contract is not allowed. This is because the method used for determining the mudarabah profit that is based on cost saving derived from the issuance of sukuk ijarah is not consistent with the principles of mudarabah profit as recognised by the scholars. 16 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The definition of mudarabah profit as recognised by the scholars, such as Ibnu Qudamah, refers to the “added value” to the invested capital,12 and the amount of mudarabah profit may be determined by the pre-agreed profit sharing ratio at the inception of the contract. With regard to the proposed issuance of sukuk ijarah that utilises a third party’s asset, the mudarabah profit which is determined based on the “cost saving” derived from issuance of the sukuk ijarah is not considered as an addition to the capital contributed by the investors. 12. Application of Ijarah Mawsufah fi al-Zimmah Concept in Financing for House under Construction Based on Musyarakah Mutanaqisah There has been a proposal by an Islamic financial institution for the application of ijarah mawsufah fi al-zimmah concept as a supporting contract in musyarakah mutanaqisah-based financing for houses that are still under construction. In this financing product, the customer and the Islamic financial institution share the rights over the asset under construction based on musyarakah mutanaqisah contract. The Islamic financial institution then leases its portion to the customer under the contract of ijarah mawsufah fi al-zimmah as the leased asset is still under construction. The customer pays advanced rent during the construction period of the asset. Upon completion of the asset, the customer will continue to pay full rent for enjoyment of the usufruct of the asset. In this regard, the SAC was referred to on the issue as to whether the application of ijarah mawsufah fi al-zimmah concept as a supporting contract in home financing product based on musyarakah mutanaqisah is permissible. Resolution The SAC, in its 68th meeting dated 24 May 2007, has resolved that the application of ijarah mawsufah fi al-zimmah in financing for house under construction using musyarakah mutanaqisah contract is permissible. 12 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub,1997, v. 7, p. 165. 17 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The aforesaid SAC’s resolution has considered the following juristic views: i. Al-Khatib Al-Sharbiniy in his book of Mughni al-Muhtaj, Al-Nawawi in his book of Raudah al-Talibin and Al-Juzairi in his book of Kitab al-Fiqh `ala al-Mazahib al-Arba`ah classified ijarah into two types: a. Ijarah over the usufruct of a readily available asset; or b. Ijarah over the usufruct of an asset undertaken to be made available (zimmah) such as leasing of an animal which is yet to be in existence for a specified purpose, or a liability to construct a specified asset. ii. According to schools of Maliki and Syafii, property/asset that may be leased are divided into two, namely lease of usufruct of a readily available asset and lease of usufruct of an asset undertaken to be made available;13 and iii. Ijarah mawsufah fi al-zimmah is permissible based on qiyas to salam contract. However, unlike salam contract, it is not a requirement to have the advanced rental payment while the asset is still under construction.14 13. Deposit Payment in Islamic Hire Purchase As provided under the Hire Purchase Act 1967, the owner of the leased asset is required to take at least 10% of the cash value of the asset as a minimum deposit. In the current practice, the customer normally pays the rental deposit of the leased asset or vehicle to the dealer. However, there are some instances whereby the deposit is required to be paid directly to the Islamic financial institution as the financier. In this regard, the SAC was referred to on the possible best approach for the payment of deposit in Islamic hire purchase and the relationship between the dealer, customer and Islamic financial institution in the hire purchase agreement. 13 Ministry of Waqf and Islamic Affairs of Kuwait, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 2004, v. 1, p. 259. 14 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 3/5. Resolution The SAC, in its 69th meeting dated 27 July 2007, has resolved that the best approaches for the payment of deposit in Islamic hire purchase are as follows: i. The customer pays the rental deposit (for example 10%) to the Islamic financial institution. The Islamic financial institution then purchases the asset or vehicle from the dealer by paying its total price (10% customer’s deposit + balance of 90%). The Islamic financial institution later leases the asset or vehicle to the customer. ii. However, if the customer has paid a certain amount (10%) to the dealer, the following two approaches are acceptable: a. The deposit payment may be considered as a security deposit (hamish jiddiyyah). In this situation, the customer may have an arrangement with the Islamic financial institution to offset the security deposit with the asset’s selling price or rent; or b. The deposit payment may be considered as a rental deposit (`urbun for ijarah) to the dealer. When the asset is sold to the Islamic financial institution, the dealer will surrender the ownership of the asset and the lease agreement to the Islamic financial institution. In this situation, the dealer may have an arrangement with the Islamic financial institution to offset the rental deposit with the selling price paid by the Islamic financial institution. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 18 19 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “Hadith from Zaid bin Aslam narrated that Rasulullah SAW was asked by someone on a ruling pertaining to the practice of `urbun in sales and Rasulullah SAW allowed it.” 16 “Narrated by Nafi` bin Abdul Haris: He bought a prison building for Umar from Sofwan bin Umayyah at four thousand dirham, if Umar agrees, then the sale is enforceable, if he disagrees, Sofwan is entitled to four hundred dirham.” 17 14. Utilisation of Third Party’s Asset Acquired Through Sale Concept in Issuance of Sukuk Ijarah There was a proposal to issue sukuk ijarah that utilises a third party’s asset which is acquired through a sale concept. Under this mechanism, entity A buys a third party’s asset and later sells it to a Special Purpose Vehicle (SPV). This transaction involves transfer of ownership from entity A to the SPV. The SPV subsequently issues sukuk ijarah to an Islamic financial institution that represents a pro rata ownership amongst the sukuk holders over the asset. The SPV receives proceeds from the issuance of the sukuk whereby part of the proceeds is utilised to pay the asset’s purchase price to entity A. 15 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 8 (Al-Murabahah li al-Amir bi al-Syira’), paragraph 2/5/3. 16 Al-Syawkani, Nail al-Awtar, Dar al-Kutub al-`Ilmiyyah, 1999, v. 5, p. 162. 17 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 331. Basis of the Ruling The payment of a security deposit which is known as hamish jiddiyah may be applicable in the context of deposit for Islamic hire purchase since it has been recognised by the contemporary scholars as a method in Islamic financial products.15 With regard to the deposit payment which may be considered as a rental deposit (`urbun for ijarah), there are some narrations on the permissibility of `urbun as follows: Subsequently, the SPV leases the asset to entity A based on ijarah muntahia bi al- tamlik concept. As a consideration, entity A pays rents to the SPV twice a year and the rents are distributed amongst the sukuk ijarah holders. Entity A repurchases the asset from the SPV at a price that is equivalent to the nominal value of the sukuk ijarah at the maturity date. The SPV then redeems the sukuk ijarah from the investors. In this regard, the SAC was referred to on the issue as to whether the issuance of the sukuk ijarah that utilises a third party’s asset acquired through a sale concept is allowed by the Shariah. Resolution The SAC, in its 70th meeting dated 12 September 2007, has resolved that the proposed structure of sukuk ijarah that utilises a third party’s asset acquired through a sale concept is permissible. Basis of the Ruling The aforesaid SAC’s resolution has considered that the sale and purchase contract in this sukuk ijarah structure is clear and valid provided it satisfies all conditions of a sale contract such as transfer of ownership etc. Besides, the application of ijarah muntahia bi al-tamlik contract or also known as al-ijarah thumma al-bai` is accepted by majority of the fuqaha’ (please refer to item 118). 18 Application of al-Ijarah thumma al-Bai` in Vehicle Financing. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 20 ISTISNA` Istisna` is a contract of sale and purchase involving manufacturing, producing or constructing a particular asset according to certain terms and specifications as agreed between the seller, the manufacturer/developer and the customer. In the current context, istisna` is normally applied in the construction and manufacturing sectors, for example, through parallel istisna` (istisna` muwazi), to finance construction and manufacturing activities. 15. Project Financing Based on Istisna` with Pledging of Conventional Bond An Islamic financial institution decided to offer project financing based on istisna` contract to renovate and refurbish its customer’s business premise. The proposed modus operandi for this istisna` financing is as follows: i. The customer awards a contract to renovate his business premise to the Islamic financial institution at a price, for example, RM2 million which will be paid by instalments; ii. The Islamic financial institution subsequently appoints a contractor to undertake the renovation works of the premise according to the specifications as stipulated in the agreement at a price, for example, RM1 million to be paid in cash; iii. The customer will pledge a conventional bond as security to secure the financing. The bond which has been pledged will be liquidated by the Islamic financial institution (only up to the principal value of the bond without interest) if the customer failed to honour the instalment due according to the terms and conditions of the agreement; and iv. In case of failure to complete the renovation, the customer is not required to pay the pre-agreed price and the Islamic financial institution will enforce the terms and conditions of the agreement to claim compensation from the contractor. 21 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 22 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the following issues: i. Whether the proposed project financing based on istisna` contract is permissible; and ii. Whether the Islamic financial institution may accept a conventional bond as a security for the Islamic financing. Resolution The SAC, in its first special meeting dated 13 April 2007, has resolved the following: i. The proposed structure and mechanism for the project financing based on istisna` contract is permissible. However, the usage of the renovated business premise shall comply with the Shariah; and ii. Conventional bond as a security for the Islamic financing is permissible. Basis of the Ruling The aforesaid resolution by the SAC on the permissibility of istisna` is based on the following hadith of Rasulullah SAW: “Reported by Jabir bin Abdillah, a lady said: Oh Rasulullah, may I make something for you to sit on it, verily I own a slave who is good in carpentry. Rasulullah SAW replied: As you wish. Then she made a mimbar.” 19 19 Al-Bukhari, Sahih al-Bukhari,Al-Matba`ah al-Salafiyyah, 1982, v. 1, p. 162, hadith no. 449. 23 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 20 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 4, p. 70, hadith no. 5876. 21 Majallah al-Ahkam al-`Adliyyah, Matba`ah al-Adabiyyah, 1302H, p. 67: 22 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 11 (Al-Istisna` wa al-Istisna` al-Muwazi), paragraph 2 and 7. “Reported by Nafi’, Abdullah told him: that Rasulullah SAW has ordered a golden ring. When he put on the ring, he will turn its stone towards the palm of his hand. Later, there were a lot of people who also ordered manufactured golden ring for themselves. Then Rasulullah SAW stepped on the mimbar and praised Allah SWT and said: “I had once ordered a manufactured golden ring but now I am not wearing it anymore”, then he threw the ring and followed by the people.” 20 Majallah al-Ahkam al-`Adliyyah also provides that istisna` is permissible (article 389) provided that the descriptions and features of the ordered subject matter have been mutually agreed upon (article 390). Article 391 of the Majallah states that istisna` payments need not be made at the time of the contract.21 Istisna` and istisna` muwazi have also been allowed by the AAOIFI as long as the relevant principles are being followed accordingly.22 In relation to the permissibility of accepting a conventional bond as a security for Islamic financing, some scholars recognise such practice since the pledge is not made for the purpose of ownership, but merely as a security. A conventional bond is a type of liquid asset that fulfills the requirements of chargeable items. Rasulullah SAW had also applied istisna` contract in making an order to manufacture a ring for him as narrated in the following hadith: 24 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Mudarabah is a contract between two parties to conduct a particular joint venture. It involves the rabbul mal as investor who provides the capital, and the mudarib as entrepreneur who manages the joint venture. Any profits generated from the joint venture will be shared between the investor and the entrepreneur based on the agreed terms and ratio, whereas any losses will be solely borne by the investor. In the Islamic financial system, a mudarabah contract is normally applied in deposit acceptance, for example, current account, savings account and investment account. In addition, mudarabah contract is also applied in the interbank investment and in the issuance of Islamic securities. In the takaful industry, mudarabah contract is used as one of the operational models as well as an underlying contract for investment in takaful fund. 16. Islamic Negotiable Instrument of Deposit Based on Mudarabah There was a proposal to introduce Islamic Negotiable Instrument of Deposit (INID) in the Islamic Interbank Money Market. INID is a money market instrument which is structured based on mudarabah contract with a floating profit rate, depending on the amount of dividend declared by the Islamic financial institution from time to time. This instrument is tradable in the secondary market in order to enhance its liquidity. Under the INID mechanism, an investor will deposit a sum of money with the Islamic financial institution which will then issue INID. As the entrepreneur, the Islamic financial institution will be issuing an INID Certificate to the investor as an evidence of the deposit acceptance. On the maturity date, the investor will return the INID to the Islamic financial institution and will receive the principal value of INID with its declared dividend. In this regard, the SAC was referred to on the issue as to whether the INID product based on mudarabah is permissible by Shariah. Resolution The SAC, in its 3rd meeting dated 28 October 1997, has resolved that INID product based on mudarabah is permissible. MUDARABAH 25 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The floating rate feature is in line with mudarabah investment feature because mudarabah profit will be shared together based on profit which is much influenced by variable performance of the investment or business activities. Majority of fiqh scholars unanimously agree that mudarabah is permissible in Shariah based on evidences from Al-Quran, hadith and ijma` as follows: i. Al-Quran: “...and others travelling in the earth in quest of Allah’s bounty...” 23 “Then when the prayer is finished, then disperse through the land (to carry on with your various duties) and go in quest of Allah’s bounty and remember Allah always (under all circumstances), so that you may prosper (in this world and the Hereafter).”24 23 Surah al-Muzammil, verse 20. 24 Surah al-Jumu`ah, verse 10. Based on the first verse cited above, the word means permissibility to travel in managing wealth to seek the bounty of Allah SWT. Whereas the second verse cited above generally refers to the command to mankind to disperse on the earth in effort to seek wealth and bounty provided by Allah SWT, including by joint venture and trading. Even though these verses do not directly refer to mudarabah, both verses refer to permissibility of conducting business. The above hadith states three things which are deemed as blessed and one of them is muqaradah. The term muqaradah originates from the word qiradh which is commonly used by scholars in Hijaz while Iraqi scholars termed it as mudarabah. Thus, muqaradah and mudarabah are two synonymous terms having the same meaning. iii. Ijma` It was reported that some of the companions of Rasulullah SAW invested property of the orphans based on mudarabah.26 There was no dissenting view among them and it is considered as ijma`. 17. Application of Mudarabah Contract in Current Account Product There was a proposal from an Islamic banking institution to introduce a current account product based on mudarabah. This account is different from the wadi`ah current account in which the payment of dividend to customers is at the sole discretion of the bank. In this mudarabah current account, customers are entitled to share some of the profits generated based on a pre-agreed profit sharing ratio at the point of opening the current account. In this regard, the SAC was referred to on the issue as to whether the current account product based on mudarabah is permissible in Shariah. 25 Ibnu Majah, Sunan Ibnu Majah, Dar al-Fikr, (n.d.), v. 2, p. 768, hadith no. 2289. 26 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3925. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 26 “Reported by Soleh bin Suhaib from his father, he said: Rasulullah SAW once said: There are three blessed things; deferred sale, muqaradah and mixing barley and wheat (for household consumption) and not for sale.”25 ii. Hadith of Rasulullah SAW: Resolution The SAC, in its 4th meeting dated 14 February 1998 and 59th meeting dated 25 May 2006, has resolved that current account product based on mudarabah is permissible in Shariah as long as the requirements of mudarabah are fully satisfied. Basis of the Ruling The resolution by the SAC is in line with the permissibility of mudarabah contract in deposit instrument. In addition, withdrawal of the mudarabah current account deposit may be made at any time. This is because the condition that the mudarabah capital shall exist has been satisfied by the requirement to maintain a minimum balance limit in the current account. Thus, if the depositor withdraws the whole deposit amount, the mudarabah contract is considered terminated since it is deemed as withdrawal of the mandate in capital management by the rabbul mal. This is in line with the unanimous view of the four mazhabs that a mudarabah contract is revoked or terminated through express revocation, or implied action by the rabbul mal withdrawing the mandate in managing the capital.27 18. Mudarabah Investment Certificate as Security The need for security in a particular financing is common irrespective whether it is for conventional or Islamic financing. Various assets are used as security including tangible assets and financial assets such as Mudarabah Investment Certificate. In this regard, the SAC was referred to on the following issues: i. Whether Mudarabah Investment Certificate may be used as security. This is due to the opinion that Mudarabah Investment Certificate shall not be used as security for financing provided by financial institutions since there are contradictory features between mudarabah and rahn contracts. In rahn contract, if the mortgagee used the mortgaged asset (with consent of mortgagor), the mortgagee shall guarantee the mortgaged asset from any depreciation in value, loss or impairment. Such guarantee is considered as contradictory to mudarabah contract because its capital shall not be guaranteed by the mudarib; and 27 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3925. 27 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 28 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. Whether the Mudarabah Investment Certificate may be used as security in conventional financing. Resolution The SAC, in its 9th meeting dated 25 February 1999 and 49th meeting dated 28 April 2005, has resolved the following: i. Mudarabah Investment Certificate may be traded and used as security or the subject matter of the mortgage; and ii. Mudarabah Investment Certificate may be used as security only for Islamic financing and not for conventional financing. If the certificate is used as security for conventional financing, it falls under the responsibility of the customers themselves and it is beyond the accountability of the Islamic financial institution. Basis of the Ruling The permissibility of Mudarabah Investment Certificate as security is based on the justification that mudarabah and rahn contracts are two different and separate contracts. The utilisation of mudarabah capital by the Islamic financial institution is for investment and is based on the first contract which is mudarabah and not rahn contract. Thus, there is no issue on the need of the Islamic financial institution to guarantee the value of the mortgaged asset. This situation is seen as similar to the usage of share certificate as security whereby the mortgagee need not necessarily guarantee the market value of the share mortgaged to him. In addition, the Mudarabah Investment Certificate is an asset that has a value. As such, it may be traded and used as a security based on the following fiqh maxim: “Every asset that can be sold, can be charged/mortgaged.”28 28 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 455. 29 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 19. Profit Equalisation Reserve Profit rate declared by an Islamic financial institution usually fluctuates due to flux in income, provisioning and deposits. If the declared profit rate is often fluctuating and uncertain, it may potentially affect the interest and confidence of investors. Hence, there was a proposal to introduce Profit Equalisation Reserve (PER) to create a more stabilised rate of return to maintain the competitiveness of the Islamic financial institution. PER is a provision shared by both the depositors/investors and the Islamic financial institution. It involves an allocation of relatively small amount out of the gross income as a reserve in times where the Islamic financial institution is making a higher return as compared to market rate. The PER will then be used to top up the rate of return in situations where the Islamic financial institution is making a lower return than the market rate. Under this PER mechanism, the rate of return declared by the Islamic financial institution will be more stable in the long run. In this regard, the SAC was referred to on the issue as to whether the PER mechanism may be implemented in Islamic finance, specifically in the context of mudarabah investment. Resolution The SAC, in its 14th meeting dated 8 June 2000, has resolved that the proposal to implement PER is permissible. Basis of the Ruling According to the general method of investment in Islam, distribution of profit between the Islamic financial institution and the investors shall be based on an agreed ratio. Notwithstanding that, in order to ensure the sustainability of Islamic financial system and market stability, the PER mechanism may be implemented on the condition that transparency shall be taken into account. Even though this method may reduce the return to the investors or depositors in times when the Islamic financial institution is making higher profit, it generally allows the rate of return to be stabilised for a long term and ensures a reasonable return to the investors when the institution is making a relatively lower profit. This is considered a fair mechanism as both the Islamic financial institution and investors/depositors jointly contribute and share the benefits of PER. This is also in line with the concept of waiving of right (mubara’ah) allowed by the Shariah which means waiving a portion of right to receive profit for the purpose of achieving market stability in the future.29 20. Administrative Costs in Mudarabah Deposit Account The SAC was referred to on a proposal from an Islamic financial institution in its capacity as a fund manager to charge administrative cost on depositors as investors for mudarabah investment deposit account. Resolution The SAC, in its 16th meeting dated 11 November 2000, has resolved that an Islamic financial institution shall not charge any administrative costs to depositors for mudarabah deposit account. Instead, any additional amount to cover the administrative cost should have been taken into consideration in determining the pre-agreed profit sharing ratio among the contracting parties. Basis of the Ruling Based on mudarabah principles, the fund manager shall manage all duties related to the investment of the fund according to `urf. He is not entitled to charge any fee on service or incidental administrative cost since it is part of his responsibilities as mudarib. 29 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 2000, 13th Convention, resolution no. 123 (13/5). S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 30 21. Intra-Day Transaction as an Islamic Money Market Instrument Intra-day transaction refers to investment of fund based on mudarabah with its maturity and settlement taking place on the same day. It was introduced in Islamic Interbank Money Market to enable the market participants to ensure that their financial needs are stable in a particular point of time. The method of intra-day transaction is similar to the Mudarabah Interbank Investment. The difference is only in terms of maturity period, whereby the Mudarabah Interbank Investment involves maturity period between overnight up to one year, whereas the intra- day transaction involves a short maturity period between 9.00 am until 4.00 pm on the same day. In this regard, the SAC was referred to on the issue as to whether the intra-day transaction may be implemented as an instrument in the Islamic Interbank Money Market since there is a concern that its short investment maturity period may affect the validity of a mudarabah contract. Resolution The SAC, in its 19th meeting dated 20 August 2001, has resolved that intra- day transaction may be implemented in Islamic money market. Basis of the Ruling The mudarabah contract in intra-day transaction may be implemented even though its investment maturity period is short. This is due to the efficiency of the electronic system and information technology at present. Thus, once a fund is received, it may promptly be used to generate profits. 31 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 22. Indirect Expenses The SAC was referred to on the issue as to whether indirect expenses may be considered as deductible costs from mudarabah fund. Indirect expenses include overhead expenses, staff salaries, depreciation of fixed assets, settlement expenses, general administrative expenses, marketing and IT expenses. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that indirect expenses shall not be deducted from mudarabah fund. Basis of the Ruling The aforesaid resolution is based on the consideration of the following arguments: i. Majority of scholars, among others, Imam Abu Hanifah, Imam Malik and Zaidiyyah is of the opinion that a mudarib is entitled to the cost of long distance travelling (musafir) expenses and not recurring cost from mudarabah profit (if any), and if there is none, he may take from the capital just to meet his needs for food, drinks and his clothing; ii. Imam Syafii view that a mudarib is not allowed to charge any cost either direct or indirect expenses as the mudarib is already entitled to a certain percentage of the mudarabah profit;30 and iii. In order to avoid cost manipulation and to safeguard the interest of depositors, indirect expenses shall not be deducted from the mudarabah fund since such cost should have been taken into account in the determination of the pre- agreed profit sharing ratio. 30 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3956. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 32 33 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 23. Assignment of Weightage In the current practice, some Islamic financial institutions will assign a weightage (from 0.76 to 1.24) to every type of deposits in determining the amount of profit to be distributed among the depositors of each type respectively. A weightage higher than 1.0 means higher profit for the depositors as compared to profit sharing ratio, whereas a weightage which is lower than 1.0 leads to lower profit than the agreed profit sharing ratio. Normally, a higher weightage is assigned to deposits with a longer term of maturity. Such practice of assigning different weightage for different types of deposit is meant to facilitate the Islamic financial institution in managing mudarabah deposits with a standardised profit sharing ratio. In this regard, the SAC was referred to on the issue as to whether the assignment of weightage by Islamic financial institutions is allowed. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that assignment of weightage by Islamic financial institutions is not allowed. Basis of the Ruling The aforesaid SAC’s resolution on the prohibition of assignment of weightage by Islamic financial institution is based on Al-Kasani’s view in Bada`i al-Sana`i fi Tartib al-Syara`i, which states that a fasid (void) condition that carries an element of uncertainty in relation to profit distribution will render the contract fasid. In a mudarabah contract, the subject matter that is contracted upon is profit, hence, uncertain and unknown subject matter will render the contract fasid.31 31 Al-Kasani, Bada`i al-Sana`i fi Tartib al-Syara`i,Dar al-Kutub al-`Ilmiyyah, 1986, v. 13, p. 250: “Basically, regarding a fasid (void) condition, when it (fasid condition) is included in a particular contract, it should be observed as to whether it leads to jahalah (unknown) of the profit, (if it does) then the contract becomes fasid, because profit is the subject matter of the contract, and jahalah of the subject matter renders a contract as fasid.” 34 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In addition, based on further observation, it is noted that: i. The assignment of weightage will affect the calculation of net profit for both mudarib and rabbul mal; ii. It changes the pre-agreed profit sharing ratio to a new effective profit sharing ratio; iii. The presumption that a long term investment is riskier is inaccurate since risks are closely related to the type and area of the investment portfolio; and iv. The issue of non-transparency arises since weightage is an internal practice that is not disclosed to the depositors as the rabbul mal. 24. Practice of Islamic Financial Institutions in Transferring Mudarabah Investment Profit to Customer to Avoid Displaced Commercial Risk In a dual banking system, when there is an increase in the current market rate of return, customers would also expect an increase in the rate of return from Islamic financial institutions. In the context of mudarabah investment account, the i nstitutions will transfer a portion of their profit to the customer to avoid displaced commercial risk so that the declared rate will be competitive with the prevailing market rate of return. In this regard, the SAC was referred to on the issue as to whether the institutions are allowed to transfer a portion of their profits to customers to avoid displaced commercial risks in mudarabah investment accounts. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that the practice of Islamic financial institutions to forgo part of their profits to customer to avoid displaced commercial risk in the context of mudarabah investment is permissible. 35 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The aforesaid decision is based on the following considerations: i. The profit in a mudarabah contract is an exclusive right of the contracting parties. Mutual agreement to review the pre-agreed profit sharing ratio will not affect the entitlement of either the rabbul mal or the mudarib to the profit. In addition, the profit will remain as the rights shared between them; and ii. The practice of the Islamic financial institution in forgoing part or its entire share of profits on mudarabah fund is permissible since it is implemented by the Islamic financial institution without affecting the customers’ right. Furthermore, the customers will receive more profit than the pre-agreed profit sharing ratio. 25. Third Party Guarantee on Liability of a Mudarib’s Counterparty in Mudarabah Transaction Basically, a mudarib shall not guarantee the mudarabah capital. However, the SAC was referred to on the issue as to whether a third party may guarantee the liability of any party who deals with the mudarib in mudarabah transaction. Resolution The SAC, in its 90th meeting dated 15 August 2009, has resolved that a third party guarantee on liability of any party who deals with the mudarib in mudarabah transaction is permissible. 36 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Third party guarantee of capital and performance on the liability of the party who deals with the mudarib in mudarabah transaction is permissible based on the consideration that such third party guarantee is consistent with the permissibility of kafalah contract. In a kafalah contract, the third party guarantor shall be a party with no direct interest in the mudarabah business. A third party guarantee may be granted in two approaches as follows: i. Guarantee without recourse: This guarantee is made based on tabarru` by a third party who is not involved or related to the mudarib. In this approach, the guarantor will have no recourse on the mudarib for the guaranteed amount paid to rabbul mal. According to the views of contemporary scholars, there are no Shariah impediments for a party to donate a sum of money for tabarru` purposes. If such tabarru` is contingent upon meeting certain requirements, the tabarru` shall be furnished by the donor as soon as the requirements are met;32 or ii. Guarantee with recourse: In this approach, a third party will pay the guaranteed amount and later claim from the mudarib for reimbursement of the amount paid to the rabbul mal. This amount is deemed as a debt owed by mudarib to the guarantor. 26. Mudarib’s Guarantee on Liability of His Counterparty in Mudarabah Joint Venture Basically, a mudarib shall not guarantee the mudarabah performance. However, there is confusion as to whether, in a mudarabah joint venture, the mudarib may guarantee liability of a party, whom he is dealing with, to ensure that the capital and/or profit is guaranteed. In this regard, the SAC was referred to on the issue regarding mudarib’s guarantee on the liability of his counterparty in the mudarabah joint venture. 32 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami,1987, no. 4, v. 3, p. 1875 -1876. 37 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 90th meeting dated 15 August 2009, has resolved that in a mudarabah joint venture, mudarib is not allowed to guarantee liability of any party who deals with him for the purpose of guaranteeing the capital only or capital and profit in a particular mudarabah contract. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. Mudarib’s guarantee on a third party performance in mudarabah transaction in relation to mudarabah joint venture managed by him will lead to him being the guarantor for the mudarabah capital; and ii. Mudarib’s negligence in dealing with a third party related to mudarabah capital will cause the mudarib to be responsible for any losses incurred and not the third party. This is because the mudarib is responsible to use his expertise in managing the mudarabah fund. If it is proven that the losses are due to the negligence of mudarib, then he is liable to refund the capital to rabbul mal. Rabbul mal is entitled to receive adequate and reasonable guarantee for the capital against the mudarib. This is permissible provided that the rabbul mal does not claim any compensation except in cases of misconduct, negligence and breach of terms of contract by the mudarib.33 33 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 13 (Al-Mudarabah), paragraph 4/4. 27. Capital Contribution by Mudarib in Mudarabah Joint Venture The SAC was referred to on the issue of capital contribution by mudarib into the mudarabah joint venture fund which has been contributed by more than one rabbul mal. Resolution The SAC, in its 90th meeting dated 15 August 2009, has resolved that capital contribution by mudarib into the mudarabah joint venture fund is permissible. Such contribution is valid based on musyarakah principles. Thus, the profit and loss sharing shall be done according to musyarakah principles and consequently, the profit will be shared in accordance with the agreed profit sharing ratio in the mudarabah contract. Basis of the Ruling The aforesaid resolution is based on the following considerations: i. There is no impediment for a group of rabbul mal to combine their capital amongst themselves together with mudarib’s capital since such practice is based on their mutual agreement; and ii. If the mudarib mixed his own fund with the mudarabah capital, he shall then become a partner (musyarik) for such contribution and at the same time he shall be the mudarib for the capital contributed by the rabbul mal. In sharing the profit, the mudarib will be entitled to his portion of profit based on his contributed capital. On the other hand, the profit from mudarabah capital contributed by the rabbul mal will be distributed between the rabbul mal and the mudarib based on the agreed profit sharing ratio.34 34 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 13 (Al-Mudarabah), paragraph 9/1/6. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 38 28. Third Party Guarantee for Capital and/or Profit in Mudarabah Transaction The SAC was referred to on the issue as to whether a third party may guarantee the capital and/or profit of mudarabah transaction. Resolution The SAC, in its 91st meeting dated 1 October 2009, has resolved that a third party guarantee on the capital and/or expected profit in a mudarabah transaction is allowed on the condition that the third party who will provide the guarantee shall be an independent party and does not have any kind of relationship, whether directly or indirectly, with the mudarib. In the event whereby the third party guarantor is allowed to claim the guaranteed amount from a sukuk issuer if there is a loss, or he is charging a fee for such guarantee, such a guarantor will be classified as a limited third party, thus, the abovementioned condition has not been satisfied. Basis of the Ruling A guarantee of capital and/or expected profit by a third party in a mudarabah transaction is based on maslahah which is to ensure continuous investors’ confidence in investing into the country’s significant projects. 39 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Musyarakah is a contract of partnership between two parties or more to finance a particular business joint venture whereby all parties contribute the capital either in the form of cash or others. Any profits incurred from the partnership will be shared amongst them based on an agreed ratio, whereas any losses incurred will be borne by them according to their ratio of respective capital contribution. Currently, the musyarakah concept is applied in investment and financing activities. Financing based on musyarakah covers working capital financing, trade financing and asset financing. 29. Financing Products Based on Musyarakah An Islamic financial institution proposed to offer two types of financing products based on musyarakah. Among the general requirements for both of the proposed musyarakah-based financing are as follows: i. All partners in the musyarakah shall contribute capital; ii. The Islamic financial institution as a partner/financier may stipulate certain conditions (taqyid); iii. Profit sharing is based on an agreed ratio whereas loss bearing is based on capital contribution ratio; iv. No guarantee on capital. A guarantee may only be given to cover cases of negligence and breach of terms of musyarakah agreement; v. Profit sharing ratio may be changed upon mutual consent of all partners; vi. In repurchasing shares of any partners, the price shall be based on market value (qimah suqiyyah) or based on mutual agreement and shall not be based on nominal price (qimah ismiyyah); and vii. Any partners in the musyarakah may stipulate a condition that allows one of the partners to waive his entitlement (tanazul) to an amount of profit that exceeds a certain ceiling limit. MUSYARAKAH S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 40 41 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E The proposed two types of musyarakah-based financing are as follows: 1. Joint venture project or partnership based on joint account without establishment of a separate entity The musyarakah financing agreement will be concluded between the Islamic financial institution and customer. The financing will be credited into a joint account in a lump sum or in stages. The joint account will be registered under the customer’s name whereas the management of the account’s transactions will be jointly managed by the Islamic financial institution and the customer. 2. Equity participation through establishment of a private limited joint venture company under Companies Act 1965 A corporate entity will be established by the Islamic financial institution and the customer to operate a specific project. The company’s management will be appointed by both parties to represent their interests and to be responsible towards the development of the project. The Islamic financial institution will disburse the musyarakah financing in one lump sum through additional paid up capital of the private limited company. In this regard, the SAC was referred to on the issue as to whether the two types of musyarakah-based financing as proposed are permissible in Shariah. Resolution The SAC, in its 53rd meeting dated 29 September 2005, has resolved that the proposed financing products based on musyarakah are permissible as long as there is no element of capital and/or profit guarantee by any of the partners on the other partners. Basis of the Ruling The aforesaid resolution is based on the following evidences on permissibility of musyarakah: i. Allah SWT says: “…truly many partners (in all walks of life) are unjust to one another; but not so those who believe and do good works, and they are few…” 35 The term in the above verse means partnership. Based on the verse, musyarakah is a part of the previous practices of Messengers of Allah SWT before Prophet Muhammad SAW that has not been abrogated. This practice existed since the time of Prophet Daud and had never been forbidden by Prophet Muhammad SAW. However, musyarakah shall be practised in a just manner and in accordance with the Shariah. ii. When Rasulullah SAW was appointed as the Messenger of Allah SWT, the Arab community had already been conducting transactions based on musyarakah, and Rasulullah SAW allowed it as shown in his saying: “The aid of Allah SWT will always be upon two persons who are having partnership as long as one of them does not betray his partner. If one of them betrays his partner, then Allah SWT will uplift His aid from both of them.” 36 iii. It was reported that a companion of Rasulullah SAW indicated the permissibility of musyarakah as follows: 35 Surah Sad, verse 24. 36 Al-Daraqutni, Sunan al-Daraqutni, Mu’assasah al-Risalah, 2004, v. 3, p. 442, hadith no. 2934. 37 Al-Zaila`i, Nasb al-Rayah li Ahadis al-Hidayah, Mu’assasah al-Rayyan, 1997, v. 3, p. 475. 38 Abdul Razzaq al-San`ani, Musannaf Abdul Razzaq, Al-Maktab al-Islami, 1403H, v. 8, p. 248. “The profit is based on what has been stipulated and the loss is based on the amount of the capital (contributed by the partners).” 37 “The loss is based on the amount of the capital, and the profit is based on what has been stipulated.” 38 iv. Generally, scholars are in consensus in permitting partnership or musyarakah, even though they are of different opinions on the permissible types of musyarakah. 42 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 30. Financing Based on Musyarakah Mutanaqisah There was a proposal from an Islamic financial institution to offer Islamic house financing product based on the concept of musyarakah mutanaqisah. In general, the modus operandi of the house financing product based on musyarakah mutanaqisah is as follows: i. A customer who wants to buy a real property applies for financing from the Islamic financial institution; ii. The Islamic financial institution and the customer will jointly purchase the real property based on a determined share (for example 90:10) depending on the amount of financing requested; iii. The deposit paid by the customer is deemed as his initial share of ownership; iv. The Islamic financial institution’s share of ownership will be leased (based on ijarah) to the customer; and v. The monthly instalment by the customer will be used to gradually purchase the share of the Islamic financial institution until the entire share of the Islamic financial institution is fully purchased by the customer. In this regard, the SAC was referred to on the following issues: i. Whether the collective usage of musyarakah and ijarah agreements in one document of musyarakah mutanaqisah is allowed since such collective usage may be perceived as having two transactions in one sale and purchase contract (bai`atain fi al-bai`ah) which is prohibited in Shariah; and ii. Whether a pledge may be imposed by one of the owners of the asset over the jointly owned asset. 43 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 56th meeting dated 6 February 2006, has resolved the following: i. Collective usage of contracts of musyarakah and ijarah in one document of agreement is permissible as long as both contracts are concluded separately and clearly; and ii. A pledge in musyarakah mutanaqisah may be imposed if the pledge document involves only the customer’s shares being pledged to the Islamic financial institution. This is because beneficial ownership is recognised by the Shariah. Basis of the Ruling The aforesaid resolution has considered that a musyarakah mutanaqisah contract that uses both musyarakah and ijarah contracts is deemed as one form of contemporary contract (`uqud mustajiddah) recognised by fiqh scholars in order to fulfill the contemporary needs of Islamic mu`amalah.39 Shariah allows certain forms of management (tasarruf) of musyarakah assets. Among others, both partners in a musyarakah contract are entitled to transact or lease the musyarakah asset because partnership carries wakalah features. Thus, each partner may become an agent for the other partner in transacting or leasing, including selling and purchasing or leasing each other’s shares of the musyarakah asset among themselves.40 In addition, a partner is also allowed to give and receive a pledge of the musyarakah asset with the permission of the other partner. This is in line with the following fiqh maxim: 39 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 12 (Al-Syirkah), paragraph 3/1/3/1. 40 Ibnu `Abidin, Hasyiyah Radd al-Muhtar `ala al-Durr al-Mukhtar Syarh Tanwir al-Absar, Dar `Alam al-Kutub, 2003, v. 6, p. 488. 41 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 2, p. 834, maxim no. 1591. “All items that can be sold, can be pledged.”41 44 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 31. Application of Wa`d as a Mechanism in Dealing with Customer’s Default in Financing Based on Musyarakah Mutanaqisah In a financing based on musyarakah mutanaqisah, Islamic financial institutions are exposed to various risks including market risk that relates to joint ownership of the financed asset, as well as credit risk which relates to the customer’s obligation to pay rent to the Islamic financial institution and subsequently to purchase the asset from the Islamic financial institution. In this regard, the SAC was referred to on the application of wa`d as an appropriate mechanism in dealing with customer’s default in financing based on musyarakah mutanaqisah contract. Resolution The SAC, in its 64th meeting dated 18 January 2007 and 65th meeting dated 30 January 2007, has resolved that the wa`d clause by the customer to purchase the musyarakah asset may be included in the musyarakah mutanaqisah agreement to deal with customer’s default. However, such wa`d shall be applied fairly without denying the profit and loss sharing element among the contracting parties. In the event of customer’s default that causes force sale of the asset to a third party, the Islamic financial institution as the financier is entitled to demand a sum for any deficit (including payment of rent in arrears and purchase of the Islamic financial institution’s shares by the customer) from the customer based on the agreed wa`d according to the following procedural flow: i. The Islamic financial institution may take the customer’s portion from the proceeds of the auction to cover any deficit; ii. In the event where there is still a deficit (after the Islamic financial institution has taken the customer’s portion), the Islamic financial institution may demand the remaining deficit amount if the customer is financially capable; and 45 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 46 iii. If the customer is proven to be financially incapable to settle the outstanding amount of demand, the Islamic financial institution shall bear the loss. If there is any excess amount from the proceeds of the auction, the Islamic financial institution may share it with the customer based on their percentage ratio of ownership of the asset at the time of auction. Basis of the Ruling Al-Zarqa’ has concluded that Shariah allows the contracting parties to stipulate conditions within the limits of their rights under a particular contract. Distinctive conditions in some `uqud mustajiddah (contemporary contracts) as compared to conditions in other contracts which are known in fiqh shall be scrutinised as follows: i. If the condition eliminates any textually required condition (by al-Quran or Sunnah), it is forbidden; ii. If the condition eliminates a condition that is established by ijtihad of scholars, its ruling is dependent on the effective cause (`illah) of the latter, relevant `urf and current economic surrounding; and iii. If the condition of the contemporary contract is unknown in fiqh literature, such condition is deemed as permissible as long as it carries the interests of the contracting parties and does not invalidate or deny the objectives of the contract. Such condition will be considered as fasid and negatively affecting the contract if it leads to forbidden matter and denies the objective of the contract.42 42 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 2000, no. 10, v. 2, p. 529. 43 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 33, p. 111. In addition, qard terminologically means giving of property by one person to another with something subjected to the liability of the debtor in form of property with the same value (mumathil) of the property that was loaned to him. It is meant to be benefitted by the recipient (debtor). (Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3786). QARD Qard means giving a property to a party who will benefit from it and who will subsequently return an equivalent replacement.43 In the early stages of Islamic finance in Malaysia, several products based on qard were introduced, for example, Government Investment Certificates (currently known as Government Investment Issue) and benevolent loans. Nowadays, its application has been expanded to other products such as rahn loans, credit cards, charge cards and others. It has also become the underlying concept for liquidity management instruments for Islamic financial institutions. 32. Qard Principles in Islamic Finance The application of qard hasan concept in a correct manner which fulfills the Shariah requirements would definitely benefit the contracting parties. However, if it is inappropriately applied, it would potentially tarnish the image of the Islamic financial system. Among the issues that may arise in Islamic finance relating to the application of qard hasan are: i. Whether qard hasan in its true sense implies a gift that does not require repayment or otherwise. This refers to the situation where the Islamic financial institution decides to bring a case of a defaulted customer in a financing based on qard hasan to court; and ii. Since Islamic financial institutions provide financing by utilising the deposits of customers who expect returns, financing based on qard hasan does not effectively serve such purpose because qard hasan is not meant to generate profits, rather it is benevolent or tabarru` by nature. In this regard, the SAC was referred to on the issue as to whether a financing product based on qard principles is allowed since the application of this concept in a financing product may contradict the original meaning of qard according to Shariah. The SAC was also referred to on the issue as to whether the word “hasan” may be taken out from the term “qard hasan” that has generally been acceptable in the Islamic financial system. 47 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that financing products based on qard principle are permissible. However, the word “hasan” shall be taken out from the term “qard hasan” to imply that it is an obligation for the borrower to repay his qard to the lender or financier and such obligation shall be borne by the heirs of the borrower in the case of his death before the total settlement of his loan obligation. Basis of the Ruling The scholars define qard as affectionately giving a property to a party who will benefit from it and who will subsequently replace it.44 The scholars have unanimously agreed that qard is permissible based on al-Quran, Sunnah and ijma`.45 The following Quranic verse is regarded as a basis for permissibility of qard: “Who is that will grant Allah a goodly (sincere) loan so that He will repay him many times over? And (remember) it is Allah who decreases and increases (sustenance), and to Him you shall all return.” 46 According to scholars of tafsir, the term qard hasan in the context of the above verse refers to acts of contributing for the sake of Allah SWT (infaq). The term qard literally means loan and not infaq. Nevertheless, the scholars of tafsir stated that the term qard used in this verse is intended to dignify the status of mankind since Allah SWT had chosen to communicate using common and understandable vocabulary with mankind.47 The permissibility of qard in the context of loans is based on the literal meaning of the above verse since Allah SWT will not probably mention and equate commendable matter like infaq with forbidden matters. This indicates that qard is permissible. 44 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 33, p. 111. 45 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 33, p. 112. 46 Surah al-Baqarah, verse 245. 47 Al-Syawkani, Fath al-Qadir, Dar al-Ma`rifah, 2007, p. 168. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 48 In relation to the recommendation that Islamic financial institutions shall not use the word “hasan” in the term qard hasan, the SAC justified its decision based on the following arguments: i. The fiqh scholars had never elaborated the term qard hasan specifically but only discussed the concept of qard and its permissibility in Shariah. Generally, qard hasan relates to matters pertaining to contribution for the sake of Allah SWT (infaq); and ii. The word “hasan” as used in al-Quran refers to an infaq that is given sincerely for rewards from Allah SWT.48 Based on this fact, it is concluded that the use of the term qard hasan to refer to a loan especially in the mu`amalah context in Islamic finance is inaccurate. This is because qard as defined by fiqh scholars is a loan (qard) that must be settled. Thus, the term qard is seen more appropriate for an interest free loan as practised in the current Islamic finance industry. 33. Liquidity Management Instrument Based on Qard Liquidity management instrument is an instrument used to ensure that the liquidity of financial institutions is at an optimum level. It is specifically used to absorb the liquidity surplus in the market. Islamic financial institutions with liquidity surplus will be able to channel the surplus to Bank Negara Malaysia via this instrument. Previously, most of the Islamic liquidity management instruments were based on mudarabah and wadi`ah. Thus, there was a proposal to introduce liquidity management instruments based on qard as an additional instrument for managing liquidity in the Islamic financial system. The proposed mechanism of liquidity management instruments based on qard is as follows: 48 Al-Suyuti, Al-Durr al-Manthur fi al-Tafsir bi al-Ma’thur,Dar Kutub al-`Ilmiyyah, 2000, v. 1, p. 554 - 556. 49 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. Bank Negara Malaysia will issue a tender through FAST system (Fully Automated System for Issuing/Tendering) disclosing the amount of loan to be borrowed; ii. The tender is based on uncompetitive bidding whereby bidders will only bid for the nominal amount that they are willing to loan to Bank Negara Malaysia; iii. The successful bidder will provide the loan based on tenure until maturity; and iv. Upon maturity, Bank Negara Malaysia will pay back the loan in total. Hibah (if any) may be given at the discretion of Bank Negara Malaysia. In this regard, the SAC was referred to on the permissibility of the proposed liquidity instrument based on qard. Resolution The SAC, in its 55th meeting dated 29 December 2005, has resolved that liquidity management instruments based on qard, which is a contract of interest free loan between Islamic financial institution and Bank Negara Malaysia to fulfill the need of short-term loan are permissible. Bank Negara Malaysia as the borrower may pay more than the borrowed sum in the form of hibah at its discretion. Nevertheless, the hibah shall not be pre- conditioned. Basis of the Ruling The permissibility of liquidity management instruments based on qard is attributed to the permissibility of qard contract. Such products are important in meeting the country’s needs to manage liquidity. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 50 “From Jabir r.a who said: I came to see Rasulullah SAW when he was in the masjid (Mis`ar said that Jabir came during dhuha time), Rasulullah SAW asked me to perform a two raka`at prayer, he paid the debt that he owed to me and added to it.” 50 Settlement of debts with additional values or benefits is allowed as long as it is not stipulated in the contract and has not become a known `urf. However, if it becomes a common practice due to a given loan, such practice shall be discontinued since a common practice or `urf is equivalent to a stipulated condition.51 34. Combination of Advance Profit Payment Based on Qard and Murabahah Contract There was a proposal from an Islamic financial institution to offer an Islamic investment deposit account product with a fixed return. In implementing this product, the Islamic financial institution proposed to apply a commodity murabahah contract to create indebtedness of the Islamic financial institution to the depositors or investors. One of the new features of this product is the advance profit based on qard given to depositors upon the opening of the account. 49 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. 50 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 173, hadith no. 2934. 51 Abdul Hamid Mahmud Tahmaz, Al-Fiqh al-Hanafi fi Thawbihi al-Jadid, Dar al-Qalam, 2001, v. 4, p. 220 – 221. Basically, any stipulated benefit, hibah or additional value in consideration of a loan is prohibited. It is stated in the following hadith of Rasulullah SAW: “From Ali r.a who said, that Rasulullah SAW said: Every loan which brings benefits (to the creditor) amounts to riba.”49 However, if the benefit, hibah or additional value is given unconditionally, it is permissible. This is based on the following hadith of Rasulullah SAW: 51 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 52 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the issue as to whether the combination of advance profit payment based on qard and murabahah contract in the structure of the aforesaid proposed product is permissible in Shariah. Resolution The SAC, in its 4th special meeting dated 29 November 2007, has resolved that a combination of advance profit payment based on qard and murabahah contract is not allowed. Basis of the Ruling There is a clear prohibition from the sources of Shariah in relation to the combination of qard with any contracts of exchange (`uqud mu`awadhat). Among others, there is a hadith of Rasulullah SAW that prohibits the combination of sale and qard: “Ismail bin Mas`ud had told us from Khalid from Hussein al-Mu`allim from `Amru bin Shuaib from his father from his grandfather: Verily Rasulullah SAW forbids combination of salaf (debt) and sale, two conditions within a sale, and profit without guarantee (without taking a risk).” 52 52 Al-Nasa’i, Sunan al-Nasa’i al-Kubra, Dar al-Kutub al-`Ilmiyyah, 1991, v. 4, p. 43, hadith no. 6225. RAHN In the current context of Islamic finance, rahn refers to a contract of security. Conceptually, rahn means requiring a particular asset to be made as security for a financing or loan so that in the event of default by the financing receiver or debtor, the financing or loan may be satisfied out of the value of the security or the financed asset.53 In normal practice, credit facility offered by an Islamic financial institution, either under sale based or other possible methods, will be secured by an appropriate collateral with adequate value. Assets including real estate, share and investment certificates are forms of security that are accepted by the Islamic financial institution throughout a particular financing or loan tenure. 35. Two Financing Facilities Secured by an Asset There is an asset charged for two facilities, namely bai` bithaman ajil (BBA) and also conventional overdraft facility which is offered by a financial institution. The first charge is made to secure the BBA financing facility. In the event of default in the BBA financing facility, which consequently entails foreclosure of the asset, the financial institution will terminate the conventional overdraft facility since the latter is no more secured by any security. The termination of the conventional overdraft facility is enforced through a cross default clause as stipulated in the BBA agreement between the financial institution and customer. In this regard, the SAC was referred to on the following issues: i. Whether an asset may be used to secure both the BBA financing facility and conventional overdraft facility; and ii. Whether the financial institution may include the cross default clause in a BBA legal document. 53 Al-Subki, Takmilah al-Majmu’ Syarh al-Muhazzab, Maktabah al-Irshad, 1980, v. 12, p. 299; Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 443. 53 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 54 Resolution The SAC, in its 4th meeting dated 14 February 1998, has resolved that an asset may be used to secure more than one financing facility, subject to the following requirements: i. Prior consent from the first chargee is duly obtained; ii. The value of the charged asset is sufficient to secure all charges; and iii. No harm (dharar) is inflicted upon any parties. In addition, the SAC has also allowed the financial institution to include the cross default clause in the BBA legal document. Basis of the Ruling An arrangement whereby a portion of an asset is charged for a facility and the remaining value is subsequently charged for another facility is governed under the principle of rahn al-musya` or the undivided right to claim security over a charged asset.54 Majority of Maliki, Syafii and Hanbali scholars who allow rahn al-musya` view that if an undivided asset has been partially charged to secure a particular loan (or financing), then the remaining part of the asset may be subsequently charged (to secure the same loan or another loan) to the same chargee or another chargee. However, if the subsequent charge (of the remaining part of the charged asset) is entered into with another chargee (who is not the first chargee), then prior consent of the first chargee shall be obtained. 54 Al-Sawi, Hasyiyah Al-Sawi `ala Syarh al-Saghir, Dar al-Ma`arif, 1982, v. 3, p. 307. 55 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 36. Dealing with a Charged Asset The appreciation of the market value of a charged asset, particularly a real estate leads to a situation where the security value is more than enough to cover the financing amount compared to when it was initially charged. In addition, consistent payment of debt by the debtor in accordance to the agreed schedule will gradually reduce the amount of outstanding debt and will consequently lead to the security in excess of the required security coverage rate. In this situation, the owner of the charged asset may seek to charge the asset for security in another transaction (second charge) by way of charging the value that is in excess of the required first charge amount. In this regard, the SAC was referred to on the following issues: i. Whether the consent to the second charge given by the first chargee may be construed as waiver of his claim towards the asset under the first charge; and ii. Whether a sale contract or another charge may be transacted on some part of the asset’s current value. In relation to these issues, Imam Syafii stated his view: ”It is permissible for a person to charge half of his land, and half of his house, and a part of his undivided shares of the land and house if all parts of the asset are clearly identified and the charged portion of the asset are also identified. In this matter, there is no difference between charge and sale.”55 55 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 575: 56 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 6th meeting dated 26 August 1998, has resolved the following: i. The consent to the second charge given by the first chargee shall not be construed as waiver of his claim towards the asset under the first charge. In addition, consent of the first chargee shall be given in writing to avoid any dispute; and ii. Any sale contract or charge transacted on some part of the total asset value is allowed. However the asset is deemed as an undivided property (musya`) owned by the buyers according to their respective percentage of shares. Similarly, the rights over the foreclosed charged asset shall be shared among the chargee according to the agreed terms and conditions. Basis of the Ruling The consent to the second charge given by the first chargee shall not be construed as a waiver of his claim towards the asset under the first charge because: i. Prior to settlement of debt by the chargor, the first chargee still has the interest on the charged asset; and ii. Only the remaining value of the charged asset is allowed to be charged for the second charge, and not the part that is charged to the first chargee. The consent of the first chargee to the second charge shall be clearly conducted to avoid any confusion in the usage and ownership of the charged asset. In addition, any sale contract or charge transacted on some parts of the actual value of the asset is allowed based on the following juristic views: 57 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 37. Conventional Fixed Deposit Certificate as Security in Islamic Financing The SAC was referred to on the issue as to whether conventional Fixed Deposit Certificate may be mortgaged for Islamic financing. In this regard, only the principal value of the fixed deposit will be mortgaged, while the amount of interest or riba will be excluded. Resolution The SAC, in its 9th meeting dated 25 February 1999, has resolved that conventional Fixed Deposit Certificate (excluding the amount of interest or riba) is a right or asset of the customer. Hence, it may be used as security for Islamic financing. 56 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 575; al-Dusuki, Hasyiyah al-Dusuki ̀ ala Syarh al-Kabir, Dar Ihya’ Kutub al-Arabiyyah, (n.d.), v. 3, p. 235; Al-Bahuti, Kasshaf al-Qina` `an Matn al-Iqna`, `Alam al-Kutub, 1997, v. 3, p. 48. 57 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 4255. 58 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 575: ii. Imam Syafii also stated that: ”It is permissible for a person to charge half of his land, and half of his house, and a part of his undivided shares of the land and house if all parts of the asset are clearly identified and the charged portion of the asset are also identified. In this matter, there is no difference between charge and sale.”58 ”Anything that can be sold, can be charged, either it is a kind of undivided ownership or otherwise.” 57 i. Majority of fiqh scholars other than the Hanafi school allow charge on undetermined part of the actual value of an asset (rahn al-musya`).56 This view relies on the following maxim: 58 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Among the main requirements of charge is that the charged asset shall be a valuable and deliverable property.59 Basically, a charged asset shall be a tangible property. However, it is also permissible to charge receivables, cash, or any acceptable assets. In this context, conventional Fixed Deposit Certificate (excluding the amount of interest or riba) has met the required features of chargeable asset. In addition, a charge is actually a complementing contract to a particular basic transaction. It is allowed as long as the charged asset is valuable according to Shariah and acceptable by the chargee. 38. Islamic Debt Securities as Collateralised Asset There was a proposal to introduce the concept of charge in the Islamic money market to facilitate market participants to obtain funding by charging their Islamic debt securities to other market participants. These securities are in the form of scriptless whereby the financing receiver is only required to identify the charged securities in the system without the need to physically transfer the securities to the financier. The financing receiver will not make any transactions on the charged securities, either for sale or another charge to other party throughout the tenure. In this regard, the SAC was referred to on the issue as to whether Islamic debt securities may be used as collateralised asset in a rahn contract. Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that the Islamic debt securities may be charged in a rahn contract. The financing receiver is also allowed to identify the respective securities to be charged in the system without physical transfer of the charged securities to the financier. 59 Al-Samarqandi, Tuhfat al-Fuqaha’, Dar al-Kutub al-`Ilmiyah, 1983, v. 3, p. 40. 59 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The concept of rahn, which has been long practised, is a type of loan security acceptable in Islam. Security under the rahn concept includes any tradable and acceptable asset between the financier and financing receiver. In this situation, since the Islamic debt securities are valuable and tradable in the market, the certificates have satisfied the required features of acceptable securities in rahn. The Syafii scholars allow the security to be taken and used by the chargor as long as consent of the chargee is obtained.60 The Maliki scholars, on the other hand, allow “rahn rasmi/hiyazi” which is the submission of security through official notes in the registry of relevant authority. This may sufficiently represent the actual submission.61 These views are clearly consistent with the view of contemporary scholars who allow the utilisation of debt securities and sukuk as securities for rahn. Therefore, scriptless Islamic debt securities used as securities are constructive in existence. This is because such securities fulfill the criteria of acceptable securities in rahn, which include being valuable, tradable and transferable. In addition, the securities are regulated by a reliable and trusted system that has integrity and is trustworthy with a highly disciplined and transparent market. 39. Sale of Collateralised Asset in the Event of Default by Financing Receiver to Pay the Financing Amount to Financier Pursuant to the proposal on the introduction of the concept of charge in Islamic money market and Islamic debt securities as security, the SAC was referred to on the issue relating to default of a financing receiver in payment of the financing amount to financier within an agreed term. 60 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 243. 61 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 4240. 60 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 60 Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that in the event of a default whereby the financing receiver has defaulted in paying the financing amount to the financier within the agreed term, the financier may sell the charged securities to redeem the financing amount due by the financing receiver. However, the financier shall return any excess of the securities’ value should the value exceeds the financing amount. Basis of the Ruling The permissibility of sale or liquidation of security in the event of default whereby the financing receiver has failed to pay the financing amount to the financier within the agreed period is in line with the objectives and basic features of charge in Islam. The financier (as murtahin) may stipulate a condition requesting the financing receiver (as rahin) to appoint the former or a specified individual to sell the collateralised asset in order to settle the outstanding financing amount without the need to refer to court. In addition, the financier is allowed to request for the sale of the collateralised asset for the settlement of overdue financing amount. Any excess from the sale price shall be returned to the financing receiver since it is part of the charge. This is based on the following hadith of Rasulullah SAW: “From Abu Hurairah that Rasulullah SAW have said: A charged asset will not diminish from its owner (when he has not yet settled his debt). Any profit of the charged asset belongs to its owner and any liability must be borne by him.” 62 62 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. 61 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 61 40. Profit Accrued from Collateralised Asset Throughout Charge Tenure The SAC was referred to on the issue as to whether any profit including dividends as well as rights and bonus issues accrued from collateralised asset throughout the charge tenure belongs to the owner of collateralised asset which is the financing receiver. Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that any profit including dividends as well as rights or bonus issues accrued from collateralised asset (marhun) throughout the charge tenure belongs to the owner of the security which is the financing receiver. Basis of the Ruling The owner of collateralised asset as the financing receiver in a rahn contract is entitled to any profit accrued from the collateralised asset throughout the charge tenure because the rahn contract does not involve transfer of ownership of the collateralised asset from the chargor to the chargee. Scholars have agreed that the financing receiver or chargor is entitled to the profit accrued from the security since he is the owner of the asset.63 In addition, Imam Syafii stated that the profit of a collateralised asset amounts to its addition whereas the loss of the asset is deemed as its destruction or reduction.64 The above juristic views are based on the following hadith of Rasulullah SAW: “From Abu Hurairah that Rasulullah SAW have said: A charged asset will not diminish from its owner (when he has not yet settled his debt). Any profit of the charged asset belongs to its owner and any liability must be borne by him.” 65 63 Al-Juzairi, Al-Fiqh `ala al-Mazahib al-Arba`ah, Al-Maktab al-Thaqafi, 2000, v. 3, p. 332 – 337. 64 Al-Syafii, Musnad al-Syafii, Dar al-Basyair al-Islamiyyah, 2005, v. 1, p. 886; Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz, 1994, v. 6, p. 65. 65 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. Takaful refers to cooperation among a group of individuals to mutually guarantee and aid each other in order to meet certain needs as agreed amongst them, such as, providing compensation for a particular loss or any other kind of financial needs. Such cooperation involves contribution of money based on tabarru` concept (voluntary contribution) by all takaful participants. A specific fund will be established as the source of monetary assistance to any participant in accordance with the terms and conditions as agreed amongst them. In line with the concept of mutual assistance (ta`awun) and the need of the Muslims to have a Shariah compliant alternative to the conventional insurance, the takaful industry has developed rapidly into a viable industry that is integrated into the main stream of the national financial system. 41. Takaful Model Based on Tabarru` and Wakalah A takaful company proposed to adopt a takaful model based on tabarru` and wakalah. Under the concept of tabarru`, the takaful participants agree to relinquish all or a portion of their contribution as donation to aid other takaful participants who suffered particular losses or difficulties. Under the wakalah contract, the takaful participants will appoint the takaful company as their agent to manage the takaful fund, which covers management of investment and payment of claims, retakaful, technical reserve and management costs. In return, the takaful company will receive commission or fee for the services rendered. The fee may be charged as a fixed amount or according to an agreed ratio based on investment profit or surplus in the takaful fund. In this regard, the SAC was referred to on the issue as to whether the proposed takaful business model based on tabarru` and wakalah is permissible. TAKAFUL S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 62 63 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 24th meeting dated 24 April 2002, has resolved that the takaful business model based on tabarru` and wakalah is permissible. The wakalah contract is concluded between the participants and the takaful company, whereas the tabarru` contract is concluded amongst the participants only. In the 2nd special meeting dated 18 June 2007, the SAC has also resolved that a retakaful business model based on tabarru` and wakalah is permissible in Shariah. Basis of the Ruling Tabarru` concept is a recognised concept in Shariah. This is based on the following verse of Allah SWT: “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...”66 The permissibility of applying tabarru` in takaful business operation is also consistent with the resolution of OIC Fiqh Academy which recommends the application of tabarru` concept in developing takaful institution.67 In addition, there is no objection in Shariah on application of wakalah in takaful business operation since scholars have unanimously agreed on the permissibility of wakalah. Wakalah is a contract between a party (principal) who appoints another party (agent) to perform certain duty on behalf of the principal in representable or assignable matters according to Shariah perspective, either voluntarily or with imposition of fee. In the contexts of takaful and retakaful, wakalah fee is paid by the participants to the takaful company as an agent for performing certain duties. The rate and mode of payment of the fee are subject to the agreement of the contracting parties. 66 Surah al-Ma’idah, verse 2. 67 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1985, 2nd Convention, resolution no. 9 (2/9). 42. Application of Musahamah Concept in Commercial General Takaful Plan A takaful company would like to introduce musahamah concept in commercial general takaful plan. Under this concept, takaful participants will pay contribution to the takaful company based on musahamah and as benefit, the takaful participants may make claim and receive compensation for any accidents or losses. If the takaful participants do not make any claim within the effective takaful tenure, they are entitled to receive return of contribution in the form of bonus (good experience refund), subject to the following conditions: i. There is surplus in the takaful risk fund; ii. The participant had neither made any claim nor received any compensation in a specific period; and iii. The participant agreed to renew takaful contract for a certain period. If the participant did not renew the contract, he will be deemed as agreeing to waive his bonus on the basis of isqat al-haq. In this regard, the SAC was referred to on the issue as to whether the application of the proposed musahamah concept in general takaful plan is permissible in Shariah. Resolution The SAC, in its 66th meeting dated 22 February 2007, has resolved that the application of the proposed musahamah concept in general takaful plan is not allowed. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 64 65 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 68 Based on the definition of the term “musahamah” given by the takaful company, it is understood that such concept is similar to “musyarakah”. The term “musahamah” ( ) in Arabic literally means participation, taking part or sharing. It is an Arabic word that usually explains the involvement or participation of a person in a particular project, either in the form of efforts, capital or others. 69 From Shariah perspective, the term musahamah is a new and unknown term to fiqh terminology so as to be considered as a mu`amalah contract. Referring to a book on fiqh terms compiled by Dr Nazih Hamad namely “Mu`jam al-Mustalahat al-Iqtisadiyah fi Lughat al-Fuqaha’’, such term is not included as one of the fiqh terms. 70 Al-Qarafi, Al-Furuq, Dar al-Kutub al-`Ilmiyyah, 1998, v. 1, p. 276 - 277. Basis of the Ruling The proposal to apply musahamah concept in general takaful plan is not allowed because musahamah is a concept with ambiguous meaning.68 It is also an unknown contract in fiqh muamalat.69 The musahamah definition as stated in the proposal is inconsistent with the overall features and operation of takaful, especially in cases of claims by the takaful participants. On the contrary, musahamah as defined indicates agreement amongst takaful participants to give certain contribution. Takaful business must be based on tabarru` concept since under this concept, takaful participants are allowed to receive payment from the takaful fund if there is any claim due to perils or others. An element of uncertainty (gharar) in giving such contribution is permissible in tabarru` at contracts, in line with the view of Maliki scholars.70 The musahamah concept was found to be unsuitable in allowing any claims and payments to the rightful participants since musahamah, based on its general definition, is a kind of sharing in order to gain profit and is not meant for donation in paying any claims under a takaful scheme. 43. Retakaful Business Model Based on Wakalah - Wakaf A retakaful company proposed to conduct a retakaful business based on wakalah model with element of wakaf. Among the special features of the proposed wakalah model with element of wakaf are as follows: i. The retakaful company is an agent to manage the takaful contribution based on terms of agreement that outline the rights and duties of the retakaful company and takaful company (as takaful participant); ii. The retakaful company establishes takaful fund by contributing a sum of capital by way of wakaf. Once the fund is established, the retakaful company will no longer have any right over the fund. However, the takaful company has the right to manage the fund; iii. This initial contribution is perpetual in nature. It can neither be terminated nor transferred. Contributions made by the takaful participants will be channeled to the takaful fund. The aim of this takaful fund is to pay any claims or losses suffered by the participants, giving benefits to eligible participants in accordance with terms of wakaf, and giving donations to charitable organisations as approved by the Shariah Committee; and iv. Any surplus in the takaful fund will be distributed amongst the takaful participants. In this regard, the SAC was referred to on the issue as to whether the proposed retakaful business model based on wakalah with the element of wakaf is permissible in Shariah. Resolution The SAC, in its 87th meeting dated 23 June 2009, has resolved that the retakaful business based on wakalah model with the element of wakaf according to the features as stated above is permissible. However, such retakaful operation model structure based on wakalah and wakaf will not depart from the requirement of contribution based on tabarru` by the takaful participants. Thus, the effect of such model is viewed to be similar with the existing takaful model based on tabarru`. In addition, the SAC has also resolved that the contribution of tabarru` by the takaful participants in a takaful or retakaful agreement based on wakalah with the element of wakaf is owned and managed by the wakaf fund but does not form part of the wakaf asset. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 66 67 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 71 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 44, p. 184 –186. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. Among the basic elements of the proposed model is the application of element of wakaf. However, in the end, the fund will receive and own the contributions of tabarru` from the takaful participants. These tabarru` contributions do not form part of the wakaf capital, rather, the contributions are managed by the wakaf entity for payment of takaful claims; ii. Scholars of Hanafi, Maliki and Hanbali schools allow any kind of contribution or gift to a wakaf entity, either in form of building or perpetual plant, without changing the status of the contribution or gift as wakaf;71 and iii. The expressed intention and objective of the contributors and their agreement with the wakaf entity are the main factors in determining the status of a particular contribution or gift to the wakaf entity, either as a part of the wakaf asset or not. In this case, the gift or contribution made by the takaful participants is a type of tabarru` and not wakaf. 44. Takaful Coverage for Islamic Financing The SAC was referred to on the issue as to whether it is mandatory for an Islamic financial institution to offer takaful coverage as the first option in covering a financing received by a customer of the Islamic financial institution. Resolution The SAC, in its 41st meeting dated 8 March 2004 and 43rd meeting dated 29 April 2004, has resolved the following: i. For an Islamic financing package which does not include an amount of contribution for coverage, the Islamic financial institution shall offer a takaful plan as the first option to the customer who applied for the Islamic financing that requires coverage.72 If the customer refused the takaful plan on particular reasons, the customer may choose any conventional insurance as he wished. Such an exemption is only given in consideration of the following factors: a. If the insurance premium is totally borne by the customer; b. If there is a sector or specific class in insurance whereby takaful has no expertise; or c. The customer’s application was rejected by takaful company on certain grounds. ii. For an Islamic financing package that includes the amount for contribution of coverage, the Islamic financial institution shall ensure that only takaful plan is used to cover such Islamic financing. Conventional insurance premium shall not be included in Islamic financing package; and iii. If a customer who has taken a conventional insurance coverage for an Islamic financing passes away or suffers any kind of peril that results in his inability to pay for the financing, the Islamic financial institution is entitled to receive compensation from the conventional insurance. 72 The terms “first option“ means the Islamic financial institution will only propose to the customer a takaful coverage and will not propose both takaful and conventional insurance at the same time for the customer’s option. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 68 69 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 73 Muslim, Sahih Muslim, Dar al-Mughni, 1998, p. 698, hadith no. 412. Basis of the Ruling Ideally, all Islamic financing that require coverage shall be covered by takaful. However, for an Islamic financing package that does not include the amount of contribution for coverage, it is justified and reasonable to require the Islamic financial institution to offer takaful as first option to the customer. The approach in allowing the customer to choose any conventional insurance as he wishes (in a case where the Islamic financing package does not include the amount for contribution for coverage) has taken into account various factors, including non-Muslim customers, takaful company’s readiness in offering certain takaful products, takaful company’s expertise in certain class and other factors. This approach is in line with the following hadith of Rasulullah SAW: “Whenever I order you something, obey it the best as you could and whenever I forbid you from something, avoid it.” 73 In addition, the Islamic financial institution is entitled to receive compensation from a conventional insurance company selected by the customer for the settlement of Islamic financing upon death of or perils on the customer. This is because the insurance coverage contract and the financing contract are two different contracts. The financing contract involves the Islamic financial institution and the customer as financing receiver. On the other hand, the insurance coverage contract involves the customer and the insurance company, whereby the Islamic financial institution is the beneficiary. 45. Takaful Coverage for Conventional Loans In the nation’s dual financial system scenario, there are instances whereby customers who have a loan with a conventional financial institution (for purchase of a particular asset) wished to get a takaful coverage scheme to cover such asset. In this regard, the SAC was referred to on the issue as to whether a takaful company may offer takaful coverage for customer’s asset which is purchased under a conventional loan. Resolution The SAC, in its 54th meeting dated 27 October 2005, has resolved that a takaful company may offer a takaful coverage for a customer’s asset even though the asset is financed conventionally, provided that it is offered separately and not as a package. Basis of the Ruling The aforesaid SAC’s resolution has considered that the takaful coverage contract and the conventional loan contract are two separate and independent contracts. As such, there is no objection for a takaful company to provide takaful coverage for a customer’s asset which is financed by a conventional loan since the takaful company is not directly involved in the conventional loan transaction concluded between the customer and the conventional financial institution. 46. Takaful Coverage for Conventional Credit Card Product The SAC was referred to a proposal by a takaful company to offer group takaful coverage for conventional credit card customers. Under this conventional credit card product, the banking institution will stipulate a condition on the customer to get takaful coverage in the course of application for the conventional credit card. This condition aims to cover the customer in undesirable situations including death or permanent disability of the customer that disables him from settling his conventional credit card debt. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 70 71 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 70th meeting dated 12 September 2007, has resolved that a specific takaful coverage for conventional credit card as proposed is not allowed. Basis of the Ruling The aforesaid SAC’s resolution has considered that the takaful coverage contract and the conventional credit card contract are interconnected since both contracts are packaged in one product. If the takaful coverage is packaged with the conventional credit card product, this will indirectly cause the takaful business’ involvement in practices of riba and other activities forbidden by Shariah (if any). This is clearly in contrary to the basic principles and objectives of takaful as pro vided in the verse of Allah SWT: “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...” 74 47. Retakaful with Conventional Insurance and Reinsurance Company A retakaful arrangement is one of the methods for takaful company to mitigate its burden of risks in providing coverage to takaful participants. It refers to sharing of risks between a takaful company and another takaful (and retakaful) company or insurance (and reinsurance) company. With an effective retakaful arrangement, a takaful company may increase its capacity and stabilise its underwriting performance, as well as able to preserve the takaful fund from a significant financial burden should there be unexpected volume of claims. Retakaful arrangement is usually conducted via two main methods as follows: 74 Surah al-Ma’idah, verse 2. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 72 i. Inward retakaful whereby the takaful company accepts risks from another takaful (and retakaful) company or other conventional insurance (and reinsurance) company; and ii. Outward retakaful whereby the takaful company distributes or cedes its underwritten risks to another takaful (and retakaful) company or other conventional insurance (and reinsurance) company. In this regard, the SAC was referred to on the following issues: i. Whether acceptance of inward retakaful by a takaful company on treaty or facultative basis from a conventional insurance (and reinsurance) company is permissible; and ii. Whether distribution of risks through outward retakaful to a conventional insurance (and reinsurance) company is permissible. Resolution The SAC, in its 47th meeting dated 14 February 2005, has resolved the following: i. A takaful company is not allowed to accept inward retakaful whether on treaty or facultative basis from a conventional insurance company and reinsurance company; and ii. A takaful company is given the flexibility to distribute its risks based on outward retakaful to conventional insurance company and reinsurance company subject to the following conditions: a. Priority shall be given to a takaful company and retakaful company; b. Non-existence of a takaful company and retakaful company, either locally or internationally, that is viewed as capable to absorb the distributed risks; and c. The strength of the takaful company and retakaful company, either locally or internationally, is doubtful. 73 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The prohibition on a takaful company to accept inward retakaful from a conventional insurance company or reinsurance company has considered the following: i. The initial contract concluded by a conventional insurance company and a reinsurance company is inconsistent with the Shariah.75 If a takaful company or a retakaful company accept inward retakaful from a conventional insurance company or reinsurance company, the takaful company is perceived to recognise the conventional insurance contract which is not Shariah compliant; ii. Islam does not allow mutual helping and assisting in matters that are forbidden by Shariah as stated in the following verse of Allah SWT: “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...” 76 iii. A takaful company shall avoid from any involvement in syubhah matters which are practised in the conventional insurance activities. However, a takaful company is allowed to distribute its risks via outward retakaful to a conventional insurance company and a reinsurance company on the basis of needs (hajah), that is, in case there is no takaful company or retakaful company that is viewed as capable to absorb certain takaful risks. This is in line with the following fiqh maxim: “Needs take the rule of necessities.” 77 75 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1985, no. 2, v. 2, p. 735. 76 Surah al-Ma’idah, verse 2. 77 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 209. Ibnu `Asyur elaborates that dharuriyyat refers to basic necessities that must be satisfied for a certain community, collectively or individually. If the dharuriyyat has not been fulfilled, the social system of such community will be malfunctioning. Whereas hajah or hajiyyat refers to matters that are needed by a community for the achievement of its interests/benefits and for a better functioning of its affairs. If such hajiyyat has not been satisfied, the community may still function but not in a proper manner. (Ibnu `Asyur, Maqasid al-Syari`ah al-Islamiyyah, Dar al- Nafa’is, 2001, p. 300 – 306). 48. Retakaful Service Fee as Income for Shareholders Fund Normally, in takaful practice, the retakaful commission received from a retakaful company will be credited into the takaful fund. If there is any surplus after deduction of takaful claims and other costs, the surplus will be distributed amongst the takaful participants and the shareholders fund based on an agreed ratio. However, a takaful company proposed to treat the retakaful commission as an income of the shareholders fund. The commission will be used to cover the expenses borne by the shareholders in managing retakaful business and as a reward for their efforts in obtaining and awarding the business to the retakaful company. In this regard, the SAC was referred to on the issue as to whether the retakaful commission may be treated as an income of the shareholders fund. Resolution The SAC, in its 4th special meeting dated 29 November 2007, has resolved that the proposal to treat retakaful commission (received from a retakaful company) as an income of shareholders fund is not allowed. Basis of the Ruling Among the duties of a takaful company as mudarib or agent in takaful business is to ensure that takaful risks fund is managed accordingly. One of the methods in managing these risks is through retakaful arrangement. Since all retakaful costs and its contribution are taken from participants risk fund and not from shareholders fund, therefore it is unfair for the takaful company to take the commission of such retakaful arrangement. This is in line with the following fiqh maxim: “Liability is (undertaken in equivalent) with reward.” 78 78 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 437. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 74 49. Co-Takaful Agreement A co-takaful agreement is a risk sharing agreement concluded between a takaful company and another takaful company, or between a takaful company and a conventional insurance company. In this risk sharing agreement, two or more takaful companies or conventional insurance companies agree to share the underwritten risks. Nevertheless, separate takaful certificates will be issued by the takaful company to the takaful participants if the risk sharing is done with a conventional insurance company, and single takaful certificate issued if the risk sharing is done amongst takaful companies only. In this regard, the SAC was referred to on the issue as to whether co-takaful between a takaful company and a conventional insurance company is permissible in Shariah. Resolution The SAC, in its 47th meeting dated 14 February 2005, has resolved that co- takaful between a takaful company and a conventional insurance company is permissible provided that the execution of the agreement between the customer and the takaful company as well as between the customer and the conventional insurance company are done separately. Basis of the Ruling Normally, there must be a distinguishing element when a particular transaction involves forbidden and permissible matters so as to avoid mixture of both. Stipulation of the condition “the execution of the agreement between the customer and the takaful company as well as between the customer and the conventional insurance company are done separately” satisfies this requirement as it directly removes syubhah in matters forbidden by Shariah. This resolution is also consistent with the view of contemporary scholars which states that there is no prohibition from Shariah perspective on cooperation between takaful company and conventional insurance company in providing coverage on the condition that the covered portion (by the takaful plan) is managed according to Shariah rulings.79 79 Ali Muhyiddin al-Qurrahdaghi, Al-Ta’min al-Islami: Dirasah Fiqhiyyah Ta’siliyah, Dar al-Basya’ir al-Islamiyyah, 2004, p. 443 - 444. 75 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 50. Segregation of Takaful Funds The SAC was referred to a proposal that requires takaful company to segregate takaful funds according to types of takaful business, which are, family takaful and general takaful. In addition, takaful funds for investment and risk purposes must also be established separately and classified as follows: i. Participants’ Investment Fund that belongs to the individual participants. The portion of contribution for investment purpose from the participants will be credited into this fund; and ii. Participants’ Risk Fund that belongs to takaful participants collectively. The portion of contribution received from the participants based on tabarru` concept will be credited into this fund. Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved that the proposal to segregate takaful funds as outlined above is permissible. Basis of the Ruling The segregation of takaful funds according to the types of business is necessary because the objectives and risk profile borne by each takaful fund is different. This segregation enables the takaful company to identify and determine the management and investment strategies for each takaful fund comparable with the risk profile borne by the takaful fund. The segregation of takaful fund also enables distribution of assets, liabilities, incomes and expenses of specific takaful operation to the respective takaful funds. While enhancing good governance for each fund, the segregation also protects the rights of related parties. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 76 51. Imposition of Management Fee on Takaful Participants’ Contribution The SAC was referred to on the issue as to whether a takaful company may impose management fee on contribution paid by takaful participants to finance operational expenses of takaful business which mainly consist of management expenses and commission. Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved the following: i. For takaful model based on wakalah contract, takaful company is allowed to charge management fee on contribution paid by takaful participants. The amount of management fee shall consider the responsibilities of takaful company towards takaful participants and shall be agreed upon by the contracting parties. The imposition of management fee shall be clearly stated in takaful agreement contract; and ii. For takaful model based on mudarabah contract, takaful company is not allowed to charge any management fee on contribution paid by takaful participants. On the other hand, all operational expenses shall be borne by the shareholders fund whereby its income is derived from its share of investment profits or surplus of the takaful fund. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. A wakalah contract is permissible in Shariah, either with imposition of fee or voluntarily (without fee). Remuneration or fee in a wakalah contract shall be expressly determined and agreed upon by the contracting parties, either in amount or at a certain ratio. It may be paid at the time of contract or within the agreed period of time; and 77 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. In a mudarabah contract, the mudarib’s remuneration is his portion as agreed in the profit sharing ratio with the rabbul mal. Thus, the mudarib is not entitled to charge any management fee on the takaful participants’ contributions. 52. Distribution of Surplus from Participants’ Risk Fund Surplus from participants’ risk fund (based on tabarru`) refers to surplus derived after taking into account the provision of certain amount for payment of claims, retakaful, reserves and investment profits. The surplus from participants’ risk fund belongs to the takaful participants collectively. However, in view of the role played by the takaful company as the manager of takaful fund, there was a proposal to allow sharing of the surplus from participants’ risk fund between the participants and the takaful company, depending on the contract between the participants and the takaful company. In this regard, the SAC was referred to on the issue as to whether the surplus from participants’ risk fund may be distributed amongst the participants and the takaful company. Resolution The SAC, in its 42nd meeting dated 25 March 2004 and 59th meeting dated 25 May 2006, has resolved that surplus from participants’ risk fund (for family takaful and general takaful plan) may be distributed amongst the participants and the takaful company. However, the method of distribution shall be clearly mentioned and agreed upon by the takaful participants during conclusion of the takaful contract. The SAC, in its 62nd meeting dated 4 October 2006, has further resolved that: i. For takaful model based on wakalah concept, the risk fund surplus may be taken by the takaful fund manager as a performance fee based on an agreed percentage; and ii. For takaful model based on mudarabah concept, the surplus from participants’ risk fund may be shared between the participants and takaful company based on percentage or profit sharing ratio as agreed by all contracting parties. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 78 Basis of the Ruling The SAC’s resolution that allows the distribution of the surplus from the participants’ risk fund between the participants and takaful company is based on the fact that the takaful contract generally is formed based on tabarru` and ta`awun, as well as the mutual agreement between the contracting parties. The tabarru` principle is the main underlying principle of the takaful product whereas contracts such as wakalah and mudarabah are applied in the management of takaful operations. The SAC’s resolution that allows the distribution of the surplus from the participants’ risk fund between the participants and takaful company for wakalah takaful model, has considered that the distribution is done as performance fee that may be received by the takaful company. This is in line with the following fiqh maxim: “The original ruling for a contract is the consent of the contracting parties and its effect is based on what have become the rights and duties as agreed in the contract.” 80 In addition, takaful companies are different from insurance companies since takaful companies are not insurers but rather managers of takaful funds. Thus, the takaful participants’ consent to share the risk fund surplus with the takaful company as the fund manager does not contradict Shariah principles. 53. Distribution of Investment Profit from Participants’ Investment Fund and Participants’ Risk Fund The SAC was referred to on the issue as to whether a takaful company is allowed to share in or impose a fee or performance fee on the investment profits from participants’ investment fund and participants’ risk fund. 80 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 482. 79 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved that a takaful company is allowed to share or to impose fee or performance fee on the investment profits from participants’ investment fund and participants’ risk fund subject to the following: i. For sharing of investment profit from the participants’ investment fund: a. The investment profits may be distributed to the takaful company on the basis of profit sharing or management fee of the participants’ investment fund. In order to ensure that the amount in participants’ investment fund is sufficient to maintain tabarru` payment, the distributed profit or fee to the takaful company shall be adjusted appropriately. ii. For sharing of investment profit from participants’ risk fund: a. For takaful model based on mudarabah, the takaful company is allowed to share the profit whereas for takaful model based on wakalah, the takaful company is allowed to charge a fee or performance fee on the investment profit of the participants’ risk fund. However, the distribution of the investment profit, either through profit sharing or imposition of fee or performance fee by the takaful company, may only be done if there is surplus in participants’ risk fund after taking into account provision for payment of claims, retakaful and required reserves; and b. Profit sharing ratio or imposition of performance fee distributed to the takaful company shall be reasonable and the distribution of the investment profit shall be expressly stated in the takaful agreement contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 80 Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration as mentioned in item 52.81 54. Provision of Reserve in Takaful Business As a prudent measure to protect the interest of participants and the integrity of takaful system, the SAC was referred to the proposal for the provision of reserve by takaful companies. The need to have the provision of reserve is consistent with the aim to ensure that the takaful fund is sufficient to meet any of its liability. The reasonable amount and method for provision of reserve shall be based on the parameter as determined by the regulator and the assigned qualified parties. Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved that provision of reserve in takaful fund is permissible. Basis of the Ruling Islam emphasises on management of life, among others by ensuring orderly economic aspect and Islamic mu`amalah. In line with the objectives of Shariah, provision of reserve in a particular mu`amalah business is a prudent measure to ensure sufficiency of the takaful fund in meeting liabilities of the fund. In addition, this allocation is also in line with Shariah that encourages preemptive measures to encounter any unpredictable future events as stated in the following verse of Allah SWT: 81 Distribution of Surplus from Participants’ Risk Fund. 81 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E The above verses indicate that Shariah recognises and encourages establishment of a reserve as a preemptive measure to encounter any probabilities in the future. 55. Mechanism to Overcome Deficit in Participants’ Risk Fund The SAC was referred to ascertain the applicable mechanism to overcome deficit of asset in participants’ risk fund in fulfilling the liabilities of the fund, including the determined provision of reserve. Resolution The SAC, in its 38th meeting dated 28 August 2003, 46th meeting dated 28 October 2004 and 62nd meeting dated 4 October 2006, has resolved the following: i. Takaful company shall be responsible for any insufficiency of the participants’ risk fund by injecting fund from the shareholders fund on the basis of qard; and ii. The takaful company shall make an outright transfer from the shareholders fund to the participants’ risk fund in the event the deficit is still persistent or due to mismanagement of the participants’ risk fund. “Yusuf answered: You shall sow for seven consecutive years as usual. But that which you reap, leave it in the ear, except a little which you may eat. Then, there shall follow seven hard years (of drought) which will consume all but little of that which you have stored (as seeds). Then there will come a year in which the people will have abundant rain, in which they will press (the grapes, olives and oil).”82 82 Surah Yusuf, verse 47 - 49. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 82 Besides that, the SAC in its 38th meeting dated 28 August 2003 and 100th meeting on 30 April - 1 May 2010, has resolved that: i. Utilisation of general takaful fund to cover deficit in family takaful fund or vice versa is not allowed; ii. Utilisation of participants’ risk fund of a particular family takaful plan to cover deficit in another participants’ risk fund of a particular family takaful plan is permissible, provided that both takaful plans employ the same method for management and classification of risks; and iii. Utilisation of participants’ investment fund to cover deficit in participants’ risk fund based on qard is not allowed. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. Since the functions, liabilities and risk bearing profile of each fund are different, general takaful fund shall not be utilised to cover deficit in family takaful fund or vice versa, and risk fund of a particular family takaful plan shall not be used to cover deficit in another risk fund of a particular family takaful plan of different method for management and classification of risks; and ii. Participants’ investment fund shall not be utilised as qard to cover deficit in participants’ risk fund as the returns to the participants’ account will be adversely affected and it contradicts the objectives of the fund. 83 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In relation to the issue of giving qard and outright transfer from shareholders fund, the SAC’s resolution has considered the following: i. Qard from shareholders fund is an interest free loan which is in line with Shariah principles. As an entity entrusted to manage the takaful operation, it is part of the takaful company’s responsibility to give qard in the event of deficit in the participants’ risk fund. Application of qard in this context does not contradict the Shariah principles since it is payable from the participants’ risk fund in the future; and ii. If the other preliminary measures, including qard, are unable to cover the deficit in the participants’ risk fund, an outright transfer would be the final resort. From siyasah syar`iyyah perspective, it is a prudent precautionary measure to protect the interests of the public and takaful industry as a whole. This is in line with the following fiqh maxims: “Public interest is given priority over specific interest.” 83 “Harm must be removed.” 84 83 Al-Syatibi, Al-Muwafaqat fi Usul al-Syari`ah, Dar al-Ma`rifah, 1999, v. 2, p. 645. 84 Ibnu Nujaim, Al-Ashbah wa al-Naza’ir, Dar al-Kutub al-`Ilmiyyah, 1980, v. 1, p. 85. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 84 56. Hibah in Takaful Hibah is a Shariah concept applied in takaful products and practised by takaful company in various family takaful plans, such as takaful education plan. In the takaful education plan for instance, a takaful participant will make a hibah of the takaful benefit to his child to finance the cost of his education in future. Upon death of the takaful participant, all takaful benefits will become the rights of his nominated child and will not be distributed amongst the other legal heirs of the deceased according to faraid. Nevertheless, if the takaful participant is still alive when the takaful certificate matures, the benefit will be surrendered to him. In this regard, the SAC was referred to ascertain the application of hibah in giving the takaful benefit as mentioned above. Resolution The SAC, in its 34th meeting dated 21 April 2003, has resolved the following: i. The takaful benefit may be made as hibah because the objective of takaful is to provide coverage for takaful participant. Since the takaful benefit is the right of takaful participant, the participant is at liberty to exercise his right in accordance with Shariah; ii. Since the hibah by the participant is a conditional hibah, the status of the hibah will not be transformed into a bequest; iii. Normally, takaful benefit is attached to the death of participant and maturity of takaful certificate. If the participant is still alive when the takaful certificate matures, the participant will receive the takaful benefit. However, if the participant passed away before the maturity date, the hibah will be effective; 85 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E iv. Participant is entitled to revoke his hibah which was made before the maturity of takaful certificate, because a conditional hibah will only be completed after delivery (qabd); v. Participant is entitled to revoke his hibah which was made to certain individual and deliver the benefit to another person, or terminate his participation in takaful if the nominated recipient passed away before the maturity date; and vi. Takaful nomination form shall clearly mention that the status of nominee is as beneficiary, if it is intended by the participant as hibah. Basis of the Ruling Takaful benefit may be given as hibah ruqba which refers to a conditional gift contingent upon death of one of the parties (either the giver or the recipient of hibah) as a condition of ownership for the surviving party. In this situation, the hibah property will be owned by the recipient upon death of the giver. However, upon death of the recipient, the hibah property will be returned to the giver. Some scholars of Hanbali school, Imam Malik, Imam Al-Zuhri, Abu Thur and others as well as the earlier opinion (qawl qadim) of Imam Syafii view that hibah umra is permissible and its condition is valid if the giver did not mention that the hibah property will be owned by the legal heirs of the recipient upon death of the hibah recipient.85 Therefore, the hibah property will be returned to the giver upon death of the recipient. In addition, the implementation of hibah ruqba and umra in takaful industry is also acceptable by some of contemporary scholars.86 In addition, withdrawal of hibah is permissible in the following contexts: i. hibah with a withdrawal condition; ii. hibah which is yet to be delivered (qabd); 85 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 338 - 339. 86 Ali Muhyiddin al-Qurrahdaghi, Al-Ta’min al-Islami: Dirasah Fiqhhiyyah Ta’siliyyah, Dar al-Basya’ir al-Islamiyyah, 2004, p. 244. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 86 iii. hibah that is returned by the legal heirs; and iv. a father’s hibah to his child. In the context of takaful, qabd will happen only upon death of the participant or maturity of the takaful certificate. Therefore, the participant may withdraw his hibah before these two incidents happened. Upon death of the recipient, the hibah contract will be deemed as incomplete since qabd has yet to happen, thus, the participant may withdraw his hibah and make a hibah to another person or terminate the takaful certificate and get the surrender value of the certificate.87 57. Nomination Based on Hibah under Takaful Scheme The SAC was referred to on the issue as to whether the concept of statutory protection as practised by conventional insurance is applicable in the context of takaful. In the contract of conventional insurance, nomination of insurance benefit by a policyholder to his/her husband/wife, child, or parents (if the husband/wife or child had predeceased the policyholder at nomination time) will create a trust for the benefit of the nominee of the policy moneys and will be statutorily protected under Insurance Act 1996. The provisions relating to this statutory protection stipulate that the payment of insurance benefit will neither form part of the estate of the deceased policyholder nor subject to the deceased’s debt. The policyholder may appoint a trustee for the policy moneys and the receipt of policy moneys by such trustee will release the insurance company from its liability. Without any written consent of the trustee, a policyholder shall not annul, change, surrender or charge the policy if the nominee of the policy is his/her husband/wife, child or parents. 87 Majallah al-Ahkam al-`Adliyyah, Matba`ah al-Adabiyyah, 1302H, p. 125, no. 849. 87 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 52nd meeting dated 2 August 2005, has resolved that the concept of statutory protection as practised by conventional insurance may be applied in takaful industry in the following manners: i. Payment of takaful benefit will neither become part of the estate of the deceased (takaful participant) nor subject to the deceased’s debt; ii. The takaful participant may appoint a responsible trustee for the takaful benefit. However, the government-owned trustee will be the trustee for such takaful benefit in the following situations: a. There is no appointed trustee; b. Nominee is incompetent to enter into a contract; and c. The parents had predeceased the nominee in the event the nominee is incompetent to enter into a contract. iii. Once the trustee received the takaful benefit, the takaful company is deemed to be released from all liabilities relating to such takaful benefit. Basis of the Ruling The aim of takaful benefit is to provide coverage for participant or nominee (hibah recipient). Since the status of takaful benefit, which is treated as gift (hibah) will neither be a bequest, be a part of the deceased’s estate nor others, the takaful benefit is identical to the statutory protection as practised by conventional insurance. Hence, any takaful benefit nominated to husband/wife, child or parents (if husband/wife or child had predeceased the policyholder at nomination time) shall not be annulled, changed, surrendered and charged without the consent of the nominee. In addition, since statutory protection protects the interest of the nominee and does not contradict the concept of hibah ruqba, this concept may be applied in takaful industry. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 88 58. Principle of Utmost Good Faith in Takaful Principle of utmost good faith refers to the obligation of all contracting parties in giving a complete and true disclosure (duty of disclosure). Under this principle, all contracting parties are responsible to disclose all relevant information which may possibly affect the terms of a particular contract. In the context of conventional insurance, disclosure of relevant information may affect premium rate, terms and payment of insurance benefit. In this regard, the duty of disclosure is imposed on both contracting parties, namely, the customer and the insurance company. Generally, an insurance contract will be automatically terminated if any of the contracting parties deliberately breached his duty, either with the intention to cheat or defraud. In this regard, the SAC was referred to on the issue as to whether the principle of utmost good faith as practised in conventional insurance may be applied in takaful. Resolution The SAC, in its 52nd meeting dated 2 August 2005, has resolved that the principle of utmost good faith may be applied in takaful industry. If there is any evidence to indicate fraud on part of the takaful participant, the takaful company is not required to refund the contribution in participants’ risk fund (tabarru` fund) to the takaful participant. However, the amount in the participants’ investment fund shall be returned to the takaful participant since it is the right of the participant. 89 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The SAC’s resolution is based on consideration that Islam emphasises on honesty in every undertaking, in line with the following saying of Allah SWT: “O believers! Remain conscious of Allah and be with the truthful.” 88 “From Abi Sa`id Al-Khudri from Rasulullah SAW who says: An honest trader will be (living) among the prophets, the honest people and the martyrs.” 90 According to Majallah al-Ahkam al-`Adliyyah, if one of the parties is proven to have committed fraud in a sale contract, the defrauded party is entitled to revoke the sale contract.89 There is also a hadith of Rasulullah SAW which states the following: From athar of a companion (sahabat): “From Qatadah, verily Salman had said: An honest trader will be among the seven who shall be bestowed under the arash of Allah SWT in the hereafter.” 88 Surah al-Taubah, verse 119. 89 Majallah al-Ahkam al-`Adliyyah, Matba`ah al-Adabiyyah, 1302H, p. 64, no. 357. 90 Al-Naisaburi, Al-Mustadrak `ala al-Sahihain, Dar al-Haramain li al-Tiba`ah wa al-Nashr wa al-Tawzi`, 1997, v. 2, p. 8. Based on the above textual provisions, it is understood that all types of agreement or contract is binding on the contracting parties. However, if there is an element that denies the validity of a contract from Shariah perspective (such as fraud or others), the contract or agreement is forbidden and void. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 90 59. “Insurable Interest” in Takaful Insurable interest is a paramount necessity in both conventional insurance and takaful. Generally, it refers to the relationship or interest between the insured party (the policy holder or takaful participant) and the subject matter to be insured, whether it involves life, personal, asset or certain liability. If insurable interest does not exist, the insurance or takaful contract is invalid or unenforceable. Insurable interest is also important in determining the motive and aim of a person purchasing an insurance policy or participating in a takaful plan. For instance, if a person applied for a life insurance policy or a family takaful plan for himself, and nominated his wife and children as beneficiaries, his application is considered to have insurable interest, specifically the interest of his family in the event of death or permanent disability of the policy holder or takaful participant. Hence, his application is eligible for approval by the insurance or takaful company. On the other hand, if a person applied for a life insurance policy or a family takaful plan for another person, and nominated himself as the beneficiary, his application will not be approved because there is no insurable interest. In this regard, the SAC was referred to on the concept of insurable interest in takaful. Resolution The SAC, in its 52nd meeting dated 2 August 2005 and 76th meeting on 9 June 2008, has resolved the following: i. The concept of insurable interest does not contradict the Shariah and it may be applied in takaful (in takaful, terminologically it is referred to as “permissible takaful interest”); ii. In general takaful, a person with legal and financial interests in a particular subject is deemed to have permissible takaful interest; 91 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E iii. For family takaful, the permissible takaful interest exists whenever there is a clear relationship between two parties that involves the elements of affection, emotional interdependence, and reasonable expectation of loss in terms of material or psychological. In this situation, a person is deemed as having permissible takaful interest on his spouse, children, employees (for an employer) and any other individual who is dependent on him in any way permissible in Shariah; iv. When concluding a takaful contract that involves a third party who is of permissible takaful interest, the participant or certificate holder shall obtain the consent of the third party, unless the third party is a child of minor age; v. As a general principle, permissible takaful interest shall exist at the time the contract is concluded and at the time of incident or takaful benefit is made. The permissible takaful interest is considered as no longer in existence if a particular relationship with the third party has ended during the in force period of the takaful certificate. Therefore, upon death of the third party, the participant or certificate holder is not entitled to receive the takaful benefit as beneficiary. Nevertheless, if a marital relationship has ended by a divorce during the in force period of the takaful certificate, the permissible takaful interest is still considered as continuously in force. Hence, unless the covered party has clearly refused to give his consent, the participant or certificate holder is allowed to receive takaful benefit (either as beneficiary or wasi) upon death of the covered party. In addition, the covered party is entitled to the disability benefit (including critical illness coverage) in the event of permanent disability of the covered party. If the takaful certificate involves investment or savings element, the participant or certificate holder would also be entitled to the value of the saving or investment on the maturity date of the takaful certificate; and S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 92 vi. In preserving the interest of the takaful participants as well as the third party, the takaful company has the right to deny any application to participate in a takaful scheme if no permissible takaful interest was established, or to deny any claim of benefit if there was any evidence indicating bad intention on part of the participant or certificate holder. Basis of the Ruling Even though the concept was initially introduced in conventional insurance to avoid elements of wagering and gambling, this concept is also consistent with fundamental features of takaful. Under the concept of tabarru`, takaful participants mutually agree to guarantee each other from any form of risks acceptable in Shariah by commitment to give contribution. However, such flexibility may lead to moral hazard or manipulation of the takaful contract for non-Shariah compliant purpose. In line with the Shariah principle known as sadd zarai` (blocking the means that may lead to harmful result), the concept of permissible takaful interest is viewed as a mechanism to avoid such moral hazard or manipulation. 93 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Tawarruq refers to a mu`amalah with two stages of transactions. At the first stage, the buyer will purchase an asset on credit from the original seller, and at the second stage, the buyer will then sell the asset on cash basis to a third party.91 It is named as tawarruq because the buyer purchased the asset on credit with no intention of utilising or benefiting from it, rather to sell it to obtain cash. Tawarruq, which is also known as commodity murabahah, is widely used in deposit products, financing, asset and liability management as well as risk management. 60. Deposit Product Based on Tawarruq An Islamic financial institution proposed to offer deposit product based on tawarruq or commodity murabahah. The proposed mechanism of the commodity murabahah deposit is as follows: i. The customer (depositor) appoints the Islamic financial institution as an agent to purchase metal commodity from metal trader A on cash basis in a recognised metal commodity market; ii. The Islamic financial institution will thereafter purchase the metal commodity from the customer on a deferred sale at a cost price plus profit margin; and iii. Next, the Islamic financial institution will sell back the metal commodity to metal trader B on cash basis in the metal commodity market. As a result of the transaction (ii) above, the Islamic financial institution will assume liability (the cost price of the commodity plus profit margin) to be paid to the customer on maturity. The purchase price of commodity from metal trader A and the sale price of commodity to metal trader B are of the same amount. In this regard, the SAC was referred to on the issue as to whether the deposit product based on tawarruq is permissible. TAWARRUQ 91 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 14, p. 147. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 94 95 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “...whereas Allah has permitted trading and forbidden riba usury...”92 Based on general meaning of the above verse, scholars are of the view that tawarruq is allowed since it is a kind of trading activity. It may be conducted for the purpose of obtaining cash, with either the purpose is known by all related parties or not. It may also be conducted due to pressing need or as a common practice of certain parties or institutions. ii. Fiqh maxim: “According to the original method of ruling, mu`amalah is permissible, except when there is a provision prohibiting it.”93 iii. Contemporary scholars allow the application of tawarruq based on the views of Hanafi, Hanbali and Syafii schools that permit the application of tawarruq.94 Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that deposit product based on tawarruq is permissible. Basis of the Ruling The aforesaid resolution is based on the following textual provisions and views relating to permissibility of tawarruq: i. Allah SWT says: 92 Surah al-Baqarah, verse 275. 93 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 438. 94 Ibnu al-Humam, Syarh Fath al-Qadir, Dar al-Kutub al-`Ilmiyah, 2003, v. 7, p. 199; Ibnu Muflih, Al-Furu`, Bait al-Afkar al-Dawliyyah, 2004, p. 931; whereas Syafii scholars’ view is taken from the permissibility of bai` `inah. 61. Financing Product Based on Tawarruq An Islamic financial institution proposed to offer financing product based on the concept of tawarruq or commodity murabahah. The proposed mechanism of the commodity murabahah financing is as follows: i. The Islamic financial institution purchases metal commodity from metal trader A on cash basis in a recognised metal commodity market; ii. The Islamic financial institution sells the metal commodity to the customer on credit basis at a cost price plus profit margin; and iii. The customer appoints the Islamic financial institution as his agent to sell the metal commodity to metal trader B on cash basis in the metal commodity market. The cash sale by the customer to metal trader B will enable the customer to obtain cash for financing, while the deferred credit sale from the Islamic financial institution to the customer will create a financial obligation that must be paid by the customer within an agreed term. In this regard, the SAC was referred to on the issue as to whether the financing product based on the concept of tawarruq is permissible. Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that financing product based on the concept of tawarruq is permissible. Basis of the Ruling The aforesaid resolution is based on the textual provisions and views on permissibility of tawarruq as mentioned in item 60.95 95 Deposit Product Based on Tawarruq. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 96 97 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 62. Sukuk Ijarah and Shariah Compliant Shares as Underlying Asset in Tawarruq Transaction There was a proposal by an Islamic financial institution to use sukuk ijarah and Shariah compliant shares as underlying asset in tawarruq or commodity murabahah transaction to manage liquidity in Islamic financial system. The feature of proposed sukuk ijarah is sukuk ijarah which is backed by tangible asset, financial asset and a combination of both tangible asset and financial asset. The feature of Shariah compliant shares is that the shares comply with the Shariah principles and rulings. In this regard, the SAC was referred to on the issue as to whether the application of sukuk ijarah and Shariah compliant shares as the underlying assets in tawarruq transaction is permissible in Shariah. Resolution The SAC, in its 58th meeting dated 27 April 2006, has resolved that the application of sukuk ijarah and Shariah compliant shares as the underlying asset in tawarruq or commodity murabahah transaction to manage liquidity in Islamic financial system is permissible. The sukuk ijarah shall be backed by tangible asset or a combination of tangible asset and financial asset. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. The proposed underlying assets consist of permissible and tradable assets in accordance with Shariah perspective; and ii. The sale transaction based on tawarruq normally involves a deferred sale by one of the contracting parties. In this case, the tawarruq transaction must involve sale of tangible asset or securities that are backed by tangible asset or combination of tangible asset and financial asset in order to avoid sale of debt with debt which is forbidden in Shariah. 63. Application of Tawarruq in Sukuk Commodity Murabahah There was a proposal to issue sukuk commodity murabahah based on tawarruq as an alternative instrument to existing money market products which are based on the concept of bai` `inah. Generally, the method of issuance of this sukuk involves commodity murabahah transaction through tawarruq contract to create indebtedness between the sukuk issuer and investors. The debt will be settled by the sukuk issuer on maturity date. This sukuk will be tradable in the secondary market for financial institutions that apply the concept of bai` dayn. In this regard, the SAC was referred to on the issue as to whether the proposal to issue sukuk based on tawarruq complies with Shariah. Resolution The SAC, in its 67th meeting dated 3 May 2007, has resolved that there is no objection in Shariah for the issuance of sukuk commodity murabahah based on tawarruq as long as the sale transactions involve three or more contracting parties. Basis of the Ruling The aforesaid SAC’s resolution is based on the textual provisions and views on the permissibility of tawarruq as mentioned in item 60.96 96 Deposit Product Based on Tawarruq. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 98 99 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 64. Proposed Operational Model of Commodity Murabahah House (Now Known as Suq al-Sila`) Bank Negara Malaysia, Securities Commission, Bursa Malaysia and Islamic financial industry players had collaboratively introduced a fully electronic web-based Shariah commodity trading platform known as Commodity Murabahah House (CMH). As an international commodity platform, CMH facilitates commodity- based Islamic investment trading and financing under the principles of tawarruq, murabahah and/or musawamah. As a start, crude palm oil (CPO) with clear specification is traded at CMH in ringgit. CMH also offers trading in various foreign currencies to provide wider range of options, access and flexibility for international financial institutions to participate in Shariah commodity trading market. In the proposed structure of CMH, the seller is required to own the CPO prior to any sale transaction. CMH allows the buyer to receive delivery of the commodity if buying position is above commodity sale and trading accounts are not squared off on the same day. Prior to delivery, the CPO buyer must first obtain a license from the Malaysian Palm Oil Board and will be charged delivery fee determined by the CMH as well as other costs related to delivery and storage. In this regard, the SAC was referred to on the issue as to whether the proposed implementation of CMH is in line with Shariah. 100 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 97 In Malay language, the word ‘randomly’ is referred to as ‘rawak’ which has been defined by Kamus Dewan (the 4th Edition, 2007) as ‘rambang atau tidak ditentukan atau diatur terlebih dahulu’. It means ‘unspecified or has not been predetermined or prearranged’. Thus, “randomly” in CMH operational context, aims to ensure that the transacted asset is not required to be resold to the original supplier. Resolution The SAC in its 78th meeting dated 30 July 2008, has resolved that the proposed operational structure of CMH is permissible on the condition that the traded CPO shall be identifiable and precisely determinable (mu`ayyan bi al-zat) in terms of its location, quantity and quality in order to meet the features of a real transaction. In addition, it is also recommended that the transaction shall be executed randomly97 so that the CMH operation is able to better meet the original features of tawarruq. Basis of the Ruling The use of CPO as the underlying asset is viewed as fulfilling the requirements of subject matter of a sale transaction because it exists and is physically identifiable, is able to be received before sale, and its quality is determinable based on the given specifications in terms of its essence, standard and value. In addition, the traded CPO is deliverable to the buyer and is free from any binding terms. Wadi`ah contract is a mechanism that enables a person to entrust his asset to another person for the purpose of safe keeping. In the current practices of Islamic banking, wadi`ah yad dhamanah (safe keeping with guarantee) is a form of wadi`ah which is widely applicable. Under the wadi`ah yad dhamanah contract, the Islamic banking institution acts as the safe keeper or trustee for the fund deposited by customer of the Islamic banking institution. However, as the customer normally allows the Islamic banking institution to utilise his deposited money, the Islamic banking institution is obliged to guarantee the deposit. As a reward and token of appreciation for the utilisation of the deposit, the Islamic banking institution, at its discretion, may give hibah to the customer. 65. Adaptation (Takyif) of Wadi`ah Yad Dhamanah as Qard The SAC was referred to on the issue as to whether the ruling applicable on qard may also be adapted or applied in wadi`ah yad dhamanah. Resolution The SAC, in its 6th special meeting dated 8 May 2008, has resolved that the ruling on wadi`ah yad dhamanah which involves money may also apply the rules of qard in terms of its parameters (dhawabit) and its subsequent effects. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. In the current financial context, wadi`ah is a contract whereby the asset owner deposits his asset to another party on trust basis for safe keeping; 98 WADI`AH 98 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 4022. 101 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. Majority of fiqh scholars classify wadi`ah as a trust contract (yad amanah) whereby the deposited asset for the custody of the wadi`ah recipient is treated as a trust. The wadi`ah recipient is obliged to replace the wadi`ah asset within his custody in the event of damage or loss of the wadi`ah asset due to his negligence.99 Nevertheless, majority of scholars view that if the financial institution utilised the deposited money, the contract becomes a contract of qard;100 iii. The OIC Fiqh Academy has resolved that “deposits in current accounts, either deposited at Islamic or conventional financial institution, is a kind of loan from fiqh perspective since the financial institution that receives the deposit guarantees such deposit and it must refund the deposit upon request”;101 and iv. The contemporary scholars’ view in relation to the rules on wadi`ah asset deposited at Islamic financial institutions is consistent with the view of classical scholars who held that the rulings of qard are applicable in the instance where the wadi`ah recipient utilised wadi`ah asset with the consent of wadi`ah depositor. 99 Al-Baihaqi, Al-Sunan al-Kubra, Dar al-Kutub al-`Ilmiyah, 2003, v. 6, p. 473. 100 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1996, no. 9, v. 1, p. 667, v. 7, p. 198. 101 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1995, 9th Convention, resolution no. 86 (9/3). S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 102 Wakalah is an agency contract in which a party mandates another party as his agent to perform a particular task. In the current context of Islamic finance, the customer normally appoints a financial institution as his agent to conduct a particular mu`amalah transaction and in return, the financial institution will receive a fee for the service. 66. Application of Wakalah bi al-Istithmar in Deposit Product An Islamic financial institution would like to introduce a deposit product based on wakalah bi al-istithmar (investment agency). Under this product, a customer will deposit a certain amount of money at the Islamic financial institution with the condition that such deposit shall only be invested in an instrument with the potential to generate return at a certain minimum rate (for instance 5% per annum). The Islamic financial institution will act as an agent in investing the customer’s deposit and will be entitled to a fee as agreed by both parties. However, the Islamic financial institution will not guarantee that the customer will be getting at least the minimum investment profit rate as expected. Any loss will solely be borne by the customer unless it is proven that the Islamic financial institution had been negligent or had breached the terms of agreement by investing in an instrument which has no potential to generate the minimum profit of 5% per annum. In addition, if the customer decides to terminate the investment contract earlier and withdraw all of his deposit, he is only entitled to receive the current value of the investment. In this regard, the SAC was referred to on the issue as to whether the proposed deposit product which is based on wakalah bi al-istithmar is permissible. WAKALAH 103 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 2nd special meeting dated 18 June 2007, has resolved that the proposed deposit account which is based on wakalah bi al-istithmar contract is permissible, subject to the following conditions: i. If the Islamic financial institution has breached any terms of agreement or has negligently invested in an instrument which has no potential to generate profit at the minimum rate (for example 5% per annum), the Islamic financial institution will have to pay compensation as much as the principal sum of investment plus the actual profit (if any); and ii. If the Islamic financial institution invested in an instrument that is expected to generate profit at the rate of at least 5% per annum but failed to reach the targeted rate due to problems which are not attributable to the negligent conduct of the Islamic financial institution, such loss shall be borne fully by the customer. Basis of the Ruling Principles of wakalah bi al-istithmar are identical to principles of mudarabah because the agent receives the deposit money from the customer for the purpose of investment. However, wakalah is based on ujrah or commission. The application of wakalah principles in this form is not contrary to the objectives of Shariah as long as the original features of wakalah are being preserved. This is in line with the permissibility of wakalah as stated in al-Quran: “...let one of you go to the city with this silver coin and find food that is purest and lawful (that is sold there). Let him bring you provision from it...”102 102 Surah al-Kahfi, verse 19. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 104 The permissibility of wakalah has also been mentioned by Rasulullah SAW as in the following hadith: “From `Uqbah ibn `Amir told that Rasulullah SAW gave him a few goats to be distributed amongst his companions and one male goat was left after the distribution. He informed Rasulullah SAW about it, and then he said: Slaughter it on my behalf.”103 “(Dealing of) Muslims is based on conditions (as agreed) amongst them, except conditions that permit a forbidden matter or forbid a permissible matter.”104 Based on these hadith, the customer is entitled to instruct the Islamic financial institution who acts as his agent, to invest in a particular instrument that potentially generate a minimum profit. Therefore, if the customer decides to terminate the investment contract and withdraw all the deposited amount, the customer is deemed as withdrawing the mandate to manage capital from the Islamic financial institution. In this situation, the customer will only be entitled to the current investment value. This is viewed to be consistent with the consensual views of all four schools relating to investment contracts such as mudarabah, whereby all schools agree that a mudarabah contract is annulled or terminated by an expressed statement of termination, or by the conduct of the capital provider in withdrawing the mandate to manage the capital.105 103 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 207, hadith no. 2500. 104 Abu Daud, Sunan Abi Daud, Bait al-Afkar al-Dawliyyah, 1999, p. 398, hadith no. 3594. 105 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3965. 105 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Bai` dayn refers to a contract of debt trading created from Shariah compliant business activities. In the context of Islamic finance, bai` dayn is a method of sale of debt created under exchange contracts such as murabahah, bai` bithaman ajil, ijarah, istisna` and others. 67. Repurchase of Negotiable Islamic Debt Certificate Negotiable Islamic Debt Certificate (NIDC) is a debt certificate that is structured based on the concept of bai` `inah. Under the NIDC mechanism, the Islamic financial institution will sell its asset to the customer on a cash basis. Subsequently, the institution will repurchase the asset on credit at a higher purchase price. The difference between the sale price and the purchase price is the amount of profit gained by the customer. As evidence of indebtedness to the customers of the Islamic financial institution, the Islamic financial institution will issue NIDC which is tradable at the secondary market. Upon maturity, the NIDC holder will surrender the NIDC to the Islamic financial institution and receive its nominal value (the Islamic financial institution’s purchase price). In this regard, the SAC was referred to on the following issues: i. Whether the Islamic financial institution may repurchase the NIDC which it has issued before the maturity period; and ii. The suitable method of pricing for the repurchase of the NIDC by the Islamic financial institution. Resolution The SAC, in its 14th meeting dated 8 June 2000, has resolved the following: i. The Islamic financial institution that issued the NIDC may repurchase the NIDC before maturity, provided that the NIDC shall be terminated; and ii. The price (including profit) of the NIDC which is traded before the maturity date shall be determined according to the agreement between the seller and the buyer. BAI` DAYN S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 106 107 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling In general, the NIDC is a debt certificate (syahadah al-dayn) which is a valuable and tradable asset in the market according to the needs of and agreement between the certificate holder and the buyer. Debt trading is allowed with the condition that the debt is clearly in existence. In the context of NIDC, the sale of debt is permissible because it is conducted between the Islamic financial institution and the certificate holder. In this regard, many fiqh schools have granted flexibility in debt trading between the creditor and the debtor. Majority of scholars among the Hanafi, Maliki, Syafii and Hanbali schools allow debt trading to the debtor because there is no issue of non-delivery of object of the contract as the sold debt is already in the possession of the creditor.106 In addition, the determination of price in a sale is based on the agreement and mutual consent of the seller and the buyer. Since NIDC is a debt certificate which is negotiable according to Shariah, the price of the certificate depends on what has been agreed by the contracting parties. 68. Sale of Debt Arising from Services Under a service agreement (for example, cleaning services of a building) concluded between a service company (customer) and another company (third party), the third party is responsible to settle the payment for the service to be rendered by the customer. The customer then sells such debt obligation of the third party to the Islamic financial institution using a debt undertaking letter. The sale of such debt from a service to be rendered is aimed at obtaining funds from the Islamic financial institution to finance the service costs to be incurred by the customer. In this regard, the SAC was referred to on the issue as to whether the proposed sale of debt arising from a service between the customer and the Islamic financial institution is permissible. 106 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3405. Resolution The SAC, in its 17th meeting dated 12 February 2001, has resolved that the proposed sale of debt arising from a service is not allowed. Basis of the Ruling In the concept of bai` dayn, the debt must be in existence or known before it can be traded. Majority of scholars view that a tradable debt is a debt which is clearly established and fixed (dayn mustaqir).107 Otherwise, the sale is void. According to Al-Syirazi: “Debts shall be scrutinised, if the ownership of the debts is fixed, such as compensation for damage and repayment of a loan, then the sale of such debts to the rightful person (debtor) before the payment is received is allowed, because his ownership of these debts is established. Therefore, the debts may be sold just like a sale of any purchased item which is already in the possession of the buyer. Is it (sale of debt) permissible to another person other than himself (the debtor)? There are two opinions: First, it is permissible since whatever is allowed to be sold to the rightful person (debtor) is also allowed to be sold to other person, like wadi`ah (deposit for safe keeping). Second, it is not permissible because he (the seller) is not able to deliver it (to the buyer) as he (the debtor) may object to or deny it (the debt). That is considered as unnecessary gharar (for the buyer), thus, it is not permissible. However, the first opinion is clearer, because he (the seller) in principle is able to deliver the debt without any objection or denial (over the debt).” 108 Based on the aforesaid argument, sale and purchase of a debt created from a service as presented above is not allowed because it does not satisfy the contract of bai` dayn that requires an established and fixed existence of debt. An expected debt created from a service to be rendered by the customer is actually the projected income that entails the issue of uncertainty (gharar) in the transaction conducted. 107 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3406 - 3407. 108 Al-Syirazi, Al-Muhazzab fi Fiqh al-Imam al-Syafii, Dar al-Qalam, 1996, v. 3, p. 31: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 108 Bai` `inah refers to a contract which involves sale and buy back transactions of an asset by the seller. In these transactions, the seller sells an asset to the buyer on cash basis and then buys back the asset at a deferred price which is higher than the cash sale price. It may also be conducted where the seller sells the asset to the buyer at a deferred price and subsequently buys back the asset on cash basis at a lower price than the deferred sale price. Bai` `inah concept is used in the Malaysian Islamic banking and Islamic capital market system to fulfill the various needs of market players, mainly during the initial development stage of the Islamic financial system. 69. Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate The SAC was referred to on a proposal to issue Negotiable Islamic Debt Certificate (NIDC) based on bai` `inah concept. Under the NIDC mechanism, the Islamic financial institution will sell its asset to the customer on cash basis. Subsequently, the Islamic financial institution will buy back the asset on credit at a higher purchase price. The difference between the sale price and the purchase price is the amount of profit gained by the customer. In this regard, the SAC was referred to on the issue as to whether the issuance of NIDC as proposed is permissible. Resolution The SAC, in its first meeting dated 8 July 1997, has resolved that the issuance of NIDC based on bai` `inah concept is permissible. Basis of the Ruling The SAC’s resolution is based on the following evidences on the permissibility of bai` `inah: BAI` `INAH 109 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. Allah SWT says: “...whereas Allah SWT has permitted trading and forbidden usury...” 109 Two sales contracts concluded separately and independently, with no interrelation with one another and using the pronunciation of offer and acceptance in accordance with Shariah are the important elements in bai` `inah transactions, which are consistent with the requirements of the above verse. Therefore, the two sales agreements between the seller and the buyer in bai` `inah transactions are valid in Shariah, based on the above elements. ii. Some scholars of the Syafii school and a few from the Hanafi school, such as Imam Abu Yusuf are of the view that bai` `inah is permissible.110 iii. Imam Syafii explained on the permissibility of bai` `inah in his book, al-Umm, as follows: “When a person sold an asset in a certain period and the buyer received it, then there is nothing wrong if he buys back the asset from the one who bought the asset from him at a lower price.”111 iv. Imam Subki quoted the saying of Imam Syafii as follows: “When a person sold an asset in a certain period and the buyer received it, then there is nothing wrong if he buys back the asset from the one who bought it from him at a lower or higher price, either on credit or cash basis, because it is a different sale from the first sale.”112 109 Surah al-Baqarah, verse 275. 110 Al-Fatawa al-Hindiyyah, Matba`ah Amiriyah, 1310H, v. 3, p. 208. 111 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 461. 112 Al-Subki, Takmilah al-Majmu` Syarh al-Muhazzab, Maktabah al-Irshad, 1995, v. 10, p. 141: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 110 70. Application of Bai` `Inah in Islamic Interbank Money Market There was a proposal to introduce a transaction based on bai` `inah in the Islamic interbank money market. In this transaction, an amount of Shariah compliant asset will be sold by a financier (for example, a central bank) to the receiving financial institution at X price on credit. Subsequently, the receiving financial institution will sell back the asset to the financier on cash basis at Y price. The X price is higher than the Y price, and the difference between the two is the profit to the financier. Both sales contracts are executed separately. In this regard, the SAC was referred to on the issue as to whether the transaction based on bai` `inah in the Islamic interbank money market is permissible. Resolution The SAC, in its 8th meeting dated 12 December 1998, has resolved that the transaction based on bai` `inah in the Islamic interbank money market is permissible, subject to the following conditions: i. Bai` `inah transaction shall follow the methods acceptable by Syafii school; and ii. The transacted goods shall be non-ribawi items. Basis of the Ruling This SAC’s resolution is based on the evidences on permissibility of bai` `inah as mentioned in item 69.113 113 Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate. 111 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 71. Application of “Sale and Buy Back” Contract “Sale and buy back” contract involves a sale contract between two contracting parties followed by a promise (wa`d) by the original seller to buy back the asset on a different date if the buyer decided to sell the asset to the original seller. The price in the second contract is different from the price in the first contract. The emphasis given in the second contract is the promise by the original seller to buy back the asset from the buyer based on agreed terms and conditions. In this regard, the SAC was referred to on the issue as to whether the aforesaid “sale and buy back” contract is permissible and whether it is similar to bai` `inah. Resolution The SAC, in its 13th meeting dated 10 April 2000 and 21st meeting dated 30 January 2002, has resolved that the “sale and buy back” contract on different dates is permissible and it is not a bai` `inah contract. Basis of the Ruling “Sale and buy back” contract is a conditional sale contract allowed in Shariah and it is not bai` `inah since the second contract will only be concluded if the buyer decides to sell the asset to the original owner. The conditional sale contract is certified as a valid contract because the stipulated condition does not affect the objective of the first contract and there is a valid transfer of ownership of the asset. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 112 72. Conditions for Validity of Bai` `Inah Contract In order to standardise the application of bai` ̀ inah in the Islamic financial industry, the SAC was referred to on the conditions for the validity of bai` `inah contract. Resolution The SAC, in its 16th meeting dated 11 November 2000 and 82nd meeting dated 17 February 2009, has resolved that a valid bai` `inah contract shall fulfill the following conditions: i. Consisting of two clear and separate contracts, namely, a purchase contract and a sale contract; ii. No stipulated condition in the contract to repurchase the asset; iii. Both contracts are concluded at different times; iv. The sequence of each contract is correct, whereby, the first sale contract shall be completely executed before the conclusion of the second sale contract; and v. Transfer of ownership of the asset and a valid possession (qabd) of the asset in accordance with Shariah and current business practice (`urf tijari). Basis of the Ruling The detailed conditions for the validity of bai` `inah contract are based on the arguments as mentioned in item 69.114 In addition, there shall be transfer of ownership of the asset because one of the requirements for a valid sale contract is qabd of the purchased asset before it is sold to others or the original seller. This is intended to avoid any issue on sale of asset which is yet to be owned. 114 Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate. 113 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 73. Stipulation to Repurchase Asset in Bai` `Inah Contract The SAC was referred to on the issue as to whether stipulation to repurchase asset (interconditionality) may be incorporated into both agreements of bai` bithaman ajil (BBA) based on bai` `inah, namely, the Property Purchase Agreement and the Property Sale Agreement for home financing concluded between the Islamic financial institution and the customer. This stipulation to repurchase is normally included in the document that indicates the seller’s undertaking to repurchase the asset from the buyer especially in the recital of the agreement, marketing brochures, supplementary documents, appendixes and others. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that the stipulation to repurchase the asset in bai` `inah contract will render the contract as void. Basis of the Ruling This resolution is based on the opinion of majority of scholars which states that the incorporation of a condition to repurchase the asset in a bai` `inah contract will annul the contract: i. Al-Nawawi stated that scholars unanimously view that stipulation to repurchase linked to another contract annuls the contract;115 ii. In Hasyiyah al-Sawi ̀ ala Syarh al-Saghir, there is a view stating that the offer and acceptance (sighah) in a bai` `inah contract which represent interconnection or interrelation between the two sales contracts will adversely affect such sales contracts;116 and iii. Dr. Yusof Al-Qaradawi in his response to the sale of slave by Ummu Walad Zaid bin Arqam117 stated that such bai` ̀ inah is allowed if there is no pre-arrangement (tawatu’) to repurchase the slave and it does not amount to riba.118 115 Al-Nawawi, Al-Majmu` Syarh al-Muhazzab, Dar al-Fikr, 1996, v. 10, p. 128. 116 Al-Sawi, Hasyiyah al-Sawi `ala Syarh al-Saghir, Dar al-Ma`arif, 1982, v. 6, p. 395 – 396. 117 Al-Daraqutni, Sunan al-Daraqutni, Dar al-Ma`rifah, 1966, v. 3, p. 52, hadith no. 212. 118 Al-Qaradawi, Bai` al-Murabahah li al- Amir bi al-Syira’, Maktabah Wahbah, 1995, p. 43. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 114 115 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E PART II: SUPPORTING SHARIAH CONCEPTS S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 116 Hibah means transfer of ownership of an asset to a person without any consideration in return.119 It is a unilateral contract and also a benevolent act. Basically, hibah is commendable. In the Islamic financial system, an Islamic banking institution normally applies the hibah concept to reward wadi`ah and qard depositors. In certain cases, there are also instances of giving hibah to customers, such as hibah to customers who conduct timely payments as scheduled. In the takaful industry, application of the hibah concept is used in several family takaful products in which participants may give hibah in the form of assigning the takaful benefit to the nominee or recipient of hibah. 74. Hibah in Interbank Mudarabah Investment Contract Interbank Mudarabah Investment is one of the investment transactions amongst participants in the Islamic Interbank money market which is conducted based on mudarabah principles. The rate of return for the investor financial institution is determined based on the rate of return of the investee financial institution (or known as ‘r’ rate). The ‘r’ rate represents the efficiency of a financial institution in managing its Islamic funds or assets. This indicates that an efficient financial institution normally has a higher ‘r’ rate as compared to a less efficient financial institution. If the ‘r’ rate of the investee financial institution is low, it will offer a low return to the investor financial institution. Problems arise when the ‘r’ rate of some Islamic financial institutions is too low than the market ‘r’ rate that makes it difficult for the financial institutions to obtain funding from the market. In order to address this problem, there was a proposal to introduce the hibah concept as one of the market practices in the Interbank Mudarabah Investment contract. Under this concept, the investee financial institution with lower ‘r’ rate than the market ‘r’ rate will offer hibah as a consolation gift to the investor financial institution who is willing to invest with the former. Hibah is payable based on a certain percentage of the ‘r’ rate of the investee financial institution, subject to its affordability. 119 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 42, p. 120. HIBAH 117 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the issue as to whether the investee financial institution may give hibah to the investor financial institution in a mudarabah contract such as the Interbank Mudarabah Investment contract in order to give a competitive return in the market. Resolution The SAC, in its 8th meeting dated 12 December 1998, has resolved that the practice of giving hibah by the investee financial institution to the investor financial institution that amounts to a guaranteed profit (‘r’ rate) in Interbank Mudarabah Investment contract is not allowed. Basis of the Ruling The practice of giving hibah in a contract based on mudarabah is not allowed because mudarabah is based on profit sharing. If the practice of offering hibah is allowed, it may adversely affect the nature of the mudarabah contract since the mudarib is deemed as guaranteeing the mudarabah profit. Besides, the practice of giving hibah is also contradictory to the objective of mudarabah contract since it denies the elements of profit sharing and loss bearing (if any) by the rabbul mal. 75. Application of Hibah in the Contract of al-Ijarah thumma al-Bai` An Islamic financial institution would like to offer hibah in al-ijarah thumma al-bai` (AITAB) as an incentive and encouragement to customers to timely observe their monthly payment of rent according to the prescribed schedule. In the proposed arrangement, hibah will be given to customers who pay their monthly rents in the first year without any late payment. The proposed hibah rate is 1% of the financing amount which will be directly credited into the account of eligible customers on the 13th month. However, customers who settle all his debts and terminate their AITAB contract within the first 12 months are not eligible to receive such hibah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 118 “...but if they choose of their own accord to make over to you a part of it, then you may enjoy it with pleasure and good cheer.”120 “Abu Abdullah al-Hafiz has reported to us, he said, I heard that Abu Zakaria Yahya bin Muhammad al-`Anbari said, I heard that Abu Abdullah al-Busyanji said, about the saying of the Prophet Muhammad SAW: Exchange gifts (among you) and you will love each other.”121 Besides that, there is no impediment in Shariah to apply the concept of hibah in AITAB contract since hibah is a benevolent act and is at the discretion of the giver of hibah. In this regard, the SAC was referred to on the issue as to whether the application of the concept of hibah in AITAB as proposed is permissible. Resolution The SAC, in its 13th meeting dated 10 April 2000, has resolved that giving hibah in an AITAB contract as an incentive to the customer who pays on schedule as proposed is permissible. Basis of the Ruling Giving hibah and gift is highly recommended as suggested in the following verse of al-Quran and hadith of Rasulullah SAW: 120 Surah al-Nisa’, verse 4. 121 Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz, 1994, v. 6, p. 169, hadith no. 11726. 119 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 76. Hibah in Wadi`ah Contract One of the methods in accepting deposits by Islamic financial institutions in Malaysia is based on the concept of wadi`ah yad dhamanah. Some of the Islamic banking institutions give hibah to wadi`ah depositors as token of appreciation for the depositors’ confidence in the institutions. However, one of the concerns is that the practice of giving hibah to wadi`ah depositors will become an `urf or norm forbidden by Shariah. In this regard, the SAC was referred to on the issue as to whether the practice of giving hibah by the Islamic banking institution to wadi`ah depositors is permissible. Resolution The SAC, in its 35th meeting dated 22 May 2003, has resolved that the practice of giving hibah by Islamic banking institutions to wadi`ah depositors is permissible. Nevertheless, such practice shall not become a norm in order to avoid this practice from becoming an `urf that resembles a condition in a deposit contract based on wadi`ah. Basis of the Ruling In the current banking practices, deposited monies by the customers will be used by the bank for certain purposes such as financing and investment. From the Shariah perspective, monies deposited into a deposit account based on wadi`ah yad dhamanah is equivalent to a loan based on qard in which the bank must refund the deposit to the customer upon request according to the agreed terms and conditions. Thus, the requirements of qard and its effects are also applicable in deposit account products based on the concept of wadi`ah yad dhamanah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 120 “From Ali r.a. who said, that Rasulullah SAW had said: Every loan that gives benefit (to the lender) is a riba.” 125 122 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 146, hadith no. 2305. 123 Al-Juzairi, Al-Fiqh `ala al-Mazahib al-Arba`ah,Al-Maktab al-Thaqafi, 2000, v. 2, p. 227. 124 Ibnu `Abidin, Hasyiyah Radd Al-Muhtar `ala al-Durr al-Mukhtar Syarh Tanwir al-Absar, Dar `Alam al-Kutub, 2003, v. 7, p. 395. 125 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. A hadith of Rasulullah SAW provides: “Rasulullah SAW said: The best person among you is the one who does his best in debt settlement.” 122 In a qard contract, a condition that gives benefits to the lender is not allowed. For instance, a condition requiring the borrower to give a free accommodation or at a cheap price to the lender, and giving a reward or gift in return for the lender’s kindness.123 The practice of giving hibah by a borrower to a lender is recommended in Islam. However, it must not be conditional in the contract so as to avoid the element of riba as stated in the following hadith:124 121 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 77. Hibah in Qard Contract Qard contract is one of the contracts used to manage liquidity in Islamic finance. The contract obliges a borrower to return the loan amount to the lender without promising to pay any additional amount. However, in current practices, a borrower sometimes gives hibah to the lender at his own discretion when paying off the debts. In this regard, the SAC was referred to on the issue as to whether the practice of giving hibah in the contract of qard is in line with Shariah. Resolution The SAC, in its 55th meeting dated 29 December 2005, has resolved that the practice of giving unconditional hibah in a contract of qard is permissible. Nevertheless, such practice shall not become a norm in order to avoid this practice from becoming an `urf that resembles a condition attached to the contract of qard. Basis of the Ruling Even though the act of giving hibah by the borrower to the lender is recommended in Islam, it cannot be conditional in the contract as it may amount to riba. Any addition to the amount of qard upon repayment, whether in terms of amount, attributes, giving of an asset or benefit, is permissible as long as it is unconditional. The ruling on giving hibah to a lender is similar to the ruling on giving loan with benefit, which is prohibited if such hibah is conditional in the contract, but it is allowed if it is not made as conditional.126 Please refer to basis of the ruling as explained in item 76.127 126 Ibnu `Abidin, Hasyiyah Radd al-Muhtar `ala al-Durr al-Mukhtar Syarh Tanwir al-Absar, Dar al-Fikr, 2000, v. 7, p. 395. 127 Hibah in Wadi`ah Contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 122 IBRA’ The concept of ibra’ represents the waiver accorded by a person to claim his right which lies as an obligation (zimmah) of another person which is due to him.128 In the context of Islamic finance, ibra’ refers to rebate given by one party to another party in mu`amalah such as trade and lease transactions. For example, an Islamic financial institution may give ibra’ to its customer who settled their debt prior to the agreed settlement period as stipulated in the contract concluded by both parties. 78. Ibra’ in Islamic Financing Most Islamic financial institutions do not include the ibra’ clause in the financing agreement entered with their customer due to the concern that this will give rise to the issue of uncertainty (gharar) in the selling price. However, the exclusion of ibra’ clause from the agreement may also lead to a dispute between the customer and Islamic financial institution on the customer’s entitlement to ibra’ arising from early settlement of outstanding debt. In line with the need to preserve public interest (maslahah) and to ensure fair treatment between the financier and customer, the SAC was referred to on the proposal to mandate Islamic financial institutions to accord ibra’ to the customer who settled their debt obligation under sale-based contract (such as bai` bithaman ajil or murabahah) prior to the agreed settlement period. Resolution The SAC, in its 101st meeting dated 20 May 2010, has resolved that Bank Negara Malaysia as the authority may require Islamic financial institutions to accord ibra’ to their customer who settled their debt obligation arising from the sale-based contract (such as bai` bithaman ajil or murabahah) prior to the agreed settlement period. Bank Negara Malaysia may also require the terms and conditions on ibra’ to be incorporated in the financing agreement to eliminate any uncertainty with respect to customer’s entitlement to receive ibra’ from Islamic financial institution. The ibra’ formula will be determined and standardised by Bank Negara Malaysia.129 128 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 1, p. 142. 129 This decision supersedes the decision made by the SAC in its 13th meeting dated 10 April 2000, 24th meeting dated 24 April 2002 and 32nd meeting dated 27 February 2003, whereby it was held that giving of ibra’ is at the discretion of the Islamic financial institutions and if the Islamic financial institutions promised to give ibra’ to the customer, the institution will be bound by such promise. 123 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “Rasulullah SAW once ordered the people of bani Nadhir to leave Madinah, then he received delegates from the people who said: Oh Rasulullah! You ordered us to leave Madinah while we have outstanding debts that must be settled by the local people. Then Rasulullah SAW replied: Give discount and accelerate the settlement.” 130 Some scholars are of the view that dho` wa ta`ajjal is not permissible since it is similar to the practice of riba. They argued that the increment in value of debt due to an extension of repayment period is considered as riba. Hence, the reduction in the value of debt arising from shortening the repayment period is also regarded as riba.131 130 Al-Daraqutni, Sunan al-Daraqutni, Mu’assasah al-Risalah, 2004, v. 3, p. 466. 131 Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz,1994, v. 6, p. 28, hadith no. 10924; there are other narrations in Sunan al-Baihaqi reporting on the prohibition of dho` wa ta`ajjal by Umar Al-Khattab r.a.; Ibnu Rusyd, Bidayah al- Mujtahid wa Nihayah al-Muqtasid, v. 2, p. 144; Ibnu Qayyim, Ighathah al-Lahfan min Masayid al-Syaitan, Dar Al- Ma`rifah, 1975, v. 2, p. 12. Basis of the Ruling Forgoing of rights is closely associated with ibra’ and dho` wa ta`ajjal in the context whereby Islam encourages the financier to waive his right to claim the settlement of a debt (either partially or wholly). The debt obligation is recognised as a liability (zimmah) that is to be settled by the debtor to the financier. Dho` wa ta`ajjal is a term used to refer to an act of reducing partial amount of a debt in the event where the debtor makes an early settlement. The evidence on waiving of right to claim part or total amount of debt existed during the lifetime of Rasulullah SAW as stated in the following hadith: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 124 Besides that, there are some arguments stating that the provision on dho` wa ta`ajjal in a debt transaction is not allowed as it will create gharar in the selling price. Some scholars are also of the opinion that the provision on dho` wa ta`ajjal in a debt transaction is not permissible because this practice resembles the characteristic of bai`atain fi al-bai`ah transaction which is forbidden by Sunnah.132 However, some scholars are of the view that dho` wa ta`ajjal is permissible and it is not appropriate to equate dho` wa ta`ajjal with riba given the essence of both subjects are distinct from one another.133 Considering the views of scholars that allow full adoption of dho` wa ta`ajjal and those who allow it on a provisional basis, it is concluded that there is no restriction for the authority to mandate the implementation of such practice to be compulsory. This is because the directive issued by the authority to implement such permissible practices is intended to safeguard the interests of all related parties. Such an action is consistent with the resolution adopted by the classical scholars, of which the settlement value of the debt that is paid prior to the agreed settlement period should commensurate with the duration prior to its settlement. Ibnu `Abidin wrote on this matter as follows: “If a debtor settles his debt before it is due or if he passes away and a claim proportion of his estate is claimed (to settle the debt), the contemporary scholars replied: Verily, none shall be taken from the murabahah between them except the amount that commensurates with the duration prior to its settlement.”134 132 Abdul Rahman Soleh Al-Atram, Al-Ibra’ fi al-Tamwil al-Islami: Takyifan wa Tatbiqan, Al-Qadaya al-Mu`asarah fi al-Tamwil al-Islami: Munaqasyah fi Al-Nadwah al-`Alamiyah li `Ulama’ al-Syari`ah 2006, Bank Negara Malaysia, 2008, p. 355. 133 Ibnu Rusyd, Bidayah al-Mujtahid wa Nihayah al-Muqtasid, 1975, v. 2, p. 144; Ibnu Qayyim, Ighathah al-Lahfan min Masayid al-Syaitan, Dar Al-Ma`rifah, 1975, v. 2, p. 13. 134 Ibnu ̀ Abidin, Hasyiyah Radd Al-Muhtar ̀ ala Durr al-Mukhtar Syarh Tanwir al-Absar, Dar al-Fikr, 2000, v. 5, p. 160: 125 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 79. Two Forms of Ibra’ in a Financing Agreement In view that ibra’ is a unilateral waiver of right by a party, an Islamic financial institution may promise to provide ibra’ based on suitable methods. In this regard, the SAC was referred to on a proposal by an Islamic financial institution to adopt two different methods of ibra’ in a bai` bithaman ajil financing agreement that is structured based on variable rate. The first method is formulated to address early settlement of debt and another method is the monthly ibra’ in order to match the effective profit rate with the current market rate. Resolution The SAC, in its 32nd meeting dated 27 February 2003, has resolved that both methods of ibra’ (namely ibra’ for early settlement and monthly ibra’ to match the effective profit rate with current market rate) in a financing agreement are permissible. Basis of the Ruling In the context of ibra’ for early settlement, the SAC has taken into consideration the following views of contemporary scholars: “Whenever a debtor settles his debt before it is due, or passes away, thus the debt is matured due to his death. In the latter situation the debt is settled by claiming from his estate. However, none shall be taken from the murabahah except for the amount that commensurates with the duration of the debt prior it was settled. This is a reply provided by contemporary scholars (of Hanafi school), Qunyah, and fatwa of Mufti of Rome, i.e. al-marhum Abu Sa`ud Afandi. The effective cause (`illah) that was given is al-rifq (compassion) for both parties. (He said: None shall be taken from the murabahah), its illustration: A person bought something for the cash price of 10, and then he sold to another for 20 with deferred payment of 10 months. If the buyer settled the payment after five months or passed away after such period, the seller should only take five and waive the remaining five.”135 135 Ibnu ̀ Abidin, Hasyiyah Radd al-Muhtar ̀ ala Durr Al-Mukhtar Syarh Tanwir al-Absar, Dar al-Fikr, 2000, v. 29, p. 348 - 349: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 126 For monthly ibra’, the SAC referred to the discussion among the scholars on types of ibra’. Two types of ibra’, which closely resemble the aforesaid practice are ibra’ muqayyad and ibra’ mu`allaq. An example of ibra’ muqayyad is as follows: “I will give you ibra’ if you do such and such actions…” Whereas, an example for ibra’ mu`allaq is: “If you do such a deed, I will give you ibra’.”136 Some of the Hanafi’s scholars view that the aforesaid ibra’ is not permissible if the condition in giving the ibra’ becomes a normal practice (muta`arafan). Whilst the schools of Maliki and Imam Ahmad allow such ibra’.137 Ibra’ mu`allaq, as illustrated by some of fiqh scholars, is viewed as identical to the method of monthly ibra’. This is because ibra’ which is given on monthly basis is also subjected to certain rate changes. This clearly indicates that the application of ibra’ may be extended in accordance with current needs as long as it does not contradict with general principles of Shariah. Besides that, offering of ibra’ is a right of the financier. Thus, the financier may apply ibra’ in whatever forms at his discretion. 136 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 1, p. 165. 137 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 1, p. 165 - 166: 127 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 80. Ibra’ in Home Financing Product Linked to a Wadi`ah or Mudarabah Deposit Account An Islamic financial institution would like to offer a home financing product. One of the special features of the product is that the customer will receive ibra’ on the monthly installment amount if he links the home financing to a wadi`ah deposit account or a mudarabah deposit account. Under this mechanism, ibra’ on monthly installment will be accorded to the customer based on the outstanding balance of deposit in wadi`ah or mudarabah deposit account. In this regard, the SAC was referred to on the issue as to whether the structure of the product complies with Shariah. Resolution The SAC, in its 63rd meeting dated 27 December 2006, has approved the proposal on home financing product linked to a mudarabah deposit account with the condition that the cost associated with the ibra’ shall be borne solely by the Islamic financial institution. However, the SAC, in its 64th meeting dated 18 January 2007, has resolved that the proposal to link the home financing product with a wadi`ah deposit account is not allowed because of the concern that its nature is syubhah to riba. Basis of the Ruling The existence of linkage or relation between home financing and a wadi`ah or mudarabah deposit account will consequently benefit the depositors. In the case of mudarabah deposit, the element of benefit is not an issue in Shariah. However, for wadi`ah deposit (which applies the ruling of qard), the element of conditional benefit is forbidden. Please refer to basis of the ruling as stated in item 76.138 138 Hibah in Wadi`ah Contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 128 Islamic banking operation materialised through financing transaction undertaken between financier and customer. Both parties are expected to observe specific obligations stipulated under the financing contract. The financier is obliged to provide financing to the customer as stipulated in the contract and the customer is obliged to settle the total amount of financing within the stipulated period. If the settlement is not made within the specified period, the financial activity of the financier will inevitably be affected. The discussion on the methods to claim compensation for losses in Islamic financial activities in Malaysia covers the aspects of default in settlement of debt, judgment debt and early settlement of debt. In the context of financing, ta`widh refers to claim for compensation arising from actual loss suffered by the financier due to the delayed in payment of financing/debt amount by the customer. Whilst gharamah refers to penalty charges imposed for delayed in financing/debt settlement, without the need to prove the actual loss suffered.139 81. Imposition of Ta`widh and Gharamah in Islamic Financing Facilities In conventional financial system, the problems associated with default in loan repayment are controlled by charging interests or riba on customers. Since the imposition of interests or riba is prohibited by Shariah, Islamic financial institutions do not adopt this mechanism to address cases on customers’ default in settling their financial obligations under Islamic contracts. The SAC was referred to ascertain a Shariah compliant mechanism to deal with this issue. Resolution The SAC, in its 4th meeting dated 14 February 1998, 95th meeting dated 28 January 2010 and 101st meeting dated 20 May 2010, has resolved that the late payment charge imposed by an Islamic financial institution encompassing both concepts of gharamah (fine or penalty) and ta`widh (compensation) is permissible, subject to the following conditions: 139 Mohammad Abdul Razaq al-Tabtabae, Al-Ta`widh ̀ an al-Dharar wa al-Gharamah ̀ ala al-Ta’khir fi al-Duyun: Dirasah Tatbiqiyyah `ala al-Mu’assasat al-Maliyyah al-Islamiyyah fi Daulati al-Kuwait,Al-Qadaya al-Mu`asarah fi al-Tamwil al-Islami: Munaqasyah fi al-Nadwah al-`Alamiyah li `Ulama’ al-Syari`ah 2006, Bank Negara Malaysia, 2008, p. 91. TA`WIDH AND GHARAMAH 129 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. Ta`widh may be charged on late payment of financial obligations resulted from exchange contracts (such as sale and lease) and qard; ii. Ta`widh may only be imposed after the settlement date of the financing became due as agreed between both contracting parties; iii. Islamic financial institution may recognise ta`widh as income on the basis that it is charged as compensation for actual loss suffered by the institution; and iv. Gharamah shall not be recognised as income. Instead, it has to be channeled to certain charitable bodies. Basis of the Ruling The permissibility of imposing ta`widh on a defaulted customer is considered based on the following evidences and arguments: i. The following hadith of Rasulullah SAW that considers intentional delay in debt payment by a person, who is able to pay, is a tyranny: “From Abi Hurairah that Rasulullah SAW had said: Delay by a rich person (in payment of debt) is a tyranny.”140 140 Al-Bukhari, Sahih al-Bukhari,Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 175. 141 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 165. ii. There is also a fiqh maxim extracted from a hadith relating to this matter: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 130 “Neither harming nor reciprocating harm (in Islam).” 141 “Whatever harm should be removed.”144 Based on the aforesaid fiqh maxim, imposition of ta`widh and gharamah on delayed payment of debt is an appropriate approach to mitigate the harm suffered by the financier, and at the same time instilled discipline on customer to make payment according to the stipulated schedule. 142 Al-Syirazi, Al-Muhazzab fi Fiqh al-Imam al-Syafii, Dar al-Qalam, 1996, v. 3, p. 412; Al-Zuhaili, Fiqh al-Hanbali al- Muyassar, Dar al-Qalam, 1997, v. 3, p. 7. 143 Majmu`ah Dallah Barakah, Qararat wa Tawsiyyat Nadawat al-Barakah, 1985, 3rd Convention, resolution no. 3/2. 144 Al-Suyuti, Al-Asybah wa al-Naza’ir, Dar al-Kutub al-`Ilmiyyah, 1403H, p. 83 - 84. Based on this maxim, the delay in payment by the customer will create harm to the Islamic financial institution as the financier whereby the Islamic financial institution will suffer actual loss in terms of incurring additional expenditure, such as cost for issuing notices and letters, legal fees and other related costs. These issues should be avoided in order to ensure that business transactions are conducted according to the principle of market efficiency (istiqrar ta`amul). iii. Late payment of debt is analogous to usurpation (ghasb). Both share the same `illah which is tyrannically obstructing the use of the property and exploiting it. In the case of ghasb, Imam Syafii and Hanbali are of the view that the benefit of the seized property is guaranteed and shall be compensated.142 In the case of delayed payment of financing amount, the financier is also unable to utilise the fund for other business purposes, of which should be settled within stipulated period. Therefore, the customer should pay compensation to the losses suffered by the financier.143 iv. Fiqh maxim: 131 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 82. Imposition of Compensation on a Customer who Makes Early Settlement The SAC was referred to on the issue as to whether an Islamic financial institution may impose compensation on a customer who makes early settlement in an Islamic financing. Resolution The SAC, in its 24th meeting dated 24 April 2002, has resolved that an Islamic financial institution is not allowed to claim compensation from a customer who makes early settlement in an Islamic financing. Basis of the Ruling Compensation charges imposed by an Islamic financial institution on a customer who makes early settlement in an Islamic financing is not consistent with the objective of Shariah since Islam encourages early settlement of any kind of debt. Furthermore, there is a hadith of Rasulullah SAW that considers intentional delay by a debtor in debt payment despite his ability to pay as tyranny. Imposition of compensation charges for early settlement of Islamic financing is also considered as an inappropriate practice given that Islamic financial institution may use the fund for investment or to provide financing to other customers. With respect to customer who had enjoyed certain privilege at the initial stage of financing facility, the Islamic financial institution may deal with this issue by reducing the amount of ibra’. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 132 83. Method of Late Payment Charge on Judgment Debt The existing procedural law provides the court with the power to impose interest charge on the judgment debt as decided by court. This interest charge is imposed on the judgment debt at a rate of 8% per annum of the total judgment amount, which is calculated commencing from the date of the judgment until the judgment debt is settled by the judgment debtor to the judgment creditor. With respect to Islamic finance cases, such claim also existed but the court normally exercises its discretion not to impose interest charge since the mechanism is based on riba. If the claim is made in court for fixed rate financing cases such as murabahah or bai` bithaman ajil, the judgment creditor will submit a claim for the total outstanding balance of selling price, subject to the amount of rebate (ibra’), if any. In this regard, the SAC was referred to ascertain the mechanism to avoid delay in settling judgment debt for Islamic finance cases. Resolution The SAC, in its 50th meeting dated 26 May 2005, 61st meeting dated 24 August 2006 and 100th meeting dated 30 April - 1 May 2010, has resolved that the judge may impose late payment charge on judgment debt as decided by the court rules on cases of Islamic banking and takaful based on the methods of gharamah and ta`widh on actual loss according to the following mechanisms: i. Court may impose late payment charge at the rate as stipulated by the procedures of court.145 However, from this rate, the judgment creditor (Islamic financial institution) is only allowed to receive compensation rate for actual loss (ta`widh); 145 The SAC, in its 50th meeting dated 26 May 2005 and 61st meeting dated 24 August 2006, has resolved that the rate is 8%. 133 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. To determine the compensation rate for actual loss (ta`widh) that may be applied by the judgment creditor, the SAC agreed to adopt the “weighted average overnight rate” of Islamic money market as a reference; and iii. The total compensation charge shall not exceed the principal amount of debt. If the actual loss is less than the applicable rate for judgment in current practice, the balance shall be channeled by judgment creditor to charitable organisation as may be determined by Bank Negara Malaysia. If the judgment creditor is an individual (for example, the payment of takaful benefits by a takaful company to participant), the judgment debtor shall only be obliged to pay ta`widh to the judgment creditor in addition to the judgment debt. The judgment debtor needs to channel the excess of the late payment penalty charge (if any) directly to charitable organisations as may be determined by Bank Negara Malaysia. For judgment debt in cases which involves payment of takaful benefits by takaful company to the participant, the late payment compensation after the judgment date shall be paid from the shareholders’ fund. Basis of the Ruling Al-Zaila`i view that the creditor may bring an action against the debtor in court if the latter intentionally delays the payment of debt despite his affordability to do so. If such intentional delay is proven, the judge may sentence appropriate penalty on him.146 146 Al-Zaila`i, Tabyin al-Haqa’iq, Dar al-Kutub al-Islami, (n.d.), v. 124, p. 74. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 134 135 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E PART III: ISLAMIC FINANCIAL PRODUCTS S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 136 Islamic financial derivative instruments such as swaps, forwards and options have been introduced in Islamic finance as one of the hedging mechanisms to enhance risk management capability of market participants. In addition, these instruments are also used by Islamic financial institutions as a measure to diversify the range of investment products offered to sophisticated investors. 84. Spot and Forward Foreign Currency Exchange Transactions A number of Islamic financial institutions in Malaysia undertake the spot and forward foreign currency exchange (foreign exchange) transactions. In the current market practice, the delivery and settlement of the foreign currency transactions are not made in cash at the same time and on the same date when the transaction is concluded. In the case of a spot transaction, the payment is settled on T+2 (two days after the transaction date). Whereas the settlement of a forward transaction is executed on an agreed future date, for example, one month, three months after the transaction date or at a specific date stipulated in the contract. In terms of Shariah concept, Islamic financial institutions that conduct forward foreign exchange transaction have introduced the concept of wa`d, whereby one of the parties to the contract promises to buy from or sell to the other counterparty a specific currency at an agreed exchange rate and settlement date. For the conduct of forward foreign exchange transactions, Islamic financial institutions have proposed to adopt the unilateral binding promise (wa`d mulzim) by one party. In the context of this transaction, the customer agrees to make a unilateral promise to buy foreign currency from an Islamic financial institution that will be settled at a specified future date. In the event of a default or non fulfillment of promise, the customer has to compensate the actual amount of losses (if any) suffered by the Islamic financial institution. In this regard, the SAC was referred to on the following issues: i. Whether the T+2 settlement practice for a spot foreign exchange transaction is permissible under Shariah; and ii. Whether the unilateral wa`d mulzim (binding promise) is permissible to be applied in a forward foreign exchange transaction. FINANCIAL DERIVATIVE INSTRUMENTS 137 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the delivery and settlement of a spot foreign exchange transaction based on T+2 is permissible. The SAC, in its 49th meeting dated 28 April 2005, has also resolved that Islamic financial institutions are allowed to conduct forward foreign exchange transactions based on unilateral wa`d mulzim (binding promise) which is binding on the promissor. In addition, the party who suffers losses due to non-fulfillment of promise may claim compensation. The forward foreign exchange transactions may be carried out by the Islamic financial institutions with their customers, among Islamic financial institutions, or between the Islamic and conventional financial institutions.147 Basis of the Ruling The settlement and delivery of spot foreign exchange transaction based on T+2 is permissible given that such duration is required by the contracting parties to confirm the trade transaction. This method of settlement and payment has been accepted and recognised as a customary business practice. In addition, the permissibility of unilateral wa`d mulzim on forward foreign exchange transaction has considered the following rulings and views: i. Contemporary fatwa views that the application of unilateral promise to buy foreign currency that will be received or delivered at a future date is permissible.148 In this regard, the unilateral wa`d is treated as a promise and does not tantamount to a contract; 147 The SAC, in its 79th meeting dated 29 October 2008 while discussing on option products including foreign exchange option, has resolved that the option products shall be used for hedging purposes only. Since the forward foreign exchange product is classified as derivative instrument that is similar to the option products, the SAC decision in its 79th meeting for item 88 is also applicable in the context of forward foreign exchange transactions. 148 Kuwait Finance House, Al-Fatawa al-Syar`iyyah fi al-Iqtisadiyyah (latest edition), v. 1, p. 137, fatwa no. 171. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 138 ii. Majority of the fuqaha is of the view that the application of binding bilateral promise (muwa`adah mulzimah) on foreign exchange transaction is prohibited given that the muwa`adah mulzimah in this context is similar to a sale contract;149 and iii. Muwa`adah mulzimah in a foreign exchange transaction is prohibited as it involves sale of debt for debt (bai` al-kali’ bi al-kali’).150 85. Islamic Profit Rate Swap Based on Bai` `Inah Islamic Profit Rate Swap (IPRS) is an agreement entered between two parties to mutually exchange profit rates (between fixed rate and floating rate) through the execution of a series of Shariah compliant sales contracts to trade certain assets. The objective of IPRS is to enable the bank to manage the mismatch between cash inflow generated from the asset and cash outflow arising from payment of expenditure or cost of funding associated with the liability side of the balance sheet. In this regard, an Islamic financial institution proposed to introduce IPRS based on Shariah contract of bai` `inah to be conducted among financial institutions or between Islamic financial institutions and other IPRS counterparties. The proposed mechanism of the IPRS is as follows: First stage i. An Islamic financial institution invests in Mudarabah Interbank Investment with another financial institution of which this investment will be used as the underlying asset in the swap transaction; and ii. The Islamic financial institution will enter into IPRS agreement with a third party (for example Bank XYZ) to conduct series of trade transactions at agreed dates, for instance, during a two-year period, the dates are reset at every six months. 149 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1988, 5th Conference, resolutions no. 40 and 41. 150 Majmu`ah Dallah Barakah, Qararat wa Tawsiyyat Nadawat al-Barakah, 1990, 6th Conference, resolution no. 6/23. 139 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Second stage iii. The Islamic financial institution sells Mudarabah Interbank Investment to Bank XYZ at a deferred sale price payable in every six months; iv. Subsequently, Bank XYZ will sell back the Mudarabah Interbank Investment to the Islamic financial institution at a sale price based on fixed profit rate; v. The settlement of the purchase price due from the Islamic financial institution under step (iv) will be offset against the payable amount from Bank XYZ under step (iii) following the trading of Mudarabah Interbank Investment; and vi. As a consequence, the Islamic financial institution will pay the fixed profit rate to Bank XYZ at every six months during the two years period. Third stage vii. The Islamic financial institution will sell the Mudarabah Interbank Investment to Bank XYZ at an agreed price, that has been based on the prevailing floating profit rate; viii.Subsequently, Bank XYZ will sell back the Mudarabah Interbank Investment to the Islamic financial institution at an agreed price; ix. The settlement of the purchase price due from Bank XYZ under step (vii) will be offset against the payable amount from the Islamic financial institution under step (viii) following the trading of Mudarabah Interbank Investment; x. Bank XYZ will pay the floating profit rate for every six months for the two years period; and xi. The difference between payment obligations of both contracting parties resulting from step (vi) in the second stage and step (x) in the third stage will be paid to the receiving party. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 140 Fourth stage xii. The third stage will be repeated at an agreed reset date which will be determined at every six months until the contract matures. In the event of early termination, one of the parties that hold a debt obligation to the other party shall be responsible to settle the amount due, which is known as “close-out”. In the conventional interest rate swap, the close-out amount is determined based on the market quote methodology, which refers to the standard formula adopted by market participants to determine the payable compensation amount. In this regard, the SAC was referred to on the following issues: i. Whether the offsetting between the first transaction (step iii) and the second transaction (step iv) is permissible under Shariah given that the payment for both transactions are not settled in cash and therefore, may give rise to the possibility that the transaction is a “sale of debt with debt (bai` al-dayn bi al- dayn)” that is prohibited by the Shariah; ii. Whether the documentation of the IPRS is sufficient to prove that the transfer of ownership and possession (qabd) of the underlying asset that is transacted, which is the Mudarabah Interbank Investment has taken place; and iii. Whether the methodology to determine the close-out amount for the conventional interest rate swap is applicable to the IPRS. Resolution The SAC, in its 44th meeting dated 24 June 2004, has resolved that the proposed offset practice in the IPRS structure is permissible and does not tantamount to the sale of debt with debt, which is prohibited by the Shariah. 141 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E The SAC has also resolved that the transfer of beneficial ownership that is reflected in the contract documentation is sufficient, accepted and recognised by the Shariah. In its 54th meeting dated 27 October 2005, the SAC has also resolved that the methodology to determine the close-out amount under the conventional interest rate swap is also applicable to the IPRS. Basis of the Ruling The SAC is of the view that the issue of sale of debt with a debt, which is prohibited by the Shariah, does not arise in the proposed IPRS structure based on the following considerations: i. The second transaction (step iv) is a sale of an asset that is bought and owned by the seller as a result of the first transaction (step iii), although the seller has not settled the purchase price. The second party does not sell a debt given that the debt obligation created from the first transaction belongs to the first party. Thus, the asset sold in the second transaction is an asset owned by the seller and therefore does not give rise to the issue on the sale of debt; and ii. The principle of muqasah (offset) is a common practice and acceptable in the event where two parties are indebted to each other and the debts are settled based on the payment of the difference between the two debts amount. The SAC has considered the following arguments as the basis of the ruling with respect to the issue on the transfer of beneficial ownership, which was reflected in the contract documentation: i. The Shariah accepted and recognised both concepts of ownership namely the legal ownership and the beneficial ownership; and ii. The transfer of ownership took place automatically given that the underlying asset used in the transaction is Mudarabah Interbank Investment. The documentation on the sale and purchase agreement is the main evidence for the transfer of ownership. Therefore, the investor has the right to sell the asset to a third party without referring to or executing the transfer of ownership at the bank that received the investment. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 142 With regards to the methodology to determine the close-out amount in IPRS, the SAC is of the view that the market quote methodology may be applied to IPRS if the contracting parties are convinced that the outcome of the application represents the actual loss suffered by a party to the contract as a result of a default by the other party. This view has considered the fact that the methodology for determination of ta`widh by a third party in the context of profit rate swap is not practical. 86. Forward Foreign Currency Exchange Transaction Based on Bai` Mu’ajjal An Islamic financial institution proposed to introduce forward foreign currency exchange based on bai` mu’ajjal (deferred payment sale) and bai` sarf (sale of currency) as an alternative to forward transaction based on wa`d. The mechanism for the product is as follows: i. The customer will appoint the Islamic financial institution as his agent to buy commodity X from Broker B amounting to USD1 million with deferred payment terms that will be paid at a future date (Y date). The delivery of the commodity will be made on the spot; ii. The customer will then sell commodity X to the Islamic financial institution at the price of RM3.5 million with a deferred payment terms that will be paid at Y date. The delivery of the commodity will also be made on the spot; iii. The Islamic financial institution will then sell commodity X to Broker A at USD1 million on deferred payment terms and payable at Y date. Commodity X will be delivered to Broker A on the spot; and iv. At the value date, which is the Y date, the customer will pay USD1 million to Broker B and will receive RM3.5 million from the Islamic financial institution. Simultaneously, the Islamic financial institution will pay RM3.5 million to the customer and will receive USD1 million from Broker A. Therefore, the customer will be able to hedge USD1 million against RM3.5 million at a future date which is the Y date. 143 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this case, the SAC was referred to on the issue as to whether forward foreign currency exchange that is structured based on bai` mu’ajjal and bai` sarf is permissible. Resolution The SAC, in its first special meeting dated 13 April 2007, has resolved that the forward foreign currency exchange transaction based on the above structure is permissible. However, the term bai` sarf in the transaction is not relevant because in reality there is no actual bai` sarf transaction despite achieving similar outcomes. Basis of the Ruling The aforesaid resolution of the SAC is formulated based on the following considerations: i. Deferred payment sale is permissible based on ijma` as stated by Ibnu Hajar in his book: “Deferred payment sale is permissible by ijma`.”151 ii. In the proposed product structure, all the deferred payment sale transactions are conducted independently and not related to each other. Therefore, this transaction complies with the condition specified under Shariah. 151 Ibnu Hajar al-`Asqalani, Fath al-Bari Syarh Sahih al-Bukhari, Dar al-Ma`rifah, 1959, v. 4, p. 302. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 144 87. Foreign Currency Option Based on Hamish Jiddiyyah, Wa`d and Tawarruq An Islamic financial institution proposed a foreign currency option product based on hamish jiddiyyah (security deposit), wa`d (promise) and tawarruq transaction. Under this product, customers who wish to hedge their forward foreign currency exchange transactions through this instrument should make wa`d to an Islamic financial institution to purchase certain amount of commodity from the institution and also to appoint the Islamic financial institution to sell the said commodity to a third party. As a consequence, the Islamic financial institution will require the customer to provide hamish jiddiyyah to assure the execution of wa`d by the customer. At the agreed date, tawarruq transaction will be conducted where the sale and purchase of specific commodity will be executed for spot payment and spot delivery. Each of the sale and purchase transaction in the tawarruq will involve different currencies and the hamish jiddiyyah will be refunded to the customer if both parties fulfill their promises. In this regard, the SAC was referred to on the issue as to whether the proposed foreign currency option product is permissible according to the Shariah. Resolution The SAC, in its 73rd meeting dated 20 February 2008, has resolved that the proposed foreign currency option product based on hamish jiddiyyah, wa`d and tawarruq transaction is permissible. Nonetheless, the sale and purchase transactions shall be referred to as a promise to buy (wa`d bi al-syira’) per se. In the event of a breach of promise, the party to the transaction who suffers losses may recover the actual amount of losses from the value of hamish jiddiyyah. The recognition and measurement of actual loss shall be done as follows: 145 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. The actual loss shall be measured based on the difference between the sale price of the commodity, subsequent to the failure of the customer to conduct the transaction and the promised purchase price of the commodity. The actual loss shall be equal to the sales price in the market subsequent to the default event minus the purchase price promised by the customer (the sales proceed is less than the purchase cost); ii. The Islamic financial institution may acquire the whole amount of hamish jiddiyyah to recover the actual losses if the calculated amount based on the above methodology is equal or more than the value of hamish jiddiyyah. If the actual loss is lower than the hamish jiddiyyah value, the customer may agree to channel the residual amount to charitable organisations under the supervision of the Shariah committee of the said Islamic financial institution; and iii. Item (i) and (ii) shall be clearly stated and agreed upon by the customer. Basis of the Ruling Hamish jiddiyyah, wa`d and tawarruq may be implemented according to the opinion of contemporary scholars which allows these concepts to be used in financial transactions. The amount of hamish jiddiyyah may be acquired by the affected party if there is an actual loss arising from the breach by the party making the wa`d. 88. Foreign Currency Option Based on Wa`d and Two Independent Tawarruq Transactions An Islamic financial institution proposed foreign currency option product based on wa`d and two independent tawarruq transactions. Under this product, a customer who wishes to hedge his forward foreign currency exchange will make wa`d to an Islamic financial institution to buy a specific amount of commodity from the Islamic financial institution. Subsequently, the customer will appoint the Islamic financial institution as agent to sell the commodity to a third party. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 146 At the initiation date of the option contract, the customer and the Islamic financial institution will conduct the first tawarruq transaction to receive profit from the sale of which is equivalent to the amount of premium in a conventional option transaction. Subsequently, the second tawarruq transaction will be conducted at an agreed date with the sale and purchase of the commodity for spot payment and delivery. In this regard, the SAC was referred to on the issue as to whether the proposed foreign currency option product based on wa`d and two independent tawarruq transactions is permissible according to the Shariah. Resolution The SAC, in its 79th meeting dated 29 October 2008, has resolved that the structure of the proposed foreign currency option product based on wa`d and two independent tawarruq transactions is permissible, provided that the following conditions are satisfied: i. The option product shall only be undertaken for hedging purpose; ii. Wa`d shall be made independently from the tawarruq transaction and shall not form part of the condition to perform the tawarruq transaction; iii. The Islamic financial institution shall ensure that every transaction is conducted independently from each other in terms of documentation and sequence of transactions; and iv. The underlying asset shall be Shariah compliant. Basis of the Ruling The SAC’s resolution to set out the conditions for wa`d to be conducted independently from tawarruq transactions and it shall not be made conditional to that trade transaction, is aimed to prevent wa`d from being used as an exchangeable item for certain counter value. This pronouncement is consistent with the opinion of contemporary scholars where wa`d shall not be priced or traded.152 152 AAOIFI, Al-Ma`ayir al-Syar`iyyah, rule no. 20, paragraph 3/3/2/5. 147 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Credit card refers to a card that facilitates the cardholder to purchase goods and services as well as to withdraw cash based on the agreed terms and conditions specified in the contracts between the cardholder and card issuer. The cardholder is allowed to pay the purchase transaction based on credit as an alternative method of payment apart from payment by cash or by cheque. In order to ensure that Islamic credit card is used according to Shariah requirements, various guidelines on the usage of Islamic credit card need to be established. 89. Islamic Credit Card Based on Bai` `Inah and Wadi`ah There was a proposal from an Islamic financial institution to offer Islamic credit card based on two Shariah concepts, namely bai` `inah (to raise fund for the purpose of providing credit facility to customers) and wadi`ah (to provide custody services for the fund raised under the bai` `inah contract). Under this credit card product mechanism, the Islamic financial institution will sell an asset at a nominal value plus profit to the customer with deferred payment terms of three years. Subsequently, the customer will sell back the same asset to the Islamic financial institution at a nominal value and payable on cash basis. The sale proceeds will be credited into wadi`ah account in the Islamic financial institution to facilitate the purchases of goods or services by the customer. Both sale and purchase transactions will be consecutively executed in two separate and independent contracts. In this regard, the SAC was referred to on the following issues: i. Whether the proposed credit card product based on bai` `inah and wadi`ah concepts is permissible; and ii. If the credit card product is permissible, whether it may be used to finance the purchase of ribawi items such as gold, silver and food items. ISLAMIC CREDIT CARD S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 148 149 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 18th meeting dated 12 April 2001, has resolved that the proposed credit card product structured based on bai` `inah and wadi`ah, as well its uses to purchase gold, silver and other halal goods is permissible. Basis of the Ruling The resolution passed by the SAC has considered the following: i. The permissibility of bai` `inah concept and its application in the credit card product is consistent with the accepted sources and arguments on bai` `inah as stated under item 69;153 ii. The application of wadi`ah in the proposed credit card mechanism, which complements bai` `inah contract to enable the sale proceeds to be deposited with the Islamic financial institution for customer’s use is permissible by Shariah; and iii. The issue of purchasing ribawi items does not arise given that the transaction involves cash and goods and not an exchange between ribawi items. In addition, the settlement of the purchase price is deducted from the existing customer’s wadi`ah account. 90. Islamic Credit Card Based on the Concept of Ujrah There was a proposal from a number of Islamic financial institutions to offer credit card product based on the concept of ujrah (fee). The cardholder is imposed with ujrah as a consideration for the services provided as well as the benefits and privileges offered by the Islamic financial institutions to the cardholders. In this regard, the SAC was referred to on the issue as to whether the proposed credit card structure based on the concept of ujrah is permissible. 153 Application of Bai’ ‘Inah Concept in Issuance of Islamic Negotiable Debt Certificate. Resolution The SAC, in its 77th meeting dated 3 July 2008 and 78th meeting dated 30 July 2008, has resolved that the proposed credit card structured based on the concept of ujrah is permissible subject to the following conditions: i. Islamic financial institutions shall ensure that the ujrah is imposed as a consideration for the provision of actual or non-fictitious services, benefits and privileges that are permissible under Shariah; ii. The imposition of different amount of ujrah on various types of credit cards that offer different kind of services, benefits and privileges is permissible; iii. The imposition of ujrah on the services, benefits and privileges which are not related to qard, deferment of debt and exchange of cash with cash at a different value is permissible; and iv. The imposition of ujrah on the services, benefits and privileges relating to qard, deferment of debt and exchange of cash with cash at a different value is not permissible. However, charges may be imposed to cover the actual management cost (nafaqah/taklufah). Basis of the Ruling Ujrah refers to a fee that is permissible in Islam based on sources from the verse of al-Quran and hadith as follows: Allah SWT says: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 150 “… the best of men for you to hire is the strong, the trustworthy.”154 A hadith of Rasulullah SAW provides: “Pay the worker his wages before his sweat dries off.”155 154 Surah al-Qasas, verse 26. 155 Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz, 1994, v. 6, p. 120, hadith no. 11434. 151 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 91. Takaful Cover for Islamic Credit Cardholders There were proposals by Islamic financial institutions to provide takaful coverage associated with personal accident as one of the privileges of which ujrah will be imposed to Islamic credit cardholders. In this regard, the SAC was referred to on the issue as to whether the proposed provision of takaful coverage with the imposition of ujrah is permissible. Resolution The SAC, in its 77th meeting dated 3 July 2008, has resolved that the proposed provision of personal accident takaful coverage as one of the privileges to the Islamic credit cardholders that will be charged with ujrah is not in line with Shariah. Nevertheless, the provision of takaful coverage is permissible if it is offered as a hibah without any imposition of ujrah. Basis of the Ruling The imposition of ujrah for personal accident takaful coverage is not permissible due to the following considerations: i. The Islamic credit cardholders are not direct participants in the takaful scheme. However, the payment of ujrah is instead imposed on the cardholders as a consideration for the takaful cover arranged by Islamic financial institutions with a third party; and ii. Since the ujrah is paid by the customers to the Islamic financial institutions for benefit coverage against risk, hence such arrangement is prohibited by the Shariah considering that the cash is exchanged with cash at different values.156 156 Wizarah al-Awqaf wa al-Syu’un al-Islamiyyah, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 22, p. 57. Therefore, the application of hibah concept is considered as an appropriate alternative compared to ujrah in order to avoid syubhah associated with the prohibition of exchanging cash with cash at different values. In addition, there is no Shariah restriction on the application of hibah. 92. Cash Back Rebate on Credit Card Annual Fee An Islamic financial institution that offered ujrah-based credit card product sought the SAC’s views on the proposal to provide undertaking to offer cash back rebate on the annual fee if the cardholder utilised the card at least twice a month. Resolution The SAC, in its 77th meeting dated 3 July 2008, has resolved that the Islamic financial institution that offered ujrah-based credit card is not permitted to offer cash back rebate to the Islamic credit cardholder. Nonetheless, this facility may be offered as a hibah to the cardholders without any imposition of ujrah. Basis of the Ruling The aforesaid resolution considered that the proposed cash back provision coupled with ujrah charges would create the element of exchanging cash with cash at different counter values, which is prohibited by the Shariah.157 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 152 157 Wizarah al-Awqaf wa al-Syu’un al-Islamiyyah, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 22, p. 57. 153 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 93. Islamic Credit Card Based on the Concepts of Wakalah and Kafalah An Islamic financial institution proposed to offer Islamic credit card product based on the concepts of wakalah and kafalah that incorporate specific credit limit on the cardholder. Purchases of goods and services made by the cardholder will be paid by the merchant bank on behalf of the cardholder. The merchant bank would then send all the documents relating to the transactions to Visa/Mastercard, which functions as intermediary between the merchant bank and the Islamic financial institution. In this regard, Visa/Mastercard will claim from the Islamic financial institution the amount payable to the merchant bank. Under the wakalah concept, the credit cardholder will be charged with ujrah. The charges will be calculated based on a specific percentage of the approved credit limit as a consideration for agency services provided by the Islamic financial institution to settle the cardholder’s payment obligation to the merchant bank. In the case of kafalah concept, the Islamic financial institution guarantee the payment to Visa/Mastercard (for the payment made to the merchant bank) and guarantee the payment for goods or services purchased by the credit cardholder from the merchant. In this regard, the SAC was referred to on the following issues: i. Whether the application of wakalah and kafalah concepts in the proposed Islamic credit card structure is permissible by the Shariah; and ii. Whether the method adopted by the Islamic financial institution to determine ujrah based on specific percentage of the credit limit is permissible. Resolution The SAC, in its 78th meeting dated 30 July 2008, has resolved the following: i. The fiqh adaptation (takyif fiqhi) of ujrah on wakalah in the proposed credit card structure is not accurate; ii. Method to determine ujrah amount that is based on certain percentage of the credit limit is not in line with the Shariah and contradicts the decision of majority Shariah advisors at the international level; and iii. Ujrah on wakalah or others shall be a fixed amount without being tied to a credit limit in order to avoid the element of riba. Basis of the Ruling The fiqh adaptation (takyif fiqhi) of ujrah on wakalah in the proposed Islamic credit card structure is not accurate since the role of Islamic financial institution as wakeel to the cardholder is confined to execute settlement of payment to the merchants only. However in reality, Islamic financial institutions also offer other services and benefits to the credit cardholders. In addition, the proposed method to determine ujrah for wakalah based on a certain percentage of the credit limit would give rise to the issue of conditional benefit on loan (qard), which is prohibited by the Shariah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 154 Islamic financial institutions have increasingly enhanced their efforts in research and development on Islamic financial products to create greater diversity in Islamic financial products that are able to satisfy customer needs. New innovations have been explored, which include among others, the collective numbers of several Shariah contracts in a single product package in order to achieve specific objectives. Since the collective numbers of several Shariah contracts in a single product package is considered as a new innovation, hence the validation and approval of the SAC is important to ensure that these products are in line with Islamic principles. 94. Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contracts An Islamic financial institution proposed to offer current account product based on wadi`ah yad dhamanah and mudarabah contracts. The structure of this product enables the Islamic financial institution to perform two roles, which are as a trustee and an entrepreneur to the funds deposited and invested by the customer respectively. Nonetheless, both contracts will not be executed simultaneously at the same time. The applicable contract of either the wadi`ah yad dhamanah or mudarabah will be determined based on the minimum average daily balance of the deposits in a month. For example, an Islamic financial institution sets out the requirement for account holder to maintain a minimum average daily balance of RM3,000 a month to be eligible to enter into a mudarabah contract. In this regard, the Islamic financial institution will review the minimum average daily balance of the customer’s account on a monthly basis to assess whether the customer is eligible to earn the mudarabah profit. The account holder will be categorised as a mudarabah investor if he maintains the minimum average daily balance of RM3,000 and therefore eligible to earn the profit (if any). However, the account holder will be considered as wadi`ah yad dhamanah depositor if the minimum average daily balance is less than RM3,000. All terms and conditions regarding wadi`ah yad dhamanah and mudarabah concepts are applicable according to the specified conditions and shall be agreed by the parties at the conclusion of the contract. In this regard, the SAC was referred to on the issue as to whether the proposed current account product based on wadi`ah yad dhamanah and mudarabah contracts is allowed by the Shariah. HYBRID PRODUCTS 155 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 5th meeting dated 30 April 1998, has resolved that the proposed current account product based on wadi`ah yad dhamanah and mudarabah contracts is permissible. Basis of the Ruling The usage of collective numbers of several Shariah contracts in a financial product or service is permissible based on the opinion that the collective numbers of contracts in a system is allowed provided that each contract is permissible and there is no Shariah evidence that prohibits it.158 However, the usage of collective numbers of contracts should satisfy the Shariah requirements as follows: i. The combination is not prohibited by Shariah, for example, prohibition to combine sale and loan contracts (al-bai` wa al-salaf) or it will not lead to riba (zari`ah ila riba) such as the combination of loan and exchange contracts (al-jam`u baina `aqd al-qardh wa `aqd al-mu`awadhah); and ii. Free from any conflicting elements in terms of Shariah rulings between proposed contracts such as the combination of hibah and sale or hibah and lease of certain goods to the counterparty. 95. Deposit Product Based on Mudarabah and Qard Contracts An Islamic financial institution proposed a deposit product based on collective usage of mudarabah contract (e.g. 60%) and qard (e.g. 40%). The proportion of both contracts would commence from the opening date until the closing date of the account. Every cash withdrawal from the account would represent 60% from the mudarabah fund and 40% from the qard fund. 158 Hasan Ali al-Syazili, Ijtima` al-`Uqud al-Mukhtalifah al-Ahkam fi `Aqd Wahid, in A`maal al-Nadwah al-Fiqhiyyah al- Khamisah li Bait Tamwil al-Kuwaiti, Bait al-Tamwil al-Kuwaiti, 1998, p. 506. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 156 The proposed collective usage of mudarabah and qard contracts in a deposit product was referred to the SAC to ascertain its permissibility. Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that the proposed collective usage of mudarabah and qard contracts in a deposit product is permissible. Basis of the Ruling The aforesaid SAC resolution is based on the permissibility to use several Shariah contracts in a single financial product as stated in item 94.159 96. Deposit Product Based on Wadi`ah and Mudarabah Contracts An Islamic financial institution proposed to offer a deposit product based on wadi`ah and mudarabah contracts in order to enable the payment of dividends to depositors. Under the proposed structure of the product, an Islamic financial institution would accept substantial proportion of customer’s deposits (for example 70%) based on wadi`ah contract and the remaining (for example 30%) would be based on mudarabah contract. The profit generated from the investment will be shared according to the agreed profit sharing ratio and losses (if any) arising from investment will be borne by the customer. The proposed deposit product based on wadi`ah and mudarabah contracts was referred to the SAC to ascertain its permissibility. 159 Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contract. 157 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 68th meeting dated 24 May 2007, has resolved that the proposed deposit product based on wadi`ah and mudarabah contracts is permissible. Basis of the Ruling The aforesaid SAC resolution is based on the permissibility to use several Shariah contracts in a single financial product as stated in item 94.160 97. Financing Product for House under Construction Based on Istisna` Muwazi, Ijarah Mawsufah fi al-Zimmah and Ijarah Muntahia bi al-Tamlik An Islamic financial institution proposed a financing product for house under construction based on the concepts of istisna` and ijarah mawsufah fi al-zimmah. The modus operandi of the financing commences with the customer signing the sale and purchase agreement with the developer and pays a deposit equivalent to 10% of the house’s selling price. Subsequently, the customer will apply for a financing facility from an Islamic financial institution based on istisna` contract whereby the customer will sell the house to the Islamic financial institution based on istisna` contract (istisna` muwazi or parallel istisna`). The customer will also enter into ijarah mawsufah fi al-zimmah contract to lease the house, which is still under construction. In this regard, the customer agreed to commence paying monthly rent even though the house is still under construction. 160 Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 158 Based on the istisna` contract, the Islamic financial institution will settle the purchase price of the house to the customer by crediting the payable amount to the customer’s special account. Subsequently, the Islamic financial institution will perform the role of an agent to the customer to make progressive payments from the customer’s special account to the house developer. Once the construction is completed, the Islamic financial institution will continue to lease the house to the customer under ijarah muntahia bi al-tamlik contract. The Islamic financial institution may hibah the house to the customer once the customer has settled the final rental payment. In this regard, the SAC was referred to on the issue as to whether the proposed financing for house under construction is permissible. Resolution The SAC, in its 68th meeting dated 24 May 2007, has resolved that the proposed house financing product based on istisna` muwazi, ijarah mawsufah fi al-zimmah and ijarah muntahia bi al-tamlik is permissible. Basis of the Ruling The aforesaid SAC resolution is based on the permissibility to use several Shariah contracts in a single financial product as stated in item 94.161 161 Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contract. 159 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Entity A proposed to issue sukuk based on BBA with fixed income feature to finance the purchase of debts arising from Islamic house financing and Islamic hire-purchase from Islamic financial institutions. The modus operandi for the proposed Sukuk BBA is as follows: i. Entity A will buy Mudarabah Interbank Investment which will be used as the underlying asset in the sale and buy back contract between entity A and the investors; ii. Entity A will sell the underlying asset (Mudarabah Interbank Investment) to the investors on cash term and subsequently purchase the same asset on deferred payment term at a higher price; iii. The proceeds from the cash sale of the underlying asset will be used by entity A to purchase the debts arising from Islamic house financing and Islamic hire- purchase; and iv. The second transaction which involves the purchase of the same underlying asset on deferred payment term by entity A results in the creation of debt obligation, and as evidence to this indebtedness, entity A will issue Sukuk BBA to the investors. 98. Mudarabah Interbank Investment as Underlying Asset in a Deferred Payment Sale The SAC was referred to on the issue as to whether the Mudarabah Interbank Investment may be used as an underlying asset in a deferred payment transaction. Resolution The SAC, in its 41st meeting dated 8 March 2004, has resolved that the Mudarabah Interbank Investment may be used as an underlying asset in a deferred payment sale transaction. SUKUK BASED ON BAI` BITHAMAN AJIL (BBA) S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 160 161 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Although the Mudarabah Interbank Investment which is used as an underlying asset in the Sukuk BBA does not exist physically, it satisfies the criteria of “existed” asset (by implication) and is recognised as tradable asset. This is based on the characteristics of the instrument which are valuable, tradable and transferable. 99. The Existence of Underlying Asset Throughout the Sukuk Maturity Tenure The SAC was referred to on the issue as to whether the underlying asset which is the Mudarabah Interbank Investment must exist throughout the Sukuk BBA maturity tenure. Resolution The SAC, in its 41st meeting dated 8 March 2004, has resolved that the underlying asset which is the Mudarabah Interbank Investment may not necessarily exist throughout the Sukuk BBA maturity tenure. Basis of the Ruling The underlying asset is only used to perform the sale and purchase contracts (bai` `inah). Subsequently, the ownership of the underlying asset may return to the original owner. In this case, the Shariah does not require that the underlying asset to exist throughout the sukuk maturity tenure, except that the ownership of the underlying asset must belong to the original seller and is transferable at the time of the contract. In addition, the Sukuk BBA mechanism is an asset-based sukuk and not an asset- backed sukuk. 100. Bidding Methods for the Sukuk BBA Entity A proposed three bidding methods for Sukuk BBA, namely: i. Bidding method based on price - All biddings will be arranged and separated in descending manner from the highest price to the lowest price until the whole amount of Sukuk BBA offered are fully subscribed; ii. Bidding method based on rate of return - All biddings will be arranged and separated in ascending manner from the lowest rate of return to the highest rate of return until the whole amount of Sukuk BBA offered are fully subscribed. The rate of return for Sukuk BBA issuance will be determined based the highest rate of return for the successful investor; or iii. Bidding method based on weighted average rate of return - All biddings will be arranged and divided in ascending manner from the lowest rate of return to the highest rate of return until the whole amount of Sukuk BBA are fully subscribed. The rate of return or coupon for Sukuk BBA issuance will be determined based on weighted average rate of return for the successful bidding. Resolution The SAC, in its 42nd meeting dated 25 March 2004, has resolved that all the three proposed methods for Sukuk BBA bidding are permissible. Basis of the Ruling The practice of bidding resembles the features of sale and purchase by auction (bai` muzayadah). The contemporary scholars are of the opinion that bai` muzayadah is permissible.162 All the aforesaid three methods of bidding as presented do not involve any element which contradicts the Shariah principles (mani` syar`ie). Thus, all the methods may be implemented. 162 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1993, no. 8, v. 2, p. 25. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 162 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 163 PART IV: SHARIAH ISSUES IN RELATION TO THE OPERATIONS OF SUPPORTING INSTITUTIONS IN ISLAMIC FINANCE S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 164 Credit Guarantee Corporation (Malaysia) Berhad (CGC) was established in 1972 with the objective of assisting small and medium businesses with no or insufficient collaterals to obtain financing from financial institutions by providing guarantee covers for the financing. CGC structures and manages guarantee schemes, specifically to assist small and medium entrepreneurs, as well as to ensure active involvement of financial institutions in the implementation of its guarantee schemes. 101. Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation In view of the enhanced role of Islamic financial institutions in providing financing for small and medium enterprises, CGC proposed to offer Islamic credit guarantee facility to asset borrowers to obtain financing offered by the Islamic financial institutions. The credit guarantee facility offered is a guarantee with fee where the guaranteed party (customer) is required to pay a certain fee to the guarantor (CGC). In this regard, the SAC was referred to on the issue as to whether the credit guarantee facility with fee offered by CGC is allowed by Shariah. Resolution The SAC, in its 54th meeting dated 27 October 2005, has resolved that the credit guarantee facility with fee offered by CGC for financing granted by Islamic financial institutions is permissible. CREDIT GUARANTEE CORPORATION (M) BERHAD 165 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 163 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami,1986, no. 2, v. 2, p. 1146 – 1147; Nazih Kamal Hammad, Mada Jawaz Akhzu al-Ajr ̀ ala al-Kafalah fi al-Fiqh al-Islami, Journal of King Abdul Aziz University (Islamic Economics), 1997, v. 9, p. 95 -121. 164 Shariah Advisory Council of Securities Commission Malaysia, Resolutions of the Securities Commission Shariah Advisory Council (Second Edition), Securities Commission Malaysia, 2006, p. 44 – 45. 165 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh,Dar al-Fikr, 2002, v. 6, p. 4178. 166 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1986, no. 2, v. 2, p. 1146 – 1147. 167 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1986, no. 2, v. 2, p. 1134 – 1135. Basis of the Ruling The permissibility of guarantee facility with fee (kafalah bi al-ujr) offered by CGC is based on the following considerations: i. Some contemporary Shariah scholars163 and Shariah Councils164 has resolved that the imposition of ujrah on kafalah is permissible. A few contemporary scholars further opined that ujrah charged on kafalah shall be permitted on the basis of maslahah and public needs because in the current context, it is difficult and impractical to obtain free-of-charge guarantee.165 Moreover, one of the contemporary scholars, in his presentation to the OIC Fiqh Academy, had expressed his view that ujrah charged on dhaman (guarantee) is permissible. He is of the view that although originally dhaman is a type of tabarru`, the condition to charge ujrah on the dhaman is considered valid. He further reiterated that dhaman contract is not considered as qard as it falls under istithaq contract. Thus, receiving ujrah for the guarantee service is not prohibited as dhaman contract is different from qard contract166; and ii. Qiyas on akhz al-ajr `ala al-jah (to charge fee for someone’s reputation) and akhz al-ju`l ̀ ala ruqyah min al-Quran (to charge fee on the treatment/medication using Quranic verses). Some classical scholars permitted imposition of fee in both situations and this permissibility could be extended to the imposition of ujrah on guarantee as both have similarities in terms of the services provided.167 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 166 102. Guarantee on the Sale Price The SAC was referred to on the issue as to whether CGC may guarantee the sale price including the profit margin of an Islamic financing. Resolution The SAC, in its 55th meeting dated 29 December 2005, has resolved that it is permissible for CGC to guarantee the sale price including the profit margin of an Islamic financing that is based on sale and purchase contract. Basis of the Ruling As the credit guarantee offered by CGC is on debt or financial obligation of an Islamic financing customer, a guarantee mechanism based on the outstanding selling price is reasonable since it is recognised by the current banking practice whereby the outstanding debt is equal to the remaining debt or the selling price after deducting the rebate value (ibra’) due to the customer at a certain point of time. 167 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Danajamin Nasional Berhad (Danajamin) was established in 2009 as a national financial guarantee institution to maintain market confidence in bond markets (including sukuk) and to ensure that viable companies have access to financing via bond markets. Apart from providing credit enhancements to corporations with viable businesses, Danajamin also establishes investment grade ratings to facilitate the corporations in obtaining funds from bond markets at a reasonable cost. 103. Shariah Concept for the Operation of Guarantee Facility by Danajamin Nasional Berhad Under the guarantee facility mechanism by Danajamin, Danajamin undertakes to pay the investors in the event the sukuk issuer fails to make good such payment. Subsequently, Danajamin will claim the amount paid to the investors from the sukuk issuer. In this regard, the SAC was referred to ascertain the appropriate Shariah concept for the operation of guarantee facility by Danajamin. Resolution The SAC, in its 10th special meeting dated 9 April 2009 and 95th meeting dated 28 January 2010, has resolved that: i. The application of kafalah bi al-ujr (guarantee with fee) as the appropriate Shariah concept for the guarantee facility on the sukuk issuance by Danajamin is permissible. Under this concept, Danajamin shall act as the guarantor (kafil), the sukuk issuer as the guaranteed party (makful ̀ anhu) and the investors as the beneficiary (makful lahu); and ii. Danajamin is allowed to claim back the amount that has been paid to the investors from the sukuk issuer through this guarantee facility. The repayment period for the amount claimed by Danajamin from the sukuk issuer shall be based on the current market practice subject to obtaining the consent of contracting parties namely Danajamin and the sukuk issuer, and it shall take into consideration the size of the sukuk. DANAJAMIN NASIONAL BERHAD S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 168 169 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 168 Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation. Basis of the Ruling The aforesaid SAC’s resolution is based on the permissibility of guarantee facility with fee (kafalah bi al-ujr) as stated under item 101.168 104. Capital Segregation in the Operation of Danajamin As Danajamin provides guarantee facility for both sukuk and conventional bond, the SAC was referred to on the issue as to whether Danajamin’s capital for guarantee facility services on the sukuk and conventional bond should be segregated. This was due to the concern that the capital segregation might limit Danajamin’s capacity to efficiently and effectively provide guarantee facility for both sukuk and conventional bond. Resolution The SAC, in its 10th special meeting dated 9 April 2009, has resolved that Danajamin’s capital for guarantee facility services for sukuk and conventional bond need not be segregated. However, the fund obtained from the services of guarantee facility for sukuk and conventional bond (with fee) shall be separated. Basis of the Ruling Danajamin’s capital management for guarantee facility services for sukuk and conventional bond need not be segregated on the basis of maslahah, so as to ensure Danajamin is able to carry its function as a guarantor in effectively stimulating growth and stability of the capital market, including the Islamic capital market. In addition, capital segregation will only limit the capacity of this guarantee institution to effectively and efficiently provide guarantee facility on sukuk and conventional bond. 105. Scope of Danajamin’s Guarantee on Sukuk The SAC was referred to ascertain the scope of guarantee by Danajamin on the sukuk issuer, specifically on the issue as to whether Danajamin may guarantee capital and profit value. Resolution The SAC, in its 10th special meeting dated 9 April 2009, has resolved that: i. For sale-based sukuk like murabahah, Danajamin shall guarantee both capital and profit value; and ii. For sukuk issued based on isytirak contract (partnership) like musyarakah, mudarabah and wakalah bi al-istithmar, Danajamin shall guarantee the capital value only. Basis of the Ruling For sukuk issued based on isytirak contract like musyarakah, mudarabah and wakalah bi al-istithmar, Danajamin as a third party may only guarantee the amount of capital. This is in line with the jurists’ view that third party guarantee is permissible for musyarakah, mudarabah and wakalah bi al-istithmar contracts but the guarantee is restricted only to the capital value. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 170 171 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 106. Guarantee on the Obligation Arising from Purchase Undertaking The SAC was referred to on the issue as to whether Danajamin may guarantee sukuk obligation arising from a purchase undertaking in sukuk as agreed between the sukuk issuer and the investors. Resolution The SAC, in its 94th meeting dated 23 December 2009, has resolved that Danajamin may guarantee the obligation of sukuk issuer arising from the purchase undertaking in sukuk as agreed between the sukuk issuer and the investors. However, the formula to determine the amount of purchase undertaking shall exclude the unearned profit. Basis of the Ruling Fundamentally, the obligation of purchase undertaking in sukuk is valid and acknowledged by Shariah. This is because such obligation is derived from a binding promise (wa`d mulzim) by the sukuk issuer to purchase an underlying asset of the sukuk based on agreed terms and conditions. In this regard, the guarantee on such obligation and responsibility may be executed either with or without fee. 107. Late Payment and Additional Recourse Charge Normally, after Danajamin makes payment to the investors in the event of default by the sukuk issuer, Danajamin will claim the amount paid from the sukuk issuer. In order to avoid delay of the repayment by the sukuk issuer, the imposition of late payment charge on the sukuk issuer who delays the repayment was proposed. In this regard, the SAC was referred to on the following matters: i. Whether late payment charge may be imposed on the sukuk issuer who delays in repayment; and ii. Whether Danajamin may impose additional charges on the sukuk issuer upon making the repayment to Danajamin. Resolution The SAC, in its 10th special meeting dated 9 April 2009 and 95th meeting on 28 January 2010, has resolved that: i. It is permissible to impose late payment charge on the sukuk issuer who fails to make repayment within the stipulated period. However, the late payment charge shall be non-compounding; ii. A certain amount of the late payment charge may be recognised as income by Danajamin on the basis of ta`widh. However, the determination of ta`widh rate shall be made by a third party namely Bank Negara Malaysia; and iii. The imposition of any other additional charges by Danajamin on the sukuk issuer upon claiming the guaranteed amount paid to the investors is not allowed. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 172 173 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 169 Imposition of Ta`widh and Gharamah in Islamic Financing Facilities. 170 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 19 (Al-Qard), paragraphs 4 and 5. Basis of the Ruling The aforesaid SAC’s resolution on late payment charge is based on the permissibility of ta`widh and gharamah as stated under item 81.169 In addition, the prohibition to impose additional recourse charge is based on the view that the payment of guarantee (kafalah) by Danajamin to the investors and the right to claim such payment from the sukuk issuer would result in the guarantee to appear as a debt (qard) that is granted by Danajamin to the sukuk issuer. The Shariah stipulates that any additional charge on debt repayment is riba unless such additional charge is imposed only to recover the actual cost incurred.170 108. Ownership of Underlying Asset in Sukuk Based on Ijarah Contract In ijarah-based sukuk, the ownership of the underlying asset is held by the investors, while the sukuk issuer as the asset-lessee has the obligation to pay the coupon which refers to periodic rental amount. The SAC was referred to on the issue as to whether the ownership of the underlying asset in sukuk ijarah will be transferred to the sukuk issuer or Danajamin in the event Danajamin exercises the guarantee by paying the rent and principal amount to the investors. Resolution The SAC, in its 10th special meeting dated 9 April 2009, has resolved that: i. The ownership status of the underlying asset in sukuk ijarah is subject to the terms and conditions of the contract. If Danajamin only pays the periodic rental amount or coupon within the sukuk tenure, the underlying asset remains under the investors’ ownership. However, if Danajamin pays the purchase undertaking price, the ownership of the underlying asset will be transferred to the sukuk issuer. Notwithstanding that, the asset will be regarded as a security or a collateral for the debt which has been paid by Danajamin to the investors, until the sukuk issuer repays the amount paid; and ii. The guarantee on sukuk issued based on ijarah contract may cover guarantee on the rent as well as wa`d to purchase the asset. Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration that the effect of a contract is subject to the terms and conditions agreed in the contract as long as they do not contravene any general principles of Shariah. This is in line with the following fiqh maxim: “The original rule of a contract is the mutual consent or agreement by both contracting parties and the consequence of the contract is based on (rights and responsibilities) agreed in the contract.”171 171 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 482. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 174 MALAYSIA DEPOSIT INSURANCE CORPORATION The Malaysia Deposit Insurance Corporation (PIDM) was established in 2005 to provide Islamic and conventional deposit insurance. The initiative to establish deposit insurance system aims at strengthening the consumer protection infrastructure as one of the main agendas in the ongoing development of the Malaysian financial system. The deposit insurance system will strengthen incentives for financial institutions to adopt sound financial and business practices and enhance public confidence in the financial system by providing explicit protection of deposits. 109. Shariah Concept for the Operation of Islamic Deposit Insurance Deposit insurance is a mechanism that enables PIDM to protect depositors against loss of their deposits placed with banking institutions in the unlikely event of a bank failure. So as to enable the depositors of Islamic banking institutions to enjoy the same protection, the SAC was referred to ascertain the appropriate underlying Shariah concept for the operation of Islamic deposit insurance. Resolution The SAC, in its 80 meeting dated 7 January 2009, has resolved that the application of kafalah bi al-ujr (guarantee with fee) as the underlying Shariah concept for the operation of PIDM in managing Islamic deposit insurance fund is permissible.172 Based on the concept of kafalah bi al-ujr, the premium paid by the member institutions of PIDM offering Islamic banking services is considered as an ujrah or fee for PIDM and thus, belongs to PIDM. As premium is considered as fee, PIDM may structure it in the form of absolute or proportionate value. Basis of the Ruling The aforesaid resolution by the SAC has considered the permissibility of kafalah bi al-ujr as stated in item 101.173 172 This resolution supersedes the previous resolution made by the SAC in the 26th meeting dated 26 June 2002 which held that the suitable Shariah concept for the operations of Islamic deposit insurance is tabarru`. 173 Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation. 175 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 110. Commingling of Funds Contributed by Islamic and Conventional Banking Institutions in Deposit Insurance Under the deposit insurance arrangement, Islamic and conventional banking institutions are required to be members of PIDM and pay the annual premium that serves as a source of fund for the deposit insurance scheme. Apart from being utilised to make payment to the insured depositors in the event of winding-up of any banking institution, the fund is also used for investment in Shariah compliant instruments as well as to defray the expenses of PIDM. In this regard, the SAC was referred to on the issue as to whether the accumulation of premium contributed by Islamic and conventional banking institutions into one single fund is allowed by the Shariah. In addition, the SAC was also referred to on the issue as to whether the Government may make it mandatory for all Islamic banking institutions to be members of PIDM. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the premium or fee contributed by Islamic and conventional banking institutions shall be segregated and shall not be accumulated into one single fund. In the event of dissolution of PIDM, the SAC, in its 29th meeting dated 25 September 2002, has resolved that two separate liquidation processes for both funds shall be executed. In addition, the SAC, in its 80th meeting dated 7 January 2009, has also resolved that the Government may make it mandatory for all Islamic banking institutions to be members of PIDM as there is no Shariah impediment for the imposition of such requirement. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 176 Basis of the Ruling The premium or fee contributed by Islamic and conventional banking institutions shall be segregated to avoid commingling of funds between Islamic and conventional deposit insurance schemes. This is also to ensure that the Islamic deposit insurance fund is invested in Shariah compliant instruments. The commingling of premium funds of Islamic and conventional banking may raise uncertainties on the Shariah compliance status of the Islamic banking premium fund. Separate liquidation processes shall also be executed in order to ensure that the rights and priority in the payment of the protection are accorded to the rightful parties. 111. Guarantee Limit for Islamic Banking Deposits by PIDM In executing the guarantee on Islamic banking deposits, the SAC was referred to on the issue as to whether PIDM may guarantee the principal value as well as the profit realised but not yet distributed by the Islamic banks. Resolution The SAC, in its 29th meeting dated 25 September 2002, has resolved that there is no restriction on the execution of guarantee on wadi`ah deposit. Mudarabah deposit, however shall only be guaranteed by a third party (in this situation, it may refer to PIDM). However, the insurance deposit shall not give priority to guarantee mudarabah profit that has not been declared. Basis of the Ruling The aforesaid resolution of the SAC is based on the following considerations: i. PIDM may limit the guarantee coverage as it is in line with the principle of kafalah that allows the kafil to determine the guarantee limit;174 174 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 32. 177 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. There is no Shariah impediment in executing guarantee on deposit based on wadi`ah; and iii. Deposit insurance should not give priority to guarantee mudarabah profit that has not been declared as it should be used to settle the claims and liabilities of higher priority. 112. Definition of Term “Deposit” in Islamic Deposit Insurance As the date of winding up of an Islamic banking institution might take place even before the payment of monthly declared profit/hibah, the SAC was referred to ascertain the definition of deposit payable to the depositors in the event of winding up of an Islamic banking institution. Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that the definition of deposit that is payable in the event of winding up of an Islamic banking institution refers to the principal amount plus the profit/hibah which has been credited into the account, including declared profit/hibah but not yet credited until the date of winding up of the Islamic banking institution. Nevertheless, any additional value (whether termed as profit/hibah) for the period between the winding up date and the date of payment is subject to the discretion of PIDM. In addition, the SAC has also resolved that the value guaranteed by PIDM shall be clearly stated in the `aqad or contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 178 Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration that the criteria and definition of the term “deposit” may be determined based on the common practice of the financial industry. This is in line with the following fiqh maxims: 175 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 237. 176 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 239. “Something which has been identified as a custom is considered like a stipulated condition.”175 “Something which has been acknowledged as common practice among the traders is considered as agreed condition among them.”176 113. Status of PIDM’s Claim Against Depositors’ Claim in the Event of Winding up of an Islamic Banking Institution Upon winding up of an Islamic banking institution and its inability to fulfill its obligation to return the deposit to the depositors, PIDM will pay the depositors either partial or the whole amount of the deposits from the Islamic deposit insurance fund. Subsequently, PIDM will claim the amount paid from the Islamic banking institution. In this regard, the SAC was referred to ascertain the status of PIDM’s claim against the depositors’ claim in getting refund from the Islamic banking institution. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the priority of PIDM’s claim against the depositor’s claim in getting refund in the event of winding up of an Islamic banking institution would depend on the type of deposit paid by PIDM. For example, if PIDM paid for guaranteed wadi`ah deposit, PIDM’s claim is considered equal to wadi`ah depositors and so forth. 179 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Deposit products of Islamic banking institutions are structured based on different types of contracts, hence, leading to different legal consequences. The priority of repayment of the deposits, therefore, depends on the `aqad or contractual relationship concluded between the depositor and the Islamic banking institution. Since wadi`ah as practised by the Islamic banking institutions has the same effect of qard from fiqh perspective, the Islamic banking institutions are obliged to guarantee and return the whole amount deposited into the wadi`ah account.177 For mudarabah-based deposit, the Islamic banking institutions are not obliged to guarantee or refund the whole amount of mudarabah capital or the profit178, unless the loss incurred is due to the negligence or mistake on the part of the financial institution as the mudarib. Notwithstanding the above, based on the contract of kafalah bi al-ujr concluded by PIDM and the Islamic banking institutions, PIDM bears the responsibility to guarantee mudarabah loss on the basis of third party guarantee. In this regard, the Islamic banking institutions are obliged to give priority to satisfy the right of wadi`ah account depositors before the mudarabah account depositors. This is because the Islamic banking institutions owe direct responsibility towards the wadi`ah account depositors. 177 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1995, 9th Convention, resolution no. 86 (9/3). 178 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1995, 9th Convention, resolution no. 86 (9/3). S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 180 114. Application of Muqasah in Islamic Deposit Insurance Usually, after an Islamic banking institution has been declared insolvent, an offset (muqasah) process will take place to determine the amount of deposit that should be paid by PIDM to the depositors. Under this process, the payable amount will be determined based on the difference between the deposit amount and the outstanding amount of financing or debt owed by the customer to the Islamic banking institution. For example, if a customer has a deposit of RM100,000 and at the same time, he has an outstanding financial or debt obligation of RM50,000, the customer is eligible to receive a payment of RM50,000 only. In this regard, the SAC was referred to on the issue as to whether the offset process between the depositors and the Islamic banking institution as illustrated above is permissible in the process of deposit repayment by PIDM and the liquidator. Resolution The SAC, in its 32nd meeting dated 27 February 2003, has resolved that the offset process between the depositors and the Islamic banking institution is permissible to be applied in the process of deposit repayment by PIDM and the liquidator. Basis of the Ruling In principle, muqasah is permissible in Islamic transactions. Muqasah can be carried out in two manners, namely, al-muqasah al-ittifaqiyyah (mutually agreed by both parties) and al-muqasah al-jabariyyah (determined by the authority to ensure justice). Most of the Islamic financial institutions have included an offset clause in the Islamic financing agreements, and it is enforceable based on the consent of the customer who signs the agreement. This is in line with the following fiqh maxim: “The original rule of a contract is the mutual consent or agreement by both contracting parties and the consequence of the contract is based on (rights and responsibilities) agreed in the contract.” 179 179 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 482. 181 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 115. Mortgage Guarantee Facility In order to enhance the securities market development, the National Mortgage Corporation or Cagamas has proposed to provide Islamic mortgage guarantee facility. The mortgage guarantee facility offers to the Islamic financial institutions, particularly the mortgage originators, a portfolio and risk management solution to manage the credit risk exposure of their mortgage portfolio. This will subsequently enhance the capacity of the Islamic financial institutions to provide affordable mortgage financing to homebuyers. The mortgage guarantee facility would be offered through the establishment of a joint venture company, acting as a Special Purpose Vehicle (SPV). The mortgage guarantee facility shall be based on wakalah and kafalah contracts which are entered into independently. In the proposed structure of the mortgage guarantee facility, the SPV will carry the following two roles for the Islamic financial institutions: i. Based on wakalah contract, the SPV shall act as an agent for the Islamic financial institutions to carry out certain services, with an agreed ujrah or fee, such as analysing the risk of the mortgage financing portfolio; and ii. Based on kafalah contract, the SPV shall act as a guarantor to undertake the loss of the Islamic financial institution in the event of default in the payment of periodic instalment by homebuyers. Kafalah is given with a recourse element whereby the SPV shall claim the guaranteed amount paid to the Islamic financial institutions from the customer. Nonetheless, no fee will be charged for the guarantee facility offered by the SPV. In this regard, the SAC was referred to on the issue as to whether the above proposed structure of the mortgage guarantee facility is allowed by the Shariah. Resolution The SAC, in its 74th meeting dated 3 April 2008, has resolved that the proposed mortgage guarantee facility is permissible, provided that the facility is agreed by the customer of the Islamic financial institution. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 182 NATIONAL MORTGAGE CORPORATION (CAGAMAS) 183 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The permissibility of wakalah has been stated in the al-Quran as follows: “…let one of you go to the city with this silver coin and find food that is purest and lawful (that is sold there). Let him bring you provision from it...”180 The permissibility of wakalah has also been stated by Rasulullah SAW as narrated in the following hadith: Narrated by ‘Uqbah ibn ‘Amir that Rasulullah SAW had given him several goats to be distributed among his companion until a goat was left after the distribution. When he informed Rasulullah SAW about it, Rasulullah SAW said: Sacrifice it on my behalf.”181 The permissibility of kafalah contract has also been stated in the al-Quran as follows: 180 Surah al-Kahfi, verse 19. 181 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 207, hadith no. 2500. 182 Surah Yusuf, verse 72. “…and he who restores it shall be awarded a camelload (of food supply), and I pledge my word for it.”182 183 Al-Baihaqi, Al-Sunan al-Kubra, Dar al-Kutub al-`Ilmiyyah, 2003, v. 6, p. 119. 184 Kuwait Finance House, Al-Fatawa al-Syar`iyyah fi al-Masa’il al-Iqtisadiyyah (latest edition), v. 2, p. 29 – 30, fatwa no. 384. The permissibility of kafalah is also stated by Rasulullah SAW as narrated in the following hadith: The collective numbers of Shariah contracts in a product or service is permissible, in line with contemporary fatwa that allows the collective numbers of various Shariah contracts in a transaction as long as it is not in contradiction with the Shariah ruling. Moreover, such collective number of various Shariah contracts has long been practised.184 What is important is that the contracts have to be implemented independently and do not fall among the contracts prohibited by Shariah. In addition, the customer’s consent for any mortgage guarantee with recourse element is required to ensure that the customer is aware about his responsibility to pay the guaranteed amount to the SPV upon the latter’s claim. “A guarantor is the one who bears the liability.”183 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 184 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 185 PART V: SHARIAH ISSUES IN ISLAMIC FINANCE S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 186 116. Priority of Depositors in Recovering Deposit in the Event of Winding Up of an Islamic Banking Institution Islamic banking deposits use various types of Shariah concepts with different implications from one another (for example wadi`ah and mudarabah). Generally, Islamic banking deposits can be classified into three main categories, namely wadi`ah-based deposit, mudarabah-based deposit and deposits based on other concepts such as BBA and bai` `inah. In this regard, the SAC was referred to ascertain the priority of certain category of depositors over other depositors in recovering their respective deposits in the event of winding up of an Islamic banking institution. Resolution The SAC, in its 26th meeting dated 26 June 2002 and 30th meeting dated 28 October 2002, has resolved that in the event of winding up of an Islamic banking institution, depositors’ priority in recovering their respective deposits in the Islamic banking institution is subject to the underlying contract or concept concluded with the Islamic banking institution. In this regard, wadi`ah and debt-based deposits are given priority over mudarabah-based deposit. Nevertheless, in order to meet the current legal requirements under section 81 of the Bank and Financial Institutions Act 1989, mudarabah-based deposit should be given priority over other creditors’ claim and other liabilities. This is because mudarabah-based deposit is regarded as deposit and has priority in terms of claims. With regard to deposits other than wadi`ah and mudarabah-based deposits (for instance, deposits based on murabahah and bai` ̀ inah concepts), these deposits are considered as having a similar status as wadi`ah and mudarabah-based deposits in terms of definition. Thus, the priority of recovery is based on their underlying concept. In addition, these deposits shall be valued based on their face value at the date of winding up of the Islamic banking institution. WINDING UP OF ISLAMIC BANKING INSTITUTIONS 187 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Please refer to basis of the ruling for issue 113.185 117. Surplus Sharing Post Liquidation and Payment of Claims between Islamic and Conventional Banking Funds With regard to the winding up of conventional banking institutions offering Islamic Banking Scheme (IBS), the SAC was referred to on the issue as to whether the surplus from the liquidation and payment of claims in Islamic banking fund may be utilised to cover deficit in the conventional banking fund or vice versa.186 Resolution The SAC, in its 26th meeting dated 26 June 2002 and 29th meeting dated 25 September 2002, has resolved that any banking institution offering IBS shall execute separate winding up process for its conventional and Islamic banking funds. Nevertheless, any surplus (after settlement of all liabilities) in one fund (conventional or Islamic) may be utilised to cover the deficit in the other fund. Basis of the Ruling The surplus from the liquidation process and claims payment in Islamic banking fund can be used to cover the deficit in conventional fund and vice versa. This is because the owner of the company (which is the shareholder) is the same entity and is responsible to return the principal or capital to the depositors regardless of whether the deposits are Islamic or conventional. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 188 185 Status of PIDM’s Claim Against Depositors’ Claim in the Event of Winding up of an Islamic Banking Institution. 186 This issue is specifically applicable in the context of IBS only. 118. Status of Conventional Fund Placed in Mudarabah Special Investment Account in the Event of Winding Up of Banking Institutions In 1995, Bank Negara Malaysia allowed IBS banking institutions to acquire funds from conventional banking operations and to place the fund under Mudarabah Special Investment Account for a minimum period of one year. This was to enable IBS banking institutions to provide Islamic financing facility in the event the institution is unable to obtain funds from the market. In this regard, the SAC was referred to ascertain the status of such conventional fund in the event of winding up of an IBS banking institution which is whether it is classified as mudarabah-based deposit or part of the shareholders’ fund. Resolution The SAC, in its 37th meeting dated 7 August 2003, has resolved that conventional fund placed in Mudarabah Special Investment Account is classified as mudarabah deposit and does not form part of the shareholders’ fund. Thus, the status of this Mudarabah Special Investment Account is similar to the status of other mudarabah deposits in the event of winding up of an IBS banking institution. Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration that the agreement concluded between both parties is based on mudarabah and that the fund is intended for the purpose of mudarabah. In this regard, it carries the status of mudarabah in the event of winding up of the IBS banking institution. 189 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 119. Method for Profit Distribution In the current financial practices, the distribution of profit between the Islamic financial institution and customer is made at the gross profit level, which is the profit for the whole operation after deducting all direct expenses for all investment funds and the deposits received. The amount of net profit of the Islamic financial institution will be determined after deducting its operating expenses from the gross profit portion received by the Islamic financial institution. In this regard, the SAC was referred to on the issue as to whether the profit distribution method which is calculated based on gross profit is permissible. Resolution The SAC, in its 16th meeting dated 11 November 2000, has resolved that the profit distribution method based on gross profit is permissible. Basis of the Ruling The profit distribution method based on gross profit is aimed to safeguard the customers’ interest as investors or depositors since the financial institutions have to bear their own operating expenses. In musyarakah contract, the contracting parties may agree to choose either gross profit or net profit as the method for profit distribution.187 As for the mudarabah contract, the majority of scholars are of the opinion that the mudarib shall bear all indirect expenses. Therefore, profit distribution method at the gross profit level is in line with the aforesaid requirement. ACCOUNTING AND REPORTING STANDARDS IN ISLAMIC FINANCE 187 Muhammad Taqi Usmani, An Introduction to Islamic Finance, Idara Isha`at at-e-Diniyat, 1999, p. 66. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 190 191 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 188 Majmu`ah Dallah Barakah, Fatawa Nadawat al-Barakah, 1981 – 1997, p. 134, fatwa no. 8/2. 189 Surah al-Baqarah, verse 282. ”O believers! When you contract a debt from one another for a fixed period, put it (its amount and period of repayment) in writing. And let a scribe write it down between you justly (truthfully)...”189 120. Method for Revenue Recognition The SAC was referred to on the issue as to whether Islamic financial institutions may adopt accrual method to recognise revenue. Resolution The SAC, in its 16th meeting dated 11 November 2000, has resolved that the accrual method for revenue recognition is permissible. Basis of the Ruling According to Shariah, both cash and accrual methods are acceptable in recognising the revenue. In the context of current practices, the accrual method is preferable due to the changes in commercial practices that have become more diversified and varied. Accrual method is permissible on the basis that a party is entitled to the realised revenue even though it has not been received in cash yet.188 In view of its effectiveness in recording credit transactions, the accrual method is regarded as consistent with Islam that ordains credit transactions (such as sale with deferred payment) to be properly recorded. This is line with the following verse of the al- Quran: “(Decrees of) transaction goes around based on custom of a particular state and ambience of a place.”190 190 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 2, p. 951. 121. Application of “Substance over Form” Principle in Islamic Finance “Substance over form” is an accounting principle that emphasises on the financial reality of a particular transaction rather than its legal form. It also refers to financial reporting that records the whole economic effects of a transaction, or a series of related transactions, instead of reporting it merely from disjunctive contracts or legal perspective. For instance, in a sale and buy back contract, the financial reporting will record the overall effect of all contracts involved in the transaction, whereby the profit generated from the contracts will be recorded as the financing cost payable by the financee. In this regard, the SAC was referred to on the issue as to whether the application of “substance over form” principle in Islamic financial reporting is permissible. Resolution The SAC, in its 57th meeting dated 30 March 2006 and 71st meeting dated 26 - 27 October 2007, has resolved that in principle, “substance” and “form” are equally important and highly taken into consideration by the Shariah. In this regard, the Shariah emphasises that “substance” and “form” must be consistent and shall not contradict one another. In the event of inconsistency between “substance” and “form” due to certain factors, the Shariah places greater importance on “substance” rather than “form”. Notwithstanding the above, there is no Shariah objection on the adoption of the accrual method and this is consistent with the necessity (hajah) that arises from current practices. In addition, it is also in line with the following fiqh maxim: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 192 193 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 191 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 47. 192 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al- Masrafiyyah li al-Istithmar, 2000, v. 1, p. 550. Basis of the Ruling In current Islamic finance contexts, most of the underlying contracts in financial products, especially financing products, are contemporary contracts (`uqud mustajiddah). These new contracts contain collective elements derived from different traditional contracts (`uqud musamma) and the elements are binding on one another in a certain manner. The absence of any of the elements would curtail the objective of the contract. Independent reporting of a series of transactions involved in this new contemporary contract would raise ambiguity in the overall transactions. Therefore, there is a need to record the series of transactions involved in the new contract as one transaction only. This is based on the application of “substance over form” principle. The aforesaid consideration is also in line with the following fiqh maxim and the objective of the Shariah: “Matters are determined according to intentions.”191 “In contracts, effect is given to intention and meaning and neither words nor forms.”192 122. Application of Probability Principle The principle of probability refers to the practice of recording transaction although the contract has not yet been completely concluded. In this regard, assets will be recorded once there is a probability of economic resources inflow whilst liability will be recorded once there is a probability of economic resources outflow due to current obligation and its amount can be estimated with certainty. Instances of item recorded based on the principle of probability is wa`d (whether it is a binding promise or non-binding promise) and provision for impairment. Nevertheless, such practice is not meant to equalise promise and contract (aqad). Instead, it is aimed at notifying on the economic effect upon the execution of the arrangement. 193 Al-Amidi, Al-Ihkam fi Usul al-Ahkam, Dar al-Kitab al-`Arabi, 1983, v. 3, p. 317. 194 Al-Ghazali, Al-Mustasfa fi `Ilm al-Usul, Dar al-Kutub al-`Ilmiyyah, 1992, p. 286. 195 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 151. 196 Al-Ansari, Asna al-Matalib fi Syarh Rawd al-Talib, Dar al-Kutub al-`Ilmiyyah, 2000, v. 2, p. 2154. 197 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 235. 198 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, 2000, v. 1, p. 468. 199 Al-Amidi, Al-Ihkam fi Usul al-Ahkam, Dar al-Kitab al-`Arabi, 1983, v. 3, p. 317. In this regard, the SAC was referred to on the issue as to whether the principle of probability in Islamic financial reporting is permissible. Resolution The SAC, in its 71st meeting dated 26 - 27 October 2007, has resolved that the application of probability principle in Islamic financial reporting is permissible as it does not contradict the general fiqh principles. Basis of the Ruling Some scholars are of the view that strong presumption (zan al-ghalib) may be taken into consideration in ascertaining a ruling. This has been discussed by a number of scholars such as Al-Amidi193, Al-Ghazali194 and Mustafa Al-Zarqa’195. In addition, the permissibility to apply the principle of probability in Islamic financial reporting is based on the following fiqh maxims: “The original state of thing is permissible.”196 “Consideration is based on the prevailing practice and not on the isolated cases.”197 “Whatever is close to something it would take the same ruling.”198 “Presumption shall be followed.”199 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 194 195 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 123. Application of Time Value of Money Principle The concept of time value of money refers to the difference in value of money received in cash vis-à-vis the value of money received on deferred basis in future. The difference between cash and deferred price is usually termed as revenue or expenditure of the financing. In this regard, the SAC was referred to on the issue as to whether the application of time value of money principle in Islamic financial reporting is permissible. Resolution The SAC, in its 71st meeting dated 26 - 27 October 2007, has resolved that the application of time value of money principle in Islamic financial reporting is permissible only for exchange contracts that involve deferred payment. However, it is strictly prohibited in debt-based transactions (qard). Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. There are discussions by jurists that allow higher deferred selling price as compared to cash selling price200, indicating that time factor may be taken into consideration in determining the selling price. In addition, Al-Kasani highlighted that any item that is purchased on deferred payment (al-ajl) is not allowed to be sold on murabahah basis unless the potential buyer is informed that the item has been purchased on deferred basis.201 200 Al-Syawkani, Nail al-Awtar, Dar al-Ma`rifah, 2002, v. 2, p. 1072; Al-Kasani, Bada`i al-Sana`i fi Tartib al-Syara`i, Dar Ihya’ al-Turath al-`Arabi, 2000, v. 4, p. 466. 201 Al-Kasani, Bada`i al-Sana`i fi Tartib al-Syara`i, Dar Ihya’ al-Turath al-`Arabi, 2000, v. 4, p. 466: 202 Al-Sarakhsi, Al-Mabsut, Dar al-Fikr li al-Tiba`ah wa al-Nashr, v. 13, p. 64: 196 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. Al-Sarakhsi also highlighted similar view as follows: “Certainly something which is deferred is lower in terms of value as compared to something which is on spot.” 202 The above Sarakhsi’s view shows that the present time is higher in value as compared to the future. Thus, pricing in deferred sale should be marked up so as to ensure justice to the contracting parties particularly the seller who has to sacrifice the present consumption of money as the payment is not made in cash. Al-Kasani explains that if a sale involves deferred payment, such deferment warrants consideration (`iwad) in a form of money by way of price mark-up. However, the permissibility is limited to sale transactions only, while in debt-based transactions (qard), consideration in terms of money is not allowed for the deferment as it would tantamount to riba nasi’ah which refers to money begets money (al-naqd yalid al- naqd). However, it does not mean that Islam does not recognise time value of money in debt-based contract. This is because deferment in this contract is given consideration in terms of multiple rewards in the Hereafter, in line with its underlying principle of ihsan. On the other hand, sale and purchase contracts which are based on justice principle may accept increase in price due to the deferment. Apparently, should the principles of ihsan and justice be compared, ihsan would be of higher status than justice given that the former receives great reward in the Hereafter which is better than monetary reward.203 203 Al-Ghazali explained as follows: 204 Al-Bahuti, Kasshaf al-Qina` `an Matn al-Iqna`, Dar al-Fikr, 1982, v. 3, p. 496. 124. Deposit or Customer’s Investment Fund from Doubtful Sources The SAC was referred to on the issue as to whether Islamic financial institutions may accept application to open deposit account or investment account from a customer (individual or corporate company) without conducting investigation to ascertain whether the sources of the customer’s fund is permissible (halal), forbidden (haram) or a mixture of the two. Resolution The SAC, in its 58th meeting dated 27 April 2006, has resolved that Islamic financial institutions are allowed to accept application to open deposit account or investment account from a customer without conducting investigation to ascertain whether the sources of the customer’s fund are permissible (halal), forbidden (haram) or a mixture of the two. Notwithstanding this, the SAC has no objection for Islamic financial institutions to establish an internal screening process to ascertain whether the sources of the fund received are Shariah compliant. Basis of the Ruling The aforesaid SAC’s resolution has considered the following evidences and fiqh maxims: i. Hadith of Rasulullah SAW: “Al-Khalal reported based on narration from Ata’, he said, Prophet Muhammad SAW prohibited (Muslims) from running a partnership with Jew and Christian except if the transaction is under the supervision of the Muslim.” 204 OTHER MATTERS 197 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 205 Al-Bukhari, Sahih al-Bukhari, Dar Ibn Kathir, 1987, v. 3, p. 1068, hadith no. 2756. 206 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 720. This hadith indicates that Rasulullah SAW allows Muslims to enter into partnership (musyarakah) transactions with non-Muslims even though their sources of fund are doubtful, provided that all the transactions or sales are under the supervision of Muslims. Apart from that, there are scholars who said that Rasulullah SAW would not be indebted to Jews who charge him interest. Instead, Rasulullah SAW was reported to have transacted in deferred payment transactions in which he had securitised his shield. It is reported in the following hadith: “From Aisyah (Allah Blessed her) said to the effect: On the day Prophet Muhammad SAW died, his shield was still mortgaged to a Jew for (his debt amounting to) 30 so` (a type of measuring tool) wheat owed to him.”205 ii. Since sources of funds in the present financial markets are complicated and diversified, Islamic financial institutions are exposed to the involvement of people who possess property gained through illegal or doubtful sources. Therefore, even though the intention to disallow the inflow of illegal funds to the Islamic financial systems is praiseworthy, it is not incumbent on the Islamic financial institution to investigate the legality of the sources of funds received because of its impracticality to appraise. This approach is in line with the following fiqh maxims which conclude that for matters which their true status are hard to determine, it is adequate for the appraisal to be based on its external appearance: “Ruling of something is based on the external appearance, whereas internal matter is left to Allah the All Knowing.” 206 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 198 “Ruling of something is based on the external factor, should it be impossible to comprehend the actual meaning.” 207 “Hence, among the beauty of Shariah is the determination of legal ruling based on the external factors, and deemed (these external factors) as an effective cause (illah), a ruling exists if the illah exists and vice versa.”208 “Mu`amalah is based on the external factors, undoubtedly internal matters are hidden and ruling cannot be based on the latter.” 209 125. Financing to a Party Who Explicitly Performs Non-Shariah Compliant Activities The SAC was referred to on the issue as to whether Islamic financial institutions may grant financing facilities to a party who performs non-Shariah compliant activities such as liquor industry, gambling activities, brothel and others. Resolution The SAC, in its 58th meeting dated 27 April 2006, has resolved that Islamic financial institutions are prohibited from granting financing to companies, bodies or individuals whose activities explicitly involve non-Shariah compliant elements such as gambling, liquor industry and brothel. 207 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 1, p. 4334. 208 Al-Subki, Al-Ashbah wa al-Nazha’ir, Dar al-Kutub al-`Ilmiyyah, 1991, v. 2, p. 190. 209 Ibnu Hajar al-`Asqalani, Fath al-Bari Syarh Sahih al-Bukhari, Dar al-Ma`rifah, 1959, v. 4, p. 302. 199 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 200 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 126. Application of Conventional Overdrafts to Cover Insufficiency in Wadi`ah Current Account The SAC was referred to on the issue as to whether a customer may use conventional overdrafts to cover any insufficiency in Wadi`ah Current Account. Resolution The SAC, in its 8th meeting dated 12 December 1998, has resolved that in principle, the use of conventional overdrafts to cover any insufficiency in Wadi`ah Current Account is contrary to Shariah. However, since conventional and wadi`ah accounts are customer’s rights and liabilities, Islamic financial institutions have no right to prohibit their customers from doing so. However, it is the duty of Islamic financial institutions to inform their customers that such practice is contrary to the Shariah. Basis of the Ruling The aforesaid SAC’s resolution is based on the account that the practice of using conventional overdrafts to cover insufficiency in Wadi`ah Current Account by a customer is beyond the control of the Islamic financial institutions. 210 Surah al-Ma’idah, verse 2. “…help one another in furthering virtue and God consciousness, and not in what is wicked and sinful…” 210 Basis of the Ruling The aforesaid SAC’s resolution is based on the account that such financing would result in the revenue of Islamic financial institutions being generated by non-Shariah compliant activities. The prohibition is consistent with the saying of Allah SWT as follows: 201 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 127. Commitment Fee on Unutilised Balance of Islamic Overdraft Facility or Revolving Credit A customer who has received Islamic overdraft and revolving credit facility from an Islamic financial institution will probably only use a portion of the facility at a particular time and will reserve the unutilised balance for future needs. This situation requires the Islamic financial institution to allocate a portion of money for the facility to the customer, thereby restricting the Islamic financial institution from utilising that allocation to finance other customers or other activities that would generate higher profit. In conventional banking practice, financial institutions will impose a commitment fee at a certain rate on the unutilised balance of the overdraft and revolving credit facility. The financial institutions will also observe the utilisation of the credit facility by their respective customers. If a customer does not utilise the credit facility after three months from the date of completion of the facility’s documentation, the financial institution will acquire a written verification/confirmation from the customer that the granted facility is still needed. If the customer fails to verify, the financial institution has the right to withdraw the facility. This practice aims to ensure that the customer does not apply for financing in excess of his actual needs and thereby denies the opportunity of other customers to obtain the credit facility. In this regard, the SAC was referred to on the issue as to whether Islamic financial institution may impose commitment fee on the remaining unutilised balance of the Islamic overdraft or revolving credit facility. Resolution The SAC, in its 12th meeting dated 24 February 2000, has resolved that the proposal to impose commitment fee on the remaining unutilised balance in Islamic overdraft or revolving credit is not allowed. Basis of the Ruling Since Islamic overdraft and revolving credit facility are based on bai` `inah or tawarruq contract, imposing commitment fee on the remaining unutilised balance of Islamic overdraft or revolving credit is contrary to the executed sale contract. Under bai` ̀ inah or tawarruq contract, once the sale contract is executed, the facility amount allocated to a customer belongs fully to him. 128. Islamic Financial Instrument as Underlying Asset in Conventional Transaction Several Islamic money market instruments have been introduced to facilitate market participants to manage their liquidity, where normally, these instruments are issued through direct tender to Islamic financial institutions only. Nevertheless, since these instruments are also traded in the secondary market, a number of conventional financial institutions which own these Islamic financial instruments (for example sukuk) were found to have been using these instruments as underlying asset in their conventional transactions (for instance repo) to fulfill their liquidity needs. In this regard, the SAC was referred to on the issue as to whether conventional financial institutions are allowed to use Islamic financial instruments as underlying asset in their conventional transactions. Resolution The SAC, in its 19th meeting dated 20 August 2001, has resolved that since the Islamic financial instruments are owned by the conventional financial institutions, it is the institutions’ right and choice to use the Islamic financial instruments as the underlying asset in any conventional transaction. However, those parties who transact conventionally will be held responsible for any transaction which is contrary to Shariah. Shariah compliance of the Islamic financial instruments used in conventional transactions is preserved as long as the executed transaction is not detrimental to the contract and fundamental features of the instruments. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 202 Basis of the Ruling The conventional financial transactions using Islamic financial instruments as the underlying asset do not affect the validity of the instruments since the contract and basic structure of the Islamic financial instruments remain unchanged and unaffected. Nevertheless, any Shariah ruling implication arising from the involvement in conventional transactions will have to be borne by the transacting parties. 129. Financial Market Instruments as Underlying Asset in Deferred Transaction Various assets have been produced as instruments in the financial market, among others, mudarabah-based assets (such as Mudarabah Investment Certificate) and debt-based assets (such as Islamic accepted bills and negotiable Islamic debt certificates). These assets are also used for various purposes including for charge/mortgage. In this regard, the SAC was referred to on the issue as to whether the aforesaid financial market instruments may be used as underlying asset in deferred transactions. Resolution The SAC, in its 19th meeting dated 20 August 2001, has resolved the following: i. Mudarabah Investment Certificate may be used as the underlying asset in deferred transaction, such as bai` `inah, because it is an asset which is possessed by its owner and it is not considered as a ribawi item; ii. Any debt-based asset shall not be transacted on deferred basis because every debt sale (bai` dayn) must be made on cash basis; and iii. A charged asset may be used as an asset in bai` `inah transaction with the consent of the chargee. 203 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. The sale of Mudarabah Investment Certificates by the certificate holder is identical to the trading of share certificates in which its permissibility has been verified; ii. A charged asset belongs to the chargor. As the ownership of the underlying asset in a bai` `inah transaction will be returned to the original owner, it does not affect any interest under the executed charge; and iii. The scholars unanimously agree that debt shall not be sold on deferred basis. 130. Mechanism in Determining the Amount of Settlement Price in Financial Market In the sale of Islamic debt securities, the sale price and early redemption price are determined at the time the sale contracts are concluded. Nevertheless, there are occasions in the financial market, particularly for the Islamic private debt securities, where the settlement amount and the initial agreed sale price differ. The price differences are due to the regulation imposed by the Real Time Electronic Transfer of Funds and Securities (RENTAS) system whereby the system imposes additional payment or compensation in calculation of dividend payment for the leap year.211 Such payment or compensation is also imposed if the dates in which the dividends are paid and the securities are redeemed fall on an unexpected public holiday. This practice is prevalent in the context of private debt securities without secondary notes. In this regard, the SAC was referred to on the issue as to whether such mechanism is allowed by Shariah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 204 211 A year that consists of 366 days (once in every four years). Resolution The SAC, in its 21st meeting dated 30 January 2002, has resolved that the aforesaid mechanism in determining settlement price as practised in the financial system is contrary to the Shariah principles. This is because the total settlement price (dividends and principal sum) in Islamic private debt securities has to be equal to the total sale price as agreed at the time a contract is concluded. The SAC has also resolved that the late payment due to the unexpected public holiday shall not be a factor for imposition of any damages or compensation on the parties involved. Basis of the Ruling For Islamic private debt securities that are issued based on a sale contract, the price of the Islamic securities has already been determined at the time of the conclusion of the contract. Therefore, any differences in the payment amount are not allowed. In the event of excess payment, the recipient of the payment shall refund the excess amount to the payor. In addition, damages or compensation may only be imposed in cases of intentional late payment or due to negligence and carelessness. If the maturity date of the securities falls on an unexpected public holiday, no damages or compensation may be imposed as such situation does not tantamount to intentional late payment. 205 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 131. Restructuring and Rescheduling in Islamic Financing Agreement One of the features that differentiate Islamic financing documentation from conventional financing documentation is the requirement for a new legal document to capture every variation of terms and conditions since Islamic finance emphasises on agreement and mutual consent of contracting parties. This requirement becomes more apparent when it involves rescheduling and restructuring of a financing, especially for sale-based financing. In restructuring a sale-based financing which involves sale agreement, the original sale must firstly be terminated (fasakh) before concluding the new agreement. The effect of such requirement causes additional costs to be borne by the Islamic financing customers in terms of new legal fee and stamp duty for the new legal documents, unlike in the practice of conventional loan, where the contracting parties simply need to conclude a supplementary agreement to reschedule or restructure the loan. In this regard, the SAC was referred to on the proposal to insert a new paragraph in the Islamic financing facility agreement which verifies it as a rescheduling or restructuring agreement and that it has to be cross referred to the original agreement. However, in the event of restructuring, an issue arises regarding the termination of the cross reference to the original agreement. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the proposal to cross refer a rescheduling and restructuring Islamic financing agreement to the original agreement for the purpose of stamp duty exemption is permissible provided that it is done after termination of the original agreement. In relation to the case of restructuring, the SAC has recognised the cross reference method to the original agreement which has been terminated on the ground of maslahah, which is, to avoid double payment of stamp duty. In the 32nd meeting dated 27 February 2003, the SAC has also resolved that based on mutual agreement, the financing period for the customer may be extended without the need for a new contract, provided that both parties satisfy all concluded promises and the price imposed on the customer does not exceed the original sale price. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 206 Basis of the Ruling Islamic financing can be arranged based on sale contract, ijarah, musyarakah, mudarabah, and others. In this regard, any changes to the duties of the financing receiver and financier must be referred to the concluded original agreement. In the context of a sale contract, normally the price has been fixed during inception of the contract. Therefore, any changes to the price require a new agreement in order to avoid riba and gharar (as the case may be). 132. Bidding Concept by Principal Dealer in Islamic Money Market A principal dealer in Islamic money market is responsible to bid at certain minimum amount for each sukuk issuance. However, it is observed that the said principal dealer’s responsibility is unlikely based on voluntary bidding concept. In this regard, the SAC was referred to on the issue as to whether bidding at certain amount for each sukuk issuance as practised by the principal dealer is in accordance with Shariah principles. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the bidding concept as practised by the principal dealer in Islamic money market is Shariah compliant. Basis of the Ruling This concept is a business practice which has been determined by the authority or the regulator and is viewed as consistent with Shariah principles since there is no elements of riba, gharar and maysir. 207 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 208 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 133. Financing Settlement Through New Financing In Islamic financing scheme, there is a possibility where the customer would be facing cash flow problem and hence unable to pay to the Islamic financial institution during the financing period. To overcome this problem, there was a proposal to allow the customer to restructure his financing and issue debt securities or sukuk to the Islamic financial institution as a method of settling an existing financing facility. In this regard, the SAC was referred to on the issue as to whether financing settlement through the issuance of debt securities or sukuk to the original financier (which will indirectly create new financial obligation) is allowed by Shariah. Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the financing settlement through the issuance of Islamic debt securities to the original financier is permissible. Nevertheless, the rescheduling and restructuring method shall be implemented by taking into consideration the Shariah requirements such as, the existence of clear contract, Shariah compliant sale asset, and terms and conditions which are not contrary to Shariah. Basis of the Ruling Islamic restructuring of debt through a separate issuance of debt securities or sukuk to the original financier involves a scenario in which the existing contracting parties enter into another separate and independent contract. 209 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “It is compulsory to validate a contract as possible as it could be.” 212 “The original method of ruling is all contracts are (deemed to be) valid.”213 Generally, there is no Shariah impediment (mani` syar`ie) for the contracting parties to execute another separate and exclusive contract amongst them. The issuance of debt securities or sukuk to the original financier is viewed as a transaction which does not affect the validity of the existing financing contract. This permissibility is seen as in line with the following fiqh maxims: 212 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 1, p. 297. 213 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 1, p. 297. 134. Undetermined Sale Price in Sale and Purchase Agreement The SAC was referred on the issue as to whether undetermined and uncertain sale price in sale and purchase agreement is acceptable. For instance, a clause regarding the definition of sale price is stated as follows: “Islamic financial institution will purchase the asset from the customer at a purchase price which will be determined later based on the terms and conditions of the agreement.” Resolution The SAC, in its 40th meeting dated 23 December 2003, has resolved that the undetermined and uncertain sale price in a sale and purchase agreement is not allowed. “From Abu Hurairah who said that Rasulullah SAW prohibited sale that is based on throwing of pebbles (hasat) and an uncertain sale (gharar).“214 Among the elements of gharar which annuls a financial transaction is gharar in the determination of price, whereby the sale is executed without determining the price, or the price is determined unilaterally or by a third party.215 135. Underlying Concept for Islamic Block Discounting Transaction As an alternative to credit companies for acquiring additional fund to be used as business revolving capital, an Islamic financial institution would like to implement Islamic block discounting concept based on bai` wadhi`ah which is a sale contract with a lower price than the acquisition cost. Briefly, Islamic block discounting involves the sale of ownership of a contracted right in an Islamic hire purchase (ijarah) agreement by a credit company on discount to the Islamic financial institution (financier). The credit company will be appointed as an agent to collect rent on behalf of the Islamic financial institution. If the credit company failed to surrender the rental collection to the Islamic financial institution within an agreed period, the Islamic financial institution will terminate the facility and take over the duty of direct rental collection. 214 Muslim, Sahih Muslim, Dar al-Mughni, 1998, p. 814, hadith no. 1513. 215 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 31 (Dabit al-Gharar al-Mufsid li al-Mu`amalat al-Maliyyah), 2003, paragraph 4. Basis of the Ruling The undetermined and uncertain sale price would lead to the element of gharar in a sale contract which is forbidden in Shariah because it would cause injustice and dispute. The sale price must be determined either by way of amount or by certain specific and definite methods agreed at the time of an agreement is concluded. Rasulullah SAW prohibits conclusion of contract or imposition of condition which contains element of gharar as mentioned in the following hadith: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 210 In this regard, the SAC was referred to on the issue as to whether the application of bai` wadhi`ah concept as the underlying contract in Islamic block discounting transaction as proposed is allowed by Shariah. Resolution The SAC, in its 66th meeting dated 22 February 2007, has resolved that the application of bai` wadhi`ah concept for Islamic block discounting transaction is inappropriate. The SAC further resolved that bai` al-usul bi al-khasm (sale contract at discount) is more suitable underlying concept to be used as a takyif fiqhi in Islamic block discounting transaction. Basis of the Ruling It appears that the application of bai` wadhi`ah does not correspond to the features of Islamic block discounting transaction. This is because bai` wadhi`ah is a sale with a discount of the cost price, whereas Islamic block discounting is a sale with a discount of the cost price plus profit (principal + profit). In this regard, bai` al-usul bi al-khasm is viewed as the more appropriate underlying concept to be used as takyif fiqhi in Islamic block discounting transaction. Although there is no juristic discussion and classical fiqh literature on bai` al-usul bi al-khasm, it is an acceptable concept in the context of current practice. The term usul refers to the underlying asset in the hire purchase agreement that also covers the economic value generated from the asset. 211 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 212 213 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E GLOSSARY S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 214 GLOSSARY 215 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Akad istithaq Contract of guarantee Akad isytirak Contract of partnership such as mudarabah and musyarakah Akhz al-ajr `ala al-jah Charging fee for someone’s reputation Akhz al-ju`l `ala ruqyah min al-Quran Charging fee for treatment/ medication using verses of al-Quran Al-`adah muhakkamah Common practice as basis of the ruling Al-ajl Deferment Al-bai` Sale contract Al-bai` wa al-salaf Sale contract with credit term Al-ijarah thumma al-bai` Lease contract followed by ownership of asset through a sale contract Al-jam`u baina `aqd al-qardh wa `aqd al-mu`awadhah Combination of a loan contract and an exchange contract Al-muqasah al-ittifaqiyyah Offsetting by mutual agreement of contracting parties Al-muqasah al-jabariyyah Offsetting by order of the authority Al-naqd yalid al-naqd Money begets money S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 216 TERMS EXPLANATION Al-wa`d bi al-tamlik Promise to own or acquire ownership Bai` `inah Sale contract followed by repurchase by the seller at a different price Bai` dayn Sale of debt Bai` al-dayn bi al-dayn Sale of debt with debt Bai` sarf Sale of currency Bai` al-usul bi al-khasm Sale of asset at discount Bai` al-kali’ bi al-kali’ Refer bai` al-dayn bi al-dayn Bai` bithaman ajil Sale contract based on deferred payment at certain price Bai` mu’ajjal Refer bai` bithaman ajil Bai` muzayadah Sale contract based on bidding or auction Bai` salam Sale contract based on order of certain asset with certain specifications. Full payment is made in cash at the time of conclusion of the contract whereas the delivery of the asset is deferred to a specified time 217 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Bai` wadhi`ah Sale contract with a price lower than acquisition cost Bai`atain fi al-bai`ah Two sales contracts within one sale contract Dayn ghair thabit Debt which is not yet established Dayn mustaqir Debt which the liability to pay is established Dayn thabit Debt which is fixed Dhaman Guarantee Dharar Harm Dhawabit Guidelines Dho` wa ta`ajjal Reducing the amount of debt when the debtor make early settlement Facultative Retakaful agreement executed between a takaful company and another takaful company (including conventional insurance company), and the takaful company which underwrites the risks is having the option to distribute or cede whereas the latter or conventional insurance company has the option to receive or refuse the risks Faraid The knowledge or rules on estate distribution according to Islamic principles S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 218 TERMS EXPLANATION Fasakh Termination Fasid Defective, invalid Fiqh muamalat A discipline of knowledge that discusses the rules relating to human affairs Fuqaha Fiqh scholars Gharamah Fine/penalty Gharar Uncertainty Gharar yasir Minimal uncertainty Ghasb Confiscation or unlawful seizure of property Hajah Need Hamish jiddiyyah Security deposit Hibah ruqba A gift during the lifetime of the giver or recipient of hibah with a condition that the death of a party (either the giver or recipient of hibah) is the effective condition for ownership of the property by the surviving party Hibah umra A gift during the lifetime of the recipient or giver of hibah on the condition that the property will be returned to the giver in case of death of the recipient 219 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Ibra’ Rebate/waiver of partial or total claim against certain right or debt Ibra’ mu`allaq Ibra’ which is subject to certain condition and if the condition is satisfied, the ibra’ will be given Ibra’ muqayyad Ibra’ which is limited by certain condition Ijarah Lease or service contract that involves benefit/usufruct of certain asset or work for an agreed payment or commission within an agreed period Ijarah muntahia bi al-tamlik Lease contract which ends with acquisition of ownership of the asset by the lessee Ijtihad Rigorous thinking and efforts by scholars who have attained the degree of mujtahid in order to issue certain Shariah ruling definitely in a matter which is not clearly provided in al-Quran or Sunnah `Illah Effective cause Isqat al-haq Waive of right Istiqrar ta`amul Smooth running of market Istisna` Sale contract by way of order for certain product with certain specifications and certain mode of delivery and payment (either in cash or deferred) S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 220 TERMS EXPLANATION Istisna` muwazi Parallel istisna’ Ittifaqiyyah Mutual agreement `Iwad Consideration Jumhur Majority Kafalah Guarantee Kafalah bi al-Ujr Guarantee with fee Kafil Guarantor Makful `anhu Guaranteed party Makful lahu Recipient of guarantee or beneficiary Mani` Syar`ie Shariah impediment Marhun Charged property Maslahah Public interest Masnu` Manufactured item Maysir Gambling Mu`ayyan bi al-zat Clearly identifiable and determinable in terms of location, quantity and quality Mubara’ah Mutual waiving of right Mudarabah Profit sharing contract 221 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Mudarib Entrepreneur of a mudarabah joint venture Mulzimah Binding Muqaradah Refer mudarabah Muqasah Offsetting Muqtada al-`aqd Objective of the contract Murabahah Sale contract with a disclosure of the asset cost price and profit margin to the buyer Murtahin A party who asks for collateral Musahamah Mutual contribution Musawamah Sale contract without the disclosure of the asset cost price and profit margin to the buyer Musya` A feature of a jointly owned asset that cannot be separated or divided Musyarakah Profit and loss sharing Musyarakah mutanaqisah A contract of partnership that allows one (or more) partner(s) to give a right to gradually own his share of the asset to the remaining partners based on agreed terms Musyarik Partner S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 222 TERMS EXPLANATION Muta`arafan Becoming common practice Muwa`adah mulzimah Binding promise of both parties Nafaqah Cost of liability Qabd Possession over a particular asset Qard Loan contract Qard hasan Benevolent loan Qawl al-jadid New opinion Qawl al-qadim Earlier opinion Qimah ismiyyah Nominal price Qimah suqiyyah Market price Qiradh Refer mudarabah Qiyas Analogy Rabbul mal Capital owner/investor Rahin Chargor Rahn Pledge/charge Rahn al-musya` Charge on a jointly owned asset Rahn rasmi Surrender of charge via formal record in the registry of the authority 223 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Sadd zarai` Shariah approach in blocking the means that may lead to a person’s involvement in forbidden matters Sighah The pronunciation of offer and acceptance Siyasah Syar`iyyah Basis and approach taken by the ruler for the interest of the nation and the people which is in line with Shariah principles Sukuk Islamic securities/bonds Sukuk commodity murabahah Islamic securities based on tawarruq contract Sukuk ijarah Islamic securities based on ijarah contract Syahadah al-dayn Debt certificate Syubhah Doubt Ta`awun Helping each other Ta`widh Compensation Tabarru` Voluntary donation/contribution Takaful A scheme which is based on the spirit of cooperation and helping each other by providing financial assistance to participants when needed and all participants mutually agree to give contribution for the said purpose 224 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Outward retakaful Distribution of underwritten risks by a takaful company to another takaful company or a conventional insurance company Inward retakaful Acceptance of risks by a takaful company from another takaful company Taklufah Actual cost Takyif Adaptation Takyif fiqhi Fiqh adaptation Tanazul Waive of the entitlement to claim Taqyid Limiting Tasarruf Dealing Tawarruq/ commodity murabahah Purchasing an asset with deferred price, either on the basis of musawamah or murabahah, then selling it to a third party to obtain cash Tawatu’ Pre-arrangement 225 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Treaty Retakaful agreement between a takaful company and another takaful company (including conventional insurance company) which requires the takaful company to distribute or cede its underwritten risks and the takaful company or conventional insurance company which had concluded the agreement shall undertake the risks Ujr `ala wakalah Agency fee Ujrah Commission `Uqud mu`awadhat Contracts of exchange `Uqud musamma Contracts which are known amongst the scholars, mentioned in classical fiqh literature and precisely explained in the sources of rulings (such as al- Quran and Sunnah) `Uqud mustajiddah Contemporary contracts `Urbun Down payment/deposit `Urf Common practice which is acceptable by the community and does not contradict the Shariah rulings `Urf tijari Common business practice which is acceptable by the community and does not contradict the Shariah rulings Wa`d Promise Wa`d bi al-syira’ Promise to buy 226 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Wa`d mulzim Binding promise Wadi`ah Safe keeping contract in which a party entrusted his property to another party for safe keeping and to be returned upon request Wadi`ah yad amanah Safe keeping contract based on trust Wadi`ah yad dhamanah Safe keeping contract with guarantee Wakaf A form of endowment by an owner of a property for public benefit and wellbeing which is allowed by Shariah Wakalah Agency contract Wakalah bi al-istithmar Agency contract for investment Wasi A person appointed to execute a will Zari`ah ila riba Means leading to riba Zan al-ghalib Presumption that is closer to certainty Zimmah Liability 227 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E For further information about this publication, please contact: Director Islamic Banking and Takaful Department Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur, Malaysia Telephone : +(603) 2698 8044 Facsimile : +(603) 2693 3826 In reproducing or quoting the contents, notifications of sources are required. Price: RM35.00 per copy www.bnm.gov.my
Public Notice
20 Sep 2011
Learn more about Sasana Kijang by reading the brochure
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Reading: Learn more about Sasana Kijang by reading the brochure Share: Learn more about Sasana Kijang by reading the brochure Release Date: 20 Sep 2011 Sasana Kijang is the realization of Bank Negara Malaysia's aspiration to establish a centre of excellence in knowledge and learning in central banking and finance. Designed to be a nexus for thought leadership and collaboration in central banking, Sasana Kijang hosts a learning centre with state-of-the-art training facilities for assisting structured programmes and high level seminars for local and foreign participants and provides opportunities for the exchange of views and experience towards promoting capacity building in central banking to be better positioned in meeting future challenges. To learn more about Sasana Kijang, kindly download and read the brochure: Sasana Kijang - Towards Excellence in Central Banking [PDF, 3.5MB] © 2024 Bank Negara Malaysia. All rights reserved.
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15 Sep 2011
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05 Sep 2011
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Reading: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 05 Sep 2011 Guidelines on Statutory Reserve Requirement has been updated. The PDF format document are available for download via the URL provided below: Download Link © 2024 Bank Negara Malaysia. All rights reserved.
Shariah Resolutions in Islamic Finance - 2nd Edition - English S E C O N D E D I T I O N BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA SHARIAH RESOLUTIONS IN ISLAMIC FINANCE SECOND EDITION ii First Edition Published 2007 Second Edition Published 2010 www.bnm.gov.my October 2010 © Bank Negara Malaysia, 2010. All rights reserved. Foreword by Governor of Bank Negara Malaysia xi Foreword by Chairman of Shariah Advisory Council of Bank Negara Malaysia xiii Shariah Advisory Council of Bank Negara Malaysia xv Members of the Shariah Advisory Council of Bank Negara Malaysia (1997 – 2010) xvi Introduction xviii PART 1: SHARIAH CONTRACTS IJARAH 3 1. Application of al-Ijarah thumma al-Bai` in Vehicle Financing 2. Assignment of Liabilities in al-Ijarah thumma al-Bai` 3. Ownership Status of Ijarah Asset 4. Termination of Ijarah Contract 5. Issuance of Bank Negara Negotiable Notes Based on Ijarah Concept 6. Ijarah Contract with Floating Rental Rate 7. Absorption of Costs Associated with Ownership of Asset in Ijarah 8. Liability of Lessee over Third Party’s Asset 9. Lessee’s Priority to Purchase Asset in the Event of Default in Rental Payment 10. Surplus Sharing from Sale of Ijarah Asset between Lessor and Lessee 11. Utilisation of Third Party’s Asset Acquired Through Mudarabah Contract as Underlying Asset in Issuance of Sukuk Ijarah 12. Application of Ijarah Mawsufah fi al-Zimmah Concept in Financing for House under Construction Based on Musyarakah Mutanaqisah 13. Deposit Payment in Islamic Hire Purchase 14. Utilisation of Third Party’s Asset Acquired Through Sale Concept in Issuance of Sukuk Ijarah CONTENTS iii iv ISTISNA` 21 15. Project Financing Based on Istisna` with Pledging of Conventional Bond MUDARABAH 24 16. Islamic Negotiable Instrument of Deposit Based on Mudarabah 17. Application of Mudarabah Contract in Current Account Product 18. Mudarabah Investment Certificate as Security 19. Profit Equalisation Reserve 20. Administrative Costs in Mudarabah Deposit Account 21. Intra-Day Transaction as an Islamic Money Market Instrument 22. Indirect Expenses 23. Assignment of Weightage 24. Practice of Islamic Financial Institutions in Transferring Mudarabah Investment Profit to Customer to Avoid Displaced Commercial Risk 25. Third Party Guarantee on Liability of a Mudarib’s Counterparty in Mudarabah Transaction 26. Mudarib’s Guarantee on Liability of His Counterparty in Mudarabah Joint Venture 27. Capital Contribution by Mudarib in Mudarabah Joint Venture 28. Third Party Guarantee for Capital and/or Profit in Mudarabah Transaction MUSYARAKAH 40 29. Financing Products Based on Musyarakah 30. Financing Based on Musyarakah Mutanaqisah 31. Application of Wa`d as a Mechanism in Dealing with Customer’s Default in Financing Based on Musyarakah Mutanaqisah QARD 47 32. Qard Principles in Islamic Finance 33. Liquidity Management Instrument Based on Qard 34. Combination of Advance Profit Payment Based on Qard and Murabahah Contract RAHN 53 35. Two Financing Facilities Secured by an Asset 36. Dealing with a Charged Asset 37. Conventional Fixed Deposit Certificate as Security in Islamic Financing 38. Islamic Debt Securities as Collateralised Asset 39. Sale of Collateralised Asset in the Event of Default by Financing Receiver to Pay the Financing Amount to Financier 40. Profit Accrued from Collateralised Asset Throughout Charge Tenure TAKAFUL 62 41. Takaful Model Based on Tabarru` and Wakalah 42. Application of Musahamah Concept in Commercial General Takaful Plan 43. Retakaful Business Model Based on Wakalah - Wakaf 44. Takaful Coverage for Islamic Financing 45. Takaful Coverage for Conventional Loans 46. Takaful Coverage for Conventional Credit Card Product 47. Retakaful with Conventional Insurance and Reinsurance Company 48. Retakaful Service Fee as Income for Shareholders Fund 49. Co-Takaful Agreement 50. Segregation of Takaful Funds 51. Imposition of Management Fee on Takaful Participants’ Contribution 52. Distribution of Surplus from Participants’ Risk Fund 53. Distribution of Investment Profit from Participants’ Investment Fund and Participants’ Risk Fund 54. Provision of Reserve in Takaful Business 55. Mechanism to Overcome Deficit in Participants’ Risk Fund 56. Hibah in Takaful 57. Nomination Based on Hibah under Takaful Scheme 58. Principle of Utmost Good Faith in Takaful 59. “Insurable Interest” in Takaful v TAWARRUQ 94 60. Deposit Product Based on Tawarruq 61. Financing Product Based on Tawarruq 62. Sukuk Ijarah and Shariah Compliant Shares as Underlying Asset in Tawarruq Transaction 63. Application of Tawarruq in Sukuk Commodity Murabahah 64. Proposed Operational Model of Commodity Murabahah House (Now Known as Suq al-Sila`) WADI`AH 101 65. Adaptation (Takyif) of Wadi`ah Yad Dhamanah as Qard WAKALAH 103 66. Application of Wakalah bi al-Istithmar in Deposit Product BAI` DAYN 106 67. Repurchase of Negotiable Islamic Debt Certificate 68. Sale of Debt Arising from Services BAI` `INAH 109 69. Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate 70. Application of Bai` `Inah in Islamic Interbank Money Market 71. Application of “Sale and Buy Back” Contract 72. Conditions for Validity of Bai` `Inah Contract 73. Stipulation to Repurchase Asset in Bai` `Inah Contract vi PART II: SUPPORTING SHARIAH CONCEPTS HIBAH 117 74. Hibah in Interbank Mudarabah Investment Contract 75. Application of Hibah in the Contract of al-Ijarah thumma al-Bai` 76. Hibah in Wadi`ah Contract 77. Hibah in Qard Contract IBRA’ 123 78. Ibra’ in Islamic Financing 79. Two Forms of Ibra’ in a Financing Agreement 80. Ibra’ in Home Financing Product Linked to a Wadi`ah or Mudarabah Deposit Account TA`WIDH AND GHARAMAH 129 81. Imposition of Ta`widh and Gharamah in Islamic Financing Facilities 82. Imposition of Compensation on a Customer who Makes Early Settlement 83. Method of Late Payment Charge on Judgment Debt PART III: ISLAMIC FINANCIAL PRODUCTS FINANCIAL DERIVATIVE INSTRUMENTS 137 84. Spot and Forward Foreign Currency Exchange Transactions 85. Islamic Profit Rate Swap Based on Bai` `Inah 86. Forward Foreign Currency Exchange Transaction Based on Bai` Mu’ajjal 87. Foreign Currency Option Based on Hamish Jiddiyyah, Wa`d and Tawarruq 88. Foreign Currency Option Based on Wa`d and Two Independent Tawarruq Transactions vii ISLAMIC CREDIT CARD 148 89. Islamic Credit Card Based on Bai` `Inah and Wadi`ah 90. Islamic Credit Card Based on the Concept of Ujrah 91. Takaful Cover for Islamic Credit Cardholders 92. Cash Back Rebate on Credit Card Annual Fee 93. Islamic Credit Card Based on the Concepts of Wakalah and Kafalah HYBRID PRODUCTS 155 94. Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contracts 95. Deposit Product Based on Mudarabah and Qard Contracts 96. Deposit Product Based on Wadi`ah and Mudarabah Contracts 97. Financing Product for House under Construction Based on Istisna` Muwazi, Ijarah Mawsufah fi al-Zimmah and Ijarah Muntahia bi al-Tamlik SUKUK BASED ON BAI` BITHAMAN AJIL (BBA) 160 98. Mudarabah Interbank Investment as Underlying Asset in a Deferred Payment Sale 99. The Existence of Underlying Asset Throughout the Sukuk Maturity Tenure 100. Bidding Methods for the Sukuk BBA PART IV: SHARIAH ISSUES IN RELATION TO THE OPERATIONS OF SUPPORTING INSTITUTIONS IN ISLAMIC FINANCE CREDIT GUARANTEE CORPORATION (M) BERHAD 165 101. Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation 102. Guarantee on the Sale Price viii DANAJAMIN NASIONAL BERHAD 168 103. Shariah Concept for the Operation of Guarantee Facility by Danajamin Nasional Berhad 104. Capital Segregation in the Operation of Danajamin 105. Scope of Danajamin’s Guarantee on Sukuk 106. Guarantee on the Obligation Arising from Purchase Undertaking 107. Late Payment and Additional Recourse Charge 108. Ownership of Underlying Asset in Sukuk Based on Ijarah Contract MALAYSIA DEPOSIT INSURANCE CORPORATION 175 109. Shariah Concept for the Operation of Islamic Deposit Insurance 110. Commingling of Funds Contributed by Islamic and Conventional Banking Institutions in Deposit Insurance 111. Guarantee Limit for Islamic Banking Deposits by PIDM 112. Definition of Term “Deposit” in Islamic Deposit Insurance 113. Status of PIDM’s Claim Against Depositors’ Claim in the Event of Winding up of an Islamic Banking Institution 114. Application of Muqasah in Islamic Deposit Insurance NATIONAL MORTGAGE CORPORATION (CAGAMAS) 182 115. Mortgage Guarantee Facility PART V: SHARIAH ISSUES IN ISLAMIC FINANCE WINDING UP OF ISLAMIC BANKING INSTITUTIONS 187 116. Priority of Depositors in Recovering Deposit in the Event of Winding Up of an Islamic Banking Institution 117. Surplus Sharing Post Liquidation and Payment of Claims between Islamic and Conventional Banking Funds 118. Status of Conventional Fund Placed in Mudarabah Special Investment Account in the Event of Winding Up of Banking Institutions ix x ACCOUNTING AND REPORTING STANDARDS IN ISLAMIC FINANCE 190 119. Method for Profit Distribution 120. Method for Revenue Recognition 121. Application of “Substance over Form” Principle in Islamic Finance 122. Application of Probability Principle 123. Application of Time Value of Money Principle OTHER MATTERS 197 124. Deposit or Customer’s Investment Fund from Doubtful Sources 125. Financing to a Party Who Explicitly Performs Non-Shariah Compliant Activities 126. Application of Conventional Overdrafts to Cover Insufficiency in Wadi`ah Current Account 127. Commitment Fee on Unutilised Balance of Islamic Overdraft Facility or Revolving Credit 128. Islamic Financial Instrument as Underlying Asset in Conventional Transaction 129. Financial Market Instruments as Underlying Asset in Deferred Transaction 130. Mechanism in Determining the Amount of Settlement Price in Financial Market 131. Restructuring and Rescheduling in Islamic Financing Agreement 132. Bidding Concept by Principal Dealer in Islamic Money Market 133. Financing Settlement Through New Financing 134. Undetermined Sale Price in Sale and Purchase Agreement 135. Underlying Concept for Islamic Block Discounting Transaction GLOSSARY 215 xi Bismillahirrahmanirrahim, The successful publication of this book, the second edition of Bank Negara Malaysia’s Shariah Resolutions in Islamic Finance documents Shariah rulings made by Bank Negara Malaysia’s Shariah Advisory Council (SAC). It aims to be an essential guide and reference point for the Islamic financial community. This recent decade has been a defining era in the development of Islamic finance. This period, marked by the increased internationalisation and sustained global expansion, Islamic finance has continued to evolve as an increasingly important component of the global financial system. It has facilitated greater cross-border financial flows. This is particularly evident with the increased dynamism of sukuk in the international Islamic financial markets. There are also increased global efforts to improve Shariah governance in Islamic financial institutions within the respective different jurisdictions. Whilst Islamic finance demonstrated resilience during the recent global financial crisis, continuous efforts are being taken to further strengthen the international financial infrastructure and regulatory oversight in Islamic finance to ensure that it remains effective and competitive in today’s more challenging international financial environment. In tandem with the widening international outreach, there has been a steady increase in product innovation and market breakthroughs in Islamic finance. The product range has now expanded into an extensive spectrum of retail financing and sophisticated financial products such as private equity, project finance, the origination and issuance of sukuk and in wealth management products. The dynamism of Shariah has been an important driving force in contributing to the accelerated pace of innovation in Islamic finance. The pursuit to meet the growing and differentiated demand of the global community for Islamic financial solutions has now expanded beyond the traditional contracts such as murabahah, musyarakah and mudarabah, to other innovative Shariah structures and hybrid concepts such as wakalah bi al-istithmar and musyarakah mutanaqisah. This attests to the ability of Shariah scholars and advisors to harness the wisdom of Shariah to facilitate the structuring of product features that are competitive and innovative. This has contributed to the rapid development of contemporary Islamic financial products and services. FOREWORD BY GOVERNOR OF BANK NEGARA MALAYSIA xii As the highest authority in the ascertainment of Shariah in Islamic finance, the SAC has a pivotal role in ensuring the credibility and integrity of Shariah rulings. In its capacity as a centralised referral body for Islamic finance communities, the SAC upholds the objectives (maqasid) of Shariah and preserves its sanctity through resolutions which are subjected to robust deliberation and rigorous consultative processes, thereby contributing immensely to the effectiveness of Shariah governance framework in Malaysia. This second edition of the SAC resolutions, which is a compilation of all the Shariah resolutions made between 1997 and 2009, is a continuation of the earlier efforts to deepen the understanding on the Shariah interpretations and the juristic reasoning for the rulings. Together with the ongoing initiative to develop the Shariah Parameter References, the SAC Resolutions publication series is part of the commitment by Bank Negara Malaysia towards the development of the industry. It aims to increase the level of transparency on juristic reasoning in Islamic finance and thus an increased appreciation and acceptance of Shariah decisions. It would also allow for more efficient Shariah governance at institutional level, whilst catalysing greater cross-border harmonisation in the interpretation and application of Shariah. Finally, I wish to thank all those who have been involved in the publication of this book, particularly the SAC members, whose collective wisdom, wealth of experience and tireless dedication have been a pivotal contribution to the development and advancement of Islamic finance. Dr. Zeti Akhtar Aziz Governor Bank Negara Malaysia Assalamualaikum Warahmatullahi Wabarakatuh, All Praise to Allah SWT and Prayers to His Messenger, Prophet Muhammad SAW, his family, companions and followers. Bank Negara Malaysia has always been at the forefront of the country’s noble pursuit in providing dynamic and cutting-edge support to the Islamic finance industry. In tandem with the burgeoning interest in Islamic finance worldwide that attracts a growing number of Muslims and non-Muslims alike, Bank Negara Malaysia has taken significant measures to encourage the proliferation of knowledge and understanding in Islamic finance in order to meet the increasing demand within the industry. One such effort, with Allah’s SWT Blessings, is the publication of this second edition of Bank Negara Malaysia’s Shariah Resolutions in Islamic Finance. This book is a scholarly compilation of the resolutions which emanated from the various meetings of the Shariah Advisory Council of Bank Negara Malaysia over the years from 1997 - 2009. It is envisaged that this book will contribute towards enriching the corpus of knowledge on the subject of Islamic finance and will be relied upon by the industry as a basis for product development and product enhancement. This fatwa-based compilation is regarded as a manifestation of the collective Ijtihad of a council of scholars who are responsible to advise Bank Negara Malaysia on Shariah matters relating to Islamic finance. The collective Ijtihad is a new phenomenon in Islamic law since the 20th century, which is more evident in the Islamic finance industry through the practices of the Shariah advisory services. The compilation of fatwas or resolutions is made more relevant in a jurisdiction such as Malaysia, whereby the resolutions of the Shariah Advisory Council of Bank Negara Malaysia are binding on all Islamic financial institutions, takaful companies, courts and arbitrators. The value of this compilation can be appreciated when the resolutions are analysed within the framework of Islamic juristic arguments and Islamic philosophy of Ijtihad, in particular the collective Ijtihad. FOREWORD BY CHAIRMAN OF SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA xiii I am hopeful that this compilation will serve the purposes for which it is published. Wassalam. Dr. Mohd Daud Bakar Chairman Shariah Advisory Council of Bank Negara Malaysia 2006 – 2010 xiv The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in 1997 as the highest authoritative body in ascertainment of Shariah matters relating to Islamic finance in Malaysia. The SAC has been given the mandate to ascertain the Islamic law for the purposes of Islamic banking business, takaful business, Islamic financial business, Islamic development financial business, or any other businesses, that are based on Shariah principles and are supervised and regulated by Bank Negara Malaysia. As the reference body and advisor to Bank Negara Malaysia on Shariah matters, the SAC is also responsible for validating all Islamic banking and takaful products to ensure their compatibility with Shariah principles. In addition, the SAC advises Bank Negara Malaysia on any Shariah issues pertaining to Islamic financial business or transactions of Bank Negara Malaysia, as well as other related entities. In the recent provisions of the Central Bank of Malaysia Act 2009, the roles and functions of the SAC have been further reinforced whereby the SAC is accorded the status as the sole authoritative body on Shariah matters pertaining to Islamic banking, takaful and Islamic finance in Malaysia. While the rulings of SAC are applicable to Islamic financial institutions, the courts and arbitrator are also required to refer to the rulings of the SAC for any proceedings relating to Islamic financial business, and such rulings shall be binding. The SAC comprises prominent scholars and Islamic finance experts, whom are qualified individuals with vast experience and knowledge in various fields, especially in finance and Islamic law. SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA xv xvi MEMBERS OF THE SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA (1997 - 2010) Dr. Mohd Daud Bakar Sessions of Appointment: 1997 - 2010 Dato’ Dr. Abdul Halim Ismail Sessions of Appointment: 1997 - 2010 Tun Abdul Hamid Mohamad Sessions of Appointment: 2004 - 2010 Tan Sri Datuk Sheikh Ghazali Abdul Rahman Sessions of Appointment: 1999 - 2010 Datuk Haji Md. Hashim Yahaya Sessions of Appointment: 1997 - 2010 Sahibus Samahah Dato’ Haji Hassan Ahmad Sessions of Appointment: 1997 - 2010 Dato’ Wan Mohamad Dato’ Sheikh Abd Aziz Sessions of Appointment: 2008 - 2010 Prof. Madya Dr. Engku Rabiah Adawiah Engku Ali Sessions of Appointment: 2006 - 2010 Prof. Madya Dr. Mohamad Akram Laldin Sessions of Appointment: 2008 - 2010 Dr. Muhammad Syafii Antonio Sessions of Appointment: 2006 - 2010 Prof. Madya Dr. Abdul Halim Muhammad Sessions of Appointment: 2004 - 2008 xvii Dr. Mohd Parid Sheikh Ahmad Sessions of Appointment: 2004 - 2008 Dr. Aznan Hasan Sessions of Appointment: 2006 - 2008 Prof. Datuk Dr. Abdul Monir Yaacob Sessions of Appointment: 1999 - 2006 Dr. Mohd Ali Baharum Sessions of Appointment: 2001 - 2006 Prof. Dr. Joni Tamkin Borhan Sessions of Appointment: 1999 - 2003 Prof. Dato’ Dr. Haji Othman Ishak Sessions of Appointment: 1997 - 1999 Dato’ Dr. Haron Din Sessions of Appointment: 1997 - 1999 Dr. Ahmed Ali Abdalla Sessions of Appointment: 1997 - 1999 Allahyarham Prof. Emeritus Tan Sri Datuk Ahmad Ibrahim Sessions of Appointment: 1997 - 1999 Allahyarham Dato’ Sheikh Azmi Ahmad Sessions of Appointment: 1997 - 1999 Allahyarham Dr. Abdullah Ibrahim Sessions of Appointment: 1997 - 1999 The Central Bank of Malaysia Act 2009 (the Act) has recognised the Shariah Advisory Council of Bank Negara Malaysia (SAC) as the highest authoritative body in ascertainment of matters relating to Shariah issues in Islamic finance. In this regard, Bank Negara Malaysia had published Shariah Resolutions in Islamic Finance (Second Edition) to serve as an important Shariah reference for Islamic finance industry practitioners, courts and arbitrators. This is in line with the requirement of the Act that requires all financial institutions, courts and arbitrators to refer to the SAC on any matters or proceedings relating to Islamic financial business. This book contains the decisions of the SAC since its establishment in 1997 to 2009. It has been revised and endorsed by the SAC as the latest edition and applicable as reference on Shariah rulings relating to Islamic finance. This edition supersedes the Shariah Resolutions in Islamic Finance (First Edition) which was published in 2007 and the Summary of National Shariah Advisory Council Decisions for Islamic Banking and Takaful (Summary of SAC Decisions) which was released in 2002. Accordingly, all new Islamic financial products that will be offered by Islamic financial institutions or any existing products to be offered to new customers must comply with the rulings of this Shariah Resolutions in Islamic Finance (Second Edition). However, for Islamic financial products which have been contracted between the customers and Islamic financial institutions based on the Shariah rulings published in the First Edition and the Summary of SAC Decisions, the contracts remain in force until maturity. In the event where there are any inconsistencies between the English and Bahasa Melayu versions, the Bahasa Melayu version shall prevail. Any queries relating to Shariah Resolutions in Islamic Finance (Second Edition) may be submitted to the SAC Secretariat via e-mail: [email protected] INTRODUCTION xviii xix ABBREVIATIONS AAOIFI Accounting and Auditing Organisation for Islamic Financial Institutions AITAB Al-ijarah thumma al-bai` BBA Bai` bithaman ajil BNNN-Ijarah Bank Negara Negotiable Notes based on the concept of ijarah Cagamas National Mortgage Corporation CGC Credit Guarantee Corporation (Malaysia) Berhad CMH Commodity Murabahah House CPO Crude palm oil Danajamin Danajamin Nasional Berhad FAST Fully Automated System for Issuing/Tendering IBS Islamic Banking Scheme INID Islamic Negotiable Instrument of Deposit IT Information technology MII Mudarabah Interbank Investment NIDC Negotiable Islamic Debt Certificate n.d. No date no. Number xx OIC Organisation of the Islamic Conference p. Page PIDM Perbadanan Insurans Deposit Malaysia (Malaysia Deposit Insurance Corporation) PER Profit Equalisation Reserve ‘r’ Rate of return of financial institutions RENTAS Real Time Electronic Transfer of Funds and Securities SAC Shariah Advisory Council of Bank Negara Malaysia SAW Sallallahu `alaihi wasallam SPV Special Purpose Vehicle SWT Subhanahu wa ta`ala T+2 Two days after the transaction date v. Volume 1 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E PART 1: SHARIAH CONTRACTS 2 Ijarah refers to a lease or commission contract that involves an exchange of usufruct or benefits of an asset or a service for rent or commission for an agreed period. In the context of Islamic finance, the ijarah concept is usually applicable in financing contracts such as in real property financing, vehicle financing, project financing and personal financing. There are also financing products that enable customers to lease assets from Islamic financial institutions with an option to acquire the leased assets at the end of the lease tenure based on the concept of ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai`. 1. Application of al-Ijarah thumma al-Bai` in Vehicle Financing There has been a proposal by an Islamic financial institution to introduce vehicle financing based on al-ijarah thumma al-bai` (AITAB) concept. The financing based on AITAB involves two types of contracts, namely leasing contract (ijarah), followed by sale contract (al-bai`). At the initial stage, the Islamic financial institution will conclude an ijarah agreement with the customer. Under this agreement, the Islamic financial institution will appoint the customer as an agent to purchase the vehicle identified by the customer. Subsequently, the Islamic financial institution will lease the vehicle to the customer for a specified period. Upon expiry of the lease period, the customer has the option to purchase the vehicle from the Islamic financial institution. If the customer opts to purchase the vehicle, the Islamic financial institution and the customer will conclude a sale contract and the ownership of the vehicle will be transferred from the Islamic financial institution to the customer. In this regard, the SAC was referred to on the issue as to whether the application of AITAB in the aforesaid vehicle financing is allowed by the Shariah. Resolution The SAC, in its first meeting dated 8 July 1997 and 36th meeting dated 26 June 2003, has resolved that the application of the AITAB concept in vehicle financing is permissible, subject to the following conditions: IJARAH 3 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 4 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. The modus operandi of AITAB shall consist of two independent contracts, namely ijarah contract and al-bai` contract; ii. The sale price upon expiry of the lease period may be equivalent to the last rental amount of ijarah; iii. An agency letter to appoint the customer as an agent for the Islamic financial institution shall be introduced in the modus operandi of AITAB; iv. The AITAB agreement shall include a clause that specifies “will purchase the vehicle” at the end of the lease period, as well as a clause on early redemption by the lessee; v. The deposit paid to the vehicle dealer does not form a sale contract since it is deemed as a deposit that has to be paid by the Islamic financial institution; vi. In line with the principles of ijarah, the Islamic financial institution as the owner of the asset shall bear all reasonable risks relating to the ownership; and vii. For cases relating to refinancing with a new financier, the lessee shall firstly terminate the existing AITAB contract before entering into a new AITAB agreement. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. The option to execute a sale contract at the end of the lease tenure is a feature of AITAB and ijarah muntahia bi al-tamlik that is permissible and practised in the market. This option does not contradict the Shariah as the ijarah contract and the sale contract are executed independently;1 and ii. The OIC Fiqh Academy, in its resolution no. 110 (12/4), has also allowed ijarah muntahia bi al-tamlik, subject to certain conditions.2 1 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 2/2. 2 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 2000, no. 12, v. 1, p. 697 - 698. 5 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 2. Assignment of Liabilities in al-Ijarah thumma al-Bai` Most vehicle financing facilities offered by Islamic financial institutions are based on al-ijarah thumma al-bai` (AITAB) concept. However, there are circumstances whereby the lessee decides to discontinue the lease and seeks to find another person as a replacement who will continue the lease and will ultimately purchase the asset from the Islamic financial institution. This arrangement is in line with the provision of the Hire Purchase Act 1967 that allows a lessee to transfer his rights and liabilities under a hire purchase agreement to another person. In this regard, the SAC was referred to on the issue as to whether the concept of assignment of liabilities as provided under the Hire Purchase Act 1967 is applicable in vehicle financing based on AITAB. Resolution The SAC, in its 7th meeting dated 29 October 1998, has resolved that vehicle financing based on AITAB may apply the concept of assignment of liabilities as provided under the Hire Purchase Act 1967. Basis of the Ruling The assignment of rights or liabilities does not contradict the Shariah as Islam recognises transfer of rights and liabilities based on mutual agreement by the parties. In the context of vehicle financing based on AITAB, if a lessee decides to discontinue the lease, he may transfer his rights and liabilities to another party who will continue the lease and will ultimately purchase the asset from the Islamic financial institution. 6 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 3. Ownership Status of Ijarah Asset In an ijarah contract, the lessor is the owner of the ijarah asset whereas the lessee is only entitled to the usufruct of the asset. Since in the current practice the lessor’s name is not registered in the asset’s title, the SAC was referred to on the issue as to whether the lessor possesses the ownership of the leased asset. Resolution The SAC, in its 29th meeting dated 25 September 2002, has resolved that the lessor is the owner of the leased asset although his name is not registered in the asset’s title. Basis of the Ruling The aforesaid SAC’s resolution is based on the Shariah recognition of both legal ownership and beneficial ownership.3 In the context of ijarah, the lessor has the beneficial ownership although the asset is not registered under his name. Such beneficial ownership may be proven through the documentation of the ijarah agreement concluded between the lessor and the lessee. 4. Termination of Ijarah Contract Termination of a contract is allowed in Shariah whenever the contracting parties decide to discontinue the mutually agreed contract. Termination of a contract may occur due to various reasons, which include among others, to avoid injustice, losses or any other harm to the contracting parties. In this regard, the SAC was referred to on the basis for termination of an ijarah contract. 3 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1990, no. 6, v. 1, p. 771. 7 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 29th meeting dated 25 September 2002, has resolved that an ijarah contract may be terminated if the leased asset does not function and loses its usufruct, the contracting parties do not fulfill the terms and conditions of the contract or both contracting parties mutually agree to terminate the contract. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. The subject matter of an ijarah contract is the usufruct of the leased asset and if the asset loses its usufruct, the ijarah contract may be terminated.4 ii. Based on the principle of freedom to contract, both contracting parties are free to stipulate any mutually agreed contractual terms and conditions. Therefore, the ijarah contract may be terminated if any of the contracting parties does not satisfy the agreed terms and conditions. This is in line with the following hadith of Rasulullah SAW: 4 Al-Syatibi, Al-Muwafaqat fi Usul al-Syari`ah, Dar al-Ma`rifah, 1999, v. 3, p. 165; Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 8, p. 125. 5 Ibnu Majah, Sunan Ibnu Majah, Dar al-Fikr, (n.d.), v. 2, p. 737, hadith no. 2185. 6 Abu Daud, Sunan Abi Daud, Bait al-Afkar al-Dawliyyah, 1999, p. 398, hadith no. 3594. “Verily, the contract of sale is based on mutual consent.”5 “The Muslims are bound by their (agreed) conditions except the condition that permits what is forbidden or forbids what is permissible.” 6 iii. The ijarah contract is a binding contract that requires mutual agreement of both parties for its termination. 8 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 5. Issuance of Bank Negara Negotiable Notes Based on Ijarah Concept Bank Negara Malaysia proposed to issue Bank Negara Negotiable Notes based on ijarah concept (BNNN-Ijarah). The proposed structure of the BNNN-Ijarah is as follows: i. Bank Negara Malaysia will sell the beneficial interests of its real property (such as land and building) to a Special Purpose Vehicle (SPV). The SPV will then lease the property to Bank Negara Malaysia for a specific period through execution of an ijarah muntahia bi al-tamlik agreement. As a consideration, Bank Negara Malaysia will pay rent (at a rate which is agreed during the conclusion of the contract) for every 6 months throughout the lease period; ii. Bank Negara Malaysia will provide to the SPV wa`d to repurchase the property at an agreed price on the maturity date; iii. The SPV will then create a trust for the property and subsequently issue BNNN- Ijarah for subscription by market participants. Investors who subscribe to BNNN- Ijarah will make the purchase payment to the SPV and the proceeds will be utilised by the SPV for the settlement of the property’s purchase price to Bank Negara Malaysia. Subsequent to this transaction, the market participants as investors now become the owners of the trust created by the SPV. As the owners, they are entitled to the rent paid by Bank Negara Malaysia; and iv. Since the BNNN-Ijarah represents beneficial ownership on pro-rated basis of the property, the BNNN-Ijarah holders are able to sell the notes to the market at par price, at discounted price or at premium. In this regard, the SAC was referred to on the issue as to whether the proposed issuance of Bank Negara Negotiable Notes which is based on ijarah is permissible by the Shariah. 9 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 33rd meeting dated 27 March 2003, has resolved that the proposed structure of Bank Negara Negotiable Notes based on ijarah concept is permissible provided that there are two separate contracts executed at different times, whereby a sale contract is made subsequent to an ijarah contract, or there is an undertaking to acquire ownership (al-wa`d bi al-tamlik) through sale or hibah at the maturity of the leasing contract. Basis of the Ruling The aforesaid SAC’s resolution is based on the considerations as mentioned in item 1.7 6. Ijarah Contract with Floating Rental Rate At the initial stage of the development of Islamic finance, most of Islamic financing facilities were offered at fixed rates with long maturity periods. With such features, Islamic financial institutions were tied to low profit rates, therefore limiting their abilities to provide satisfactory returns to the investors. In addressing this issue, a committee had been set up to study feasible financing models with floating or flexible rates that would facilitate the Islamic financial institutions to manage their assets and liabilities more efficiently and offer competitive returns to the customers. Among the identified financing models that may adopt the floating rate mechanism is financing that is based on ijarah contract. In this regard, the SAC was referred to on the issue as to whether the floating rate financing may be applied in ijarah contract. 7 Application of al-Ijarah thumma al-Bai` in Vehicle Financing. 10 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 33rd meeting dated 27 March 2003, the 35th meeting dated 22 May 2003 and the 38th meeting dated 28 August 2003, has resolved that the rate of rental in ijarah contract may vary based on an upfront agreement to base it against a mutually agreed variable for a specified period. Basis of the Ruling In an ijarah contract, the rate of rental of an asset is negotiable between the lessor and the lessee. It can be a fixed rate for the whole tenure until maturity or a flexible rate that varies according to a certain method. In order to avoid any element of gharar (uncertainty), an agreed method must be determined and described upon concluding the contract. Subsequently, both contracting parties are bound by the terms until the maturity date of the contract. Any changes to the agreed floating rate shall be deemed as the risk willingly taken by both parties based on an upfront mutual agreement. In addition, the rate of rental must be known by both contracting parties.8 The determination of the rate may be made for the whole lease period or in stages. The rate may also be fixed or floating depending on its suitability as acknowledged by both lessee and lessor.9 7. Absorption of Costs Associated with Ownership of Asset in Ijarah Generally, an Islamic financial institution as the lessor and the owner of the ijarah asset is responsible to bear the maintenance costs of the asset particularly the costs related to its ownership, such as quit rent and assessment fee. In addition, any loss due to damage to the ijarah asset shall be borne by the Islamic financial institution. Therefore, the ijarah asset is usually covered by a takaful scheme in order to mitigate the financial risk that may occur in the event of impairment of the ijarah asset. 8 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 5/2/1. 9 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 5/2/1. 11 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the issue as to whether the owner of the ijarah asset may transfer the obligation to bear the costs of maintenance and takaful coverage to the lessee, namely the customer. Resolution The SAC, in its 29th meeting dated 25 September 2002, the 36th meeting dated 26 June 2003 and the 104th meeting dated 26th August 2010, has resolved that the owner of the asset is not allowed to transfer the obligation to bear the costs of maintenance and takaful coverage of the leased asset to the lessee. However, the owner may appoint the lessee as his agent to bear those costs which will be offset in the sale transaction of the asset at the end of the lease period. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. The lessor is responsible to bear the costs of maintenance and takaful coverage of the leased asset, if any.10 The quit rent, for instance, is a type of maintenance cost that relates to the ownership of the asset, and therefore it must be borne by the lessor. However, the lessee is allowed to pay for the quit rent and takaful coverage cost on behalf of the lessor, and the amount of such payment shall be deemed as part of the deposit and will be offset (muqasah) in the sale transaction at the end of the lease period; and ii. Although there are differences in terms of type, feature and tenure of debts, the mutually agreed offsetting of debts (al-muqasah al-ittifaqiyyah) is permissible, since consent is considered as a mutual agreement (ittifaqiyyah) of the debtor and the creditor to any extra amount of their debt towards each other (if any).11 10 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 5/1/7. 11 AAOIFI, Al-Ma`ayir al-Syar`iyyah,Standard no. 4 (Al-Muqasah), paragraph 2/2/3. 12 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 8. Liability of Lessee over Third Party’s Asset Essentially, all risks related to the ownership of the asset such as accident or damage to a third party’s asset due to negligence of the owner of the asset is borne by the owner. However, in the context of ijarah, an issue arises as to whether the Islamic financial institution (as the owner of the ijarah asset) is liable for any damage to a third party’s asset due to negligence of the lessee (or the customer). For example, if an accident happened due to negligence of the lessee and caused damage to a third party’s vehicle and also the leased vehicle via ijarah contract, should the Islamic financial institution as the owner of the ijarah asset be liable for losses suffered by the third party? In this regard, the SAC was referred to on the issue as to whether the Islamic financial institution is allowed to request for an indemnity letter from the customer that indicates the customer’s guarantee to indemnify a third party, either in the form of cash, repair or replacement, in cases where accident or damage occur due to the customer’s negligence. Resolution The SAC, in its 36th meeting dated 26 June 2003, has resolved that the Islamic financial institution is allowed to request for an indemnity letter from the customer for the purpose of ensuring that the customer in his capacity as a lessee provides a guarantee to indemnify a third party, either in cash, repair or replacement, if the occurrence of an accident or damage to the third party’s asset is caused by his negligence. Basis of the Ruling The liability to a third party that relates to the ownership of the asset, such as an accident or damage, is supposed to be borne by the owner of the asset. However, the owner may transfer such liability to the lessee if the third party’s claim is caused by the lessee’s negligence. 13 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 9. Lessee’s Priority to Purchase Asset in the Event of Default in Rental Payment In a financing contract based on ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai`, there is a possibility that the lessee may default in settling the rental payment of the ijarah asset. As the financier and owner of the asset, the Islamic financial institution may suffer losses due to such default. Based on the terms of the contract, the Islamic financial institution as the owner of the asset shall make an offer to sell the asset to the customer if the customer fails to settle the rental payment within a specified period. If the customer refuses or cannot afford to buy the asset, the Islamic financial institution shall sell it in the market in order to recover its capital and costs incurred. In this regard, the SAC was referred to on the issue as to whether a defaulted customer may be given the priority to purchase the leased asset before it is offered to the market, and whether a clause regarding such priority can be included in the agreement. Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the customer who has defaulted in paying the rent may be given the priority to purchase the leased asset before it is sold in the market, and such priority may be included in the terms of the agreement. Basis of the Ruling The aforesaid SAC’s resolution has considered that the main objective of the lessee in entering the ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai` contract is to own the asset upon maturity of the financing period. Therefore, the customer should be given the priority to buy the asset before it is offered to the market based on the agreed terms of ijarah contract. This practice is not contradictory to the objectives of ijarah contract (muqtada al-`aqd). 14 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 10. Surplus Sharing from Sale of Ijarah Asset between Lessor and Lessee In the event a customer defaults in rental payment and is unable to purchase the asset in an ijarah muntahia bi al-tamlik or al-ijarah thumma al-bai` financing facility, the Islamic financial institution as the financier will normally sell the leased asset to the market to recover its capital and costs incurred. In this regard, the SAC was referred to on the issue as to whether any surplus (which is the sale price that exceeds the amount claimed by the Islamic financial institution) gained from the sale of the leased asset will solely belong to the Islamic financial institution or it must be shared between the Islamic financial institution and the customer. Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the Islamic financial institution as the lessor is not obliged to share the surplus with the customer as the asset is wholly owned by the lessor. However, the lessor may, at his discretion, give the surplus wholly or partially to the customer based on hibah. Basis of the Ruling The aforesaid SAC’s resolution is based on the principle that the asset owner in an ijarah contract has full right over the leased asset. Therefore, if the asset is sold to the other party, the whole sale price belongs to the asset owner. As such, it is not obligatory on the owner to give the whole or part of his rights to others without his consent. In addition, the sale or auction of the leased asset in the market is due to the lessee’s default in rental payment which should have been made in accordance with the terms and conditions of the contract. 15 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 11. Utilisation of Third Party’s Asset Acquired Through Mudarabah Contract as Underlying Asset in Issuance of Sukuk Ijarah There was a proposal to issue sukuk ijarah that utilises a third party’s asset that is acquired through a mudarabah contract. Under this mechanism, entity A serves as a mudarib who receives the mudarabah capital in kind from the third party. Entity A subsequently sells the asset to a Special Purpose Vehicle (SPV) and later leases back the asset from the SPV with rent payable twice a year. The SPV then issues sukuk ijarah and makes coupon payments twice a year payable to the investors using the rental proceeds received from entity A. Upon maturity, entity A has an option to purchase the asset from the SPV and subsequently returns it to the original owner with an agreed profit rate. The mudarabah profit is determined based on cost saving derived from the issuance of sukuk ijarah. In this regard, the SAC was referred to on the issue as to whether the proposed issuance of sukuk ijarah that utilises a third party’s asset acquired through a mudarabah contract as an underlying asset is permissible. Resolution The SAC, in its 67th meeting dated 3 May 2007, has resolved that the proposed issuance of sukuk ijarah that utilises a third party’s asset acquired through a mudarabah contract is not allowed. This is because the method used for determining the mudarabah profit that is based on cost saving derived from the issuance of sukuk ijarah is not consistent with the principles of mudarabah profit as recognised by the scholars. 16 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The definition of mudarabah profit as recognised by the scholars, such as Ibnu Qudamah, refers to the “added value” to the invested capital,12 and the amount of mudarabah profit may be determined by the pre-agreed profit sharing ratio at the inception of the contract. With regard to the proposed issuance of sukuk ijarah that utilises a third party’s asset, the mudarabah profit which is determined based on the “cost saving” derived from issuance of the sukuk ijarah is not considered as an addition to the capital contributed by the investors. 12. Application of Ijarah Mawsufah fi al-Zimmah Concept in Financing for House under Construction Based on Musyarakah Mutanaqisah There has been a proposal by an Islamic financial institution for the application of ijarah mawsufah fi al-zimmah concept as a supporting contract in musyarakah mutanaqisah-based financing for houses that are still under construction. In this financing product, the customer and the Islamic financial institution share the rights over the asset under construction based on musyarakah mutanaqisah contract. The Islamic financial institution then leases its portion to the customer under the contract of ijarah mawsufah fi al-zimmah as the leased asset is still under construction. The customer pays advanced rent during the construction period of the asset. Upon completion of the asset, the customer will continue to pay full rent for enjoyment of the usufruct of the asset. In this regard, the SAC was referred to on the issue as to whether the application of ijarah mawsufah fi al-zimmah concept as a supporting contract in home financing product based on musyarakah mutanaqisah is permissible. Resolution The SAC, in its 68th meeting dated 24 May 2007, has resolved that the application of ijarah mawsufah fi al-zimmah in financing for house under construction using musyarakah mutanaqisah contract is permissible. 12 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub,1997, v. 7, p. 165. 17 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The aforesaid SAC’s resolution has considered the following juristic views: i. Al-Khatib Al-Sharbiniy in his book of Mughni al-Muhtaj, Al-Nawawi in his book of Raudah al-Talibin and Al-Juzairi in his book of Kitab al-Fiqh `ala al-Mazahib al-Arba`ah classified ijarah into two types: a. Ijarah over the usufruct of a readily available asset; or b. Ijarah over the usufruct of an asset undertaken to be made available (zimmah) such as leasing of an animal which is yet to be in existence for a specified purpose, or a liability to construct a specified asset. ii. According to schools of Maliki and Syafii, property/asset that may be leased are divided into two, namely lease of usufruct of a readily available asset and lease of usufruct of an asset undertaken to be made available;13 and iii. Ijarah mawsufah fi al-zimmah is permissible based on qiyas to salam contract. However, unlike salam contract, it is not a requirement to have the advanced rental payment while the asset is still under construction.14 13. Deposit Payment in Islamic Hire Purchase As provided under the Hire Purchase Act 1967, the owner of the leased asset is required to take at least 10% of the cash value of the asset as a minimum deposit. In the current practice, the customer normally pays the rental deposit of the leased asset or vehicle to the dealer. However, there are some instances whereby the deposit is required to be paid directly to the Islamic financial institution as the financier. In this regard, the SAC was referred to on the possible best approach for the payment of deposit in Islamic hire purchase and the relationship between the dealer, customer and Islamic financial institution in the hire purchase agreement. 13 Ministry of Waqf and Islamic Affairs of Kuwait, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 2004, v. 1, p. 259. 14 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 9 (Al-Ijarah wa al-Ijarah al-Muntahia bi al-Tamlik), paragraph 3/5. Resolution The SAC, in its 69th meeting dated 27 July 2007, has resolved that the best approaches for the payment of deposit in Islamic hire purchase are as follows: i. The customer pays the rental deposit (for example 10%) to the Islamic financial institution. The Islamic financial institution then purchases the asset or vehicle from the dealer by paying its total price (10% customer’s deposit + balance of 90%). The Islamic financial institution later leases the asset or vehicle to the customer. ii. However, if the customer has paid a certain amount (10%) to the dealer, the following two approaches are acceptable: a. The deposit payment may be considered as a security deposit (hamish jiddiyyah). In this situation, the customer may have an arrangement with the Islamic financial institution to offset the security deposit with the asset’s selling price or rent; or b. The deposit payment may be considered as a rental deposit (`urbun for ijarah) to the dealer. When the asset is sold to the Islamic financial institution, the dealer will surrender the ownership of the asset and the lease agreement to the Islamic financial institution. In this situation, the dealer may have an arrangement with the Islamic financial institution to offset the rental deposit with the selling price paid by the Islamic financial institution. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 18 19 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “Hadith from Zaid bin Aslam narrated that Rasulullah SAW was asked by someone on a ruling pertaining to the practice of `urbun in sales and Rasulullah SAW allowed it.” 16 “Narrated by Nafi` bin Abdul Haris: He bought a prison building for Umar from Sofwan bin Umayyah at four thousand dirham, if Umar agrees, then the sale is enforceable, if he disagrees, Sofwan is entitled to four hundred dirham.” 17 14. Utilisation of Third Party’s Asset Acquired Through Sale Concept in Issuance of Sukuk Ijarah There was a proposal to issue sukuk ijarah that utilises a third party’s asset which is acquired through a sale concept. Under this mechanism, entity A buys a third party’s asset and later sells it to a Special Purpose Vehicle (SPV). This transaction involves transfer of ownership from entity A to the SPV. The SPV subsequently issues sukuk ijarah to an Islamic financial institution that represents a pro rata ownership amongst the sukuk holders over the asset. The SPV receives proceeds from the issuance of the sukuk whereby part of the proceeds is utilised to pay the asset’s purchase price to entity A. 15 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 8 (Al-Murabahah li al-Amir bi al-Syira’), paragraph 2/5/3. 16 Al-Syawkani, Nail al-Awtar, Dar al-Kutub al-`Ilmiyyah, 1999, v. 5, p. 162. 17 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 331. Basis of the Ruling The payment of a security deposit which is known as hamish jiddiyah may be applicable in the context of deposit for Islamic hire purchase since it has been recognised by the contemporary scholars as a method in Islamic financial products.15 With regard to the deposit payment which may be considered as a rental deposit (`urbun for ijarah), there are some narrations on the permissibility of `urbun as follows: Subsequently, the SPV leases the asset to entity A based on ijarah muntahia bi al- tamlik concept. As a consideration, entity A pays rents to the SPV twice a year and the rents are distributed amongst the sukuk ijarah holders. Entity A repurchases the asset from the SPV at a price that is equivalent to the nominal value of the sukuk ijarah at the maturity date. The SPV then redeems the sukuk ijarah from the investors. In this regard, the SAC was referred to on the issue as to whether the issuance of the sukuk ijarah that utilises a third party’s asset acquired through a sale concept is allowed by the Shariah. Resolution The SAC, in its 70th meeting dated 12 September 2007, has resolved that the proposed structure of sukuk ijarah that utilises a third party’s asset acquired through a sale concept is permissible. Basis of the Ruling The aforesaid SAC’s resolution has considered that the sale and purchase contract in this sukuk ijarah structure is clear and valid provided it satisfies all conditions of a sale contract such as transfer of ownership etc. Besides, the application of ijarah muntahia bi al-tamlik contract or also known as al-ijarah thumma al-bai` is accepted by majority of the fuqaha’ (please refer to item 118). 18 Application of al-Ijarah thumma al-Bai` in Vehicle Financing. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 20 ISTISNA` Istisna` is a contract of sale and purchase involving manufacturing, producing or constructing a particular asset according to certain terms and specifications as agreed between the seller, the manufacturer/developer and the customer. In the current context, istisna` is normally applied in the construction and manufacturing sectors, for example, through parallel istisna` (istisna` muwazi), to finance construction and manufacturing activities. 15. Project Financing Based on Istisna` with Pledging of Conventional Bond An Islamic financial institution decided to offer project financing based on istisna` contract to renovate and refurbish its customer’s business premise. The proposed modus operandi for this istisna` financing is as follows: i. The customer awards a contract to renovate his business premise to the Islamic financial institution at a price, for example, RM2 million which will be paid by instalments; ii. The Islamic financial institution subsequently appoints a contractor to undertake the renovation works of the premise according to the specifications as stipulated in the agreement at a price, for example, RM1 million to be paid in cash; iii. The customer will pledge a conventional bond as security to secure the financing. The bond which has been pledged will be liquidated by the Islamic financial institution (only up to the principal value of the bond without interest) if the customer failed to honour the instalment due according to the terms and conditions of the agreement; and iv. In case of failure to complete the renovation, the customer is not required to pay the pre-agreed price and the Islamic financial institution will enforce the terms and conditions of the agreement to claim compensation from the contractor. 21 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 22 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the following issues: i. Whether the proposed project financing based on istisna` contract is permissible; and ii. Whether the Islamic financial institution may accept a conventional bond as a security for the Islamic financing. Resolution The SAC, in its first special meeting dated 13 April 2007, has resolved the following: i. The proposed structure and mechanism for the project financing based on istisna` contract is permissible. However, the usage of the renovated business premise shall comply with the Shariah; and ii. Conventional bond as a security for the Islamic financing is permissible. Basis of the Ruling The aforesaid resolution by the SAC on the permissibility of istisna` is based on the following hadith of Rasulullah SAW: “Reported by Jabir bin Abdillah, a lady said: Oh Rasulullah, may I make something for you to sit on it, verily I own a slave who is good in carpentry. Rasulullah SAW replied: As you wish. Then she made a mimbar.” 19 19 Al-Bukhari, Sahih al-Bukhari,Al-Matba`ah al-Salafiyyah, 1982, v. 1, p. 162, hadith no. 449. 23 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 20 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 4, p. 70, hadith no. 5876. 21 Majallah al-Ahkam al-`Adliyyah, Matba`ah al-Adabiyyah, 1302H, p. 67: 22 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 11 (Al-Istisna` wa al-Istisna` al-Muwazi), paragraph 2 and 7. “Reported by Nafi’, Abdullah told him: that Rasulullah SAW has ordered a golden ring. When he put on the ring, he will turn its stone towards the palm of his hand. Later, there were a lot of people who also ordered manufactured golden ring for themselves. Then Rasulullah SAW stepped on the mimbar and praised Allah SWT and said: “I had once ordered a manufactured golden ring but now I am not wearing it anymore”, then he threw the ring and followed by the people.” 20 Majallah al-Ahkam al-`Adliyyah also provides that istisna` is permissible (article 389) provided that the descriptions and features of the ordered subject matter have been mutually agreed upon (article 390). Article 391 of the Majallah states that istisna` payments need not be made at the time of the contract.21 Istisna` and istisna` muwazi have also been allowed by the AAOIFI as long as the relevant principles are being followed accordingly.22 In relation to the permissibility of accepting a conventional bond as a security for Islamic financing, some scholars recognise such practice since the pledge is not made for the purpose of ownership, but merely as a security. A conventional bond is a type of liquid asset that fulfills the requirements of chargeable items. Rasulullah SAW had also applied istisna` contract in making an order to manufacture a ring for him as narrated in the following hadith: 24 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Mudarabah is a contract between two parties to conduct a particular joint venture. It involves the rabbul mal as investor who provides the capital, and the mudarib as entrepreneur who manages the joint venture. Any profits generated from the joint venture will be shared between the investor and the entrepreneur based on the agreed terms and ratio, whereas any losses will be solely borne by the investor. In the Islamic financial system, a mudarabah contract is normally applied in deposit acceptance, for example, current account, savings account and investment account. In addition, mudarabah contract is also applied in the interbank investment and in the issuance of Islamic securities. In the takaful industry, mudarabah contract is used as one of the operational models as well as an underlying contract for investment in takaful fund. 16. Islamic Negotiable Instrument of Deposit Based on Mudarabah There was a proposal to introduce Islamic Negotiable Instrument of Deposit (INID) in the Islamic Interbank Money Market. INID is a money market instrument which is structured based on mudarabah contract with a floating profit rate, depending on the amount of dividend declared by the Islamic financial institution from time to time. This instrument is tradable in the secondary market in order to enhance its liquidity. Under the INID mechanism, an investor will deposit a sum of money with the Islamic financial institution which will then issue INID. As the entrepreneur, the Islamic financial institution will be issuing an INID Certificate to the investor as an evidence of the deposit acceptance. On the maturity date, the investor will return the INID to the Islamic financial institution and will receive the principal value of INID with its declared dividend. In this regard, the SAC was referred to on the issue as to whether the INID product based on mudarabah is permissible by Shariah. Resolution The SAC, in its 3rd meeting dated 28 October 1997, has resolved that INID product based on mudarabah is permissible. MUDARABAH 25 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The floating rate feature is in line with mudarabah investment feature because mudarabah profit will be shared together based on profit which is much influenced by variable performance of the investment or business activities. Majority of fiqh scholars unanimously agree that mudarabah is permissible in Shariah based on evidences from Al-Quran, hadith and ijma` as follows: i. Al-Quran: “...and others travelling in the earth in quest of Allah’s bounty...” 23 “Then when the prayer is finished, then disperse through the land (to carry on with your various duties) and go in quest of Allah’s bounty and remember Allah always (under all circumstances), so that you may prosper (in this world and the Hereafter).”24 23 Surah al-Muzammil, verse 20. 24 Surah al-Jumu`ah, verse 10. Based on the first verse cited above, the word means permissibility to travel in managing wealth to seek the bounty of Allah SWT. Whereas the second verse cited above generally refers to the command to mankind to disperse on the earth in effort to seek wealth and bounty provided by Allah SWT, including by joint venture and trading. Even though these verses do not directly refer to mudarabah, both verses refer to permissibility of conducting business. The above hadith states three things which are deemed as blessed and one of them is muqaradah. The term muqaradah originates from the word qiradh which is commonly used by scholars in Hijaz while Iraqi scholars termed it as mudarabah. Thus, muqaradah and mudarabah are two synonymous terms having the same meaning. iii. Ijma` It was reported that some of the companions of Rasulullah SAW invested property of the orphans based on mudarabah.26 There was no dissenting view among them and it is considered as ijma`. 17. Application of Mudarabah Contract in Current Account Product There was a proposal from an Islamic banking institution to introduce a current account product based on mudarabah. This account is different from the wadi`ah current account in which the payment of dividend to customers is at the sole discretion of the bank. In this mudarabah current account, customers are entitled to share some of the profits generated based on a pre-agreed profit sharing ratio at the point of opening the current account. In this regard, the SAC was referred to on the issue as to whether the current account product based on mudarabah is permissible in Shariah. 25 Ibnu Majah, Sunan Ibnu Majah, Dar al-Fikr, (n.d.), v. 2, p. 768, hadith no. 2289. 26 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3925. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 26 “Reported by Soleh bin Suhaib from his father, he said: Rasulullah SAW once said: There are three blessed things; deferred sale, muqaradah and mixing barley and wheat (for household consumption) and not for sale.”25 ii. Hadith of Rasulullah SAW: Resolution The SAC, in its 4th meeting dated 14 February 1998 and 59th meeting dated 25 May 2006, has resolved that current account product based on mudarabah is permissible in Shariah as long as the requirements of mudarabah are fully satisfied. Basis of the Ruling The resolution by the SAC is in line with the permissibility of mudarabah contract in deposit instrument. In addition, withdrawal of the mudarabah current account deposit may be made at any time. This is because the condition that the mudarabah capital shall exist has been satisfied by the requirement to maintain a minimum balance limit in the current account. Thus, if the depositor withdraws the whole deposit amount, the mudarabah contract is considered terminated since it is deemed as withdrawal of the mandate in capital management by the rabbul mal. This is in line with the unanimous view of the four mazhabs that a mudarabah contract is revoked or terminated through express revocation, or implied action by the rabbul mal withdrawing the mandate in managing the capital.27 18. Mudarabah Investment Certificate as Security The need for security in a particular financing is common irrespective whether it is for conventional or Islamic financing. Various assets are used as security including tangible assets and financial assets such as Mudarabah Investment Certificate. In this regard, the SAC was referred to on the following issues: i. Whether Mudarabah Investment Certificate may be used as security. This is due to the opinion that Mudarabah Investment Certificate shall not be used as security for financing provided by financial institutions since there are contradictory features between mudarabah and rahn contracts. In rahn contract, if the mortgagee used the mortgaged asset (with consent of mortgagor), the mortgagee shall guarantee the mortgaged asset from any depreciation in value, loss or impairment. Such guarantee is considered as contradictory to mudarabah contract because its capital shall not be guaranteed by the mudarib; and 27 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3925. 27 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 28 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. Whether the Mudarabah Investment Certificate may be used as security in conventional financing. Resolution The SAC, in its 9th meeting dated 25 February 1999 and 49th meeting dated 28 April 2005, has resolved the following: i. Mudarabah Investment Certificate may be traded and used as security or the subject matter of the mortgage; and ii. Mudarabah Investment Certificate may be used as security only for Islamic financing and not for conventional financing. If the certificate is used as security for conventional financing, it falls under the responsibility of the customers themselves and it is beyond the accountability of the Islamic financial institution. Basis of the Ruling The permissibility of Mudarabah Investment Certificate as security is based on the justification that mudarabah and rahn contracts are two different and separate contracts. The utilisation of mudarabah capital by the Islamic financial institution is for investment and is based on the first contract which is mudarabah and not rahn contract. Thus, there is no issue on the need of the Islamic financial institution to guarantee the value of the mortgaged asset. This situation is seen as similar to the usage of share certificate as security whereby the mortgagee need not necessarily guarantee the market value of the share mortgaged to him. In addition, the Mudarabah Investment Certificate is an asset that has a value. As such, it may be traded and used as a security based on the following fiqh maxim: “Every asset that can be sold, can be charged/mortgaged.”28 28 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 455. 29 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 19. Profit Equalisation Reserve Profit rate declared by an Islamic financial institution usually fluctuates due to flux in income, provisioning and deposits. If the declared profit rate is often fluctuating and uncertain, it may potentially affect the interest and confidence of investors. Hence, there was a proposal to introduce Profit Equalisation Reserve (PER) to create a more stabilised rate of return to maintain the competitiveness of the Islamic financial institution. PER is a provision shared by both the depositors/investors and the Islamic financial institution. It involves an allocation of relatively small amount out of the gross income as a reserve in times where the Islamic financial institution is making a higher return as compared to market rate. The PER will then be used to top up the rate of return in situations where the Islamic financial institution is making a lower return than the market rate. Under this PER mechanism, the rate of return declared by the Islamic financial institution will be more stable in the long run. In this regard, the SAC was referred to on the issue as to whether the PER mechanism may be implemented in Islamic finance, specifically in the context of mudarabah investment. Resolution The SAC, in its 14th meeting dated 8 June 2000, has resolved that the proposal to implement PER is permissible. Basis of the Ruling According to the general method of investment in Islam, distribution of profit between the Islamic financial institution and the investors shall be based on an agreed ratio. Notwithstanding that, in order to ensure the sustainability of Islamic financial system and market stability, the PER mechanism may be implemented on the condition that transparency shall be taken into account. Even though this method may reduce the return to the investors or depositors in times when the Islamic financial institution is making higher profit, it generally allows the rate of return to be stabilised for a long term and ensures a reasonable return to the investors when the institution is making a relatively lower profit. This is considered a fair mechanism as both the Islamic financial institution and investors/depositors jointly contribute and share the benefits of PER. This is also in line with the concept of waiving of right (mubara’ah) allowed by the Shariah which means waiving a portion of right to receive profit for the purpose of achieving market stability in the future.29 20. Administrative Costs in Mudarabah Deposit Account The SAC was referred to on a proposal from an Islamic financial institution in its capacity as a fund manager to charge administrative cost on depositors as investors for mudarabah investment deposit account. Resolution The SAC, in its 16th meeting dated 11 November 2000, has resolved that an Islamic financial institution shall not charge any administrative costs to depositors for mudarabah deposit account. Instead, any additional amount to cover the administrative cost should have been taken into consideration in determining the pre-agreed profit sharing ratio among the contracting parties. Basis of the Ruling Based on mudarabah principles, the fund manager shall manage all duties related to the investment of the fund according to `urf. He is not entitled to charge any fee on service or incidental administrative cost since it is part of his responsibilities as mudarib. 29 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 2000, 13th Convention, resolution no. 123 (13/5). S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 30 21. Intra-Day Transaction as an Islamic Money Market Instrument Intra-day transaction refers to investment of fund based on mudarabah with its maturity and settlement taking place on the same day. It was introduced in Islamic Interbank Money Market to enable the market participants to ensure that their financial needs are stable in a particular point of time. The method of intra-day transaction is similar to the Mudarabah Interbank Investment. The difference is only in terms of maturity period, whereby the Mudarabah Interbank Investment involves maturity period between overnight up to one year, whereas the intra- day transaction involves a short maturity period between 9.00 am until 4.00 pm on the same day. In this regard, the SAC was referred to on the issue as to whether the intra-day transaction may be implemented as an instrument in the Islamic Interbank Money Market since there is a concern that its short investment maturity period may affect the validity of a mudarabah contract. Resolution The SAC, in its 19th meeting dated 20 August 2001, has resolved that intra- day transaction may be implemented in Islamic money market. Basis of the Ruling The mudarabah contract in intra-day transaction may be implemented even though its investment maturity period is short. This is due to the efficiency of the electronic system and information technology at present. Thus, once a fund is received, it may promptly be used to generate profits. 31 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 22. Indirect Expenses The SAC was referred to on the issue as to whether indirect expenses may be considered as deductible costs from mudarabah fund. Indirect expenses include overhead expenses, staff salaries, depreciation of fixed assets, settlement expenses, general administrative expenses, marketing and IT expenses. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that indirect expenses shall not be deducted from mudarabah fund. Basis of the Ruling The aforesaid resolution is based on the consideration of the following arguments: i. Majority of scholars, among others, Imam Abu Hanifah, Imam Malik and Zaidiyyah is of the opinion that a mudarib is entitled to the cost of long distance travelling (musafir) expenses and not recurring cost from mudarabah profit (if any), and if there is none, he may take from the capital just to meet his needs for food, drinks and his clothing; ii. Imam Syafii view that a mudarib is not allowed to charge any cost either direct or indirect expenses as the mudarib is already entitled to a certain percentage of the mudarabah profit;30 and iii. In order to avoid cost manipulation and to safeguard the interest of depositors, indirect expenses shall not be deducted from the mudarabah fund since such cost should have been taken into account in the determination of the pre- agreed profit sharing ratio. 30 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3956. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 32 33 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 23. Assignment of Weightage In the current practice, some Islamic financial institutions will assign a weightage (from 0.76 to 1.24) to every type of deposits in determining the amount of profit to be distributed among the depositors of each type respectively. A weightage higher than 1.0 means higher profit for the depositors as compared to profit sharing ratio, whereas a weightage which is lower than 1.0 leads to lower profit than the agreed profit sharing ratio. Normally, a higher weightage is assigned to deposits with a longer term of maturity. Such practice of assigning different weightage for different types of deposit is meant to facilitate the Islamic financial institution in managing mudarabah deposits with a standardised profit sharing ratio. In this regard, the SAC was referred to on the issue as to whether the assignment of weightage by Islamic financial institutions is allowed. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that assignment of weightage by Islamic financial institutions is not allowed. Basis of the Ruling The aforesaid SAC’s resolution on the prohibition of assignment of weightage by Islamic financial institution is based on Al-Kasani’s view in Bada`i al-Sana`i fi Tartib al-Syara`i, which states that a fasid (void) condition that carries an element of uncertainty in relation to profit distribution will render the contract fasid. In a mudarabah contract, the subject matter that is contracted upon is profit, hence, uncertain and unknown subject matter will render the contract fasid.31 31 Al-Kasani, Bada`i al-Sana`i fi Tartib al-Syara`i,Dar al-Kutub al-`Ilmiyyah, 1986, v. 13, p. 250: “Basically, regarding a fasid (void) condition, when it (fasid condition) is included in a particular contract, it should be observed as to whether it leads to jahalah (unknown) of the profit, (if it does) then the contract becomes fasid, because profit is the subject matter of the contract, and jahalah of the subject matter renders a contract as fasid.” 34 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In addition, based on further observation, it is noted that: i. The assignment of weightage will affect the calculation of net profit for both mudarib and rabbul mal; ii. It changes the pre-agreed profit sharing ratio to a new effective profit sharing ratio; iii. The presumption that a long term investment is riskier is inaccurate since risks are closely related to the type and area of the investment portfolio; and iv. The issue of non-transparency arises since weightage is an internal practice that is not disclosed to the depositors as the rabbul mal. 24. Practice of Islamic Financial Institutions in Transferring Mudarabah Investment Profit to Customer to Avoid Displaced Commercial Risk In a dual banking system, when there is an increase in the current market rate of return, customers would also expect an increase in the rate of return from Islamic financial institutions. In the context of mudarabah investment account, the i nstitutions will transfer a portion of their profit to the customer to avoid displaced commercial risk so that the declared rate will be competitive with the prevailing market rate of return. In this regard, the SAC was referred to on the issue as to whether the institutions are allowed to transfer a portion of their profits to customers to avoid displaced commercial risks in mudarabah investment accounts. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that the practice of Islamic financial institutions to forgo part of their profits to customer to avoid displaced commercial risk in the context of mudarabah investment is permissible. 35 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The aforesaid decision is based on the following considerations: i. The profit in a mudarabah contract is an exclusive right of the contracting parties. Mutual agreement to review the pre-agreed profit sharing ratio will not affect the entitlement of either the rabbul mal or the mudarib to the profit. In addition, the profit will remain as the rights shared between them; and ii. The practice of the Islamic financial institution in forgoing part or its entire share of profits on mudarabah fund is permissible since it is implemented by the Islamic financial institution without affecting the customers’ right. Furthermore, the customers will receive more profit than the pre-agreed profit sharing ratio. 25. Third Party Guarantee on Liability of a Mudarib’s Counterparty in Mudarabah Transaction Basically, a mudarib shall not guarantee the mudarabah capital. However, the SAC was referred to on the issue as to whether a third party may guarantee the liability of any party who deals with the mudarib in mudarabah transaction. Resolution The SAC, in its 90th meeting dated 15 August 2009, has resolved that a third party guarantee on liability of any party who deals with the mudarib in mudarabah transaction is permissible. 36 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Third party guarantee of capital and performance on the liability of the party who deals with the mudarib in mudarabah transaction is permissible based on the consideration that such third party guarantee is consistent with the permissibility of kafalah contract. In a kafalah contract, the third party guarantor shall be a party with no direct interest in the mudarabah business. A third party guarantee may be granted in two approaches as follows: i. Guarantee without recourse: This guarantee is made based on tabarru` by a third party who is not involved or related to the mudarib. In this approach, the guarantor will have no recourse on the mudarib for the guaranteed amount paid to rabbul mal. According to the views of contemporary scholars, there are no Shariah impediments for a party to donate a sum of money for tabarru` purposes. If such tabarru` is contingent upon meeting certain requirements, the tabarru` shall be furnished by the donor as soon as the requirements are met;32 or ii. Guarantee with recourse: In this approach, a third party will pay the guaranteed amount and later claim from the mudarib for reimbursement of the amount paid to the rabbul mal. This amount is deemed as a debt owed by mudarib to the guarantor. 26. Mudarib’s Guarantee on Liability of His Counterparty in Mudarabah Joint Venture Basically, a mudarib shall not guarantee the mudarabah performance. However, there is confusion as to whether, in a mudarabah joint venture, the mudarib may guarantee liability of a party, whom he is dealing with, to ensure that the capital and/or profit is guaranteed. In this regard, the SAC was referred to on the issue regarding mudarib’s guarantee on the liability of his counterparty in the mudarabah joint venture. 32 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami,1987, no. 4, v. 3, p. 1875 -1876. 37 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 90th meeting dated 15 August 2009, has resolved that in a mudarabah joint venture, mudarib is not allowed to guarantee liability of any party who deals with him for the purpose of guaranteeing the capital only or capital and profit in a particular mudarabah contract. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. Mudarib’s guarantee on a third party performance in mudarabah transaction in relation to mudarabah joint venture managed by him will lead to him being the guarantor for the mudarabah capital; and ii. Mudarib’s negligence in dealing with a third party related to mudarabah capital will cause the mudarib to be responsible for any losses incurred and not the third party. This is because the mudarib is responsible to use his expertise in managing the mudarabah fund. If it is proven that the losses are due to the negligence of mudarib, then he is liable to refund the capital to rabbul mal. Rabbul mal is entitled to receive adequate and reasonable guarantee for the capital against the mudarib. This is permissible provided that the rabbul mal does not claim any compensation except in cases of misconduct, negligence and breach of terms of contract by the mudarib.33 33 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 13 (Al-Mudarabah), paragraph 4/4. 27. Capital Contribution by Mudarib in Mudarabah Joint Venture The SAC was referred to on the issue of capital contribution by mudarib into the mudarabah joint venture fund which has been contributed by more than one rabbul mal. Resolution The SAC, in its 90th meeting dated 15 August 2009, has resolved that capital contribution by mudarib into the mudarabah joint venture fund is permissible. Such contribution is valid based on musyarakah principles. Thus, the profit and loss sharing shall be done according to musyarakah principles and consequently, the profit will be shared in accordance with the agreed profit sharing ratio in the mudarabah contract. Basis of the Ruling The aforesaid resolution is based on the following considerations: i. There is no impediment for a group of rabbul mal to combine their capital amongst themselves together with mudarib’s capital since such practice is based on their mutual agreement; and ii. If the mudarib mixed his own fund with the mudarabah capital, he shall then become a partner (musyarik) for such contribution and at the same time he shall be the mudarib for the capital contributed by the rabbul mal. In sharing the profit, the mudarib will be entitled to his portion of profit based on his contributed capital. On the other hand, the profit from mudarabah capital contributed by the rabbul mal will be distributed between the rabbul mal and the mudarib based on the agreed profit sharing ratio.34 34 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 13 (Al-Mudarabah), paragraph 9/1/6. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 38 28. Third Party Guarantee for Capital and/or Profit in Mudarabah Transaction The SAC was referred to on the issue as to whether a third party may guarantee the capital and/or profit of mudarabah transaction. Resolution The SAC, in its 91st meeting dated 1 October 2009, has resolved that a third party guarantee on the capital and/or expected profit in a mudarabah transaction is allowed on the condition that the third party who will provide the guarantee shall be an independent party and does not have any kind of relationship, whether directly or indirectly, with the mudarib. In the event whereby the third party guarantor is allowed to claim the guaranteed amount from a sukuk issuer if there is a loss, or he is charging a fee for such guarantee, such a guarantor will be classified as a limited third party, thus, the abovementioned condition has not been satisfied. Basis of the Ruling A guarantee of capital and/or expected profit by a third party in a mudarabah transaction is based on maslahah which is to ensure continuous investors’ confidence in investing into the country’s significant projects. 39 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Musyarakah is a contract of partnership between two parties or more to finance a particular business joint venture whereby all parties contribute the capital either in the form of cash or others. Any profits incurred from the partnership will be shared amongst them based on an agreed ratio, whereas any losses incurred will be borne by them according to their ratio of respective capital contribution. Currently, the musyarakah concept is applied in investment and financing activities. Financing based on musyarakah covers working capital financing, trade financing and asset financing. 29. Financing Products Based on Musyarakah An Islamic financial institution proposed to offer two types of financing products based on musyarakah. Among the general requirements for both of the proposed musyarakah-based financing are as follows: i. All partners in the musyarakah shall contribute capital; ii. The Islamic financial institution as a partner/financier may stipulate certain conditions (taqyid); iii. Profit sharing is based on an agreed ratio whereas loss bearing is based on capital contribution ratio; iv. No guarantee on capital. A guarantee may only be given to cover cases of negligence and breach of terms of musyarakah agreement; v. Profit sharing ratio may be changed upon mutual consent of all partners; vi. In repurchasing shares of any partners, the price shall be based on market value (qimah suqiyyah) or based on mutual agreement and shall not be based on nominal price (qimah ismiyyah); and vii. Any partners in the musyarakah may stipulate a condition that allows one of the partners to waive his entitlement (tanazul) to an amount of profit that exceeds a certain ceiling limit. MUSYARAKAH S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 40 41 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E The proposed two types of musyarakah-based financing are as follows: 1. Joint venture project or partnership based on joint account without establishment of a separate entity The musyarakah financing agreement will be concluded between the Islamic financial institution and customer. The financing will be credited into a joint account in a lump sum or in stages. The joint account will be registered under the customer’s name whereas the management of the account’s transactions will be jointly managed by the Islamic financial institution and the customer. 2. Equity participation through establishment of a private limited joint venture company under Companies Act 1965 A corporate entity will be established by the Islamic financial institution and the customer to operate a specific project. The company’s management will be appointed by both parties to represent their interests and to be responsible towards the development of the project. The Islamic financial institution will disburse the musyarakah financing in one lump sum through additional paid up capital of the private limited company. In this regard, the SAC was referred to on the issue as to whether the two types of musyarakah-based financing as proposed are permissible in Shariah. Resolution The SAC, in its 53rd meeting dated 29 September 2005, has resolved that the proposed financing products based on musyarakah are permissible as long as there is no element of capital and/or profit guarantee by any of the partners on the other partners. Basis of the Ruling The aforesaid resolution is based on the following evidences on permissibility of musyarakah: i. Allah SWT says: “…truly many partners (in all walks of life) are unjust to one another; but not so those who believe and do good works, and they are few…” 35 The term in the above verse means partnership. Based on the verse, musyarakah is a part of the previous practices of Messengers of Allah SWT before Prophet Muhammad SAW that has not been abrogated. This practice existed since the time of Prophet Daud and had never been forbidden by Prophet Muhammad SAW. However, musyarakah shall be practised in a just manner and in accordance with the Shariah. ii. When Rasulullah SAW was appointed as the Messenger of Allah SWT, the Arab community had already been conducting transactions based on musyarakah, and Rasulullah SAW allowed it as shown in his saying: “The aid of Allah SWT will always be upon two persons who are having partnership as long as one of them does not betray his partner. If one of them betrays his partner, then Allah SWT will uplift His aid from both of them.” 36 iii. It was reported that a companion of Rasulullah SAW indicated the permissibility of musyarakah as follows: 35 Surah Sad, verse 24. 36 Al-Daraqutni, Sunan al-Daraqutni, Mu’assasah al-Risalah, 2004, v. 3, p. 442, hadith no. 2934. 37 Al-Zaila`i, Nasb al-Rayah li Ahadis al-Hidayah, Mu’assasah al-Rayyan, 1997, v. 3, p. 475. 38 Abdul Razzaq al-San`ani, Musannaf Abdul Razzaq, Al-Maktab al-Islami, 1403H, v. 8, p. 248. “The profit is based on what has been stipulated and the loss is based on the amount of the capital (contributed by the partners).” 37 “The loss is based on the amount of the capital, and the profit is based on what has been stipulated.” 38 iv. Generally, scholars are in consensus in permitting partnership or musyarakah, even though they are of different opinions on the permissible types of musyarakah. 42 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 30. Financing Based on Musyarakah Mutanaqisah There was a proposal from an Islamic financial institution to offer Islamic house financing product based on the concept of musyarakah mutanaqisah. In general, the modus operandi of the house financing product based on musyarakah mutanaqisah is as follows: i. A customer who wants to buy a real property applies for financing from the Islamic financial institution; ii. The Islamic financial institution and the customer will jointly purchase the real property based on a determined share (for example 90:10) depending on the amount of financing requested; iii. The deposit paid by the customer is deemed as his initial share of ownership; iv. The Islamic financial institution’s share of ownership will be leased (based on ijarah) to the customer; and v. The monthly instalment by the customer will be used to gradually purchase the share of the Islamic financial institution until the entire share of the Islamic financial institution is fully purchased by the customer. In this regard, the SAC was referred to on the following issues: i. Whether the collective usage of musyarakah and ijarah agreements in one document of musyarakah mutanaqisah is allowed since such collective usage may be perceived as having two transactions in one sale and purchase contract (bai`atain fi al-bai`ah) which is prohibited in Shariah; and ii. Whether a pledge may be imposed by one of the owners of the asset over the jointly owned asset. 43 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 56th meeting dated 6 February 2006, has resolved the following: i. Collective usage of contracts of musyarakah and ijarah in one document of agreement is permissible as long as both contracts are concluded separately and clearly; and ii. A pledge in musyarakah mutanaqisah may be imposed if the pledge document involves only the customer’s shares being pledged to the Islamic financial institution. This is because beneficial ownership is recognised by the Shariah. Basis of the Ruling The aforesaid resolution has considered that a musyarakah mutanaqisah contract that uses both musyarakah and ijarah contracts is deemed as one form of contemporary contract (`uqud mustajiddah) recognised by fiqh scholars in order to fulfill the contemporary needs of Islamic mu`amalah.39 Shariah allows certain forms of management (tasarruf) of musyarakah assets. Among others, both partners in a musyarakah contract are entitled to transact or lease the musyarakah asset because partnership carries wakalah features. Thus, each partner may become an agent for the other partner in transacting or leasing, including selling and purchasing or leasing each other’s shares of the musyarakah asset among themselves.40 In addition, a partner is also allowed to give and receive a pledge of the musyarakah asset with the permission of the other partner. This is in line with the following fiqh maxim: 39 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 12 (Al-Syirkah), paragraph 3/1/3/1. 40 Ibnu `Abidin, Hasyiyah Radd al-Muhtar `ala al-Durr al-Mukhtar Syarh Tanwir al-Absar, Dar `Alam al-Kutub, 2003, v. 6, p. 488. 41 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 2, p. 834, maxim no. 1591. “All items that can be sold, can be pledged.”41 44 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 31. Application of Wa`d as a Mechanism in Dealing with Customer’s Default in Financing Based on Musyarakah Mutanaqisah In a financing based on musyarakah mutanaqisah, Islamic financial institutions are exposed to various risks including market risk that relates to joint ownership of the financed asset, as well as credit risk which relates to the customer’s obligation to pay rent to the Islamic financial institution and subsequently to purchase the asset from the Islamic financial institution. In this regard, the SAC was referred to on the application of wa`d as an appropriate mechanism in dealing with customer’s default in financing based on musyarakah mutanaqisah contract. Resolution The SAC, in its 64th meeting dated 18 January 2007 and 65th meeting dated 30 January 2007, has resolved that the wa`d clause by the customer to purchase the musyarakah asset may be included in the musyarakah mutanaqisah agreement to deal with customer’s default. However, such wa`d shall be applied fairly without denying the profit and loss sharing element among the contracting parties. In the event of customer’s default that causes force sale of the asset to a third party, the Islamic financial institution as the financier is entitled to demand a sum for any deficit (including payment of rent in arrears and purchase of the Islamic financial institution’s shares by the customer) from the customer based on the agreed wa`d according to the following procedural flow: i. The Islamic financial institution may take the customer’s portion from the proceeds of the auction to cover any deficit; ii. In the event where there is still a deficit (after the Islamic financial institution has taken the customer’s portion), the Islamic financial institution may demand the remaining deficit amount if the customer is financially capable; and 45 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 46 iii. If the customer is proven to be financially incapable to settle the outstanding amount of demand, the Islamic financial institution shall bear the loss. If there is any excess amount from the proceeds of the auction, the Islamic financial institution may share it with the customer based on their percentage ratio of ownership of the asset at the time of auction. Basis of the Ruling Al-Zarqa’ has concluded that Shariah allows the contracting parties to stipulate conditions within the limits of their rights under a particular contract. Distinctive conditions in some `uqud mustajiddah (contemporary contracts) as compared to conditions in other contracts which are known in fiqh shall be scrutinised as follows: i. If the condition eliminates any textually required condition (by al-Quran or Sunnah), it is forbidden; ii. If the condition eliminates a condition that is established by ijtihad of scholars, its ruling is dependent on the effective cause (`illah) of the latter, relevant `urf and current economic surrounding; and iii. If the condition of the contemporary contract is unknown in fiqh literature, such condition is deemed as permissible as long as it carries the interests of the contracting parties and does not invalidate or deny the objectives of the contract. Such condition will be considered as fasid and negatively affecting the contract if it leads to forbidden matter and denies the objective of the contract.42 42 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 2000, no. 10, v. 2, p. 529. 43 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 33, p. 111. In addition, qard terminologically means giving of property by one person to another with something subjected to the liability of the debtor in form of property with the same value (mumathil) of the property that was loaned to him. It is meant to be benefitted by the recipient (debtor). (Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3786). QARD Qard means giving a property to a party who will benefit from it and who will subsequently return an equivalent replacement.43 In the early stages of Islamic finance in Malaysia, several products based on qard were introduced, for example, Government Investment Certificates (currently known as Government Investment Issue) and benevolent loans. Nowadays, its application has been expanded to other products such as rahn loans, credit cards, charge cards and others. It has also become the underlying concept for liquidity management instruments for Islamic financial institutions. 32. Qard Principles in Islamic Finance The application of qard hasan concept in a correct manner which fulfills the Shariah requirements would definitely benefit the contracting parties. However, if it is inappropriately applied, it would potentially tarnish the image of the Islamic financial system. Among the issues that may arise in Islamic finance relating to the application of qard hasan are: i. Whether qard hasan in its true sense implies a gift that does not require repayment or otherwise. This refers to the situation where the Islamic financial institution decides to bring a case of a defaulted customer in a financing based on qard hasan to court; and ii. Since Islamic financial institutions provide financing by utilising the deposits of customers who expect returns, financing based on qard hasan does not effectively serve such purpose because qard hasan is not meant to generate profits, rather it is benevolent or tabarru` by nature. In this regard, the SAC was referred to on the issue as to whether a financing product based on qard principles is allowed since the application of this concept in a financing product may contradict the original meaning of qard according to Shariah. The SAC was also referred to on the issue as to whether the word “hasan” may be taken out from the term “qard hasan” that has generally been acceptable in the Islamic financial system. 47 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that financing products based on qard principle are permissible. However, the word “hasan” shall be taken out from the term “qard hasan” to imply that it is an obligation for the borrower to repay his qard to the lender or financier and such obligation shall be borne by the heirs of the borrower in the case of his death before the total settlement of his loan obligation. Basis of the Ruling The scholars define qard as affectionately giving a property to a party who will benefit from it and who will subsequently replace it.44 The scholars have unanimously agreed that qard is permissible based on al-Quran, Sunnah and ijma`.45 The following Quranic verse is regarded as a basis for permissibility of qard: “Who is that will grant Allah a goodly (sincere) loan so that He will repay him many times over? And (remember) it is Allah who decreases and increases (sustenance), and to Him you shall all return.” 46 According to scholars of tafsir, the term qard hasan in the context of the above verse refers to acts of contributing for the sake of Allah SWT (infaq). The term qard literally means loan and not infaq. Nevertheless, the scholars of tafsir stated that the term qard used in this verse is intended to dignify the status of mankind since Allah SWT had chosen to communicate using common and understandable vocabulary with mankind.47 The permissibility of qard in the context of loans is based on the literal meaning of the above verse since Allah SWT will not probably mention and equate commendable matter like infaq with forbidden matters. This indicates that qard is permissible. 44 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 33, p. 111. 45 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 33, p. 112. 46 Surah al-Baqarah, verse 245. 47 Al-Syawkani, Fath al-Qadir, Dar al-Ma`rifah, 2007, p. 168. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 48 In relation to the recommendation that Islamic financial institutions shall not use the word “hasan” in the term qard hasan, the SAC justified its decision based on the following arguments: i. The fiqh scholars had never elaborated the term qard hasan specifically but only discussed the concept of qard and its permissibility in Shariah. Generally, qard hasan relates to matters pertaining to contribution for the sake of Allah SWT (infaq); and ii. The word “hasan” as used in al-Quran refers to an infaq that is given sincerely for rewards from Allah SWT.48 Based on this fact, it is concluded that the use of the term qard hasan to refer to a loan especially in the mu`amalah context in Islamic finance is inaccurate. This is because qard as defined by fiqh scholars is a loan (qard) that must be settled. Thus, the term qard is seen more appropriate for an interest free loan as practised in the current Islamic finance industry. 33. Liquidity Management Instrument Based on Qard Liquidity management instrument is an instrument used to ensure that the liquidity of financial institutions is at an optimum level. It is specifically used to absorb the liquidity surplus in the market. Islamic financial institutions with liquidity surplus will be able to channel the surplus to Bank Negara Malaysia via this instrument. Previously, most of the Islamic liquidity management instruments were based on mudarabah and wadi`ah. Thus, there was a proposal to introduce liquidity management instruments based on qard as an additional instrument for managing liquidity in the Islamic financial system. The proposed mechanism of liquidity management instruments based on qard is as follows: 48 Al-Suyuti, Al-Durr al-Manthur fi al-Tafsir bi al-Ma’thur,Dar Kutub al-`Ilmiyyah, 2000, v. 1, p. 554 - 556. 49 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. Bank Negara Malaysia will issue a tender through FAST system (Fully Automated System for Issuing/Tendering) disclosing the amount of loan to be borrowed; ii. The tender is based on uncompetitive bidding whereby bidders will only bid for the nominal amount that they are willing to loan to Bank Negara Malaysia; iii. The successful bidder will provide the loan based on tenure until maturity; and iv. Upon maturity, Bank Negara Malaysia will pay back the loan in total. Hibah (if any) may be given at the discretion of Bank Negara Malaysia. In this regard, the SAC was referred to on the permissibility of the proposed liquidity instrument based on qard. Resolution The SAC, in its 55th meeting dated 29 December 2005, has resolved that liquidity management instruments based on qard, which is a contract of interest free loan between Islamic financial institution and Bank Negara Malaysia to fulfill the need of short-term loan are permissible. Bank Negara Malaysia as the borrower may pay more than the borrowed sum in the form of hibah at its discretion. Nevertheless, the hibah shall not be pre- conditioned. Basis of the Ruling The permissibility of liquidity management instruments based on qard is attributed to the permissibility of qard contract. Such products are important in meeting the country’s needs to manage liquidity. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 50 “From Jabir r.a who said: I came to see Rasulullah SAW when he was in the masjid (Mis`ar said that Jabir came during dhuha time), Rasulullah SAW asked me to perform a two raka`at prayer, he paid the debt that he owed to me and added to it.” 50 Settlement of debts with additional values or benefits is allowed as long as it is not stipulated in the contract and has not become a known `urf. However, if it becomes a common practice due to a given loan, such practice shall be discontinued since a common practice or `urf is equivalent to a stipulated condition.51 34. Combination of Advance Profit Payment Based on Qard and Murabahah Contract There was a proposal from an Islamic financial institution to offer an Islamic investment deposit account product with a fixed return. In implementing this product, the Islamic financial institution proposed to apply a commodity murabahah contract to create indebtedness of the Islamic financial institution to the depositors or investors. One of the new features of this product is the advance profit based on qard given to depositors upon the opening of the account. 49 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. 50 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 173, hadith no. 2934. 51 Abdul Hamid Mahmud Tahmaz, Al-Fiqh al-Hanafi fi Thawbihi al-Jadid, Dar al-Qalam, 2001, v. 4, p. 220 – 221. Basically, any stipulated benefit, hibah or additional value in consideration of a loan is prohibited. It is stated in the following hadith of Rasulullah SAW: “From Ali r.a who said, that Rasulullah SAW said: Every loan which brings benefits (to the creditor) amounts to riba.”49 However, if the benefit, hibah or additional value is given unconditionally, it is permissible. This is based on the following hadith of Rasulullah SAW: 51 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 52 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the issue as to whether the combination of advance profit payment based on qard and murabahah contract in the structure of the aforesaid proposed product is permissible in Shariah. Resolution The SAC, in its 4th special meeting dated 29 November 2007, has resolved that a combination of advance profit payment based on qard and murabahah contract is not allowed. Basis of the Ruling There is a clear prohibition from the sources of Shariah in relation to the combination of qard with any contracts of exchange (`uqud mu`awadhat). Among others, there is a hadith of Rasulullah SAW that prohibits the combination of sale and qard: “Ismail bin Mas`ud had told us from Khalid from Hussein al-Mu`allim from `Amru bin Shuaib from his father from his grandfather: Verily Rasulullah SAW forbids combination of salaf (debt) and sale, two conditions within a sale, and profit without guarantee (without taking a risk).” 52 52 Al-Nasa’i, Sunan al-Nasa’i al-Kubra, Dar al-Kutub al-`Ilmiyyah, 1991, v. 4, p. 43, hadith no. 6225. RAHN In the current context of Islamic finance, rahn refers to a contract of security. Conceptually, rahn means requiring a particular asset to be made as security for a financing or loan so that in the event of default by the financing receiver or debtor, the financing or loan may be satisfied out of the value of the security or the financed asset.53 In normal practice, credit facility offered by an Islamic financial institution, either under sale based or other possible methods, will be secured by an appropriate collateral with adequate value. Assets including real estate, share and investment certificates are forms of security that are accepted by the Islamic financial institution throughout a particular financing or loan tenure. 35. Two Financing Facilities Secured by an Asset There is an asset charged for two facilities, namely bai` bithaman ajil (BBA) and also conventional overdraft facility which is offered by a financial institution. The first charge is made to secure the BBA financing facility. In the event of default in the BBA financing facility, which consequently entails foreclosure of the asset, the financial institution will terminate the conventional overdraft facility since the latter is no more secured by any security. The termination of the conventional overdraft facility is enforced through a cross default clause as stipulated in the BBA agreement between the financial institution and customer. In this regard, the SAC was referred to on the following issues: i. Whether an asset may be used to secure both the BBA financing facility and conventional overdraft facility; and ii. Whether the financial institution may include the cross default clause in a BBA legal document. 53 Al-Subki, Takmilah al-Majmu’ Syarh al-Muhazzab, Maktabah al-Irshad, 1980, v. 12, p. 299; Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 443. 53 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 54 Resolution The SAC, in its 4th meeting dated 14 February 1998, has resolved that an asset may be used to secure more than one financing facility, subject to the following requirements: i. Prior consent from the first chargee is duly obtained; ii. The value of the charged asset is sufficient to secure all charges; and iii. No harm (dharar) is inflicted upon any parties. In addition, the SAC has also allowed the financial institution to include the cross default clause in the BBA legal document. Basis of the Ruling An arrangement whereby a portion of an asset is charged for a facility and the remaining value is subsequently charged for another facility is governed under the principle of rahn al-musya` or the undivided right to claim security over a charged asset.54 Majority of Maliki, Syafii and Hanbali scholars who allow rahn al-musya` view that if an undivided asset has been partially charged to secure a particular loan (or financing), then the remaining part of the asset may be subsequently charged (to secure the same loan or another loan) to the same chargee or another chargee. However, if the subsequent charge (of the remaining part of the charged asset) is entered into with another chargee (who is not the first chargee), then prior consent of the first chargee shall be obtained. 54 Al-Sawi, Hasyiyah Al-Sawi `ala Syarh al-Saghir, Dar al-Ma`arif, 1982, v. 3, p. 307. 55 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 36. Dealing with a Charged Asset The appreciation of the market value of a charged asset, particularly a real estate leads to a situation where the security value is more than enough to cover the financing amount compared to when it was initially charged. In addition, consistent payment of debt by the debtor in accordance to the agreed schedule will gradually reduce the amount of outstanding debt and will consequently lead to the security in excess of the required security coverage rate. In this situation, the owner of the charged asset may seek to charge the asset for security in another transaction (second charge) by way of charging the value that is in excess of the required first charge amount. In this regard, the SAC was referred to on the following issues: i. Whether the consent to the second charge given by the first chargee may be construed as waiver of his claim towards the asset under the first charge; and ii. Whether a sale contract or another charge may be transacted on some part of the asset’s current value. In relation to these issues, Imam Syafii stated his view: ”It is permissible for a person to charge half of his land, and half of his house, and a part of his undivided shares of the land and house if all parts of the asset are clearly identified and the charged portion of the asset are also identified. In this matter, there is no difference between charge and sale.”55 55 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 575: 56 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 6th meeting dated 26 August 1998, has resolved the following: i. The consent to the second charge given by the first chargee shall not be construed as waiver of his claim towards the asset under the first charge. In addition, consent of the first chargee shall be given in writing to avoid any dispute; and ii. Any sale contract or charge transacted on some part of the total asset value is allowed. However the asset is deemed as an undivided property (musya`) owned by the buyers according to their respective percentage of shares. Similarly, the rights over the foreclosed charged asset shall be shared among the chargee according to the agreed terms and conditions. Basis of the Ruling The consent to the second charge given by the first chargee shall not be construed as a waiver of his claim towards the asset under the first charge because: i. Prior to settlement of debt by the chargor, the first chargee still has the interest on the charged asset; and ii. Only the remaining value of the charged asset is allowed to be charged for the second charge, and not the part that is charged to the first chargee. The consent of the first chargee to the second charge shall be clearly conducted to avoid any confusion in the usage and ownership of the charged asset. In addition, any sale contract or charge transacted on some parts of the actual value of the asset is allowed based on the following juristic views: 57 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 37. Conventional Fixed Deposit Certificate as Security in Islamic Financing The SAC was referred to on the issue as to whether conventional Fixed Deposit Certificate may be mortgaged for Islamic financing. In this regard, only the principal value of the fixed deposit will be mortgaged, while the amount of interest or riba will be excluded. Resolution The SAC, in its 9th meeting dated 25 February 1999, has resolved that conventional Fixed Deposit Certificate (excluding the amount of interest or riba) is a right or asset of the customer. Hence, it may be used as security for Islamic financing. 56 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 575; al-Dusuki, Hasyiyah al-Dusuki ̀ ala Syarh al-Kabir, Dar Ihya’ Kutub al-Arabiyyah, (n.d.), v. 3, p. 235; Al-Bahuti, Kasshaf al-Qina` `an Matn al-Iqna`, `Alam al-Kutub, 1997, v. 3, p. 48. 57 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 4255. 58 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 575: ii. Imam Syafii also stated that: ”It is permissible for a person to charge half of his land, and half of his house, and a part of his undivided shares of the land and house if all parts of the asset are clearly identified and the charged portion of the asset are also identified. In this matter, there is no difference between charge and sale.”58 ”Anything that can be sold, can be charged, either it is a kind of undivided ownership or otherwise.” 57 i. Majority of fiqh scholars other than the Hanafi school allow charge on undetermined part of the actual value of an asset (rahn al-musya`).56 This view relies on the following maxim: 58 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Among the main requirements of charge is that the charged asset shall be a valuable and deliverable property.59 Basically, a charged asset shall be a tangible property. However, it is also permissible to charge receivables, cash, or any acceptable assets. In this context, conventional Fixed Deposit Certificate (excluding the amount of interest or riba) has met the required features of chargeable asset. In addition, a charge is actually a complementing contract to a particular basic transaction. It is allowed as long as the charged asset is valuable according to Shariah and acceptable by the chargee. 38. Islamic Debt Securities as Collateralised Asset There was a proposal to introduce the concept of charge in the Islamic money market to facilitate market participants to obtain funding by charging their Islamic debt securities to other market participants. These securities are in the form of scriptless whereby the financing receiver is only required to identify the charged securities in the system without the need to physically transfer the securities to the financier. The financing receiver will not make any transactions on the charged securities, either for sale or another charge to other party throughout the tenure. In this regard, the SAC was referred to on the issue as to whether Islamic debt securities may be used as collateralised asset in a rahn contract. Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that the Islamic debt securities may be charged in a rahn contract. The financing receiver is also allowed to identify the respective securities to be charged in the system without physical transfer of the charged securities to the financier. 59 Al-Samarqandi, Tuhfat al-Fuqaha’, Dar al-Kutub al-`Ilmiyah, 1983, v. 3, p. 40. 59 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The concept of rahn, which has been long practised, is a type of loan security acceptable in Islam. Security under the rahn concept includes any tradable and acceptable asset between the financier and financing receiver. In this situation, since the Islamic debt securities are valuable and tradable in the market, the certificates have satisfied the required features of acceptable securities in rahn. The Syafii scholars allow the security to be taken and used by the chargor as long as consent of the chargee is obtained.60 The Maliki scholars, on the other hand, allow “rahn rasmi/hiyazi” which is the submission of security through official notes in the registry of relevant authority. This may sufficiently represent the actual submission.61 These views are clearly consistent with the view of contemporary scholars who allow the utilisation of debt securities and sukuk as securities for rahn. Therefore, scriptless Islamic debt securities used as securities are constructive in existence. This is because such securities fulfill the criteria of acceptable securities in rahn, which include being valuable, tradable and transferable. In addition, the securities are regulated by a reliable and trusted system that has integrity and is trustworthy with a highly disciplined and transparent market. 39. Sale of Collateralised Asset in the Event of Default by Financing Receiver to Pay the Financing Amount to Financier Pursuant to the proposal on the introduction of the concept of charge in Islamic money market and Islamic debt securities as security, the SAC was referred to on the issue relating to default of a financing receiver in payment of the financing amount to financier within an agreed term. 60 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 243. 61 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 4240. 60 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 60 Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that in the event of a default whereby the financing receiver has defaulted in paying the financing amount to the financier within the agreed term, the financier may sell the charged securities to redeem the financing amount due by the financing receiver. However, the financier shall return any excess of the securities’ value should the value exceeds the financing amount. Basis of the Ruling The permissibility of sale or liquidation of security in the event of default whereby the financing receiver has failed to pay the financing amount to the financier within the agreed period is in line with the objectives and basic features of charge in Islam. The financier (as murtahin) may stipulate a condition requesting the financing receiver (as rahin) to appoint the former or a specified individual to sell the collateralised asset in order to settle the outstanding financing amount without the need to refer to court. In addition, the financier is allowed to request for the sale of the collateralised asset for the settlement of overdue financing amount. Any excess from the sale price shall be returned to the financing receiver since it is part of the charge. This is based on the following hadith of Rasulullah SAW: “From Abu Hurairah that Rasulullah SAW have said: A charged asset will not diminish from its owner (when he has not yet settled his debt). Any profit of the charged asset belongs to its owner and any liability must be borne by him.” 62 62 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. 61 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 61 40. Profit Accrued from Collateralised Asset Throughout Charge Tenure The SAC was referred to on the issue as to whether any profit including dividends as well as rights and bonus issues accrued from collateralised asset throughout the charge tenure belongs to the owner of collateralised asset which is the financing receiver. Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that any profit including dividends as well as rights or bonus issues accrued from collateralised asset (marhun) throughout the charge tenure belongs to the owner of the security which is the financing receiver. Basis of the Ruling The owner of collateralised asset as the financing receiver in a rahn contract is entitled to any profit accrued from the collateralised asset throughout the charge tenure because the rahn contract does not involve transfer of ownership of the collateralised asset from the chargor to the chargee. Scholars have agreed that the financing receiver or chargor is entitled to the profit accrued from the security since he is the owner of the asset.63 In addition, Imam Syafii stated that the profit of a collateralised asset amounts to its addition whereas the loss of the asset is deemed as its destruction or reduction.64 The above juristic views are based on the following hadith of Rasulullah SAW: “From Abu Hurairah that Rasulullah SAW have said: A charged asset will not diminish from its owner (when he has not yet settled his debt). Any profit of the charged asset belongs to its owner and any liability must be borne by him.” 65 63 Al-Juzairi, Al-Fiqh `ala al-Mazahib al-Arba`ah, Al-Maktab al-Thaqafi, 2000, v. 3, p. 332 – 337. 64 Al-Syafii, Musnad al-Syafii, Dar al-Basyair al-Islamiyyah, 2005, v. 1, p. 886; Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz, 1994, v. 6, p. 65. 65 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. Takaful refers to cooperation among a group of individuals to mutually guarantee and aid each other in order to meet certain needs as agreed amongst them, such as, providing compensation for a particular loss or any other kind of financial needs. Such cooperation involves contribution of money based on tabarru` concept (voluntary contribution) by all takaful participants. A specific fund will be established as the source of monetary assistance to any participant in accordance with the terms and conditions as agreed amongst them. In line with the concept of mutual assistance (ta`awun) and the need of the Muslims to have a Shariah compliant alternative to the conventional insurance, the takaful industry has developed rapidly into a viable industry that is integrated into the main stream of the national financial system. 41. Takaful Model Based on Tabarru` and Wakalah A takaful company proposed to adopt a takaful model based on tabarru` and wakalah. Under the concept of tabarru`, the takaful participants agree to relinquish all or a portion of their contribution as donation to aid other takaful participants who suffered particular losses or difficulties. Under the wakalah contract, the takaful participants will appoint the takaful company as their agent to manage the takaful fund, which covers management of investment and payment of claims, retakaful, technical reserve and management costs. In return, the takaful company will receive commission or fee for the services rendered. The fee may be charged as a fixed amount or according to an agreed ratio based on investment profit or surplus in the takaful fund. In this regard, the SAC was referred to on the issue as to whether the proposed takaful business model based on tabarru` and wakalah is permissible. TAKAFUL S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 62 63 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 24th meeting dated 24 April 2002, has resolved that the takaful business model based on tabarru` and wakalah is permissible. The wakalah contract is concluded between the participants and the takaful company, whereas the tabarru` contract is concluded amongst the participants only. In the 2nd special meeting dated 18 June 2007, the SAC has also resolved that a retakaful business model based on tabarru` and wakalah is permissible in Shariah. Basis of the Ruling Tabarru` concept is a recognised concept in Shariah. This is based on the following verse of Allah SWT: “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...”66 The permissibility of applying tabarru` in takaful business operation is also consistent with the resolution of OIC Fiqh Academy which recommends the application of tabarru` concept in developing takaful institution.67 In addition, there is no objection in Shariah on application of wakalah in takaful business operation since scholars have unanimously agreed on the permissibility of wakalah. Wakalah is a contract between a party (principal) who appoints another party (agent) to perform certain duty on behalf of the principal in representable or assignable matters according to Shariah perspective, either voluntarily or with imposition of fee. In the contexts of takaful and retakaful, wakalah fee is paid by the participants to the takaful company as an agent for performing certain duties. The rate and mode of payment of the fee are subject to the agreement of the contracting parties. 66 Surah al-Ma’idah, verse 2. 67 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1985, 2nd Convention, resolution no. 9 (2/9). 42. Application of Musahamah Concept in Commercial General Takaful Plan A takaful company would like to introduce musahamah concept in commercial general takaful plan. Under this concept, takaful participants will pay contribution to the takaful company based on musahamah and as benefit, the takaful participants may make claim and receive compensation for any accidents or losses. If the takaful participants do not make any claim within the effective takaful tenure, they are entitled to receive return of contribution in the form of bonus (good experience refund), subject to the following conditions: i. There is surplus in the takaful risk fund; ii. The participant had neither made any claim nor received any compensation in a specific period; and iii. The participant agreed to renew takaful contract for a certain period. If the participant did not renew the contract, he will be deemed as agreeing to waive his bonus on the basis of isqat al-haq. In this regard, the SAC was referred to on the issue as to whether the application of the proposed musahamah concept in general takaful plan is permissible in Shariah. Resolution The SAC, in its 66th meeting dated 22 February 2007, has resolved that the application of the proposed musahamah concept in general takaful plan is not allowed. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 64 65 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 68 Based on the definition of the term “musahamah” given by the takaful company, it is understood that such concept is similar to “musyarakah”. The term “musahamah” ( ) in Arabic literally means participation, taking part or sharing. It is an Arabic word that usually explains the involvement or participation of a person in a particular project, either in the form of efforts, capital or others. 69 From Shariah perspective, the term musahamah is a new and unknown term to fiqh terminology so as to be considered as a mu`amalah contract. Referring to a book on fiqh terms compiled by Dr Nazih Hamad namely “Mu`jam al-Mustalahat al-Iqtisadiyah fi Lughat al-Fuqaha’’, such term is not included as one of the fiqh terms. 70 Al-Qarafi, Al-Furuq, Dar al-Kutub al-`Ilmiyyah, 1998, v. 1, p. 276 - 277. Basis of the Ruling The proposal to apply musahamah concept in general takaful plan is not allowed because musahamah is a concept with ambiguous meaning.68 It is also an unknown contract in fiqh muamalat.69 The musahamah definition as stated in the proposal is inconsistent with the overall features and operation of takaful, especially in cases of claims by the takaful participants. On the contrary, musahamah as defined indicates agreement amongst takaful participants to give certain contribution. Takaful business must be based on tabarru` concept since under this concept, takaful participants are allowed to receive payment from the takaful fund if there is any claim due to perils or others. An element of uncertainty (gharar) in giving such contribution is permissible in tabarru` at contracts, in line with the view of Maliki scholars.70 The musahamah concept was found to be unsuitable in allowing any claims and payments to the rightful participants since musahamah, based on its general definition, is a kind of sharing in order to gain profit and is not meant for donation in paying any claims under a takaful scheme. 43. Retakaful Business Model Based on Wakalah - Wakaf A retakaful company proposed to conduct a retakaful business based on wakalah model with element of wakaf. Among the special features of the proposed wakalah model with element of wakaf are as follows: i. The retakaful company is an agent to manage the takaful contribution based on terms of agreement that outline the rights and duties of the retakaful company and takaful company (as takaful participant); ii. The retakaful company establishes takaful fund by contributing a sum of capital by way of wakaf. Once the fund is established, the retakaful company will no longer have any right over the fund. However, the takaful company has the right to manage the fund; iii. This initial contribution is perpetual in nature. It can neither be terminated nor transferred. Contributions made by the takaful participants will be channeled to the takaful fund. The aim of this takaful fund is to pay any claims or losses suffered by the participants, giving benefits to eligible participants in accordance with terms of wakaf, and giving donations to charitable organisations as approved by the Shariah Committee; and iv. Any surplus in the takaful fund will be distributed amongst the takaful participants. In this regard, the SAC was referred to on the issue as to whether the proposed retakaful business model based on wakalah with the element of wakaf is permissible in Shariah. Resolution The SAC, in its 87th meeting dated 23 June 2009, has resolved that the retakaful business based on wakalah model with the element of wakaf according to the features as stated above is permissible. However, such retakaful operation model structure based on wakalah and wakaf will not depart from the requirement of contribution based on tabarru` by the takaful participants. Thus, the effect of such model is viewed to be similar with the existing takaful model based on tabarru`. In addition, the SAC has also resolved that the contribution of tabarru` by the takaful participants in a takaful or retakaful agreement based on wakalah with the element of wakaf is owned and managed by the wakaf fund but does not form part of the wakaf asset. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 66 67 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 71 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 44, p. 184 –186. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. Among the basic elements of the proposed model is the application of element of wakaf. However, in the end, the fund will receive and own the contributions of tabarru` from the takaful participants. These tabarru` contributions do not form part of the wakaf capital, rather, the contributions are managed by the wakaf entity for payment of takaful claims; ii. Scholars of Hanafi, Maliki and Hanbali schools allow any kind of contribution or gift to a wakaf entity, either in form of building or perpetual plant, without changing the status of the contribution or gift as wakaf;71 and iii. The expressed intention and objective of the contributors and their agreement with the wakaf entity are the main factors in determining the status of a particular contribution or gift to the wakaf entity, either as a part of the wakaf asset or not. In this case, the gift or contribution made by the takaful participants is a type of tabarru` and not wakaf. 44. Takaful Coverage for Islamic Financing The SAC was referred to on the issue as to whether it is mandatory for an Islamic financial institution to offer takaful coverage as the first option in covering a financing received by a customer of the Islamic financial institution. Resolution The SAC, in its 41st meeting dated 8 March 2004 and 43rd meeting dated 29 April 2004, has resolved the following: i. For an Islamic financing package which does not include an amount of contribution for coverage, the Islamic financial institution shall offer a takaful plan as the first option to the customer who applied for the Islamic financing that requires coverage.72 If the customer refused the takaful plan on particular reasons, the customer may choose any conventional insurance as he wished. Such an exemption is only given in consideration of the following factors: a. If the insurance premium is totally borne by the customer; b. If there is a sector or specific class in insurance whereby takaful has no expertise; or c. The customer’s application was rejected by takaful company on certain grounds. ii. For an Islamic financing package that includes the amount for contribution of coverage, the Islamic financial institution shall ensure that only takaful plan is used to cover such Islamic financing. Conventional insurance premium shall not be included in Islamic financing package; and iii. If a customer who has taken a conventional insurance coverage for an Islamic financing passes away or suffers any kind of peril that results in his inability to pay for the financing, the Islamic financial institution is entitled to receive compensation from the conventional insurance. 72 The terms “first option“ means the Islamic financial institution will only propose to the customer a takaful coverage and will not propose both takaful and conventional insurance at the same time for the customer’s option. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 68 69 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 73 Muslim, Sahih Muslim, Dar al-Mughni, 1998, p. 698, hadith no. 412. Basis of the Ruling Ideally, all Islamic financing that require coverage shall be covered by takaful. However, for an Islamic financing package that does not include the amount of contribution for coverage, it is justified and reasonable to require the Islamic financial institution to offer takaful as first option to the customer. The approach in allowing the customer to choose any conventional insurance as he wishes (in a case where the Islamic financing package does not include the amount for contribution for coverage) has taken into account various factors, including non-Muslim customers, takaful company’s readiness in offering certain takaful products, takaful company’s expertise in certain class and other factors. This approach is in line with the following hadith of Rasulullah SAW: “Whenever I order you something, obey it the best as you could and whenever I forbid you from something, avoid it.” 73 In addition, the Islamic financial institution is entitled to receive compensation from a conventional insurance company selected by the customer for the settlement of Islamic financing upon death of or perils on the customer. This is because the insurance coverage contract and the financing contract are two different contracts. The financing contract involves the Islamic financial institution and the customer as financing receiver. On the other hand, the insurance coverage contract involves the customer and the insurance company, whereby the Islamic financial institution is the beneficiary. 45. Takaful Coverage for Conventional Loans In the nation’s dual financial system scenario, there are instances whereby customers who have a loan with a conventional financial institution (for purchase of a particular asset) wished to get a takaful coverage scheme to cover such asset. In this regard, the SAC was referred to on the issue as to whether a takaful company may offer takaful coverage for customer’s asset which is purchased under a conventional loan. Resolution The SAC, in its 54th meeting dated 27 October 2005, has resolved that a takaful company may offer a takaful coverage for a customer’s asset even though the asset is financed conventionally, provided that it is offered separately and not as a package. Basis of the Ruling The aforesaid SAC’s resolution has considered that the takaful coverage contract and the conventional loan contract are two separate and independent contracts. As such, there is no objection for a takaful company to provide takaful coverage for a customer’s asset which is financed by a conventional loan since the takaful company is not directly involved in the conventional loan transaction concluded between the customer and the conventional financial institution. 46. Takaful Coverage for Conventional Credit Card Product The SAC was referred to a proposal by a takaful company to offer group takaful coverage for conventional credit card customers. Under this conventional credit card product, the banking institution will stipulate a condition on the customer to get takaful coverage in the course of application for the conventional credit card. This condition aims to cover the customer in undesirable situations including death or permanent disability of the customer that disables him from settling his conventional credit card debt. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 70 71 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 70th meeting dated 12 September 2007, has resolved that a specific takaful coverage for conventional credit card as proposed is not allowed. Basis of the Ruling The aforesaid SAC’s resolution has considered that the takaful coverage contract and the conventional credit card contract are interconnected since both contracts are packaged in one product. If the takaful coverage is packaged with the conventional credit card product, this will indirectly cause the takaful business’ involvement in practices of riba and other activities forbidden by Shariah (if any). This is clearly in contrary to the basic principles and objectives of takaful as pro vided in the verse of Allah SWT: “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...” 74 47. Retakaful with Conventional Insurance and Reinsurance Company A retakaful arrangement is one of the methods for takaful company to mitigate its burden of risks in providing coverage to takaful participants. It refers to sharing of risks between a takaful company and another takaful (and retakaful) company or insurance (and reinsurance) company. With an effective retakaful arrangement, a takaful company may increase its capacity and stabilise its underwriting performance, as well as able to preserve the takaful fund from a significant financial burden should there be unexpected volume of claims. Retakaful arrangement is usually conducted via two main methods as follows: 74 Surah al-Ma’idah, verse 2. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 72 i. Inward retakaful whereby the takaful company accepts risks from another takaful (and retakaful) company or other conventional insurance (and reinsurance) company; and ii. Outward retakaful whereby the takaful company distributes or cedes its underwritten risks to another takaful (and retakaful) company or other conventional insurance (and reinsurance) company. In this regard, the SAC was referred to on the following issues: i. Whether acceptance of inward retakaful by a takaful company on treaty or facultative basis from a conventional insurance (and reinsurance) company is permissible; and ii. Whether distribution of risks through outward retakaful to a conventional insurance (and reinsurance) company is permissible. Resolution The SAC, in its 47th meeting dated 14 February 2005, has resolved the following: i. A takaful company is not allowed to accept inward retakaful whether on treaty or facultative basis from a conventional insurance company and reinsurance company; and ii. A takaful company is given the flexibility to distribute its risks based on outward retakaful to conventional insurance company and reinsurance company subject to the following conditions: a. Priority shall be given to a takaful company and retakaful company; b. Non-existence of a takaful company and retakaful company, either locally or internationally, that is viewed as capable to absorb the distributed risks; and c. The strength of the takaful company and retakaful company, either locally or internationally, is doubtful. 73 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The prohibition on a takaful company to accept inward retakaful from a conventional insurance company or reinsurance company has considered the following: i. The initial contract concluded by a conventional insurance company and a reinsurance company is inconsistent with the Shariah.75 If a takaful company or a retakaful company accept inward retakaful from a conventional insurance company or reinsurance company, the takaful company is perceived to recognise the conventional insurance contract which is not Shariah compliant; ii. Islam does not allow mutual helping and assisting in matters that are forbidden by Shariah as stated in the following verse of Allah SWT: “...help one another in furthering virtue and God consciousness, and not in what is wicked and sinful...” 76 iii. A takaful company shall avoid from any involvement in syubhah matters which are practised in the conventional insurance activities. However, a takaful company is allowed to distribute its risks via outward retakaful to a conventional insurance company and a reinsurance company on the basis of needs (hajah), that is, in case there is no takaful company or retakaful company that is viewed as capable to absorb certain takaful risks. This is in line with the following fiqh maxim: “Needs take the rule of necessities.” 77 75 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1985, no. 2, v. 2, p. 735. 76 Surah al-Ma’idah, verse 2. 77 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 209. Ibnu `Asyur elaborates that dharuriyyat refers to basic necessities that must be satisfied for a certain community, collectively or individually. If the dharuriyyat has not been fulfilled, the social system of such community will be malfunctioning. Whereas hajah or hajiyyat refers to matters that are needed by a community for the achievement of its interests/benefits and for a better functioning of its affairs. If such hajiyyat has not been satisfied, the community may still function but not in a proper manner. (Ibnu `Asyur, Maqasid al-Syari`ah al-Islamiyyah, Dar al- Nafa’is, 2001, p. 300 – 306). 48. Retakaful Service Fee as Income for Shareholders Fund Normally, in takaful practice, the retakaful commission received from a retakaful company will be credited into the takaful fund. If there is any surplus after deduction of takaful claims and other costs, the surplus will be distributed amongst the takaful participants and the shareholders fund based on an agreed ratio. However, a takaful company proposed to treat the retakaful commission as an income of the shareholders fund. The commission will be used to cover the expenses borne by the shareholders in managing retakaful business and as a reward for their efforts in obtaining and awarding the business to the retakaful company. In this regard, the SAC was referred to on the issue as to whether the retakaful commission may be treated as an income of the shareholders fund. Resolution The SAC, in its 4th special meeting dated 29 November 2007, has resolved that the proposal to treat retakaful commission (received from a retakaful company) as an income of shareholders fund is not allowed. Basis of the Ruling Among the duties of a takaful company as mudarib or agent in takaful business is to ensure that takaful risks fund is managed accordingly. One of the methods in managing these risks is through retakaful arrangement. Since all retakaful costs and its contribution are taken from participants risk fund and not from shareholders fund, therefore it is unfair for the takaful company to take the commission of such retakaful arrangement. This is in line with the following fiqh maxim: “Liability is (undertaken in equivalent) with reward.” 78 78 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 437. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 74 49. Co-Takaful Agreement A co-takaful agreement is a risk sharing agreement concluded between a takaful company and another takaful company, or between a takaful company and a conventional insurance company. In this risk sharing agreement, two or more takaful companies or conventional insurance companies agree to share the underwritten risks. Nevertheless, separate takaful certificates will be issued by the takaful company to the takaful participants if the risk sharing is done with a conventional insurance company, and single takaful certificate issued if the risk sharing is done amongst takaful companies only. In this regard, the SAC was referred to on the issue as to whether co-takaful between a takaful company and a conventional insurance company is permissible in Shariah. Resolution The SAC, in its 47th meeting dated 14 February 2005, has resolved that co- takaful between a takaful company and a conventional insurance company is permissible provided that the execution of the agreement between the customer and the takaful company as well as between the customer and the conventional insurance company are done separately. Basis of the Ruling Normally, there must be a distinguishing element when a particular transaction involves forbidden and permissible matters so as to avoid mixture of both. Stipulation of the condition “the execution of the agreement between the customer and the takaful company as well as between the customer and the conventional insurance company are done separately” satisfies this requirement as it directly removes syubhah in matters forbidden by Shariah. This resolution is also consistent with the view of contemporary scholars which states that there is no prohibition from Shariah perspective on cooperation between takaful company and conventional insurance company in providing coverage on the condition that the covered portion (by the takaful plan) is managed according to Shariah rulings.79 79 Ali Muhyiddin al-Qurrahdaghi, Al-Ta’min al-Islami: Dirasah Fiqhiyyah Ta’siliyah, Dar al-Basya’ir al-Islamiyyah, 2004, p. 443 - 444. 75 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 50. Segregation of Takaful Funds The SAC was referred to a proposal that requires takaful company to segregate takaful funds according to types of takaful business, which are, family takaful and general takaful. In addition, takaful funds for investment and risk purposes must also be established separately and classified as follows: i. Participants’ Investment Fund that belongs to the individual participants. The portion of contribution for investment purpose from the participants will be credited into this fund; and ii. Participants’ Risk Fund that belongs to takaful participants collectively. The portion of contribution received from the participants based on tabarru` concept will be credited into this fund. Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved that the proposal to segregate takaful funds as outlined above is permissible. Basis of the Ruling The segregation of takaful funds according to the types of business is necessary because the objectives and risk profile borne by each takaful fund is different. This segregation enables the takaful company to identify and determine the management and investment strategies for each takaful fund comparable with the risk profile borne by the takaful fund. The segregation of takaful fund also enables distribution of assets, liabilities, incomes and expenses of specific takaful operation to the respective takaful funds. While enhancing good governance for each fund, the segregation also protects the rights of related parties. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 76 51. Imposition of Management Fee on Takaful Participants’ Contribution The SAC was referred to on the issue as to whether a takaful company may impose management fee on contribution paid by takaful participants to finance operational expenses of takaful business which mainly consist of management expenses and commission. Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved the following: i. For takaful model based on wakalah contract, takaful company is allowed to charge management fee on contribution paid by takaful participants. The amount of management fee shall consider the responsibilities of takaful company towards takaful participants and shall be agreed upon by the contracting parties. The imposition of management fee shall be clearly stated in takaful agreement contract; and ii. For takaful model based on mudarabah contract, takaful company is not allowed to charge any management fee on contribution paid by takaful participants. On the other hand, all operational expenses shall be borne by the shareholders fund whereby its income is derived from its share of investment profits or surplus of the takaful fund. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. A wakalah contract is permissible in Shariah, either with imposition of fee or voluntarily (without fee). Remuneration or fee in a wakalah contract shall be expressly determined and agreed upon by the contracting parties, either in amount or at a certain ratio. It may be paid at the time of contract or within the agreed period of time; and 77 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. In a mudarabah contract, the mudarib’s remuneration is his portion as agreed in the profit sharing ratio with the rabbul mal. Thus, the mudarib is not entitled to charge any management fee on the takaful participants’ contributions. 52. Distribution of Surplus from Participants’ Risk Fund Surplus from participants’ risk fund (based on tabarru`) refers to surplus derived after taking into account the provision of certain amount for payment of claims, retakaful, reserves and investment profits. The surplus from participants’ risk fund belongs to the takaful participants collectively. However, in view of the role played by the takaful company as the manager of takaful fund, there was a proposal to allow sharing of the surplus from participants’ risk fund between the participants and the takaful company, depending on the contract between the participants and the takaful company. In this regard, the SAC was referred to on the issue as to whether the surplus from participants’ risk fund may be distributed amongst the participants and the takaful company. Resolution The SAC, in its 42nd meeting dated 25 March 2004 and 59th meeting dated 25 May 2006, has resolved that surplus from participants’ risk fund (for family takaful and general takaful plan) may be distributed amongst the participants and the takaful company. However, the method of distribution shall be clearly mentioned and agreed upon by the takaful participants during conclusion of the takaful contract. The SAC, in its 62nd meeting dated 4 October 2006, has further resolved that: i. For takaful model based on wakalah concept, the risk fund surplus may be taken by the takaful fund manager as a performance fee based on an agreed percentage; and ii. For takaful model based on mudarabah concept, the surplus from participants’ risk fund may be shared between the participants and takaful company based on percentage or profit sharing ratio as agreed by all contracting parties. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 78 Basis of the Ruling The SAC’s resolution that allows the distribution of the surplus from the participants’ risk fund between the participants and takaful company is based on the fact that the takaful contract generally is formed based on tabarru` and ta`awun, as well as the mutual agreement between the contracting parties. The tabarru` principle is the main underlying principle of the takaful product whereas contracts such as wakalah and mudarabah are applied in the management of takaful operations. The SAC’s resolution that allows the distribution of the surplus from the participants’ risk fund between the participants and takaful company for wakalah takaful model, has considered that the distribution is done as performance fee that may be received by the takaful company. This is in line with the following fiqh maxim: “The original ruling for a contract is the consent of the contracting parties and its effect is based on what have become the rights and duties as agreed in the contract.” 80 In addition, takaful companies are different from insurance companies since takaful companies are not insurers but rather managers of takaful funds. Thus, the takaful participants’ consent to share the risk fund surplus with the takaful company as the fund manager does not contradict Shariah principles. 53. Distribution of Investment Profit from Participants’ Investment Fund and Participants’ Risk Fund The SAC was referred to on the issue as to whether a takaful company is allowed to share in or impose a fee or performance fee on the investment profits from participants’ investment fund and participants’ risk fund. 80 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 482. 79 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved that a takaful company is allowed to share or to impose fee or performance fee on the investment profits from participants’ investment fund and participants’ risk fund subject to the following: i. For sharing of investment profit from the participants’ investment fund: a. The investment profits may be distributed to the takaful company on the basis of profit sharing or management fee of the participants’ investment fund. In order to ensure that the amount in participants’ investment fund is sufficient to maintain tabarru` payment, the distributed profit or fee to the takaful company shall be adjusted appropriately. ii. For sharing of investment profit from participants’ risk fund: a. For takaful model based on mudarabah, the takaful company is allowed to share the profit whereas for takaful model based on wakalah, the takaful company is allowed to charge a fee or performance fee on the investment profit of the participants’ risk fund. However, the distribution of the investment profit, either through profit sharing or imposition of fee or performance fee by the takaful company, may only be done if there is surplus in participants’ risk fund after taking into account provision for payment of claims, retakaful and required reserves; and b. Profit sharing ratio or imposition of performance fee distributed to the takaful company shall be reasonable and the distribution of the investment profit shall be expressly stated in the takaful agreement contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 80 Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration as mentioned in item 52.81 54. Provision of Reserve in Takaful Business As a prudent measure to protect the interest of participants and the integrity of takaful system, the SAC was referred to the proposal for the provision of reserve by takaful companies. The need to have the provision of reserve is consistent with the aim to ensure that the takaful fund is sufficient to meet any of its liability. The reasonable amount and method for provision of reserve shall be based on the parameter as determined by the regulator and the assigned qualified parties. Resolution The SAC, in its 62nd meeting dated 4 October 2006, has resolved that provision of reserve in takaful fund is permissible. Basis of the Ruling Islam emphasises on management of life, among others by ensuring orderly economic aspect and Islamic mu`amalah. In line with the objectives of Shariah, provision of reserve in a particular mu`amalah business is a prudent measure to ensure sufficiency of the takaful fund in meeting liabilities of the fund. In addition, this allocation is also in line with Shariah that encourages preemptive measures to encounter any unpredictable future events as stated in the following verse of Allah SWT: 81 Distribution of Surplus from Participants’ Risk Fund. 81 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E The above verses indicate that Shariah recognises and encourages establishment of a reserve as a preemptive measure to encounter any probabilities in the future. 55. Mechanism to Overcome Deficit in Participants’ Risk Fund The SAC was referred to ascertain the applicable mechanism to overcome deficit of asset in participants’ risk fund in fulfilling the liabilities of the fund, including the determined provision of reserve. Resolution The SAC, in its 38th meeting dated 28 August 2003, 46th meeting dated 28 October 2004 and 62nd meeting dated 4 October 2006, has resolved the following: i. Takaful company shall be responsible for any insufficiency of the participants’ risk fund by injecting fund from the shareholders fund on the basis of qard; and ii. The takaful company shall make an outright transfer from the shareholders fund to the participants’ risk fund in the event the deficit is still persistent or due to mismanagement of the participants’ risk fund. “Yusuf answered: You shall sow for seven consecutive years as usual. But that which you reap, leave it in the ear, except a little which you may eat. Then, there shall follow seven hard years (of drought) which will consume all but little of that which you have stored (as seeds). Then there will come a year in which the people will have abundant rain, in which they will press (the grapes, olives and oil).”82 82 Surah Yusuf, verse 47 - 49. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 82 Besides that, the SAC in its 38th meeting dated 28 August 2003 and 100th meeting on 30 April - 1 May 2010, has resolved that: i. Utilisation of general takaful fund to cover deficit in family takaful fund or vice versa is not allowed; ii. Utilisation of participants’ risk fund of a particular family takaful plan to cover deficit in another participants’ risk fund of a particular family takaful plan is permissible, provided that both takaful plans employ the same method for management and classification of risks; and iii. Utilisation of participants’ investment fund to cover deficit in participants’ risk fund based on qard is not allowed. Basis of the Ruling The aforesaid SAC’s resolution has considered the following: i. Since the functions, liabilities and risk bearing profile of each fund are different, general takaful fund shall not be utilised to cover deficit in family takaful fund or vice versa, and risk fund of a particular family takaful plan shall not be used to cover deficit in another risk fund of a particular family takaful plan of different method for management and classification of risks; and ii. Participants’ investment fund shall not be utilised as qard to cover deficit in participants’ risk fund as the returns to the participants’ account will be adversely affected and it contradicts the objectives of the fund. 83 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In relation to the issue of giving qard and outright transfer from shareholders fund, the SAC’s resolution has considered the following: i. Qard from shareholders fund is an interest free loan which is in line with Shariah principles. As an entity entrusted to manage the takaful operation, it is part of the takaful company’s responsibility to give qard in the event of deficit in the participants’ risk fund. Application of qard in this context does not contradict the Shariah principles since it is payable from the participants’ risk fund in the future; and ii. If the other preliminary measures, including qard, are unable to cover the deficit in the participants’ risk fund, an outright transfer would be the final resort. From siyasah syar`iyyah perspective, it is a prudent precautionary measure to protect the interests of the public and takaful industry as a whole. This is in line with the following fiqh maxims: “Public interest is given priority over specific interest.” 83 “Harm must be removed.” 84 83 Al-Syatibi, Al-Muwafaqat fi Usul al-Syari`ah, Dar al-Ma`rifah, 1999, v. 2, p. 645. 84 Ibnu Nujaim, Al-Ashbah wa al-Naza’ir, Dar al-Kutub al-`Ilmiyyah, 1980, v. 1, p. 85. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 84 56. Hibah in Takaful Hibah is a Shariah concept applied in takaful products and practised by takaful company in various family takaful plans, such as takaful education plan. In the takaful education plan for instance, a takaful participant will make a hibah of the takaful benefit to his child to finance the cost of his education in future. Upon death of the takaful participant, all takaful benefits will become the rights of his nominated child and will not be distributed amongst the other legal heirs of the deceased according to faraid. Nevertheless, if the takaful participant is still alive when the takaful certificate matures, the benefit will be surrendered to him. In this regard, the SAC was referred to ascertain the application of hibah in giving the takaful benefit as mentioned above. Resolution The SAC, in its 34th meeting dated 21 April 2003, has resolved the following: i. The takaful benefit may be made as hibah because the objective of takaful is to provide coverage for takaful participant. Since the takaful benefit is the right of takaful participant, the participant is at liberty to exercise his right in accordance with Shariah; ii. Since the hibah by the participant is a conditional hibah, the status of the hibah will not be transformed into a bequest; iii. Normally, takaful benefit is attached to the death of participant and maturity of takaful certificate. If the participant is still alive when the takaful certificate matures, the participant will receive the takaful benefit. However, if the participant passed away before the maturity date, the hibah will be effective; 85 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E iv. Participant is entitled to revoke his hibah which was made before the maturity of takaful certificate, because a conditional hibah will only be completed after delivery (qabd); v. Participant is entitled to revoke his hibah which was made to certain individual and deliver the benefit to another person, or terminate his participation in takaful if the nominated recipient passed away before the maturity date; and vi. Takaful nomination form shall clearly mention that the status of nominee is as beneficiary, if it is intended by the participant as hibah. Basis of the Ruling Takaful benefit may be given as hibah ruqba which refers to a conditional gift contingent upon death of one of the parties (either the giver or the recipient of hibah) as a condition of ownership for the surviving party. In this situation, the hibah property will be owned by the recipient upon death of the giver. However, upon death of the recipient, the hibah property will be returned to the giver. Some scholars of Hanbali school, Imam Malik, Imam Al-Zuhri, Abu Thur and others as well as the earlier opinion (qawl qadim) of Imam Syafii view that hibah umra is permissible and its condition is valid if the giver did not mention that the hibah property will be owned by the legal heirs of the recipient upon death of the hibah recipient.85 Therefore, the hibah property will be returned to the giver upon death of the recipient. In addition, the implementation of hibah ruqba and umra in takaful industry is also acceptable by some of contemporary scholars.86 In addition, withdrawal of hibah is permissible in the following contexts: i. hibah with a withdrawal condition; ii. hibah which is yet to be delivered (qabd); 85 Ibnu Qudamah, Al-Mughni, Dar `Alam al-Kutub, 1997, v. 6, p. 338 - 339. 86 Ali Muhyiddin al-Qurrahdaghi, Al-Ta’min al-Islami: Dirasah Fiqhhiyyah Ta’siliyyah, Dar al-Basya’ir al-Islamiyyah, 2004, p. 244. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 86 iii. hibah that is returned by the legal heirs; and iv. a father’s hibah to his child. In the context of takaful, qabd will happen only upon death of the participant or maturity of the takaful certificate. Therefore, the participant may withdraw his hibah before these two incidents happened. Upon death of the recipient, the hibah contract will be deemed as incomplete since qabd has yet to happen, thus, the participant may withdraw his hibah and make a hibah to another person or terminate the takaful certificate and get the surrender value of the certificate.87 57. Nomination Based on Hibah under Takaful Scheme The SAC was referred to on the issue as to whether the concept of statutory protection as practised by conventional insurance is applicable in the context of takaful. In the contract of conventional insurance, nomination of insurance benefit by a policyholder to his/her husband/wife, child, or parents (if the husband/wife or child had predeceased the policyholder at nomination time) will create a trust for the benefit of the nominee of the policy moneys and will be statutorily protected under Insurance Act 1996. The provisions relating to this statutory protection stipulate that the payment of insurance benefit will neither form part of the estate of the deceased policyholder nor subject to the deceased’s debt. The policyholder may appoint a trustee for the policy moneys and the receipt of policy moneys by such trustee will release the insurance company from its liability. Without any written consent of the trustee, a policyholder shall not annul, change, surrender or charge the policy if the nominee of the policy is his/her husband/wife, child or parents. 87 Majallah al-Ahkam al-`Adliyyah, Matba`ah al-Adabiyyah, 1302H, p. 125, no. 849. 87 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 52nd meeting dated 2 August 2005, has resolved that the concept of statutory protection as practised by conventional insurance may be applied in takaful industry in the following manners: i. Payment of takaful benefit will neither become part of the estate of the deceased (takaful participant) nor subject to the deceased’s debt; ii. The takaful participant may appoint a responsible trustee for the takaful benefit. However, the government-owned trustee will be the trustee for such takaful benefit in the following situations: a. There is no appointed trustee; b. Nominee is incompetent to enter into a contract; and c. The parents had predeceased the nominee in the event the nominee is incompetent to enter into a contract. iii. Once the trustee received the takaful benefit, the takaful company is deemed to be released from all liabilities relating to such takaful benefit. Basis of the Ruling The aim of takaful benefit is to provide coverage for participant or nominee (hibah recipient). Since the status of takaful benefit, which is treated as gift (hibah) will neither be a bequest, be a part of the deceased’s estate nor others, the takaful benefit is identical to the statutory protection as practised by conventional insurance. Hence, any takaful benefit nominated to husband/wife, child or parents (if husband/wife or child had predeceased the policyholder at nomination time) shall not be annulled, changed, surrendered and charged without the consent of the nominee. In addition, since statutory protection protects the interest of the nominee and does not contradict the concept of hibah ruqba, this concept may be applied in takaful industry. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 88 58. Principle of Utmost Good Faith in Takaful Principle of utmost good faith refers to the obligation of all contracting parties in giving a complete and true disclosure (duty of disclosure). Under this principle, all contracting parties are responsible to disclose all relevant information which may possibly affect the terms of a particular contract. In the context of conventional insurance, disclosure of relevant information may affect premium rate, terms and payment of insurance benefit. In this regard, the duty of disclosure is imposed on both contracting parties, namely, the customer and the insurance company. Generally, an insurance contract will be automatically terminated if any of the contracting parties deliberately breached his duty, either with the intention to cheat or defraud. In this regard, the SAC was referred to on the issue as to whether the principle of utmost good faith as practised in conventional insurance may be applied in takaful. Resolution The SAC, in its 52nd meeting dated 2 August 2005, has resolved that the principle of utmost good faith may be applied in takaful industry. If there is any evidence to indicate fraud on part of the takaful participant, the takaful company is not required to refund the contribution in participants’ risk fund (tabarru` fund) to the takaful participant. However, the amount in the participants’ investment fund shall be returned to the takaful participant since it is the right of the participant. 89 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The SAC’s resolution is based on consideration that Islam emphasises on honesty in every undertaking, in line with the following saying of Allah SWT: “O believers! Remain conscious of Allah and be with the truthful.” 88 “From Abi Sa`id Al-Khudri from Rasulullah SAW who says: An honest trader will be (living) among the prophets, the honest people and the martyrs.” 90 According to Majallah al-Ahkam al-`Adliyyah, if one of the parties is proven to have committed fraud in a sale contract, the defrauded party is entitled to revoke the sale contract.89 There is also a hadith of Rasulullah SAW which states the following: From athar of a companion (sahabat): “From Qatadah, verily Salman had said: An honest trader will be among the seven who shall be bestowed under the arash of Allah SWT in the hereafter.” 88 Surah al-Taubah, verse 119. 89 Majallah al-Ahkam al-`Adliyyah, Matba`ah al-Adabiyyah, 1302H, p. 64, no. 357. 90 Al-Naisaburi, Al-Mustadrak `ala al-Sahihain, Dar al-Haramain li al-Tiba`ah wa al-Nashr wa al-Tawzi`, 1997, v. 2, p. 8. Based on the above textual provisions, it is understood that all types of agreement or contract is binding on the contracting parties. However, if there is an element that denies the validity of a contract from Shariah perspective (such as fraud or others), the contract or agreement is forbidden and void. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 90 59. “Insurable Interest” in Takaful Insurable interest is a paramount necessity in both conventional insurance and takaful. Generally, it refers to the relationship or interest between the insured party (the policy holder or takaful participant) and the subject matter to be insured, whether it involves life, personal, asset or certain liability. If insurable interest does not exist, the insurance or takaful contract is invalid or unenforceable. Insurable interest is also important in determining the motive and aim of a person purchasing an insurance policy or participating in a takaful plan. For instance, if a person applied for a life insurance policy or a family takaful plan for himself, and nominated his wife and children as beneficiaries, his application is considered to have insurable interest, specifically the interest of his family in the event of death or permanent disability of the policy holder or takaful participant. Hence, his application is eligible for approval by the insurance or takaful company. On the other hand, if a person applied for a life insurance policy or a family takaful plan for another person, and nominated himself as the beneficiary, his application will not be approved because there is no insurable interest. In this regard, the SAC was referred to on the concept of insurable interest in takaful. Resolution The SAC, in its 52nd meeting dated 2 August 2005 and 76th meeting on 9 June 2008, has resolved the following: i. The concept of insurable interest does not contradict the Shariah and it may be applied in takaful (in takaful, terminologically it is referred to as “permissible takaful interest”); ii. In general takaful, a person with legal and financial interests in a particular subject is deemed to have permissible takaful interest; 91 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E iii. For family takaful, the permissible takaful interest exists whenever there is a clear relationship between two parties that involves the elements of affection, emotional interdependence, and reasonable expectation of loss in terms of material or psychological. In this situation, a person is deemed as having permissible takaful interest on his spouse, children, employees (for an employer) and any other individual who is dependent on him in any way permissible in Shariah; iv. When concluding a takaful contract that involves a third party who is of permissible takaful interest, the participant or certificate holder shall obtain the consent of the third party, unless the third party is a child of minor age; v. As a general principle, permissible takaful interest shall exist at the time the contract is concluded and at the time of incident or takaful benefit is made. The permissible takaful interest is considered as no longer in existence if a particular relationship with the third party has ended during the in force period of the takaful certificate. Therefore, upon death of the third party, the participant or certificate holder is not entitled to receive the takaful benefit as beneficiary. Nevertheless, if a marital relationship has ended by a divorce during the in force period of the takaful certificate, the permissible takaful interest is still considered as continuously in force. Hence, unless the covered party has clearly refused to give his consent, the participant or certificate holder is allowed to receive takaful benefit (either as beneficiary or wasi) upon death of the covered party. In addition, the covered party is entitled to the disability benefit (including critical illness coverage) in the event of permanent disability of the covered party. If the takaful certificate involves investment or savings element, the participant or certificate holder would also be entitled to the value of the saving or investment on the maturity date of the takaful certificate; and S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 92 vi. In preserving the interest of the takaful participants as well as the third party, the takaful company has the right to deny any application to participate in a takaful scheme if no permissible takaful interest was established, or to deny any claim of benefit if there was any evidence indicating bad intention on part of the participant or certificate holder. Basis of the Ruling Even though the concept was initially introduced in conventional insurance to avoid elements of wagering and gambling, this concept is also consistent with fundamental features of takaful. Under the concept of tabarru`, takaful participants mutually agree to guarantee each other from any form of risks acceptable in Shariah by commitment to give contribution. However, such flexibility may lead to moral hazard or manipulation of the takaful contract for non-Shariah compliant purpose. In line with the Shariah principle known as sadd zarai` (blocking the means that may lead to harmful result), the concept of permissible takaful interest is viewed as a mechanism to avoid such moral hazard or manipulation. 93 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Tawarruq refers to a mu`amalah with two stages of transactions. At the first stage, the buyer will purchase an asset on credit from the original seller, and at the second stage, the buyer will then sell the asset on cash basis to a third party.91 It is named as tawarruq because the buyer purchased the asset on credit with no intention of utilising or benefiting from it, rather to sell it to obtain cash. Tawarruq, which is also known as commodity murabahah, is widely used in deposit products, financing, asset and liability management as well as risk management. 60. Deposit Product Based on Tawarruq An Islamic financial institution proposed to offer deposit product based on tawarruq or commodity murabahah. The proposed mechanism of the commodity murabahah deposit is as follows: i. The customer (depositor) appoints the Islamic financial institution as an agent to purchase metal commodity from metal trader A on cash basis in a recognised metal commodity market; ii. The Islamic financial institution will thereafter purchase the metal commodity from the customer on a deferred sale at a cost price plus profit margin; and iii. Next, the Islamic financial institution will sell back the metal commodity to metal trader B on cash basis in the metal commodity market. As a result of the transaction (ii) above, the Islamic financial institution will assume liability (the cost price of the commodity plus profit margin) to be paid to the customer on maturity. The purchase price of commodity from metal trader A and the sale price of commodity to metal trader B are of the same amount. In this regard, the SAC was referred to on the issue as to whether the deposit product based on tawarruq is permissible. TAWARRUQ 91 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 14, p. 147. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 94 95 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “...whereas Allah has permitted trading and forbidden riba usury...”92 Based on general meaning of the above verse, scholars are of the view that tawarruq is allowed since it is a kind of trading activity. It may be conducted for the purpose of obtaining cash, with either the purpose is known by all related parties or not. It may also be conducted due to pressing need or as a common practice of certain parties or institutions. ii. Fiqh maxim: “According to the original method of ruling, mu`amalah is permissible, except when there is a provision prohibiting it.”93 iii. Contemporary scholars allow the application of tawarruq based on the views of Hanafi, Hanbali and Syafii schools that permit the application of tawarruq.94 Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that deposit product based on tawarruq is permissible. Basis of the Ruling The aforesaid resolution is based on the following textual provisions and views relating to permissibility of tawarruq: i. Allah SWT says: 92 Surah al-Baqarah, verse 275. 93 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 438. 94 Ibnu al-Humam, Syarh Fath al-Qadir, Dar al-Kutub al-`Ilmiyah, 2003, v. 7, p. 199; Ibnu Muflih, Al-Furu`, Bait al-Afkar al-Dawliyyah, 2004, p. 931; whereas Syafii scholars’ view is taken from the permissibility of bai` `inah. 61. Financing Product Based on Tawarruq An Islamic financial institution proposed to offer financing product based on the concept of tawarruq or commodity murabahah. The proposed mechanism of the commodity murabahah financing is as follows: i. The Islamic financial institution purchases metal commodity from metal trader A on cash basis in a recognised metal commodity market; ii. The Islamic financial institution sells the metal commodity to the customer on credit basis at a cost price plus profit margin; and iii. The customer appoints the Islamic financial institution as his agent to sell the metal commodity to metal trader B on cash basis in the metal commodity market. The cash sale by the customer to metal trader B will enable the customer to obtain cash for financing, while the deferred credit sale from the Islamic financial institution to the customer will create a financial obligation that must be paid by the customer within an agreed term. In this regard, the SAC was referred to on the issue as to whether the financing product based on the concept of tawarruq is permissible. Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that financing product based on the concept of tawarruq is permissible. Basis of the Ruling The aforesaid resolution is based on the textual provisions and views on permissibility of tawarruq as mentioned in item 60.95 95 Deposit Product Based on Tawarruq. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 96 97 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 62. Sukuk Ijarah and Shariah Compliant Shares as Underlying Asset in Tawarruq Transaction There was a proposal by an Islamic financial institution to use sukuk ijarah and Shariah compliant shares as underlying asset in tawarruq or commodity murabahah transaction to manage liquidity in Islamic financial system. The feature of proposed sukuk ijarah is sukuk ijarah which is backed by tangible asset, financial asset and a combination of both tangible asset and financial asset. The feature of Shariah compliant shares is that the shares comply with the Shariah principles and rulings. In this regard, the SAC was referred to on the issue as to whether the application of sukuk ijarah and Shariah compliant shares as the underlying assets in tawarruq transaction is permissible in Shariah. Resolution The SAC, in its 58th meeting dated 27 April 2006, has resolved that the application of sukuk ijarah and Shariah compliant shares as the underlying asset in tawarruq or commodity murabahah transaction to manage liquidity in Islamic financial system is permissible. The sukuk ijarah shall be backed by tangible asset or a combination of tangible asset and financial asset. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. The proposed underlying assets consist of permissible and tradable assets in accordance with Shariah perspective; and ii. The sale transaction based on tawarruq normally involves a deferred sale by one of the contracting parties. In this case, the tawarruq transaction must involve sale of tangible asset or securities that are backed by tangible asset or combination of tangible asset and financial asset in order to avoid sale of debt with debt which is forbidden in Shariah. 63. Application of Tawarruq in Sukuk Commodity Murabahah There was a proposal to issue sukuk commodity murabahah based on tawarruq as an alternative instrument to existing money market products which are based on the concept of bai` `inah. Generally, the method of issuance of this sukuk involves commodity murabahah transaction through tawarruq contract to create indebtedness between the sukuk issuer and investors. The debt will be settled by the sukuk issuer on maturity date. This sukuk will be tradable in the secondary market for financial institutions that apply the concept of bai` dayn. In this regard, the SAC was referred to on the issue as to whether the proposal to issue sukuk based on tawarruq complies with Shariah. Resolution The SAC, in its 67th meeting dated 3 May 2007, has resolved that there is no objection in Shariah for the issuance of sukuk commodity murabahah based on tawarruq as long as the sale transactions involve three or more contracting parties. Basis of the Ruling The aforesaid SAC’s resolution is based on the textual provisions and views on the permissibility of tawarruq as mentioned in item 60.96 96 Deposit Product Based on Tawarruq. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 98 99 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 64. Proposed Operational Model of Commodity Murabahah House (Now Known as Suq al-Sila`) Bank Negara Malaysia, Securities Commission, Bursa Malaysia and Islamic financial industry players had collaboratively introduced a fully electronic web-based Shariah commodity trading platform known as Commodity Murabahah House (CMH). As an international commodity platform, CMH facilitates commodity- based Islamic investment trading and financing under the principles of tawarruq, murabahah and/or musawamah. As a start, crude palm oil (CPO) with clear specification is traded at CMH in ringgit. CMH also offers trading in various foreign currencies to provide wider range of options, access and flexibility for international financial institutions to participate in Shariah commodity trading market. In the proposed structure of CMH, the seller is required to own the CPO prior to any sale transaction. CMH allows the buyer to receive delivery of the commodity if buying position is above commodity sale and trading accounts are not squared off on the same day. Prior to delivery, the CPO buyer must first obtain a license from the Malaysian Palm Oil Board and will be charged delivery fee determined by the CMH as well as other costs related to delivery and storage. In this regard, the SAC was referred to on the issue as to whether the proposed implementation of CMH is in line with Shariah. 100 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 97 In Malay language, the word ‘randomly’ is referred to as ‘rawak’ which has been defined by Kamus Dewan (the 4th Edition, 2007) as ‘rambang atau tidak ditentukan atau diatur terlebih dahulu’. It means ‘unspecified or has not been predetermined or prearranged’. Thus, “randomly” in CMH operational context, aims to ensure that the transacted asset is not required to be resold to the original supplier. Resolution The SAC in its 78th meeting dated 30 July 2008, has resolved that the proposed operational structure of CMH is permissible on the condition that the traded CPO shall be identifiable and precisely determinable (mu`ayyan bi al-zat) in terms of its location, quantity and quality in order to meet the features of a real transaction. In addition, it is also recommended that the transaction shall be executed randomly97 so that the CMH operation is able to better meet the original features of tawarruq. Basis of the Ruling The use of CPO as the underlying asset is viewed as fulfilling the requirements of subject matter of a sale transaction because it exists and is physically identifiable, is able to be received before sale, and its quality is determinable based on the given specifications in terms of its essence, standard and value. In addition, the traded CPO is deliverable to the buyer and is free from any binding terms. Wadi`ah contract is a mechanism that enables a person to entrust his asset to another person for the purpose of safe keeping. In the current practices of Islamic banking, wadi`ah yad dhamanah (safe keeping with guarantee) is a form of wadi`ah which is widely applicable. Under the wadi`ah yad dhamanah contract, the Islamic banking institution acts as the safe keeper or trustee for the fund deposited by customer of the Islamic banking institution. However, as the customer normally allows the Islamic banking institution to utilise his deposited money, the Islamic banking institution is obliged to guarantee the deposit. As a reward and token of appreciation for the utilisation of the deposit, the Islamic banking institution, at its discretion, may give hibah to the customer. 65. Adaptation (Takyif) of Wadi`ah Yad Dhamanah as Qard The SAC was referred to on the issue as to whether the ruling applicable on qard may also be adapted or applied in wadi`ah yad dhamanah. Resolution The SAC, in its 6th special meeting dated 8 May 2008, has resolved that the ruling on wadi`ah yad dhamanah which involves money may also apply the rules of qard in terms of its parameters (dhawabit) and its subsequent effects. Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. In the current financial context, wadi`ah is a contract whereby the asset owner deposits his asset to another party on trust basis for safe keeping; 98 WADI`AH 98 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 4022. 101 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. Majority of fiqh scholars classify wadi`ah as a trust contract (yad amanah) whereby the deposited asset for the custody of the wadi`ah recipient is treated as a trust. The wadi`ah recipient is obliged to replace the wadi`ah asset within his custody in the event of damage or loss of the wadi`ah asset due to his negligence.99 Nevertheless, majority of scholars view that if the financial institution utilised the deposited money, the contract becomes a contract of qard;100 iii. The OIC Fiqh Academy has resolved that “deposits in current accounts, either deposited at Islamic or conventional financial institution, is a kind of loan from fiqh perspective since the financial institution that receives the deposit guarantees such deposit and it must refund the deposit upon request”;101 and iv. The contemporary scholars’ view in relation to the rules on wadi`ah asset deposited at Islamic financial institutions is consistent with the view of classical scholars who held that the rulings of qard are applicable in the instance where the wadi`ah recipient utilised wadi`ah asset with the consent of wadi`ah depositor. 99 Al-Baihaqi, Al-Sunan al-Kubra, Dar al-Kutub al-`Ilmiyah, 2003, v. 6, p. 473. 100 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1996, no. 9, v. 1, p. 667, v. 7, p. 198. 101 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1995, 9th Convention, resolution no. 86 (9/3). S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 102 Wakalah is an agency contract in which a party mandates another party as his agent to perform a particular task. In the current context of Islamic finance, the customer normally appoints a financial institution as his agent to conduct a particular mu`amalah transaction and in return, the financial institution will receive a fee for the service. 66. Application of Wakalah bi al-Istithmar in Deposit Product An Islamic financial institution would like to introduce a deposit product based on wakalah bi al-istithmar (investment agency). Under this product, a customer will deposit a certain amount of money at the Islamic financial institution with the condition that such deposit shall only be invested in an instrument with the potential to generate return at a certain minimum rate (for instance 5% per annum). The Islamic financial institution will act as an agent in investing the customer’s deposit and will be entitled to a fee as agreed by both parties. However, the Islamic financial institution will not guarantee that the customer will be getting at least the minimum investment profit rate as expected. Any loss will solely be borne by the customer unless it is proven that the Islamic financial institution had been negligent or had breached the terms of agreement by investing in an instrument which has no potential to generate the minimum profit of 5% per annum. In addition, if the customer decides to terminate the investment contract earlier and withdraw all of his deposit, he is only entitled to receive the current value of the investment. In this regard, the SAC was referred to on the issue as to whether the proposed deposit product which is based on wakalah bi al-istithmar is permissible. WAKALAH 103 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 2nd special meeting dated 18 June 2007, has resolved that the proposed deposit account which is based on wakalah bi al-istithmar contract is permissible, subject to the following conditions: i. If the Islamic financial institution has breached any terms of agreement or has negligently invested in an instrument which has no potential to generate profit at the minimum rate (for example 5% per annum), the Islamic financial institution will have to pay compensation as much as the principal sum of investment plus the actual profit (if any); and ii. If the Islamic financial institution invested in an instrument that is expected to generate profit at the rate of at least 5% per annum but failed to reach the targeted rate due to problems which are not attributable to the negligent conduct of the Islamic financial institution, such loss shall be borne fully by the customer. Basis of the Ruling Principles of wakalah bi al-istithmar are identical to principles of mudarabah because the agent receives the deposit money from the customer for the purpose of investment. However, wakalah is based on ujrah or commission. The application of wakalah principles in this form is not contrary to the objectives of Shariah as long as the original features of wakalah are being preserved. This is in line with the permissibility of wakalah as stated in al-Quran: “...let one of you go to the city with this silver coin and find food that is purest and lawful (that is sold there). Let him bring you provision from it...”102 102 Surah al-Kahfi, verse 19. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 104 The permissibility of wakalah has also been mentioned by Rasulullah SAW as in the following hadith: “From `Uqbah ibn `Amir told that Rasulullah SAW gave him a few goats to be distributed amongst his companions and one male goat was left after the distribution. He informed Rasulullah SAW about it, and then he said: Slaughter it on my behalf.”103 “(Dealing of) Muslims is based on conditions (as agreed) amongst them, except conditions that permit a forbidden matter or forbid a permissible matter.”104 Based on these hadith, the customer is entitled to instruct the Islamic financial institution who acts as his agent, to invest in a particular instrument that potentially generate a minimum profit. Therefore, if the customer decides to terminate the investment contract and withdraw all the deposited amount, the customer is deemed as withdrawing the mandate to manage capital from the Islamic financial institution. In this situation, the customer will only be entitled to the current investment value. This is viewed to be consistent with the consensual views of all four schools relating to investment contracts such as mudarabah, whereby all schools agree that a mudarabah contract is annulled or terminated by an expressed statement of termination, or by the conduct of the capital provider in withdrawing the mandate to manage the capital.105 103 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 207, hadith no. 2500. 104 Abu Daud, Sunan Abi Daud, Bait al-Afkar al-Dawliyyah, 1999, p. 398, hadith no. 3594. 105 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3965. 105 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Bai` dayn refers to a contract of debt trading created from Shariah compliant business activities. In the context of Islamic finance, bai` dayn is a method of sale of debt created under exchange contracts such as murabahah, bai` bithaman ajil, ijarah, istisna` and others. 67. Repurchase of Negotiable Islamic Debt Certificate Negotiable Islamic Debt Certificate (NIDC) is a debt certificate that is structured based on the concept of bai` `inah. Under the NIDC mechanism, the Islamic financial institution will sell its asset to the customer on a cash basis. Subsequently, the institution will repurchase the asset on credit at a higher purchase price. The difference between the sale price and the purchase price is the amount of profit gained by the customer. As evidence of indebtedness to the customers of the Islamic financial institution, the Islamic financial institution will issue NIDC which is tradable at the secondary market. Upon maturity, the NIDC holder will surrender the NIDC to the Islamic financial institution and receive its nominal value (the Islamic financial institution’s purchase price). In this regard, the SAC was referred to on the following issues: i. Whether the Islamic financial institution may repurchase the NIDC which it has issued before the maturity period; and ii. The suitable method of pricing for the repurchase of the NIDC by the Islamic financial institution. Resolution The SAC, in its 14th meeting dated 8 June 2000, has resolved the following: i. The Islamic financial institution that issued the NIDC may repurchase the NIDC before maturity, provided that the NIDC shall be terminated; and ii. The price (including profit) of the NIDC which is traded before the maturity date shall be determined according to the agreement between the seller and the buyer. BAI` DAYN S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 106 107 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling In general, the NIDC is a debt certificate (syahadah al-dayn) which is a valuable and tradable asset in the market according to the needs of and agreement between the certificate holder and the buyer. Debt trading is allowed with the condition that the debt is clearly in existence. In the context of NIDC, the sale of debt is permissible because it is conducted between the Islamic financial institution and the certificate holder. In this regard, many fiqh schools have granted flexibility in debt trading between the creditor and the debtor. Majority of scholars among the Hanafi, Maliki, Syafii and Hanbali schools allow debt trading to the debtor because there is no issue of non-delivery of object of the contract as the sold debt is already in the possession of the creditor.106 In addition, the determination of price in a sale is based on the agreement and mutual consent of the seller and the buyer. Since NIDC is a debt certificate which is negotiable according to Shariah, the price of the certificate depends on what has been agreed by the contracting parties. 68. Sale of Debt Arising from Services Under a service agreement (for example, cleaning services of a building) concluded between a service company (customer) and another company (third party), the third party is responsible to settle the payment for the service to be rendered by the customer. The customer then sells such debt obligation of the third party to the Islamic financial institution using a debt undertaking letter. The sale of such debt from a service to be rendered is aimed at obtaining funds from the Islamic financial institution to finance the service costs to be incurred by the customer. In this regard, the SAC was referred to on the issue as to whether the proposed sale of debt arising from a service between the customer and the Islamic financial institution is permissible. 106 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3405. Resolution The SAC, in its 17th meeting dated 12 February 2001, has resolved that the proposed sale of debt arising from a service is not allowed. Basis of the Ruling In the concept of bai` dayn, the debt must be in existence or known before it can be traded. Majority of scholars view that a tradable debt is a debt which is clearly established and fixed (dayn mustaqir).107 Otherwise, the sale is void. According to Al-Syirazi: “Debts shall be scrutinised, if the ownership of the debts is fixed, such as compensation for damage and repayment of a loan, then the sale of such debts to the rightful person (debtor) before the payment is received is allowed, because his ownership of these debts is established. Therefore, the debts may be sold just like a sale of any purchased item which is already in the possession of the buyer. Is it (sale of debt) permissible to another person other than himself (the debtor)? There are two opinions: First, it is permissible since whatever is allowed to be sold to the rightful person (debtor) is also allowed to be sold to other person, like wadi`ah (deposit for safe keeping). Second, it is not permissible because he (the seller) is not able to deliver it (to the buyer) as he (the debtor) may object to or deny it (the debt). That is considered as unnecessary gharar (for the buyer), thus, it is not permissible. However, the first opinion is clearer, because he (the seller) in principle is able to deliver the debt without any objection or denial (over the debt).” 108 Based on the aforesaid argument, sale and purchase of a debt created from a service as presented above is not allowed because it does not satisfy the contract of bai` dayn that requires an established and fixed existence of debt. An expected debt created from a service to be rendered by the customer is actually the projected income that entails the issue of uncertainty (gharar) in the transaction conducted. 107 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 5, p. 3406 - 3407. 108 Al-Syirazi, Al-Muhazzab fi Fiqh al-Imam al-Syafii, Dar al-Qalam, 1996, v. 3, p. 31: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 108 Bai` `inah refers to a contract which involves sale and buy back transactions of an asset by the seller. In these transactions, the seller sells an asset to the buyer on cash basis and then buys back the asset at a deferred price which is higher than the cash sale price. It may also be conducted where the seller sells the asset to the buyer at a deferred price and subsequently buys back the asset on cash basis at a lower price than the deferred sale price. Bai` `inah concept is used in the Malaysian Islamic banking and Islamic capital market system to fulfill the various needs of market players, mainly during the initial development stage of the Islamic financial system. 69. Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate The SAC was referred to on a proposal to issue Negotiable Islamic Debt Certificate (NIDC) based on bai` `inah concept. Under the NIDC mechanism, the Islamic financial institution will sell its asset to the customer on cash basis. Subsequently, the Islamic financial institution will buy back the asset on credit at a higher purchase price. The difference between the sale price and the purchase price is the amount of profit gained by the customer. In this regard, the SAC was referred to on the issue as to whether the issuance of NIDC as proposed is permissible. Resolution The SAC, in its first meeting dated 8 July 1997, has resolved that the issuance of NIDC based on bai` `inah concept is permissible. Basis of the Ruling The SAC’s resolution is based on the following evidences on the permissibility of bai` `inah: BAI` `INAH 109 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. Allah SWT says: “...whereas Allah SWT has permitted trading and forbidden usury...” 109 Two sales contracts concluded separately and independently, with no interrelation with one another and using the pronunciation of offer and acceptance in accordance with Shariah are the important elements in bai` `inah transactions, which are consistent with the requirements of the above verse. Therefore, the two sales agreements between the seller and the buyer in bai` `inah transactions are valid in Shariah, based on the above elements. ii. Some scholars of the Syafii school and a few from the Hanafi school, such as Imam Abu Yusuf are of the view that bai` `inah is permissible.110 iii. Imam Syafii explained on the permissibility of bai` `inah in his book, al-Umm, as follows: “When a person sold an asset in a certain period and the buyer received it, then there is nothing wrong if he buys back the asset from the one who bought the asset from him at a lower price.”111 iv. Imam Subki quoted the saying of Imam Syafii as follows: “When a person sold an asset in a certain period and the buyer received it, then there is nothing wrong if he buys back the asset from the one who bought it from him at a lower or higher price, either on credit or cash basis, because it is a different sale from the first sale.”112 109 Surah al-Baqarah, verse 275. 110 Al-Fatawa al-Hindiyyah, Matba`ah Amiriyah, 1310H, v. 3, p. 208. 111 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 461. 112 Al-Subki, Takmilah al-Majmu` Syarh al-Muhazzab, Maktabah al-Irshad, 1995, v. 10, p. 141: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 110 70. Application of Bai` `Inah in Islamic Interbank Money Market There was a proposal to introduce a transaction based on bai` `inah in the Islamic interbank money market. In this transaction, an amount of Shariah compliant asset will be sold by a financier (for example, a central bank) to the receiving financial institution at X price on credit. Subsequently, the receiving financial institution will sell back the asset to the financier on cash basis at Y price. The X price is higher than the Y price, and the difference between the two is the profit to the financier. Both sales contracts are executed separately. In this regard, the SAC was referred to on the issue as to whether the transaction based on bai` `inah in the Islamic interbank money market is permissible. Resolution The SAC, in its 8th meeting dated 12 December 1998, has resolved that the transaction based on bai` `inah in the Islamic interbank money market is permissible, subject to the following conditions: i. Bai` `inah transaction shall follow the methods acceptable by Syafii school; and ii. The transacted goods shall be non-ribawi items. Basis of the Ruling This SAC’s resolution is based on the evidences on permissibility of bai` `inah as mentioned in item 69.113 113 Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate. 111 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 71. Application of “Sale and Buy Back” Contract “Sale and buy back” contract involves a sale contract between two contracting parties followed by a promise (wa`d) by the original seller to buy back the asset on a different date if the buyer decided to sell the asset to the original seller. The price in the second contract is different from the price in the first contract. The emphasis given in the second contract is the promise by the original seller to buy back the asset from the buyer based on agreed terms and conditions. In this regard, the SAC was referred to on the issue as to whether the aforesaid “sale and buy back” contract is permissible and whether it is similar to bai` `inah. Resolution The SAC, in its 13th meeting dated 10 April 2000 and 21st meeting dated 30 January 2002, has resolved that the “sale and buy back” contract on different dates is permissible and it is not a bai` `inah contract. Basis of the Ruling “Sale and buy back” contract is a conditional sale contract allowed in Shariah and it is not bai` `inah since the second contract will only be concluded if the buyer decides to sell the asset to the original owner. The conditional sale contract is certified as a valid contract because the stipulated condition does not affect the objective of the first contract and there is a valid transfer of ownership of the asset. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 112 72. Conditions for Validity of Bai` `Inah Contract In order to standardise the application of bai` ̀ inah in the Islamic financial industry, the SAC was referred to on the conditions for the validity of bai` `inah contract. Resolution The SAC, in its 16th meeting dated 11 November 2000 and 82nd meeting dated 17 February 2009, has resolved that a valid bai` `inah contract shall fulfill the following conditions: i. Consisting of two clear and separate contracts, namely, a purchase contract and a sale contract; ii. No stipulated condition in the contract to repurchase the asset; iii. Both contracts are concluded at different times; iv. The sequence of each contract is correct, whereby, the first sale contract shall be completely executed before the conclusion of the second sale contract; and v. Transfer of ownership of the asset and a valid possession (qabd) of the asset in accordance with Shariah and current business practice (`urf tijari). Basis of the Ruling The detailed conditions for the validity of bai` `inah contract are based on the arguments as mentioned in item 69.114 In addition, there shall be transfer of ownership of the asset because one of the requirements for a valid sale contract is qabd of the purchased asset before it is sold to others or the original seller. This is intended to avoid any issue on sale of asset which is yet to be owned. 114 Application of Bai` `Inah in Issuance of Negotiable Islamic Debt Certificate. 113 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 73. Stipulation to Repurchase Asset in Bai` `Inah Contract The SAC was referred to on the issue as to whether stipulation to repurchase asset (interconditionality) may be incorporated into both agreements of bai` bithaman ajil (BBA) based on bai` `inah, namely, the Property Purchase Agreement and the Property Sale Agreement for home financing concluded between the Islamic financial institution and the customer. This stipulation to repurchase is normally included in the document that indicates the seller’s undertaking to repurchase the asset from the buyer especially in the recital of the agreement, marketing brochures, supplementary documents, appendixes and others. Resolution The SAC, in its 82nd meeting dated 17 February 2009, has resolved that the stipulation to repurchase the asset in bai` `inah contract will render the contract as void. Basis of the Ruling This resolution is based on the opinion of majority of scholars which states that the incorporation of a condition to repurchase the asset in a bai` `inah contract will annul the contract: i. Al-Nawawi stated that scholars unanimously view that stipulation to repurchase linked to another contract annuls the contract;115 ii. In Hasyiyah al-Sawi ̀ ala Syarh al-Saghir, there is a view stating that the offer and acceptance (sighah) in a bai` `inah contract which represent interconnection or interrelation between the two sales contracts will adversely affect such sales contracts;116 and iii. Dr. Yusof Al-Qaradawi in his response to the sale of slave by Ummu Walad Zaid bin Arqam117 stated that such bai` ̀ inah is allowed if there is no pre-arrangement (tawatu’) to repurchase the slave and it does not amount to riba.118 115 Al-Nawawi, Al-Majmu` Syarh al-Muhazzab, Dar al-Fikr, 1996, v. 10, p. 128. 116 Al-Sawi, Hasyiyah al-Sawi `ala Syarh al-Saghir, Dar al-Ma`arif, 1982, v. 6, p. 395 – 396. 117 Al-Daraqutni, Sunan al-Daraqutni, Dar al-Ma`rifah, 1966, v. 3, p. 52, hadith no. 212. 118 Al-Qaradawi, Bai` al-Murabahah li al- Amir bi al-Syira’, Maktabah Wahbah, 1995, p. 43. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 114 115 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E PART II: SUPPORTING SHARIAH CONCEPTS S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 116 Hibah means transfer of ownership of an asset to a person without any consideration in return.119 It is a unilateral contract and also a benevolent act. Basically, hibah is commendable. In the Islamic financial system, an Islamic banking institution normally applies the hibah concept to reward wadi`ah and qard depositors. In certain cases, there are also instances of giving hibah to customers, such as hibah to customers who conduct timely payments as scheduled. In the takaful industry, application of the hibah concept is used in several family takaful products in which participants may give hibah in the form of assigning the takaful benefit to the nominee or recipient of hibah. 74. Hibah in Interbank Mudarabah Investment Contract Interbank Mudarabah Investment is one of the investment transactions amongst participants in the Islamic Interbank money market which is conducted based on mudarabah principles. The rate of return for the investor financial institution is determined based on the rate of return of the investee financial institution (or known as ‘r’ rate). The ‘r’ rate represents the efficiency of a financial institution in managing its Islamic funds or assets. This indicates that an efficient financial institution normally has a higher ‘r’ rate as compared to a less efficient financial institution. If the ‘r’ rate of the investee financial institution is low, it will offer a low return to the investor financial institution. Problems arise when the ‘r’ rate of some Islamic financial institutions is too low than the market ‘r’ rate that makes it difficult for the financial institutions to obtain funding from the market. In order to address this problem, there was a proposal to introduce the hibah concept as one of the market practices in the Interbank Mudarabah Investment contract. Under this concept, the investee financial institution with lower ‘r’ rate than the market ‘r’ rate will offer hibah as a consolation gift to the investor financial institution who is willing to invest with the former. Hibah is payable based on a certain percentage of the ‘r’ rate of the investee financial institution, subject to its affordability. 119 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 42, p. 120. HIBAH 117 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this regard, the SAC was referred to on the issue as to whether the investee financial institution may give hibah to the investor financial institution in a mudarabah contract such as the Interbank Mudarabah Investment contract in order to give a competitive return in the market. Resolution The SAC, in its 8th meeting dated 12 December 1998, has resolved that the practice of giving hibah by the investee financial institution to the investor financial institution that amounts to a guaranteed profit (‘r’ rate) in Interbank Mudarabah Investment contract is not allowed. Basis of the Ruling The practice of giving hibah in a contract based on mudarabah is not allowed because mudarabah is based on profit sharing. If the practice of offering hibah is allowed, it may adversely affect the nature of the mudarabah contract since the mudarib is deemed as guaranteeing the mudarabah profit. Besides, the practice of giving hibah is also contradictory to the objective of mudarabah contract since it denies the elements of profit sharing and loss bearing (if any) by the rabbul mal. 75. Application of Hibah in the Contract of al-Ijarah thumma al-Bai` An Islamic financial institution would like to offer hibah in al-ijarah thumma al-bai` (AITAB) as an incentive and encouragement to customers to timely observe their monthly payment of rent according to the prescribed schedule. In the proposed arrangement, hibah will be given to customers who pay their monthly rents in the first year without any late payment. The proposed hibah rate is 1% of the financing amount which will be directly credited into the account of eligible customers on the 13th month. However, customers who settle all his debts and terminate their AITAB contract within the first 12 months are not eligible to receive such hibah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 118 “...but if they choose of their own accord to make over to you a part of it, then you may enjoy it with pleasure and good cheer.”120 “Abu Abdullah al-Hafiz has reported to us, he said, I heard that Abu Zakaria Yahya bin Muhammad al-`Anbari said, I heard that Abu Abdullah al-Busyanji said, about the saying of the Prophet Muhammad SAW: Exchange gifts (among you) and you will love each other.”121 Besides that, there is no impediment in Shariah to apply the concept of hibah in AITAB contract since hibah is a benevolent act and is at the discretion of the giver of hibah. In this regard, the SAC was referred to on the issue as to whether the application of the concept of hibah in AITAB as proposed is permissible. Resolution The SAC, in its 13th meeting dated 10 April 2000, has resolved that giving hibah in an AITAB contract as an incentive to the customer who pays on schedule as proposed is permissible. Basis of the Ruling Giving hibah and gift is highly recommended as suggested in the following verse of al-Quran and hadith of Rasulullah SAW: 120 Surah al-Nisa’, verse 4. 121 Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz, 1994, v. 6, p. 169, hadith no. 11726. 119 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 76. Hibah in Wadi`ah Contract One of the methods in accepting deposits by Islamic financial institutions in Malaysia is based on the concept of wadi`ah yad dhamanah. Some of the Islamic banking institutions give hibah to wadi`ah depositors as token of appreciation for the depositors’ confidence in the institutions. However, one of the concerns is that the practice of giving hibah to wadi`ah depositors will become an `urf or norm forbidden by Shariah. In this regard, the SAC was referred to on the issue as to whether the practice of giving hibah by the Islamic banking institution to wadi`ah depositors is permissible. Resolution The SAC, in its 35th meeting dated 22 May 2003, has resolved that the practice of giving hibah by Islamic banking institutions to wadi`ah depositors is permissible. Nevertheless, such practice shall not become a norm in order to avoid this practice from becoming an `urf that resembles a condition in a deposit contract based on wadi`ah. Basis of the Ruling In the current banking practices, deposited monies by the customers will be used by the bank for certain purposes such as financing and investment. From the Shariah perspective, monies deposited into a deposit account based on wadi`ah yad dhamanah is equivalent to a loan based on qard in which the bank must refund the deposit to the customer upon request according to the agreed terms and conditions. Thus, the requirements of qard and its effects are also applicable in deposit account products based on the concept of wadi`ah yad dhamanah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 120 “From Ali r.a. who said, that Rasulullah SAW had said: Every loan that gives benefit (to the lender) is a riba.” 125 122 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 146, hadith no. 2305. 123 Al-Juzairi, Al-Fiqh `ala al-Mazahib al-Arba`ah,Al-Maktab al-Thaqafi, 2000, v. 2, p. 227. 124 Ibnu `Abidin, Hasyiyah Radd Al-Muhtar `ala al-Durr al-Mukhtar Syarh Tanwir al-Absar, Dar `Alam al-Kutub, 2003, v. 7, p. 395. 125 Ibnu Hajar al-`Asqalani, Bulugh al-Maram min Adillah al-Ahkam, Matba`ah al-Salafiyyah, 1928, p. 176. A hadith of Rasulullah SAW provides: “Rasulullah SAW said: The best person among you is the one who does his best in debt settlement.” 122 In a qard contract, a condition that gives benefits to the lender is not allowed. For instance, a condition requiring the borrower to give a free accommodation or at a cheap price to the lender, and giving a reward or gift in return for the lender’s kindness.123 The practice of giving hibah by a borrower to a lender is recommended in Islam. However, it must not be conditional in the contract so as to avoid the element of riba as stated in the following hadith:124 121 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 77. Hibah in Qard Contract Qard contract is one of the contracts used to manage liquidity in Islamic finance. The contract obliges a borrower to return the loan amount to the lender without promising to pay any additional amount. However, in current practices, a borrower sometimes gives hibah to the lender at his own discretion when paying off the debts. In this regard, the SAC was referred to on the issue as to whether the practice of giving hibah in the contract of qard is in line with Shariah. Resolution The SAC, in its 55th meeting dated 29 December 2005, has resolved that the practice of giving unconditional hibah in a contract of qard is permissible. Nevertheless, such practice shall not become a norm in order to avoid this practice from becoming an `urf that resembles a condition attached to the contract of qard. Basis of the Ruling Even though the act of giving hibah by the borrower to the lender is recommended in Islam, it cannot be conditional in the contract as it may amount to riba. Any addition to the amount of qard upon repayment, whether in terms of amount, attributes, giving of an asset or benefit, is permissible as long as it is unconditional. The ruling on giving hibah to a lender is similar to the ruling on giving loan with benefit, which is prohibited if such hibah is conditional in the contract, but it is allowed if it is not made as conditional.126 Please refer to basis of the ruling as explained in item 76.127 126 Ibnu `Abidin, Hasyiyah Radd al-Muhtar `ala al-Durr al-Mukhtar Syarh Tanwir al-Absar, Dar al-Fikr, 2000, v. 7, p. 395. 127 Hibah in Wadi`ah Contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 122 IBRA’ The concept of ibra’ represents the waiver accorded by a person to claim his right which lies as an obligation (zimmah) of another person which is due to him.128 In the context of Islamic finance, ibra’ refers to rebate given by one party to another party in mu`amalah such as trade and lease transactions. For example, an Islamic financial institution may give ibra’ to its customer who settled their debt prior to the agreed settlement period as stipulated in the contract concluded by both parties. 78. Ibra’ in Islamic Financing Most Islamic financial institutions do not include the ibra’ clause in the financing agreement entered with their customer due to the concern that this will give rise to the issue of uncertainty (gharar) in the selling price. However, the exclusion of ibra’ clause from the agreement may also lead to a dispute between the customer and Islamic financial institution on the customer’s entitlement to ibra’ arising from early settlement of outstanding debt. In line with the need to preserve public interest (maslahah) and to ensure fair treatment between the financier and customer, the SAC was referred to on the proposal to mandate Islamic financial institutions to accord ibra’ to the customer who settled their debt obligation under sale-based contract (such as bai` bithaman ajil or murabahah) prior to the agreed settlement period. Resolution The SAC, in its 101st meeting dated 20 May 2010, has resolved that Bank Negara Malaysia as the authority may require Islamic financial institutions to accord ibra’ to their customer who settled their debt obligation arising from the sale-based contract (such as bai` bithaman ajil or murabahah) prior to the agreed settlement period. Bank Negara Malaysia may also require the terms and conditions on ibra’ to be incorporated in the financing agreement to eliminate any uncertainty with respect to customer’s entitlement to receive ibra’ from Islamic financial institution. The ibra’ formula will be determined and standardised by Bank Negara Malaysia.129 128 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 1, p. 142. 129 This decision supersedes the decision made by the SAC in its 13th meeting dated 10 April 2000, 24th meeting dated 24 April 2002 and 32nd meeting dated 27 February 2003, whereby it was held that giving of ibra’ is at the discretion of the Islamic financial institutions and if the Islamic financial institutions promised to give ibra’ to the customer, the institution will be bound by such promise. 123 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “Rasulullah SAW once ordered the people of bani Nadhir to leave Madinah, then he received delegates from the people who said: Oh Rasulullah! You ordered us to leave Madinah while we have outstanding debts that must be settled by the local people. Then Rasulullah SAW replied: Give discount and accelerate the settlement.” 130 Some scholars are of the view that dho` wa ta`ajjal is not permissible since it is similar to the practice of riba. They argued that the increment in value of debt due to an extension of repayment period is considered as riba. Hence, the reduction in the value of debt arising from shortening the repayment period is also regarded as riba.131 130 Al-Daraqutni, Sunan al-Daraqutni, Mu’assasah al-Risalah, 2004, v. 3, p. 466. 131 Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz,1994, v. 6, p. 28, hadith no. 10924; there are other narrations in Sunan al-Baihaqi reporting on the prohibition of dho` wa ta`ajjal by Umar Al-Khattab r.a.; Ibnu Rusyd, Bidayah al- Mujtahid wa Nihayah al-Muqtasid, v. 2, p. 144; Ibnu Qayyim, Ighathah al-Lahfan min Masayid al-Syaitan, Dar Al- Ma`rifah, 1975, v. 2, p. 12. Basis of the Ruling Forgoing of rights is closely associated with ibra’ and dho` wa ta`ajjal in the context whereby Islam encourages the financier to waive his right to claim the settlement of a debt (either partially or wholly). The debt obligation is recognised as a liability (zimmah) that is to be settled by the debtor to the financier. Dho` wa ta`ajjal is a term used to refer to an act of reducing partial amount of a debt in the event where the debtor makes an early settlement. The evidence on waiving of right to claim part or total amount of debt existed during the lifetime of Rasulullah SAW as stated in the following hadith: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 124 Besides that, there are some arguments stating that the provision on dho` wa ta`ajjal in a debt transaction is not allowed as it will create gharar in the selling price. Some scholars are also of the opinion that the provision on dho` wa ta`ajjal in a debt transaction is not permissible because this practice resembles the characteristic of bai`atain fi al-bai`ah transaction which is forbidden by Sunnah.132 However, some scholars are of the view that dho` wa ta`ajjal is permissible and it is not appropriate to equate dho` wa ta`ajjal with riba given the essence of both subjects are distinct from one another.133 Considering the views of scholars that allow full adoption of dho` wa ta`ajjal and those who allow it on a provisional basis, it is concluded that there is no restriction for the authority to mandate the implementation of such practice to be compulsory. This is because the directive issued by the authority to implement such permissible practices is intended to safeguard the interests of all related parties. Such an action is consistent with the resolution adopted by the classical scholars, of which the settlement value of the debt that is paid prior to the agreed settlement period should commensurate with the duration prior to its settlement. Ibnu `Abidin wrote on this matter as follows: “If a debtor settles his debt before it is due or if he passes away and a claim proportion of his estate is claimed (to settle the debt), the contemporary scholars replied: Verily, none shall be taken from the murabahah between them except the amount that commensurates with the duration prior to its settlement.”134 132 Abdul Rahman Soleh Al-Atram, Al-Ibra’ fi al-Tamwil al-Islami: Takyifan wa Tatbiqan, Al-Qadaya al-Mu`asarah fi al-Tamwil al-Islami: Munaqasyah fi Al-Nadwah al-`Alamiyah li `Ulama’ al-Syari`ah 2006, Bank Negara Malaysia, 2008, p. 355. 133 Ibnu Rusyd, Bidayah al-Mujtahid wa Nihayah al-Muqtasid, 1975, v. 2, p. 144; Ibnu Qayyim, Ighathah al-Lahfan min Masayid al-Syaitan, Dar Al-Ma`rifah, 1975, v. 2, p. 13. 134 Ibnu ̀ Abidin, Hasyiyah Radd Al-Muhtar ̀ ala Durr al-Mukhtar Syarh Tanwir al-Absar, Dar al-Fikr, 2000, v. 5, p. 160: 125 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 79. Two Forms of Ibra’ in a Financing Agreement In view that ibra’ is a unilateral waiver of right by a party, an Islamic financial institution may promise to provide ibra’ based on suitable methods. In this regard, the SAC was referred to on a proposal by an Islamic financial institution to adopt two different methods of ibra’ in a bai` bithaman ajil financing agreement that is structured based on variable rate. The first method is formulated to address early settlement of debt and another method is the monthly ibra’ in order to match the effective profit rate with the current market rate. Resolution The SAC, in its 32nd meeting dated 27 February 2003, has resolved that both methods of ibra’ (namely ibra’ for early settlement and monthly ibra’ to match the effective profit rate with current market rate) in a financing agreement are permissible. Basis of the Ruling In the context of ibra’ for early settlement, the SAC has taken into consideration the following views of contemporary scholars: “Whenever a debtor settles his debt before it is due, or passes away, thus the debt is matured due to his death. In the latter situation the debt is settled by claiming from his estate. However, none shall be taken from the murabahah except for the amount that commensurates with the duration of the debt prior it was settled. This is a reply provided by contemporary scholars (of Hanafi school), Qunyah, and fatwa of Mufti of Rome, i.e. al-marhum Abu Sa`ud Afandi. The effective cause (`illah) that was given is al-rifq (compassion) for both parties. (He said: None shall be taken from the murabahah), its illustration: A person bought something for the cash price of 10, and then he sold to another for 20 with deferred payment of 10 months. If the buyer settled the payment after five months or passed away after such period, the seller should only take five and waive the remaining five.”135 135 Ibnu ̀ Abidin, Hasyiyah Radd al-Muhtar ̀ ala Durr Al-Mukhtar Syarh Tanwir al-Absar, Dar al-Fikr, 2000, v. 29, p. 348 - 349: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 126 For monthly ibra’, the SAC referred to the discussion among the scholars on types of ibra’. Two types of ibra’, which closely resemble the aforesaid practice are ibra’ muqayyad and ibra’ mu`allaq. An example of ibra’ muqayyad is as follows: “I will give you ibra’ if you do such and such actions…” Whereas, an example for ibra’ mu`allaq is: “If you do such a deed, I will give you ibra’.”136 Some of the Hanafi’s scholars view that the aforesaid ibra’ is not permissible if the condition in giving the ibra’ becomes a normal practice (muta`arafan). Whilst the schools of Maliki and Imam Ahmad allow such ibra’.137 Ibra’ mu`allaq, as illustrated by some of fiqh scholars, is viewed as identical to the method of monthly ibra’. This is because ibra’ which is given on monthly basis is also subjected to certain rate changes. This clearly indicates that the application of ibra’ may be extended in accordance with current needs as long as it does not contradict with general principles of Shariah. Besides that, offering of ibra’ is a right of the financier. Thus, the financier may apply ibra’ in whatever forms at his discretion. 136 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 1, p. 165. 137 Kuwait Ministry of Waqf and Islamic Affairs, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 1, p. 165 - 166: 127 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 80. Ibra’ in Home Financing Product Linked to a Wadi`ah or Mudarabah Deposit Account An Islamic financial institution would like to offer a home financing product. One of the special features of the product is that the customer will receive ibra’ on the monthly installment amount if he links the home financing to a wadi`ah deposit account or a mudarabah deposit account. Under this mechanism, ibra’ on monthly installment will be accorded to the customer based on the outstanding balance of deposit in wadi`ah or mudarabah deposit account. In this regard, the SAC was referred to on the issue as to whether the structure of the product complies with Shariah. Resolution The SAC, in its 63rd meeting dated 27 December 2006, has approved the proposal on home financing product linked to a mudarabah deposit account with the condition that the cost associated with the ibra’ shall be borne solely by the Islamic financial institution. However, the SAC, in its 64th meeting dated 18 January 2007, has resolved that the proposal to link the home financing product with a wadi`ah deposit account is not allowed because of the concern that its nature is syubhah to riba. Basis of the Ruling The existence of linkage or relation between home financing and a wadi`ah or mudarabah deposit account will consequently benefit the depositors. In the case of mudarabah deposit, the element of benefit is not an issue in Shariah. However, for wadi`ah deposit (which applies the ruling of qard), the element of conditional benefit is forbidden. Please refer to basis of the ruling as stated in item 76.138 138 Hibah in Wadi`ah Contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 128 Islamic banking operation materialised through financing transaction undertaken between financier and customer. Both parties are expected to observe specific obligations stipulated under the financing contract. The financier is obliged to provide financing to the customer as stipulated in the contract and the customer is obliged to settle the total amount of financing within the stipulated period. If the settlement is not made within the specified period, the financial activity of the financier will inevitably be affected. The discussion on the methods to claim compensation for losses in Islamic financial activities in Malaysia covers the aspects of default in settlement of debt, judgment debt and early settlement of debt. In the context of financing, ta`widh refers to claim for compensation arising from actual loss suffered by the financier due to the delayed in payment of financing/debt amount by the customer. Whilst gharamah refers to penalty charges imposed for delayed in financing/debt settlement, without the need to prove the actual loss suffered.139 81. Imposition of Ta`widh and Gharamah in Islamic Financing Facilities In conventional financial system, the problems associated with default in loan repayment are controlled by charging interests or riba on customers. Since the imposition of interests or riba is prohibited by Shariah, Islamic financial institutions do not adopt this mechanism to address cases on customers’ default in settling their financial obligations under Islamic contracts. The SAC was referred to ascertain a Shariah compliant mechanism to deal with this issue. Resolution The SAC, in its 4th meeting dated 14 February 1998, 95th meeting dated 28 January 2010 and 101st meeting dated 20 May 2010, has resolved that the late payment charge imposed by an Islamic financial institution encompassing both concepts of gharamah (fine or penalty) and ta`widh (compensation) is permissible, subject to the following conditions: 139 Mohammad Abdul Razaq al-Tabtabae, Al-Ta`widh ̀ an al-Dharar wa al-Gharamah ̀ ala al-Ta’khir fi al-Duyun: Dirasah Tatbiqiyyah `ala al-Mu’assasat al-Maliyyah al-Islamiyyah fi Daulati al-Kuwait,Al-Qadaya al-Mu`asarah fi al-Tamwil al-Islami: Munaqasyah fi al-Nadwah al-`Alamiyah li `Ulama’ al-Syari`ah 2006, Bank Negara Malaysia, 2008, p. 91. TA`WIDH AND GHARAMAH 129 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. Ta`widh may be charged on late payment of financial obligations resulted from exchange contracts (such as sale and lease) and qard; ii. Ta`widh may only be imposed after the settlement date of the financing became due as agreed between both contracting parties; iii. Islamic financial institution may recognise ta`widh as income on the basis that it is charged as compensation for actual loss suffered by the institution; and iv. Gharamah shall not be recognised as income. Instead, it has to be channeled to certain charitable bodies. Basis of the Ruling The permissibility of imposing ta`widh on a defaulted customer is considered based on the following evidences and arguments: i. The following hadith of Rasulullah SAW that considers intentional delay in debt payment by a person, who is able to pay, is a tyranny: “From Abi Hurairah that Rasulullah SAW had said: Delay by a rich person (in payment of debt) is a tyranny.”140 140 Al-Bukhari, Sahih al-Bukhari,Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 175. 141 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 165. ii. There is also a fiqh maxim extracted from a hadith relating to this matter: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 130 “Neither harming nor reciprocating harm (in Islam).” 141 “Whatever harm should be removed.”144 Based on the aforesaid fiqh maxim, imposition of ta`widh and gharamah on delayed payment of debt is an appropriate approach to mitigate the harm suffered by the financier, and at the same time instilled discipline on customer to make payment according to the stipulated schedule. 142 Al-Syirazi, Al-Muhazzab fi Fiqh al-Imam al-Syafii, Dar al-Qalam, 1996, v. 3, p. 412; Al-Zuhaili, Fiqh al-Hanbali al- Muyassar, Dar al-Qalam, 1997, v. 3, p. 7. 143 Majmu`ah Dallah Barakah, Qararat wa Tawsiyyat Nadawat al-Barakah, 1985, 3rd Convention, resolution no. 3/2. 144 Al-Suyuti, Al-Asybah wa al-Naza’ir, Dar al-Kutub al-`Ilmiyyah, 1403H, p. 83 - 84. Based on this maxim, the delay in payment by the customer will create harm to the Islamic financial institution as the financier whereby the Islamic financial institution will suffer actual loss in terms of incurring additional expenditure, such as cost for issuing notices and letters, legal fees and other related costs. These issues should be avoided in order to ensure that business transactions are conducted according to the principle of market efficiency (istiqrar ta`amul). iii. Late payment of debt is analogous to usurpation (ghasb). Both share the same `illah which is tyrannically obstructing the use of the property and exploiting it. In the case of ghasb, Imam Syafii and Hanbali are of the view that the benefit of the seized property is guaranteed and shall be compensated.142 In the case of delayed payment of financing amount, the financier is also unable to utilise the fund for other business purposes, of which should be settled within stipulated period. Therefore, the customer should pay compensation to the losses suffered by the financier.143 iv. Fiqh maxim: 131 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 82. Imposition of Compensation on a Customer who Makes Early Settlement The SAC was referred to on the issue as to whether an Islamic financial institution may impose compensation on a customer who makes early settlement in an Islamic financing. Resolution The SAC, in its 24th meeting dated 24 April 2002, has resolved that an Islamic financial institution is not allowed to claim compensation from a customer who makes early settlement in an Islamic financing. Basis of the Ruling Compensation charges imposed by an Islamic financial institution on a customer who makes early settlement in an Islamic financing is not consistent with the objective of Shariah since Islam encourages early settlement of any kind of debt. Furthermore, there is a hadith of Rasulullah SAW that considers intentional delay by a debtor in debt payment despite his ability to pay as tyranny. Imposition of compensation charges for early settlement of Islamic financing is also considered as an inappropriate practice given that Islamic financial institution may use the fund for investment or to provide financing to other customers. With respect to customer who had enjoyed certain privilege at the initial stage of financing facility, the Islamic financial institution may deal with this issue by reducing the amount of ibra’. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 132 83. Method of Late Payment Charge on Judgment Debt The existing procedural law provides the court with the power to impose interest charge on the judgment debt as decided by court. This interest charge is imposed on the judgment debt at a rate of 8% per annum of the total judgment amount, which is calculated commencing from the date of the judgment until the judgment debt is settled by the judgment debtor to the judgment creditor. With respect to Islamic finance cases, such claim also existed but the court normally exercises its discretion not to impose interest charge since the mechanism is based on riba. If the claim is made in court for fixed rate financing cases such as murabahah or bai` bithaman ajil, the judgment creditor will submit a claim for the total outstanding balance of selling price, subject to the amount of rebate (ibra’), if any. In this regard, the SAC was referred to ascertain the mechanism to avoid delay in settling judgment debt for Islamic finance cases. Resolution The SAC, in its 50th meeting dated 26 May 2005, 61st meeting dated 24 August 2006 and 100th meeting dated 30 April - 1 May 2010, has resolved that the judge may impose late payment charge on judgment debt as decided by the court rules on cases of Islamic banking and takaful based on the methods of gharamah and ta`widh on actual loss according to the following mechanisms: i. Court may impose late payment charge at the rate as stipulated by the procedures of court.145 However, from this rate, the judgment creditor (Islamic financial institution) is only allowed to receive compensation rate for actual loss (ta`widh); 145 The SAC, in its 50th meeting dated 26 May 2005 and 61st meeting dated 24 August 2006, has resolved that the rate is 8%. 133 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. To determine the compensation rate for actual loss (ta`widh) that may be applied by the judgment creditor, the SAC agreed to adopt the “weighted average overnight rate” of Islamic money market as a reference; and iii. The total compensation charge shall not exceed the principal amount of debt. If the actual loss is less than the applicable rate for judgment in current practice, the balance shall be channeled by judgment creditor to charitable organisation as may be determined by Bank Negara Malaysia. If the judgment creditor is an individual (for example, the payment of takaful benefits by a takaful company to participant), the judgment debtor shall only be obliged to pay ta`widh to the judgment creditor in addition to the judgment debt. The judgment debtor needs to channel the excess of the late payment penalty charge (if any) directly to charitable organisations as may be determined by Bank Negara Malaysia. For judgment debt in cases which involves payment of takaful benefits by takaful company to the participant, the late payment compensation after the judgment date shall be paid from the shareholders’ fund. Basis of the Ruling Al-Zaila`i view that the creditor may bring an action against the debtor in court if the latter intentionally delays the payment of debt despite his affordability to do so. If such intentional delay is proven, the judge may sentence appropriate penalty on him.146 146 Al-Zaila`i, Tabyin al-Haqa’iq, Dar al-Kutub al-Islami, (n.d.), v. 124, p. 74. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 134 135 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E PART III: ISLAMIC FINANCIAL PRODUCTS S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 136 Islamic financial derivative instruments such as swaps, forwards and options have been introduced in Islamic finance as one of the hedging mechanisms to enhance risk management capability of market participants. In addition, these instruments are also used by Islamic financial institutions as a measure to diversify the range of investment products offered to sophisticated investors. 84. Spot and Forward Foreign Currency Exchange Transactions A number of Islamic financial institutions in Malaysia undertake the spot and forward foreign currency exchange (foreign exchange) transactions. In the current market practice, the delivery and settlement of the foreign currency transactions are not made in cash at the same time and on the same date when the transaction is concluded. In the case of a spot transaction, the payment is settled on T+2 (two days after the transaction date). Whereas the settlement of a forward transaction is executed on an agreed future date, for example, one month, three months after the transaction date or at a specific date stipulated in the contract. In terms of Shariah concept, Islamic financial institutions that conduct forward foreign exchange transaction have introduced the concept of wa`d, whereby one of the parties to the contract promises to buy from or sell to the other counterparty a specific currency at an agreed exchange rate and settlement date. For the conduct of forward foreign exchange transactions, Islamic financial institutions have proposed to adopt the unilateral binding promise (wa`d mulzim) by one party. In the context of this transaction, the customer agrees to make a unilateral promise to buy foreign currency from an Islamic financial institution that will be settled at a specified future date. In the event of a default or non fulfillment of promise, the customer has to compensate the actual amount of losses (if any) suffered by the Islamic financial institution. In this regard, the SAC was referred to on the following issues: i. Whether the T+2 settlement practice for a spot foreign exchange transaction is permissible under Shariah; and ii. Whether the unilateral wa`d mulzim (binding promise) is permissible to be applied in a forward foreign exchange transaction. FINANCIAL DERIVATIVE INSTRUMENTS 137 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the delivery and settlement of a spot foreign exchange transaction based on T+2 is permissible. The SAC, in its 49th meeting dated 28 April 2005, has also resolved that Islamic financial institutions are allowed to conduct forward foreign exchange transactions based on unilateral wa`d mulzim (binding promise) which is binding on the promissor. In addition, the party who suffers losses due to non-fulfillment of promise may claim compensation. The forward foreign exchange transactions may be carried out by the Islamic financial institutions with their customers, among Islamic financial institutions, or between the Islamic and conventional financial institutions.147 Basis of the Ruling The settlement and delivery of spot foreign exchange transaction based on T+2 is permissible given that such duration is required by the contracting parties to confirm the trade transaction. This method of settlement and payment has been accepted and recognised as a customary business practice. In addition, the permissibility of unilateral wa`d mulzim on forward foreign exchange transaction has considered the following rulings and views: i. Contemporary fatwa views that the application of unilateral promise to buy foreign currency that will be received or delivered at a future date is permissible.148 In this regard, the unilateral wa`d is treated as a promise and does not tantamount to a contract; 147 The SAC, in its 79th meeting dated 29 October 2008 while discussing on option products including foreign exchange option, has resolved that the option products shall be used for hedging purposes only. Since the forward foreign exchange product is classified as derivative instrument that is similar to the option products, the SAC decision in its 79th meeting for item 88 is also applicable in the context of forward foreign exchange transactions. 148 Kuwait Finance House, Al-Fatawa al-Syar`iyyah fi al-Iqtisadiyyah (latest edition), v. 1, p. 137, fatwa no. 171. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 138 ii. Majority of the fuqaha is of the view that the application of binding bilateral promise (muwa`adah mulzimah) on foreign exchange transaction is prohibited given that the muwa`adah mulzimah in this context is similar to a sale contract;149 and iii. Muwa`adah mulzimah in a foreign exchange transaction is prohibited as it involves sale of debt for debt (bai` al-kali’ bi al-kali’).150 85. Islamic Profit Rate Swap Based on Bai` `Inah Islamic Profit Rate Swap (IPRS) is an agreement entered between two parties to mutually exchange profit rates (between fixed rate and floating rate) through the execution of a series of Shariah compliant sales contracts to trade certain assets. The objective of IPRS is to enable the bank to manage the mismatch between cash inflow generated from the asset and cash outflow arising from payment of expenditure or cost of funding associated with the liability side of the balance sheet. In this regard, an Islamic financial institution proposed to introduce IPRS based on Shariah contract of bai` `inah to be conducted among financial institutions or between Islamic financial institutions and other IPRS counterparties. The proposed mechanism of the IPRS is as follows: First stage i. An Islamic financial institution invests in Mudarabah Interbank Investment with another financial institution of which this investment will be used as the underlying asset in the swap transaction; and ii. The Islamic financial institution will enter into IPRS agreement with a third party (for example Bank XYZ) to conduct series of trade transactions at agreed dates, for instance, during a two-year period, the dates are reset at every six months. 149 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1988, 5th Conference, resolutions no. 40 and 41. 150 Majmu`ah Dallah Barakah, Qararat wa Tawsiyyat Nadawat al-Barakah, 1990, 6th Conference, resolution no. 6/23. 139 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Second stage iii. The Islamic financial institution sells Mudarabah Interbank Investment to Bank XYZ at a deferred sale price payable in every six months; iv. Subsequently, Bank XYZ will sell back the Mudarabah Interbank Investment to the Islamic financial institution at a sale price based on fixed profit rate; v. The settlement of the purchase price due from the Islamic financial institution under step (iv) will be offset against the payable amount from Bank XYZ under step (iii) following the trading of Mudarabah Interbank Investment; and vi. As a consequence, the Islamic financial institution will pay the fixed profit rate to Bank XYZ at every six months during the two years period. Third stage vii. The Islamic financial institution will sell the Mudarabah Interbank Investment to Bank XYZ at an agreed price, that has been based on the prevailing floating profit rate; viii.Subsequently, Bank XYZ will sell back the Mudarabah Interbank Investment to the Islamic financial institution at an agreed price; ix. The settlement of the purchase price due from Bank XYZ under step (vii) will be offset against the payable amount from the Islamic financial institution under step (viii) following the trading of Mudarabah Interbank Investment; x. Bank XYZ will pay the floating profit rate for every six months for the two years period; and xi. The difference between payment obligations of both contracting parties resulting from step (vi) in the second stage and step (x) in the third stage will be paid to the receiving party. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 140 Fourth stage xii. The third stage will be repeated at an agreed reset date which will be determined at every six months until the contract matures. In the event of early termination, one of the parties that hold a debt obligation to the other party shall be responsible to settle the amount due, which is known as “close-out”. In the conventional interest rate swap, the close-out amount is determined based on the market quote methodology, which refers to the standard formula adopted by market participants to determine the payable compensation amount. In this regard, the SAC was referred to on the following issues: i. Whether the offsetting between the first transaction (step iii) and the second transaction (step iv) is permissible under Shariah given that the payment for both transactions are not settled in cash and therefore, may give rise to the possibility that the transaction is a “sale of debt with debt (bai` al-dayn bi al- dayn)” that is prohibited by the Shariah; ii. Whether the documentation of the IPRS is sufficient to prove that the transfer of ownership and possession (qabd) of the underlying asset that is transacted, which is the Mudarabah Interbank Investment has taken place; and iii. Whether the methodology to determine the close-out amount for the conventional interest rate swap is applicable to the IPRS. Resolution The SAC, in its 44th meeting dated 24 June 2004, has resolved that the proposed offset practice in the IPRS structure is permissible and does not tantamount to the sale of debt with debt, which is prohibited by the Shariah. 141 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E The SAC has also resolved that the transfer of beneficial ownership that is reflected in the contract documentation is sufficient, accepted and recognised by the Shariah. In its 54th meeting dated 27 October 2005, the SAC has also resolved that the methodology to determine the close-out amount under the conventional interest rate swap is also applicable to the IPRS. Basis of the Ruling The SAC is of the view that the issue of sale of debt with a debt, which is prohibited by the Shariah, does not arise in the proposed IPRS structure based on the following considerations: i. The second transaction (step iv) is a sale of an asset that is bought and owned by the seller as a result of the first transaction (step iii), although the seller has not settled the purchase price. The second party does not sell a debt given that the debt obligation created from the first transaction belongs to the first party. Thus, the asset sold in the second transaction is an asset owned by the seller and therefore does not give rise to the issue on the sale of debt; and ii. The principle of muqasah (offset) is a common practice and acceptable in the event where two parties are indebted to each other and the debts are settled based on the payment of the difference between the two debts amount. The SAC has considered the following arguments as the basis of the ruling with respect to the issue on the transfer of beneficial ownership, which was reflected in the contract documentation: i. The Shariah accepted and recognised both concepts of ownership namely the legal ownership and the beneficial ownership; and ii. The transfer of ownership took place automatically given that the underlying asset used in the transaction is Mudarabah Interbank Investment. The documentation on the sale and purchase agreement is the main evidence for the transfer of ownership. Therefore, the investor has the right to sell the asset to a third party without referring to or executing the transfer of ownership at the bank that received the investment. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 142 With regards to the methodology to determine the close-out amount in IPRS, the SAC is of the view that the market quote methodology may be applied to IPRS if the contracting parties are convinced that the outcome of the application represents the actual loss suffered by a party to the contract as a result of a default by the other party. This view has considered the fact that the methodology for determination of ta`widh by a third party in the context of profit rate swap is not practical. 86. Forward Foreign Currency Exchange Transaction Based on Bai` Mu’ajjal An Islamic financial institution proposed to introduce forward foreign currency exchange based on bai` mu’ajjal (deferred payment sale) and bai` sarf (sale of currency) as an alternative to forward transaction based on wa`d. The mechanism for the product is as follows: i. The customer will appoint the Islamic financial institution as his agent to buy commodity X from Broker B amounting to USD1 million with deferred payment terms that will be paid at a future date (Y date). The delivery of the commodity will be made on the spot; ii. The customer will then sell commodity X to the Islamic financial institution at the price of RM3.5 million with a deferred payment terms that will be paid at Y date. The delivery of the commodity will also be made on the spot; iii. The Islamic financial institution will then sell commodity X to Broker A at USD1 million on deferred payment terms and payable at Y date. Commodity X will be delivered to Broker A on the spot; and iv. At the value date, which is the Y date, the customer will pay USD1 million to Broker B and will receive RM3.5 million from the Islamic financial institution. Simultaneously, the Islamic financial institution will pay RM3.5 million to the customer and will receive USD1 million from Broker A. Therefore, the customer will be able to hedge USD1 million against RM3.5 million at a future date which is the Y date. 143 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E In this case, the SAC was referred to on the issue as to whether forward foreign currency exchange that is structured based on bai` mu’ajjal and bai` sarf is permissible. Resolution The SAC, in its first special meeting dated 13 April 2007, has resolved that the forward foreign currency exchange transaction based on the above structure is permissible. However, the term bai` sarf in the transaction is not relevant because in reality there is no actual bai` sarf transaction despite achieving similar outcomes. Basis of the Ruling The aforesaid resolution of the SAC is formulated based on the following considerations: i. Deferred payment sale is permissible based on ijma` as stated by Ibnu Hajar in his book: “Deferred payment sale is permissible by ijma`.”151 ii. In the proposed product structure, all the deferred payment sale transactions are conducted independently and not related to each other. Therefore, this transaction complies with the condition specified under Shariah. 151 Ibnu Hajar al-`Asqalani, Fath al-Bari Syarh Sahih al-Bukhari, Dar al-Ma`rifah, 1959, v. 4, p. 302. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 144 87. Foreign Currency Option Based on Hamish Jiddiyyah, Wa`d and Tawarruq An Islamic financial institution proposed a foreign currency option product based on hamish jiddiyyah (security deposit), wa`d (promise) and tawarruq transaction. Under this product, customers who wish to hedge their forward foreign currency exchange transactions through this instrument should make wa`d to an Islamic financial institution to purchase certain amount of commodity from the institution and also to appoint the Islamic financial institution to sell the said commodity to a third party. As a consequence, the Islamic financial institution will require the customer to provide hamish jiddiyyah to assure the execution of wa`d by the customer. At the agreed date, tawarruq transaction will be conducted where the sale and purchase of specific commodity will be executed for spot payment and spot delivery. Each of the sale and purchase transaction in the tawarruq will involve different currencies and the hamish jiddiyyah will be refunded to the customer if both parties fulfill their promises. In this regard, the SAC was referred to on the issue as to whether the proposed foreign currency option product is permissible according to the Shariah. Resolution The SAC, in its 73rd meeting dated 20 February 2008, has resolved that the proposed foreign currency option product based on hamish jiddiyyah, wa`d and tawarruq transaction is permissible. Nonetheless, the sale and purchase transactions shall be referred to as a promise to buy (wa`d bi al-syira’) per se. In the event of a breach of promise, the party to the transaction who suffers losses may recover the actual amount of losses from the value of hamish jiddiyyah. The recognition and measurement of actual loss shall be done as follows: 145 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E i. The actual loss shall be measured based on the difference between the sale price of the commodity, subsequent to the failure of the customer to conduct the transaction and the promised purchase price of the commodity. The actual loss shall be equal to the sales price in the market subsequent to the default event minus the purchase price promised by the customer (the sales proceed is less than the purchase cost); ii. The Islamic financial institution may acquire the whole amount of hamish jiddiyyah to recover the actual losses if the calculated amount based on the above methodology is equal or more than the value of hamish jiddiyyah. If the actual loss is lower than the hamish jiddiyyah value, the customer may agree to channel the residual amount to charitable organisations under the supervision of the Shariah committee of the said Islamic financial institution; and iii. Item (i) and (ii) shall be clearly stated and agreed upon by the customer. Basis of the Ruling Hamish jiddiyyah, wa`d and tawarruq may be implemented according to the opinion of contemporary scholars which allows these concepts to be used in financial transactions. The amount of hamish jiddiyyah may be acquired by the affected party if there is an actual loss arising from the breach by the party making the wa`d. 88. Foreign Currency Option Based on Wa`d and Two Independent Tawarruq Transactions An Islamic financial institution proposed foreign currency option product based on wa`d and two independent tawarruq transactions. Under this product, a customer who wishes to hedge his forward foreign currency exchange will make wa`d to an Islamic financial institution to buy a specific amount of commodity from the Islamic financial institution. Subsequently, the customer will appoint the Islamic financial institution as agent to sell the commodity to a third party. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 146 At the initiation date of the option contract, the customer and the Islamic financial institution will conduct the first tawarruq transaction to receive profit from the sale of which is equivalent to the amount of premium in a conventional option transaction. Subsequently, the second tawarruq transaction will be conducted at an agreed date with the sale and purchase of the commodity for spot payment and delivery. In this regard, the SAC was referred to on the issue as to whether the proposed foreign currency option product based on wa`d and two independent tawarruq transactions is permissible according to the Shariah. Resolution The SAC, in its 79th meeting dated 29 October 2008, has resolved that the structure of the proposed foreign currency option product based on wa`d and two independent tawarruq transactions is permissible, provided that the following conditions are satisfied: i. The option product shall only be undertaken for hedging purpose; ii. Wa`d shall be made independently from the tawarruq transaction and shall not form part of the condition to perform the tawarruq transaction; iii. The Islamic financial institution shall ensure that every transaction is conducted independently from each other in terms of documentation and sequence of transactions; and iv. The underlying asset shall be Shariah compliant. Basis of the Ruling The SAC’s resolution to set out the conditions for wa`d to be conducted independently from tawarruq transactions and it shall not be made conditional to that trade transaction, is aimed to prevent wa`d from being used as an exchangeable item for certain counter value. This pronouncement is consistent with the opinion of contemporary scholars where wa`d shall not be priced or traded.152 152 AAOIFI, Al-Ma`ayir al-Syar`iyyah, rule no. 20, paragraph 3/3/2/5. 147 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Credit card refers to a card that facilitates the cardholder to purchase goods and services as well as to withdraw cash based on the agreed terms and conditions specified in the contracts between the cardholder and card issuer. The cardholder is allowed to pay the purchase transaction based on credit as an alternative method of payment apart from payment by cash or by cheque. In order to ensure that Islamic credit card is used according to Shariah requirements, various guidelines on the usage of Islamic credit card need to be established. 89. Islamic Credit Card Based on Bai` `Inah and Wadi`ah There was a proposal from an Islamic financial institution to offer Islamic credit card based on two Shariah concepts, namely bai` `inah (to raise fund for the purpose of providing credit facility to customers) and wadi`ah (to provide custody services for the fund raised under the bai` `inah contract). Under this credit card product mechanism, the Islamic financial institution will sell an asset at a nominal value plus profit to the customer with deferred payment terms of three years. Subsequently, the customer will sell back the same asset to the Islamic financial institution at a nominal value and payable on cash basis. The sale proceeds will be credited into wadi`ah account in the Islamic financial institution to facilitate the purchases of goods or services by the customer. Both sale and purchase transactions will be consecutively executed in two separate and independent contracts. In this regard, the SAC was referred to on the following issues: i. Whether the proposed credit card product based on bai` `inah and wadi`ah concepts is permissible; and ii. If the credit card product is permissible, whether it may be used to finance the purchase of ribawi items such as gold, silver and food items. ISLAMIC CREDIT CARD S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 148 149 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 18th meeting dated 12 April 2001, has resolved that the proposed credit card product structured based on bai` `inah and wadi`ah, as well its uses to purchase gold, silver and other halal goods is permissible. Basis of the Ruling The resolution passed by the SAC has considered the following: i. The permissibility of bai` `inah concept and its application in the credit card product is consistent with the accepted sources and arguments on bai` `inah as stated under item 69;153 ii. The application of wadi`ah in the proposed credit card mechanism, which complements bai` `inah contract to enable the sale proceeds to be deposited with the Islamic financial institution for customer’s use is permissible by Shariah; and iii. The issue of purchasing ribawi items does not arise given that the transaction involves cash and goods and not an exchange between ribawi items. In addition, the settlement of the purchase price is deducted from the existing customer’s wadi`ah account. 90. Islamic Credit Card Based on the Concept of Ujrah There was a proposal from a number of Islamic financial institutions to offer credit card product based on the concept of ujrah (fee). The cardholder is imposed with ujrah as a consideration for the services provided as well as the benefits and privileges offered by the Islamic financial institutions to the cardholders. In this regard, the SAC was referred to on the issue as to whether the proposed credit card structure based on the concept of ujrah is permissible. 153 Application of Bai’ ‘Inah Concept in Issuance of Islamic Negotiable Debt Certificate. Resolution The SAC, in its 77th meeting dated 3 July 2008 and 78th meeting dated 30 July 2008, has resolved that the proposed credit card structured based on the concept of ujrah is permissible subject to the following conditions: i. Islamic financial institutions shall ensure that the ujrah is imposed as a consideration for the provision of actual or non-fictitious services, benefits and privileges that are permissible under Shariah; ii. The imposition of different amount of ujrah on various types of credit cards that offer different kind of services, benefits and privileges is permissible; iii. The imposition of ujrah on the services, benefits and privileges which are not related to qard, deferment of debt and exchange of cash with cash at a different value is permissible; and iv. The imposition of ujrah on the services, benefits and privileges relating to qard, deferment of debt and exchange of cash with cash at a different value is not permissible. However, charges may be imposed to cover the actual management cost (nafaqah/taklufah). Basis of the Ruling Ujrah refers to a fee that is permissible in Islam based on sources from the verse of al-Quran and hadith as follows: Allah SWT says: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 150 “… the best of men for you to hire is the strong, the trustworthy.”154 A hadith of Rasulullah SAW provides: “Pay the worker his wages before his sweat dries off.”155 154 Surah al-Qasas, verse 26. 155 Al-Baihaqi, Al-Sunan al-Kubra, Maktabah Dar al-Baz, 1994, v. 6, p. 120, hadith no. 11434. 151 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 91. Takaful Cover for Islamic Credit Cardholders There were proposals by Islamic financial institutions to provide takaful coverage associated with personal accident as one of the privileges of which ujrah will be imposed to Islamic credit cardholders. In this regard, the SAC was referred to on the issue as to whether the proposed provision of takaful coverage with the imposition of ujrah is permissible. Resolution The SAC, in its 77th meeting dated 3 July 2008, has resolved that the proposed provision of personal accident takaful coverage as one of the privileges to the Islamic credit cardholders that will be charged with ujrah is not in line with Shariah. Nevertheless, the provision of takaful coverage is permissible if it is offered as a hibah without any imposition of ujrah. Basis of the Ruling The imposition of ujrah for personal accident takaful coverage is not permissible due to the following considerations: i. The Islamic credit cardholders are not direct participants in the takaful scheme. However, the payment of ujrah is instead imposed on the cardholders as a consideration for the takaful cover arranged by Islamic financial institutions with a third party; and ii. Since the ujrah is paid by the customers to the Islamic financial institutions for benefit coverage against risk, hence such arrangement is prohibited by the Shariah considering that the cash is exchanged with cash at different values.156 156 Wizarah al-Awqaf wa al-Syu’un al-Islamiyyah, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 22, p. 57. Therefore, the application of hibah concept is considered as an appropriate alternative compared to ujrah in order to avoid syubhah associated with the prohibition of exchanging cash with cash at different values. In addition, there is no Shariah restriction on the application of hibah. 92. Cash Back Rebate on Credit Card Annual Fee An Islamic financial institution that offered ujrah-based credit card product sought the SAC’s views on the proposal to provide undertaking to offer cash back rebate on the annual fee if the cardholder utilised the card at least twice a month. Resolution The SAC, in its 77th meeting dated 3 July 2008, has resolved that the Islamic financial institution that offered ujrah-based credit card is not permitted to offer cash back rebate to the Islamic credit cardholder. Nonetheless, this facility may be offered as a hibah to the cardholders without any imposition of ujrah. Basis of the Ruling The aforesaid resolution considered that the proposed cash back provision coupled with ujrah charges would create the element of exchanging cash with cash at different counter values, which is prohibited by the Shariah.157 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 152 157 Wizarah al-Awqaf wa al-Syu’un al-Islamiyyah, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 22, p. 57. 153 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 93. Islamic Credit Card Based on the Concepts of Wakalah and Kafalah An Islamic financial institution proposed to offer Islamic credit card product based on the concepts of wakalah and kafalah that incorporate specific credit limit on the cardholder. Purchases of goods and services made by the cardholder will be paid by the merchant bank on behalf of the cardholder. The merchant bank would then send all the documents relating to the transactions to Visa/Mastercard, which functions as intermediary between the merchant bank and the Islamic financial institution. In this regard, Visa/Mastercard will claim from the Islamic financial institution the amount payable to the merchant bank. Under the wakalah concept, the credit cardholder will be charged with ujrah. The charges will be calculated based on a specific percentage of the approved credit limit as a consideration for agency services provided by the Islamic financial institution to settle the cardholder’s payment obligation to the merchant bank. In the case of kafalah concept, the Islamic financial institution guarantee the payment to Visa/Mastercard (for the payment made to the merchant bank) and guarantee the payment for goods or services purchased by the credit cardholder from the merchant. In this regard, the SAC was referred to on the following issues: i. Whether the application of wakalah and kafalah concepts in the proposed Islamic credit card structure is permissible by the Shariah; and ii. Whether the method adopted by the Islamic financial institution to determine ujrah based on specific percentage of the credit limit is permissible. Resolution The SAC, in its 78th meeting dated 30 July 2008, has resolved the following: i. The fiqh adaptation (takyif fiqhi) of ujrah on wakalah in the proposed credit card structure is not accurate; ii. Method to determine ujrah amount that is based on certain percentage of the credit limit is not in line with the Shariah and contradicts the decision of majority Shariah advisors at the international level; and iii. Ujrah on wakalah or others shall be a fixed amount without being tied to a credit limit in order to avoid the element of riba. Basis of the Ruling The fiqh adaptation (takyif fiqhi) of ujrah on wakalah in the proposed Islamic credit card structure is not accurate since the role of Islamic financial institution as wakeel to the cardholder is confined to execute settlement of payment to the merchants only. However in reality, Islamic financial institutions also offer other services and benefits to the credit cardholders. In addition, the proposed method to determine ujrah for wakalah based on a certain percentage of the credit limit would give rise to the issue of conditional benefit on loan (qard), which is prohibited by the Shariah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 154 Islamic financial institutions have increasingly enhanced their efforts in research and development on Islamic financial products to create greater diversity in Islamic financial products that are able to satisfy customer needs. New innovations have been explored, which include among others, the collective numbers of several Shariah contracts in a single product package in order to achieve specific objectives. Since the collective numbers of several Shariah contracts in a single product package is considered as a new innovation, hence the validation and approval of the SAC is important to ensure that these products are in line with Islamic principles. 94. Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contracts An Islamic financial institution proposed to offer current account product based on wadi`ah yad dhamanah and mudarabah contracts. The structure of this product enables the Islamic financial institution to perform two roles, which are as a trustee and an entrepreneur to the funds deposited and invested by the customer respectively. Nonetheless, both contracts will not be executed simultaneously at the same time. The applicable contract of either the wadi`ah yad dhamanah or mudarabah will be determined based on the minimum average daily balance of the deposits in a month. For example, an Islamic financial institution sets out the requirement for account holder to maintain a minimum average daily balance of RM3,000 a month to be eligible to enter into a mudarabah contract. In this regard, the Islamic financial institution will review the minimum average daily balance of the customer’s account on a monthly basis to assess whether the customer is eligible to earn the mudarabah profit. The account holder will be categorised as a mudarabah investor if he maintains the minimum average daily balance of RM3,000 and therefore eligible to earn the profit (if any). However, the account holder will be considered as wadi`ah yad dhamanah depositor if the minimum average daily balance is less than RM3,000. All terms and conditions regarding wadi`ah yad dhamanah and mudarabah concepts are applicable according to the specified conditions and shall be agreed by the parties at the conclusion of the contract. In this regard, the SAC was referred to on the issue as to whether the proposed current account product based on wadi`ah yad dhamanah and mudarabah contracts is allowed by the Shariah. HYBRID PRODUCTS 155 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 5th meeting dated 30 April 1998, has resolved that the proposed current account product based on wadi`ah yad dhamanah and mudarabah contracts is permissible. Basis of the Ruling The usage of collective numbers of several Shariah contracts in a financial product or service is permissible based on the opinion that the collective numbers of contracts in a system is allowed provided that each contract is permissible and there is no Shariah evidence that prohibits it.158 However, the usage of collective numbers of contracts should satisfy the Shariah requirements as follows: i. The combination is not prohibited by Shariah, for example, prohibition to combine sale and loan contracts (al-bai` wa al-salaf) or it will not lead to riba (zari`ah ila riba) such as the combination of loan and exchange contracts (al-jam`u baina `aqd al-qardh wa `aqd al-mu`awadhah); and ii. Free from any conflicting elements in terms of Shariah rulings between proposed contracts such as the combination of hibah and sale or hibah and lease of certain goods to the counterparty. 95. Deposit Product Based on Mudarabah and Qard Contracts An Islamic financial institution proposed a deposit product based on collective usage of mudarabah contract (e.g. 60%) and qard (e.g. 40%). The proportion of both contracts would commence from the opening date until the closing date of the account. Every cash withdrawal from the account would represent 60% from the mudarabah fund and 40% from the qard fund. 158 Hasan Ali al-Syazili, Ijtima` al-`Uqud al-Mukhtalifah al-Ahkam fi `Aqd Wahid, in A`maal al-Nadwah al-Fiqhiyyah al- Khamisah li Bait Tamwil al-Kuwaiti, Bait al-Tamwil al-Kuwaiti, 1998, p. 506. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 156 The proposed collective usage of mudarabah and qard contracts in a deposit product was referred to the SAC to ascertain its permissibility. Resolution The SAC, in its 51st meeting dated 28 July 2005, has resolved that the proposed collective usage of mudarabah and qard contracts in a deposit product is permissible. Basis of the Ruling The aforesaid SAC resolution is based on the permissibility to use several Shariah contracts in a single financial product as stated in item 94.159 96. Deposit Product Based on Wadi`ah and Mudarabah Contracts An Islamic financial institution proposed to offer a deposit product based on wadi`ah and mudarabah contracts in order to enable the payment of dividends to depositors. Under the proposed structure of the product, an Islamic financial institution would accept substantial proportion of customer’s deposits (for example 70%) based on wadi`ah contract and the remaining (for example 30%) would be based on mudarabah contract. The profit generated from the investment will be shared according to the agreed profit sharing ratio and losses (if any) arising from investment will be borne by the customer. The proposed deposit product based on wadi`ah and mudarabah contracts was referred to the SAC to ascertain its permissibility. 159 Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contract. 157 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Resolution The SAC, in its 68th meeting dated 24 May 2007, has resolved that the proposed deposit product based on wadi`ah and mudarabah contracts is permissible. Basis of the Ruling The aforesaid SAC resolution is based on the permissibility to use several Shariah contracts in a single financial product as stated in item 94.160 97. Financing Product for House under Construction Based on Istisna` Muwazi, Ijarah Mawsufah fi al-Zimmah and Ijarah Muntahia bi al-Tamlik An Islamic financial institution proposed a financing product for house under construction based on the concepts of istisna` and ijarah mawsufah fi al-zimmah. The modus operandi of the financing commences with the customer signing the sale and purchase agreement with the developer and pays a deposit equivalent to 10% of the house’s selling price. Subsequently, the customer will apply for a financing facility from an Islamic financial institution based on istisna` contract whereby the customer will sell the house to the Islamic financial institution based on istisna` contract (istisna` muwazi or parallel istisna`). The customer will also enter into ijarah mawsufah fi al-zimmah contract to lease the house, which is still under construction. In this regard, the customer agreed to commence paying monthly rent even though the house is still under construction. 160 Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 158 Based on the istisna` contract, the Islamic financial institution will settle the purchase price of the house to the customer by crediting the payable amount to the customer’s special account. Subsequently, the Islamic financial institution will perform the role of an agent to the customer to make progressive payments from the customer’s special account to the house developer. Once the construction is completed, the Islamic financial institution will continue to lease the house to the customer under ijarah muntahia bi al-tamlik contract. The Islamic financial institution may hibah the house to the customer once the customer has settled the final rental payment. In this regard, the SAC was referred to on the issue as to whether the proposed financing for house under construction is permissible. Resolution The SAC, in its 68th meeting dated 24 May 2007, has resolved that the proposed house financing product based on istisna` muwazi, ijarah mawsufah fi al-zimmah and ijarah muntahia bi al-tamlik is permissible. Basis of the Ruling The aforesaid SAC resolution is based on the permissibility to use several Shariah contracts in a single financial product as stated in item 94.161 161 Current Account Product Based on Wadi`ah Yad Dhamanah and Mudarabah Contract. 159 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Entity A proposed to issue sukuk based on BBA with fixed income feature to finance the purchase of debts arising from Islamic house financing and Islamic hire-purchase from Islamic financial institutions. The modus operandi for the proposed Sukuk BBA is as follows: i. Entity A will buy Mudarabah Interbank Investment which will be used as the underlying asset in the sale and buy back contract between entity A and the investors; ii. Entity A will sell the underlying asset (Mudarabah Interbank Investment) to the investors on cash term and subsequently purchase the same asset on deferred payment term at a higher price; iii. The proceeds from the cash sale of the underlying asset will be used by entity A to purchase the debts arising from Islamic house financing and Islamic hire- purchase; and iv. The second transaction which involves the purchase of the same underlying asset on deferred payment term by entity A results in the creation of debt obligation, and as evidence to this indebtedness, entity A will issue Sukuk BBA to the investors. 98. Mudarabah Interbank Investment as Underlying Asset in a Deferred Payment Sale The SAC was referred to on the issue as to whether the Mudarabah Interbank Investment may be used as an underlying asset in a deferred payment transaction. Resolution The SAC, in its 41st meeting dated 8 March 2004, has resolved that the Mudarabah Interbank Investment may be used as an underlying asset in a deferred payment sale transaction. SUKUK BASED ON BAI` BITHAMAN AJIL (BBA) S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 160 161 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Although the Mudarabah Interbank Investment which is used as an underlying asset in the Sukuk BBA does not exist physically, it satisfies the criteria of “existed” asset (by implication) and is recognised as tradable asset. This is based on the characteristics of the instrument which are valuable, tradable and transferable. 99. The Existence of Underlying Asset Throughout the Sukuk Maturity Tenure The SAC was referred to on the issue as to whether the underlying asset which is the Mudarabah Interbank Investment must exist throughout the Sukuk BBA maturity tenure. Resolution The SAC, in its 41st meeting dated 8 March 2004, has resolved that the underlying asset which is the Mudarabah Interbank Investment may not necessarily exist throughout the Sukuk BBA maturity tenure. Basis of the Ruling The underlying asset is only used to perform the sale and purchase contracts (bai` `inah). Subsequently, the ownership of the underlying asset may return to the original owner. In this case, the Shariah does not require that the underlying asset to exist throughout the sukuk maturity tenure, except that the ownership of the underlying asset must belong to the original seller and is transferable at the time of the contract. In addition, the Sukuk BBA mechanism is an asset-based sukuk and not an asset- backed sukuk. 100. Bidding Methods for the Sukuk BBA Entity A proposed three bidding methods for Sukuk BBA, namely: i. Bidding method based on price - All biddings will be arranged and separated in descending manner from the highest price to the lowest price until the whole amount of Sukuk BBA offered are fully subscribed; ii. Bidding method based on rate of return - All biddings will be arranged and separated in ascending manner from the lowest rate of return to the highest rate of return until the whole amount of Sukuk BBA offered are fully subscribed. The rate of return for Sukuk BBA issuance will be determined based the highest rate of return for the successful investor; or iii. Bidding method based on weighted average rate of return - All biddings will be arranged and divided in ascending manner from the lowest rate of return to the highest rate of return until the whole amount of Sukuk BBA are fully subscribed. The rate of return or coupon for Sukuk BBA issuance will be determined based on weighted average rate of return for the successful bidding. Resolution The SAC, in its 42nd meeting dated 25 March 2004, has resolved that all the three proposed methods for Sukuk BBA bidding are permissible. Basis of the Ruling The practice of bidding resembles the features of sale and purchase by auction (bai` muzayadah). The contemporary scholars are of the opinion that bai` muzayadah is permissible.162 All the aforesaid three methods of bidding as presented do not involve any element which contradicts the Shariah principles (mani` syar`ie). Thus, all the methods may be implemented. 162 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1993, no. 8, v. 2, p. 25. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 162 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 163 PART IV: SHARIAH ISSUES IN RELATION TO THE OPERATIONS OF SUPPORTING INSTITUTIONS IN ISLAMIC FINANCE S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 164 Credit Guarantee Corporation (Malaysia) Berhad (CGC) was established in 1972 with the objective of assisting small and medium businesses with no or insufficient collaterals to obtain financing from financial institutions by providing guarantee covers for the financing. CGC structures and manages guarantee schemes, specifically to assist small and medium entrepreneurs, as well as to ensure active involvement of financial institutions in the implementation of its guarantee schemes. 101. Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation In view of the enhanced role of Islamic financial institutions in providing financing for small and medium enterprises, CGC proposed to offer Islamic credit guarantee facility to asset borrowers to obtain financing offered by the Islamic financial institutions. The credit guarantee facility offered is a guarantee with fee where the guaranteed party (customer) is required to pay a certain fee to the guarantor (CGC). In this regard, the SAC was referred to on the issue as to whether the credit guarantee facility with fee offered by CGC is allowed by Shariah. Resolution The SAC, in its 54th meeting dated 27 October 2005, has resolved that the credit guarantee facility with fee offered by CGC for financing granted by Islamic financial institutions is permissible. CREDIT GUARANTEE CORPORATION (M) BERHAD 165 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 163 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami,1986, no. 2, v. 2, p. 1146 – 1147; Nazih Kamal Hammad, Mada Jawaz Akhzu al-Ajr ̀ ala al-Kafalah fi al-Fiqh al-Islami, Journal of King Abdul Aziz University (Islamic Economics), 1997, v. 9, p. 95 -121. 164 Shariah Advisory Council of Securities Commission Malaysia, Resolutions of the Securities Commission Shariah Advisory Council (Second Edition), Securities Commission Malaysia, 2006, p. 44 – 45. 165 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh,Dar al-Fikr, 2002, v. 6, p. 4178. 166 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1986, no. 2, v. 2, p. 1146 – 1147. 167 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1986, no. 2, v. 2, p. 1134 – 1135. Basis of the Ruling The permissibility of guarantee facility with fee (kafalah bi al-ujr) offered by CGC is based on the following considerations: i. Some contemporary Shariah scholars163 and Shariah Councils164 has resolved that the imposition of ujrah on kafalah is permissible. A few contemporary scholars further opined that ujrah charged on kafalah shall be permitted on the basis of maslahah and public needs because in the current context, it is difficult and impractical to obtain free-of-charge guarantee.165 Moreover, one of the contemporary scholars, in his presentation to the OIC Fiqh Academy, had expressed his view that ujrah charged on dhaman (guarantee) is permissible. He is of the view that although originally dhaman is a type of tabarru`, the condition to charge ujrah on the dhaman is considered valid. He further reiterated that dhaman contract is not considered as qard as it falls under istithaq contract. Thus, receiving ujrah for the guarantee service is not prohibited as dhaman contract is different from qard contract166; and ii. Qiyas on akhz al-ajr `ala al-jah (to charge fee for someone’s reputation) and akhz al-ju`l ̀ ala ruqyah min al-Quran (to charge fee on the treatment/medication using Quranic verses). Some classical scholars permitted imposition of fee in both situations and this permissibility could be extended to the imposition of ujrah on guarantee as both have similarities in terms of the services provided.167 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 166 102. Guarantee on the Sale Price The SAC was referred to on the issue as to whether CGC may guarantee the sale price including the profit margin of an Islamic financing. Resolution The SAC, in its 55th meeting dated 29 December 2005, has resolved that it is permissible for CGC to guarantee the sale price including the profit margin of an Islamic financing that is based on sale and purchase contract. Basis of the Ruling As the credit guarantee offered by CGC is on debt or financial obligation of an Islamic financing customer, a guarantee mechanism based on the outstanding selling price is reasonable since it is recognised by the current banking practice whereby the outstanding debt is equal to the remaining debt or the selling price after deducting the rebate value (ibra’) due to the customer at a certain point of time. 167 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Danajamin Nasional Berhad (Danajamin) was established in 2009 as a national financial guarantee institution to maintain market confidence in bond markets (including sukuk) and to ensure that viable companies have access to financing via bond markets. Apart from providing credit enhancements to corporations with viable businesses, Danajamin also establishes investment grade ratings to facilitate the corporations in obtaining funds from bond markets at a reasonable cost. 103. Shariah Concept for the Operation of Guarantee Facility by Danajamin Nasional Berhad Under the guarantee facility mechanism by Danajamin, Danajamin undertakes to pay the investors in the event the sukuk issuer fails to make good such payment. Subsequently, Danajamin will claim the amount paid to the investors from the sukuk issuer. In this regard, the SAC was referred to ascertain the appropriate Shariah concept for the operation of guarantee facility by Danajamin. Resolution The SAC, in its 10th special meeting dated 9 April 2009 and 95th meeting dated 28 January 2010, has resolved that: i. The application of kafalah bi al-ujr (guarantee with fee) as the appropriate Shariah concept for the guarantee facility on the sukuk issuance by Danajamin is permissible. Under this concept, Danajamin shall act as the guarantor (kafil), the sukuk issuer as the guaranteed party (makful ̀ anhu) and the investors as the beneficiary (makful lahu); and ii. Danajamin is allowed to claim back the amount that has been paid to the investors from the sukuk issuer through this guarantee facility. The repayment period for the amount claimed by Danajamin from the sukuk issuer shall be based on the current market practice subject to obtaining the consent of contracting parties namely Danajamin and the sukuk issuer, and it shall take into consideration the size of the sukuk. DANAJAMIN NASIONAL BERHAD S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 168 169 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 168 Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation. Basis of the Ruling The aforesaid SAC’s resolution is based on the permissibility of guarantee facility with fee (kafalah bi al-ujr) as stated under item 101.168 104. Capital Segregation in the Operation of Danajamin As Danajamin provides guarantee facility for both sukuk and conventional bond, the SAC was referred to on the issue as to whether Danajamin’s capital for guarantee facility services on the sukuk and conventional bond should be segregated. This was due to the concern that the capital segregation might limit Danajamin’s capacity to efficiently and effectively provide guarantee facility for both sukuk and conventional bond. Resolution The SAC, in its 10th special meeting dated 9 April 2009, has resolved that Danajamin’s capital for guarantee facility services for sukuk and conventional bond need not be segregated. However, the fund obtained from the services of guarantee facility for sukuk and conventional bond (with fee) shall be separated. Basis of the Ruling Danajamin’s capital management for guarantee facility services for sukuk and conventional bond need not be segregated on the basis of maslahah, so as to ensure Danajamin is able to carry its function as a guarantor in effectively stimulating growth and stability of the capital market, including the Islamic capital market. In addition, capital segregation will only limit the capacity of this guarantee institution to effectively and efficiently provide guarantee facility on sukuk and conventional bond. 105. Scope of Danajamin’s Guarantee on Sukuk The SAC was referred to ascertain the scope of guarantee by Danajamin on the sukuk issuer, specifically on the issue as to whether Danajamin may guarantee capital and profit value. Resolution The SAC, in its 10th special meeting dated 9 April 2009, has resolved that: i. For sale-based sukuk like murabahah, Danajamin shall guarantee both capital and profit value; and ii. For sukuk issued based on isytirak contract (partnership) like musyarakah, mudarabah and wakalah bi al-istithmar, Danajamin shall guarantee the capital value only. Basis of the Ruling For sukuk issued based on isytirak contract like musyarakah, mudarabah and wakalah bi al-istithmar, Danajamin as a third party may only guarantee the amount of capital. This is in line with the jurists’ view that third party guarantee is permissible for musyarakah, mudarabah and wakalah bi al-istithmar contracts but the guarantee is restricted only to the capital value. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 170 171 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 106. Guarantee on the Obligation Arising from Purchase Undertaking The SAC was referred to on the issue as to whether Danajamin may guarantee sukuk obligation arising from a purchase undertaking in sukuk as agreed between the sukuk issuer and the investors. Resolution The SAC, in its 94th meeting dated 23 December 2009, has resolved that Danajamin may guarantee the obligation of sukuk issuer arising from the purchase undertaking in sukuk as agreed between the sukuk issuer and the investors. However, the formula to determine the amount of purchase undertaking shall exclude the unearned profit. Basis of the Ruling Fundamentally, the obligation of purchase undertaking in sukuk is valid and acknowledged by Shariah. This is because such obligation is derived from a binding promise (wa`d mulzim) by the sukuk issuer to purchase an underlying asset of the sukuk based on agreed terms and conditions. In this regard, the guarantee on such obligation and responsibility may be executed either with or without fee. 107. Late Payment and Additional Recourse Charge Normally, after Danajamin makes payment to the investors in the event of default by the sukuk issuer, Danajamin will claim the amount paid from the sukuk issuer. In order to avoid delay of the repayment by the sukuk issuer, the imposition of late payment charge on the sukuk issuer who delays the repayment was proposed. In this regard, the SAC was referred to on the following matters: i. Whether late payment charge may be imposed on the sukuk issuer who delays in repayment; and ii. Whether Danajamin may impose additional charges on the sukuk issuer upon making the repayment to Danajamin. Resolution The SAC, in its 10th special meeting dated 9 April 2009 and 95th meeting on 28 January 2010, has resolved that: i. It is permissible to impose late payment charge on the sukuk issuer who fails to make repayment within the stipulated period. However, the late payment charge shall be non-compounding; ii. A certain amount of the late payment charge may be recognised as income by Danajamin on the basis of ta`widh. However, the determination of ta`widh rate shall be made by a third party namely Bank Negara Malaysia; and iii. The imposition of any other additional charges by Danajamin on the sukuk issuer upon claiming the guaranteed amount paid to the investors is not allowed. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 172 173 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 169 Imposition of Ta`widh and Gharamah in Islamic Financing Facilities. 170 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 19 (Al-Qard), paragraphs 4 and 5. Basis of the Ruling The aforesaid SAC’s resolution on late payment charge is based on the permissibility of ta`widh and gharamah as stated under item 81.169 In addition, the prohibition to impose additional recourse charge is based on the view that the payment of guarantee (kafalah) by Danajamin to the investors and the right to claim such payment from the sukuk issuer would result in the guarantee to appear as a debt (qard) that is granted by Danajamin to the sukuk issuer. The Shariah stipulates that any additional charge on debt repayment is riba unless such additional charge is imposed only to recover the actual cost incurred.170 108. Ownership of Underlying Asset in Sukuk Based on Ijarah Contract In ijarah-based sukuk, the ownership of the underlying asset is held by the investors, while the sukuk issuer as the asset-lessee has the obligation to pay the coupon which refers to periodic rental amount. The SAC was referred to on the issue as to whether the ownership of the underlying asset in sukuk ijarah will be transferred to the sukuk issuer or Danajamin in the event Danajamin exercises the guarantee by paying the rent and principal amount to the investors. Resolution The SAC, in its 10th special meeting dated 9 April 2009, has resolved that: i. The ownership status of the underlying asset in sukuk ijarah is subject to the terms and conditions of the contract. If Danajamin only pays the periodic rental amount or coupon within the sukuk tenure, the underlying asset remains under the investors’ ownership. However, if Danajamin pays the purchase undertaking price, the ownership of the underlying asset will be transferred to the sukuk issuer. Notwithstanding that, the asset will be regarded as a security or a collateral for the debt which has been paid by Danajamin to the investors, until the sukuk issuer repays the amount paid; and ii. The guarantee on sukuk issued based on ijarah contract may cover guarantee on the rent as well as wa`d to purchase the asset. Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration that the effect of a contract is subject to the terms and conditions agreed in the contract as long as they do not contravene any general principles of Shariah. This is in line with the following fiqh maxim: “The original rule of a contract is the mutual consent or agreement by both contracting parties and the consequence of the contract is based on (rights and responsibilities) agreed in the contract.”171 171 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 482. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 174 MALAYSIA DEPOSIT INSURANCE CORPORATION The Malaysia Deposit Insurance Corporation (PIDM) was established in 2005 to provide Islamic and conventional deposit insurance. The initiative to establish deposit insurance system aims at strengthening the consumer protection infrastructure as one of the main agendas in the ongoing development of the Malaysian financial system. The deposit insurance system will strengthen incentives for financial institutions to adopt sound financial and business practices and enhance public confidence in the financial system by providing explicit protection of deposits. 109. Shariah Concept for the Operation of Islamic Deposit Insurance Deposit insurance is a mechanism that enables PIDM to protect depositors against loss of their deposits placed with banking institutions in the unlikely event of a bank failure. So as to enable the depositors of Islamic banking institutions to enjoy the same protection, the SAC was referred to ascertain the appropriate underlying Shariah concept for the operation of Islamic deposit insurance. Resolution The SAC, in its 80 meeting dated 7 January 2009, has resolved that the application of kafalah bi al-ujr (guarantee with fee) as the underlying Shariah concept for the operation of PIDM in managing Islamic deposit insurance fund is permissible.172 Based on the concept of kafalah bi al-ujr, the premium paid by the member institutions of PIDM offering Islamic banking services is considered as an ujrah or fee for PIDM and thus, belongs to PIDM. As premium is considered as fee, PIDM may structure it in the form of absolute or proportionate value. Basis of the Ruling The aforesaid resolution by the SAC has considered the permissibility of kafalah bi al-ujr as stated in item 101.173 172 This resolution supersedes the previous resolution made by the SAC in the 26th meeting dated 26 June 2002 which held that the suitable Shariah concept for the operations of Islamic deposit insurance is tabarru`. 173 Shariah Concept for the Operation of Islamic Guarantee Facility by Credit Guarantee Corporation. 175 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 110. Commingling of Funds Contributed by Islamic and Conventional Banking Institutions in Deposit Insurance Under the deposit insurance arrangement, Islamic and conventional banking institutions are required to be members of PIDM and pay the annual premium that serves as a source of fund for the deposit insurance scheme. Apart from being utilised to make payment to the insured depositors in the event of winding-up of any banking institution, the fund is also used for investment in Shariah compliant instruments as well as to defray the expenses of PIDM. In this regard, the SAC was referred to on the issue as to whether the accumulation of premium contributed by Islamic and conventional banking institutions into one single fund is allowed by the Shariah. In addition, the SAC was also referred to on the issue as to whether the Government may make it mandatory for all Islamic banking institutions to be members of PIDM. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the premium or fee contributed by Islamic and conventional banking institutions shall be segregated and shall not be accumulated into one single fund. In the event of dissolution of PIDM, the SAC, in its 29th meeting dated 25 September 2002, has resolved that two separate liquidation processes for both funds shall be executed. In addition, the SAC, in its 80th meeting dated 7 January 2009, has also resolved that the Government may make it mandatory for all Islamic banking institutions to be members of PIDM as there is no Shariah impediment for the imposition of such requirement. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 176 Basis of the Ruling The premium or fee contributed by Islamic and conventional banking institutions shall be segregated to avoid commingling of funds between Islamic and conventional deposit insurance schemes. This is also to ensure that the Islamic deposit insurance fund is invested in Shariah compliant instruments. The commingling of premium funds of Islamic and conventional banking may raise uncertainties on the Shariah compliance status of the Islamic banking premium fund. Separate liquidation processes shall also be executed in order to ensure that the rights and priority in the payment of the protection are accorded to the rightful parties. 111. Guarantee Limit for Islamic Banking Deposits by PIDM In executing the guarantee on Islamic banking deposits, the SAC was referred to on the issue as to whether PIDM may guarantee the principal value as well as the profit realised but not yet distributed by the Islamic banks. Resolution The SAC, in its 29th meeting dated 25 September 2002, has resolved that there is no restriction on the execution of guarantee on wadi`ah deposit. Mudarabah deposit, however shall only be guaranteed by a third party (in this situation, it may refer to PIDM). However, the insurance deposit shall not give priority to guarantee mudarabah profit that has not been declared. Basis of the Ruling The aforesaid resolution of the SAC is based on the following considerations: i. PIDM may limit the guarantee coverage as it is in line with the principle of kafalah that allows the kafil to determine the guarantee limit;174 174 Al-Zuhaili, Al-Fiqh al-Islami wa Adillatuh, Dar al-Fikr, 2002, v. 6, p. 32. 177 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. There is no Shariah impediment in executing guarantee on deposit based on wadi`ah; and iii. Deposit insurance should not give priority to guarantee mudarabah profit that has not been declared as it should be used to settle the claims and liabilities of higher priority. 112. Definition of Term “Deposit” in Islamic Deposit Insurance As the date of winding up of an Islamic banking institution might take place even before the payment of monthly declared profit/hibah, the SAC was referred to ascertain the definition of deposit payable to the depositors in the event of winding up of an Islamic banking institution. Resolution The SAC, in its 30th meeting dated 28 October 2002, has resolved that the definition of deposit that is payable in the event of winding up of an Islamic banking institution refers to the principal amount plus the profit/hibah which has been credited into the account, including declared profit/hibah but not yet credited until the date of winding up of the Islamic banking institution. Nevertheless, any additional value (whether termed as profit/hibah) for the period between the winding up date and the date of payment is subject to the discretion of PIDM. In addition, the SAC has also resolved that the value guaranteed by PIDM shall be clearly stated in the `aqad or contract. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 178 Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration that the criteria and definition of the term “deposit” may be determined based on the common practice of the financial industry. This is in line with the following fiqh maxims: 175 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 237. 176 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 239. “Something which has been identified as a custom is considered like a stipulated condition.”175 “Something which has been acknowledged as common practice among the traders is considered as agreed condition among them.”176 113. Status of PIDM’s Claim Against Depositors’ Claim in the Event of Winding up of an Islamic Banking Institution Upon winding up of an Islamic banking institution and its inability to fulfill its obligation to return the deposit to the depositors, PIDM will pay the depositors either partial or the whole amount of the deposits from the Islamic deposit insurance fund. Subsequently, PIDM will claim the amount paid from the Islamic banking institution. In this regard, the SAC was referred to ascertain the status of PIDM’s claim against the depositors’ claim in getting refund from the Islamic banking institution. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the priority of PIDM’s claim against the depositor’s claim in getting refund in the event of winding up of an Islamic banking institution would depend on the type of deposit paid by PIDM. For example, if PIDM paid for guaranteed wadi`ah deposit, PIDM’s claim is considered equal to wadi`ah depositors and so forth. 179 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Deposit products of Islamic banking institutions are structured based on different types of contracts, hence, leading to different legal consequences. The priority of repayment of the deposits, therefore, depends on the `aqad or contractual relationship concluded between the depositor and the Islamic banking institution. Since wadi`ah as practised by the Islamic banking institutions has the same effect of qard from fiqh perspective, the Islamic banking institutions are obliged to guarantee and return the whole amount deposited into the wadi`ah account.177 For mudarabah-based deposit, the Islamic banking institutions are not obliged to guarantee or refund the whole amount of mudarabah capital or the profit178, unless the loss incurred is due to the negligence or mistake on the part of the financial institution as the mudarib. Notwithstanding the above, based on the contract of kafalah bi al-ujr concluded by PIDM and the Islamic banking institutions, PIDM bears the responsibility to guarantee mudarabah loss on the basis of third party guarantee. In this regard, the Islamic banking institutions are obliged to give priority to satisfy the right of wadi`ah account depositors before the mudarabah account depositors. This is because the Islamic banking institutions owe direct responsibility towards the wadi`ah account depositors. 177 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1995, 9th Convention, resolution no. 86 (9/3). 178 OIC Fiqh Academy, Majallah Majma` al-Fiqh al-Islami, 1995, 9th Convention, resolution no. 86 (9/3). S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 180 114. Application of Muqasah in Islamic Deposit Insurance Usually, after an Islamic banking institution has been declared insolvent, an offset (muqasah) process will take place to determine the amount of deposit that should be paid by PIDM to the depositors. Under this process, the payable amount will be determined based on the difference between the deposit amount and the outstanding amount of financing or debt owed by the customer to the Islamic banking institution. For example, if a customer has a deposit of RM100,000 and at the same time, he has an outstanding financial or debt obligation of RM50,000, the customer is eligible to receive a payment of RM50,000 only. In this regard, the SAC was referred to on the issue as to whether the offset process between the depositors and the Islamic banking institution as illustrated above is permissible in the process of deposit repayment by PIDM and the liquidator. Resolution The SAC, in its 32nd meeting dated 27 February 2003, has resolved that the offset process between the depositors and the Islamic banking institution is permissible to be applied in the process of deposit repayment by PIDM and the liquidator. Basis of the Ruling In principle, muqasah is permissible in Islamic transactions. Muqasah can be carried out in two manners, namely, al-muqasah al-ittifaqiyyah (mutually agreed by both parties) and al-muqasah al-jabariyyah (determined by the authority to ensure justice). Most of the Islamic financial institutions have included an offset clause in the Islamic financing agreements, and it is enforceable based on the consent of the customer who signs the agreement. This is in line with the following fiqh maxim: “The original rule of a contract is the mutual consent or agreement by both contracting parties and the consequence of the contract is based on (rights and responsibilities) agreed in the contract.” 179 179 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 482. 181 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 115. Mortgage Guarantee Facility In order to enhance the securities market development, the National Mortgage Corporation or Cagamas has proposed to provide Islamic mortgage guarantee facility. The mortgage guarantee facility offers to the Islamic financial institutions, particularly the mortgage originators, a portfolio and risk management solution to manage the credit risk exposure of their mortgage portfolio. This will subsequently enhance the capacity of the Islamic financial institutions to provide affordable mortgage financing to homebuyers. The mortgage guarantee facility would be offered through the establishment of a joint venture company, acting as a Special Purpose Vehicle (SPV). The mortgage guarantee facility shall be based on wakalah and kafalah contracts which are entered into independently. In the proposed structure of the mortgage guarantee facility, the SPV will carry the following two roles for the Islamic financial institutions: i. Based on wakalah contract, the SPV shall act as an agent for the Islamic financial institutions to carry out certain services, with an agreed ujrah or fee, such as analysing the risk of the mortgage financing portfolio; and ii. Based on kafalah contract, the SPV shall act as a guarantor to undertake the loss of the Islamic financial institution in the event of default in the payment of periodic instalment by homebuyers. Kafalah is given with a recourse element whereby the SPV shall claim the guaranteed amount paid to the Islamic financial institutions from the customer. Nonetheless, no fee will be charged for the guarantee facility offered by the SPV. In this regard, the SAC was referred to on the issue as to whether the above proposed structure of the mortgage guarantee facility is allowed by the Shariah. Resolution The SAC, in its 74th meeting dated 3 April 2008, has resolved that the proposed mortgage guarantee facility is permissible, provided that the facility is agreed by the customer of the Islamic financial institution. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 182 NATIONAL MORTGAGE CORPORATION (CAGAMAS) 183 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The permissibility of wakalah has been stated in the al-Quran as follows: “…let one of you go to the city with this silver coin and find food that is purest and lawful (that is sold there). Let him bring you provision from it...”180 The permissibility of wakalah has also been stated by Rasulullah SAW as narrated in the following hadith: Narrated by ‘Uqbah ibn ‘Amir that Rasulullah SAW had given him several goats to be distributed among his companion until a goat was left after the distribution. When he informed Rasulullah SAW about it, Rasulullah SAW said: Sacrifice it on my behalf.”181 The permissibility of kafalah contract has also been stated in the al-Quran as follows: 180 Surah al-Kahfi, verse 19. 181 Al-Bukhari, Sahih al-Bukhari, Al-Matba`ah al-Salafiyyah, 1982, v. 2, p. 207, hadith no. 2500. 182 Surah Yusuf, verse 72. “…and he who restores it shall be awarded a camelload (of food supply), and I pledge my word for it.”182 183 Al-Baihaqi, Al-Sunan al-Kubra, Dar al-Kutub al-`Ilmiyyah, 2003, v. 6, p. 119. 184 Kuwait Finance House, Al-Fatawa al-Syar`iyyah fi al-Masa’il al-Iqtisadiyyah (latest edition), v. 2, p. 29 – 30, fatwa no. 384. The permissibility of kafalah is also stated by Rasulullah SAW as narrated in the following hadith: The collective numbers of Shariah contracts in a product or service is permissible, in line with contemporary fatwa that allows the collective numbers of various Shariah contracts in a transaction as long as it is not in contradiction with the Shariah ruling. Moreover, such collective number of various Shariah contracts has long been practised.184 What is important is that the contracts have to be implemented independently and do not fall among the contracts prohibited by Shariah. In addition, the customer’s consent for any mortgage guarantee with recourse element is required to ensure that the customer is aware about his responsibility to pay the guaranteed amount to the SPV upon the latter’s claim. “A guarantor is the one who bears the liability.”183 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 184 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 185 PART V: SHARIAH ISSUES IN ISLAMIC FINANCE S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 186 116. Priority of Depositors in Recovering Deposit in the Event of Winding Up of an Islamic Banking Institution Islamic banking deposits use various types of Shariah concepts with different implications from one another (for example wadi`ah and mudarabah). Generally, Islamic banking deposits can be classified into three main categories, namely wadi`ah-based deposit, mudarabah-based deposit and deposits based on other concepts such as BBA and bai` `inah. In this regard, the SAC was referred to ascertain the priority of certain category of depositors over other depositors in recovering their respective deposits in the event of winding up of an Islamic banking institution. Resolution The SAC, in its 26th meeting dated 26 June 2002 and 30th meeting dated 28 October 2002, has resolved that in the event of winding up of an Islamic banking institution, depositors’ priority in recovering their respective deposits in the Islamic banking institution is subject to the underlying contract or concept concluded with the Islamic banking institution. In this regard, wadi`ah and debt-based deposits are given priority over mudarabah-based deposit. Nevertheless, in order to meet the current legal requirements under section 81 of the Bank and Financial Institutions Act 1989, mudarabah-based deposit should be given priority over other creditors’ claim and other liabilities. This is because mudarabah-based deposit is regarded as deposit and has priority in terms of claims. With regard to deposits other than wadi`ah and mudarabah-based deposits (for instance, deposits based on murabahah and bai` ̀ inah concepts), these deposits are considered as having a similar status as wadi`ah and mudarabah-based deposits in terms of definition. Thus, the priority of recovery is based on their underlying concept. In addition, these deposits shall be valued based on their face value at the date of winding up of the Islamic banking institution. WINDING UP OF ISLAMIC BANKING INSTITUTIONS 187 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling Please refer to basis of the ruling for issue 113.185 117. Surplus Sharing Post Liquidation and Payment of Claims between Islamic and Conventional Banking Funds With regard to the winding up of conventional banking institutions offering Islamic Banking Scheme (IBS), the SAC was referred to on the issue as to whether the surplus from the liquidation and payment of claims in Islamic banking fund may be utilised to cover deficit in the conventional banking fund or vice versa.186 Resolution The SAC, in its 26th meeting dated 26 June 2002 and 29th meeting dated 25 September 2002, has resolved that any banking institution offering IBS shall execute separate winding up process for its conventional and Islamic banking funds. Nevertheless, any surplus (after settlement of all liabilities) in one fund (conventional or Islamic) may be utilised to cover the deficit in the other fund. Basis of the Ruling The surplus from the liquidation process and claims payment in Islamic banking fund can be used to cover the deficit in conventional fund and vice versa. This is because the owner of the company (which is the shareholder) is the same entity and is responsible to return the principal or capital to the depositors regardless of whether the deposits are Islamic or conventional. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 188 185 Status of PIDM’s Claim Against Depositors’ Claim in the Event of Winding up of an Islamic Banking Institution. 186 This issue is specifically applicable in the context of IBS only. 118. Status of Conventional Fund Placed in Mudarabah Special Investment Account in the Event of Winding Up of Banking Institutions In 1995, Bank Negara Malaysia allowed IBS banking institutions to acquire funds from conventional banking operations and to place the fund under Mudarabah Special Investment Account for a minimum period of one year. This was to enable IBS banking institutions to provide Islamic financing facility in the event the institution is unable to obtain funds from the market. In this regard, the SAC was referred to ascertain the status of such conventional fund in the event of winding up of an IBS banking institution which is whether it is classified as mudarabah-based deposit or part of the shareholders’ fund. Resolution The SAC, in its 37th meeting dated 7 August 2003, has resolved that conventional fund placed in Mudarabah Special Investment Account is classified as mudarabah deposit and does not form part of the shareholders’ fund. Thus, the status of this Mudarabah Special Investment Account is similar to the status of other mudarabah deposits in the event of winding up of an IBS banking institution. Basis of the Ruling The aforesaid SAC’s resolution is based on the consideration that the agreement concluded between both parties is based on mudarabah and that the fund is intended for the purpose of mudarabah. In this regard, it carries the status of mudarabah in the event of winding up of the IBS banking institution. 189 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 119. Method for Profit Distribution In the current financial practices, the distribution of profit between the Islamic financial institution and customer is made at the gross profit level, which is the profit for the whole operation after deducting all direct expenses for all investment funds and the deposits received. The amount of net profit of the Islamic financial institution will be determined after deducting its operating expenses from the gross profit portion received by the Islamic financial institution. In this regard, the SAC was referred to on the issue as to whether the profit distribution method which is calculated based on gross profit is permissible. Resolution The SAC, in its 16th meeting dated 11 November 2000, has resolved that the profit distribution method based on gross profit is permissible. Basis of the Ruling The profit distribution method based on gross profit is aimed to safeguard the customers’ interest as investors or depositors since the financial institutions have to bear their own operating expenses. In musyarakah contract, the contracting parties may agree to choose either gross profit or net profit as the method for profit distribution.187 As for the mudarabah contract, the majority of scholars are of the opinion that the mudarib shall bear all indirect expenses. Therefore, profit distribution method at the gross profit level is in line with the aforesaid requirement. ACCOUNTING AND REPORTING STANDARDS IN ISLAMIC FINANCE 187 Muhammad Taqi Usmani, An Introduction to Islamic Finance, Idara Isha`at at-e-Diniyat, 1999, p. 66. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 190 191 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 188 Majmu`ah Dallah Barakah, Fatawa Nadawat al-Barakah, 1981 – 1997, p. 134, fatwa no. 8/2. 189 Surah al-Baqarah, verse 282. ”O believers! When you contract a debt from one another for a fixed period, put it (its amount and period of repayment) in writing. And let a scribe write it down between you justly (truthfully)...”189 120. Method for Revenue Recognition The SAC was referred to on the issue as to whether Islamic financial institutions may adopt accrual method to recognise revenue. Resolution The SAC, in its 16th meeting dated 11 November 2000, has resolved that the accrual method for revenue recognition is permissible. Basis of the Ruling According to Shariah, both cash and accrual methods are acceptable in recognising the revenue. In the context of current practices, the accrual method is preferable due to the changes in commercial practices that have become more diversified and varied. Accrual method is permissible on the basis that a party is entitled to the realised revenue even though it has not been received in cash yet.188 In view of its effectiveness in recording credit transactions, the accrual method is regarded as consistent with Islam that ordains credit transactions (such as sale with deferred payment) to be properly recorded. This is line with the following verse of the al- Quran: “(Decrees of) transaction goes around based on custom of a particular state and ambience of a place.”190 190 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 2, p. 951. 121. Application of “Substance over Form” Principle in Islamic Finance “Substance over form” is an accounting principle that emphasises on the financial reality of a particular transaction rather than its legal form. It also refers to financial reporting that records the whole economic effects of a transaction, or a series of related transactions, instead of reporting it merely from disjunctive contracts or legal perspective. For instance, in a sale and buy back contract, the financial reporting will record the overall effect of all contracts involved in the transaction, whereby the profit generated from the contracts will be recorded as the financing cost payable by the financee. In this regard, the SAC was referred to on the issue as to whether the application of “substance over form” principle in Islamic financial reporting is permissible. Resolution The SAC, in its 57th meeting dated 30 March 2006 and 71st meeting dated 26 - 27 October 2007, has resolved that in principle, “substance” and “form” are equally important and highly taken into consideration by the Shariah. In this regard, the Shariah emphasises that “substance” and “form” must be consistent and shall not contradict one another. In the event of inconsistency between “substance” and “form” due to certain factors, the Shariah places greater importance on “substance” rather than “form”. Notwithstanding the above, there is no Shariah objection on the adoption of the accrual method and this is consistent with the necessity (hajah) that arises from current practices. In addition, it is also in line with the following fiqh maxim: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 192 193 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 191 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 47. 192 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al- Masrafiyyah li al-Istithmar, 2000, v. 1, p. 550. Basis of the Ruling In current Islamic finance contexts, most of the underlying contracts in financial products, especially financing products, are contemporary contracts (`uqud mustajiddah). These new contracts contain collective elements derived from different traditional contracts (`uqud musamma) and the elements are binding on one another in a certain manner. The absence of any of the elements would curtail the objective of the contract. Independent reporting of a series of transactions involved in this new contemporary contract would raise ambiguity in the overall transactions. Therefore, there is a need to record the series of transactions involved in the new contract as one transaction only. This is based on the application of “substance over form” principle. The aforesaid consideration is also in line with the following fiqh maxim and the objective of the Shariah: “Matters are determined according to intentions.”191 “In contracts, effect is given to intention and meaning and neither words nor forms.”192 122. Application of Probability Principle The principle of probability refers to the practice of recording transaction although the contract has not yet been completely concluded. In this regard, assets will be recorded once there is a probability of economic resources inflow whilst liability will be recorded once there is a probability of economic resources outflow due to current obligation and its amount can be estimated with certainty. Instances of item recorded based on the principle of probability is wa`d (whether it is a binding promise or non-binding promise) and provision for impairment. Nevertheless, such practice is not meant to equalise promise and contract (aqad). Instead, it is aimed at notifying on the economic effect upon the execution of the arrangement. 193 Al-Amidi, Al-Ihkam fi Usul al-Ahkam, Dar al-Kitab al-`Arabi, 1983, v. 3, p. 317. 194 Al-Ghazali, Al-Mustasfa fi `Ilm al-Usul, Dar al-Kutub al-`Ilmiyyah, 1992, p. 286. 195 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 151. 196 Al-Ansari, Asna al-Matalib fi Syarh Rawd al-Talib, Dar al-Kutub al-`Ilmiyyah, 2000, v. 2, p. 2154. 197 Ahmad al-Zarqa’, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, p. 235. 198 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, 2000, v. 1, p. 468. 199 Al-Amidi, Al-Ihkam fi Usul al-Ahkam, Dar al-Kitab al-`Arabi, 1983, v. 3, p. 317. In this regard, the SAC was referred to on the issue as to whether the principle of probability in Islamic financial reporting is permissible. Resolution The SAC, in its 71st meeting dated 26 - 27 October 2007, has resolved that the application of probability principle in Islamic financial reporting is permissible as it does not contradict the general fiqh principles. Basis of the Ruling Some scholars are of the view that strong presumption (zan al-ghalib) may be taken into consideration in ascertaining a ruling. This has been discussed by a number of scholars such as Al-Amidi193, Al-Ghazali194 and Mustafa Al-Zarqa’195. In addition, the permissibility to apply the principle of probability in Islamic financial reporting is based on the following fiqh maxims: “The original state of thing is permissible.”196 “Consideration is based on the prevailing practice and not on the isolated cases.”197 “Whatever is close to something it would take the same ruling.”198 “Presumption shall be followed.”199 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 194 195 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 123. Application of Time Value of Money Principle The concept of time value of money refers to the difference in value of money received in cash vis-à-vis the value of money received on deferred basis in future. The difference between cash and deferred price is usually termed as revenue or expenditure of the financing. In this regard, the SAC was referred to on the issue as to whether the application of time value of money principle in Islamic financial reporting is permissible. Resolution The SAC, in its 71st meeting dated 26 - 27 October 2007, has resolved that the application of time value of money principle in Islamic financial reporting is permissible only for exchange contracts that involve deferred payment. However, it is strictly prohibited in debt-based transactions (qard). Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. There are discussions by jurists that allow higher deferred selling price as compared to cash selling price200, indicating that time factor may be taken into consideration in determining the selling price. In addition, Al-Kasani highlighted that any item that is purchased on deferred payment (al-ajl) is not allowed to be sold on murabahah basis unless the potential buyer is informed that the item has been purchased on deferred basis.201 200 Al-Syawkani, Nail al-Awtar, Dar al-Ma`rifah, 2002, v. 2, p. 1072; Al-Kasani, Bada`i al-Sana`i fi Tartib al-Syara`i, Dar Ihya’ al-Turath al-`Arabi, 2000, v. 4, p. 466. 201 Al-Kasani, Bada`i al-Sana`i fi Tartib al-Syara`i, Dar Ihya’ al-Turath al-`Arabi, 2000, v. 4, p. 466: 202 Al-Sarakhsi, Al-Mabsut, Dar al-Fikr li al-Tiba`ah wa al-Nashr, v. 13, p. 64: 196 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E ii. Al-Sarakhsi also highlighted similar view as follows: “Certainly something which is deferred is lower in terms of value as compared to something which is on spot.” 202 The above Sarakhsi’s view shows that the present time is higher in value as compared to the future. Thus, pricing in deferred sale should be marked up so as to ensure justice to the contracting parties particularly the seller who has to sacrifice the present consumption of money as the payment is not made in cash. Al-Kasani explains that if a sale involves deferred payment, such deferment warrants consideration (`iwad) in a form of money by way of price mark-up. However, the permissibility is limited to sale transactions only, while in debt-based transactions (qard), consideration in terms of money is not allowed for the deferment as it would tantamount to riba nasi’ah which refers to money begets money (al-naqd yalid al- naqd). However, it does not mean that Islam does not recognise time value of money in debt-based contract. This is because deferment in this contract is given consideration in terms of multiple rewards in the Hereafter, in line with its underlying principle of ihsan. On the other hand, sale and purchase contracts which are based on justice principle may accept increase in price due to the deferment. Apparently, should the principles of ihsan and justice be compared, ihsan would be of higher status than justice given that the former receives great reward in the Hereafter which is better than monetary reward.203 203 Al-Ghazali explained as follows: 204 Al-Bahuti, Kasshaf al-Qina` `an Matn al-Iqna`, Dar al-Fikr, 1982, v. 3, p. 496. 124. Deposit or Customer’s Investment Fund from Doubtful Sources The SAC was referred to on the issue as to whether Islamic financial institutions may accept application to open deposit account or investment account from a customer (individual or corporate company) without conducting investigation to ascertain whether the sources of the customer’s fund is permissible (halal), forbidden (haram) or a mixture of the two. Resolution The SAC, in its 58th meeting dated 27 April 2006, has resolved that Islamic financial institutions are allowed to accept application to open deposit account or investment account from a customer without conducting investigation to ascertain whether the sources of the customer’s fund are permissible (halal), forbidden (haram) or a mixture of the two. Notwithstanding this, the SAC has no objection for Islamic financial institutions to establish an internal screening process to ascertain whether the sources of the fund received are Shariah compliant. Basis of the Ruling The aforesaid SAC’s resolution has considered the following evidences and fiqh maxims: i. Hadith of Rasulullah SAW: “Al-Khalal reported based on narration from Ata’, he said, Prophet Muhammad SAW prohibited (Muslims) from running a partnership with Jew and Christian except if the transaction is under the supervision of the Muslim.” 204 OTHER MATTERS 197 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 205 Al-Bukhari, Sahih al-Bukhari, Dar Ibn Kathir, 1987, v. 3, p. 1068, hadith no. 2756. 206 Al-Syafii, Al-Umm, Bait al-Afkar al-Dawliyyah, (n.d.), p. 720. This hadith indicates that Rasulullah SAW allows Muslims to enter into partnership (musyarakah) transactions with non-Muslims even though their sources of fund are doubtful, provided that all the transactions or sales are under the supervision of Muslims. Apart from that, there are scholars who said that Rasulullah SAW would not be indebted to Jews who charge him interest. Instead, Rasulullah SAW was reported to have transacted in deferred payment transactions in which he had securitised his shield. It is reported in the following hadith: “From Aisyah (Allah Blessed her) said to the effect: On the day Prophet Muhammad SAW died, his shield was still mortgaged to a Jew for (his debt amounting to) 30 so` (a type of measuring tool) wheat owed to him.”205 ii. Since sources of funds in the present financial markets are complicated and diversified, Islamic financial institutions are exposed to the involvement of people who possess property gained through illegal or doubtful sources. Therefore, even though the intention to disallow the inflow of illegal funds to the Islamic financial systems is praiseworthy, it is not incumbent on the Islamic financial institution to investigate the legality of the sources of funds received because of its impracticality to appraise. This approach is in line with the following fiqh maxims which conclude that for matters which their true status are hard to determine, it is adequate for the appraisal to be based on its external appearance: “Ruling of something is based on the external appearance, whereas internal matter is left to Allah the All Knowing.” 206 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 198 “Ruling of something is based on the external factor, should it be impossible to comprehend the actual meaning.” 207 “Hence, among the beauty of Shariah is the determination of legal ruling based on the external factors, and deemed (these external factors) as an effective cause (illah), a ruling exists if the illah exists and vice versa.”208 “Mu`amalah is based on the external factors, undoubtedly internal matters are hidden and ruling cannot be based on the latter.” 209 125. Financing to a Party Who Explicitly Performs Non-Shariah Compliant Activities The SAC was referred to on the issue as to whether Islamic financial institutions may grant financing facilities to a party who performs non-Shariah compliant activities such as liquor industry, gambling activities, brothel and others. Resolution The SAC, in its 58th meeting dated 27 April 2006, has resolved that Islamic financial institutions are prohibited from granting financing to companies, bodies or individuals whose activities explicitly involve non-Shariah compliant elements such as gambling, liquor industry and brothel. 207 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 1, p. 4334. 208 Al-Subki, Al-Ashbah wa al-Nazha’ir, Dar al-Kutub al-`Ilmiyyah, 1991, v. 2, p. 190. 209 Ibnu Hajar al-`Asqalani, Fath al-Bari Syarh Sahih al-Bukhari, Dar al-Ma`rifah, 1959, v. 4, p. 302. 199 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 200 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 126. Application of Conventional Overdrafts to Cover Insufficiency in Wadi`ah Current Account The SAC was referred to on the issue as to whether a customer may use conventional overdrafts to cover any insufficiency in Wadi`ah Current Account. Resolution The SAC, in its 8th meeting dated 12 December 1998, has resolved that in principle, the use of conventional overdrafts to cover any insufficiency in Wadi`ah Current Account is contrary to Shariah. However, since conventional and wadi`ah accounts are customer’s rights and liabilities, Islamic financial institutions have no right to prohibit their customers from doing so. However, it is the duty of Islamic financial institutions to inform their customers that such practice is contrary to the Shariah. Basis of the Ruling The aforesaid SAC’s resolution is based on the account that the practice of using conventional overdrafts to cover insufficiency in Wadi`ah Current Account by a customer is beyond the control of the Islamic financial institutions. 210 Surah al-Ma’idah, verse 2. “…help one another in furthering virtue and God consciousness, and not in what is wicked and sinful…” 210 Basis of the Ruling The aforesaid SAC’s resolution is based on the account that such financing would result in the revenue of Islamic financial institutions being generated by non-Shariah compliant activities. The prohibition is consistent with the saying of Allah SWT as follows: 201 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 127. Commitment Fee on Unutilised Balance of Islamic Overdraft Facility or Revolving Credit A customer who has received Islamic overdraft and revolving credit facility from an Islamic financial institution will probably only use a portion of the facility at a particular time and will reserve the unutilised balance for future needs. This situation requires the Islamic financial institution to allocate a portion of money for the facility to the customer, thereby restricting the Islamic financial institution from utilising that allocation to finance other customers or other activities that would generate higher profit. In conventional banking practice, financial institutions will impose a commitment fee at a certain rate on the unutilised balance of the overdraft and revolving credit facility. The financial institutions will also observe the utilisation of the credit facility by their respective customers. If a customer does not utilise the credit facility after three months from the date of completion of the facility’s documentation, the financial institution will acquire a written verification/confirmation from the customer that the granted facility is still needed. If the customer fails to verify, the financial institution has the right to withdraw the facility. This practice aims to ensure that the customer does not apply for financing in excess of his actual needs and thereby denies the opportunity of other customers to obtain the credit facility. In this regard, the SAC was referred to on the issue as to whether Islamic financial institution may impose commitment fee on the remaining unutilised balance of the Islamic overdraft or revolving credit facility. Resolution The SAC, in its 12th meeting dated 24 February 2000, has resolved that the proposal to impose commitment fee on the remaining unutilised balance in Islamic overdraft or revolving credit is not allowed. Basis of the Ruling Since Islamic overdraft and revolving credit facility are based on bai` `inah or tawarruq contract, imposing commitment fee on the remaining unutilised balance of Islamic overdraft or revolving credit is contrary to the executed sale contract. Under bai` ̀ inah or tawarruq contract, once the sale contract is executed, the facility amount allocated to a customer belongs fully to him. 128. Islamic Financial Instrument as Underlying Asset in Conventional Transaction Several Islamic money market instruments have been introduced to facilitate market participants to manage their liquidity, where normally, these instruments are issued through direct tender to Islamic financial institutions only. Nevertheless, since these instruments are also traded in the secondary market, a number of conventional financial institutions which own these Islamic financial instruments (for example sukuk) were found to have been using these instruments as underlying asset in their conventional transactions (for instance repo) to fulfill their liquidity needs. In this regard, the SAC was referred to on the issue as to whether conventional financial institutions are allowed to use Islamic financial instruments as underlying asset in their conventional transactions. Resolution The SAC, in its 19th meeting dated 20 August 2001, has resolved that since the Islamic financial instruments are owned by the conventional financial institutions, it is the institutions’ right and choice to use the Islamic financial instruments as the underlying asset in any conventional transaction. However, those parties who transact conventionally will be held responsible for any transaction which is contrary to Shariah. Shariah compliance of the Islamic financial instruments used in conventional transactions is preserved as long as the executed transaction is not detrimental to the contract and fundamental features of the instruments. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 202 Basis of the Ruling The conventional financial transactions using Islamic financial instruments as the underlying asset do not affect the validity of the instruments since the contract and basic structure of the Islamic financial instruments remain unchanged and unaffected. Nevertheless, any Shariah ruling implication arising from the involvement in conventional transactions will have to be borne by the transacting parties. 129. Financial Market Instruments as Underlying Asset in Deferred Transaction Various assets have been produced as instruments in the financial market, among others, mudarabah-based assets (such as Mudarabah Investment Certificate) and debt-based assets (such as Islamic accepted bills and negotiable Islamic debt certificates). These assets are also used for various purposes including for charge/mortgage. In this regard, the SAC was referred to on the issue as to whether the aforesaid financial market instruments may be used as underlying asset in deferred transactions. Resolution The SAC, in its 19th meeting dated 20 August 2001, has resolved the following: i. Mudarabah Investment Certificate may be used as the underlying asset in deferred transaction, such as bai` `inah, because it is an asset which is possessed by its owner and it is not considered as a ribawi item; ii. Any debt-based asset shall not be transacted on deferred basis because every debt sale (bai` dayn) must be made on cash basis; and iii. A charged asset may be used as an asset in bai` `inah transaction with the consent of the chargee. 203 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E Basis of the Ruling The aforesaid SAC’s resolution is based on the following considerations: i. The sale of Mudarabah Investment Certificates by the certificate holder is identical to the trading of share certificates in which its permissibility has been verified; ii. A charged asset belongs to the chargor. As the ownership of the underlying asset in a bai` `inah transaction will be returned to the original owner, it does not affect any interest under the executed charge; and iii. The scholars unanimously agree that debt shall not be sold on deferred basis. 130. Mechanism in Determining the Amount of Settlement Price in Financial Market In the sale of Islamic debt securities, the sale price and early redemption price are determined at the time the sale contracts are concluded. Nevertheless, there are occasions in the financial market, particularly for the Islamic private debt securities, where the settlement amount and the initial agreed sale price differ. The price differences are due to the regulation imposed by the Real Time Electronic Transfer of Funds and Securities (RENTAS) system whereby the system imposes additional payment or compensation in calculation of dividend payment for the leap year.211 Such payment or compensation is also imposed if the dates in which the dividends are paid and the securities are redeemed fall on an unexpected public holiday. This practice is prevalent in the context of private debt securities without secondary notes. In this regard, the SAC was referred to on the issue as to whether such mechanism is allowed by Shariah. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 204 211 A year that consists of 366 days (once in every four years). Resolution The SAC, in its 21st meeting dated 30 January 2002, has resolved that the aforesaid mechanism in determining settlement price as practised in the financial system is contrary to the Shariah principles. This is because the total settlement price (dividends and principal sum) in Islamic private debt securities has to be equal to the total sale price as agreed at the time a contract is concluded. The SAC has also resolved that the late payment due to the unexpected public holiday shall not be a factor for imposition of any damages or compensation on the parties involved. Basis of the Ruling For Islamic private debt securities that are issued based on a sale contract, the price of the Islamic securities has already been determined at the time of the conclusion of the contract. Therefore, any differences in the payment amount are not allowed. In the event of excess payment, the recipient of the payment shall refund the excess amount to the payor. In addition, damages or compensation may only be imposed in cases of intentional late payment or due to negligence and carelessness. If the maturity date of the securities falls on an unexpected public holiday, no damages or compensation may be imposed as such situation does not tantamount to intentional late payment. 205 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 131. Restructuring and Rescheduling in Islamic Financing Agreement One of the features that differentiate Islamic financing documentation from conventional financing documentation is the requirement for a new legal document to capture every variation of terms and conditions since Islamic finance emphasises on agreement and mutual consent of contracting parties. This requirement becomes more apparent when it involves rescheduling and restructuring of a financing, especially for sale-based financing. In restructuring a sale-based financing which involves sale agreement, the original sale must firstly be terminated (fasakh) before concluding the new agreement. The effect of such requirement causes additional costs to be borne by the Islamic financing customers in terms of new legal fee and stamp duty for the new legal documents, unlike in the practice of conventional loan, where the contracting parties simply need to conclude a supplementary agreement to reschedule or restructure the loan. In this regard, the SAC was referred to on the proposal to insert a new paragraph in the Islamic financing facility agreement which verifies it as a rescheduling or restructuring agreement and that it has to be cross referred to the original agreement. However, in the event of restructuring, an issue arises regarding the termination of the cross reference to the original agreement. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the proposal to cross refer a rescheduling and restructuring Islamic financing agreement to the original agreement for the purpose of stamp duty exemption is permissible provided that it is done after termination of the original agreement. In relation to the case of restructuring, the SAC has recognised the cross reference method to the original agreement which has been terminated on the ground of maslahah, which is, to avoid double payment of stamp duty. In the 32nd meeting dated 27 February 2003, the SAC has also resolved that based on mutual agreement, the financing period for the customer may be extended without the need for a new contract, provided that both parties satisfy all concluded promises and the price imposed on the customer does not exceed the original sale price. S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 206 Basis of the Ruling Islamic financing can be arranged based on sale contract, ijarah, musyarakah, mudarabah, and others. In this regard, any changes to the duties of the financing receiver and financier must be referred to the concluded original agreement. In the context of a sale contract, normally the price has been fixed during inception of the contract. Therefore, any changes to the price require a new agreement in order to avoid riba and gharar (as the case may be). 132. Bidding Concept by Principal Dealer in Islamic Money Market A principal dealer in Islamic money market is responsible to bid at certain minimum amount for each sukuk issuance. However, it is observed that the said principal dealer’s responsibility is unlikely based on voluntary bidding concept. In this regard, the SAC was referred to on the issue as to whether bidding at certain amount for each sukuk issuance as practised by the principal dealer is in accordance with Shariah principles. Resolution The SAC, in its 26th meeting dated 26 June 2002, has resolved that the bidding concept as practised by the principal dealer in Islamic money market is Shariah compliant. Basis of the Ruling This concept is a business practice which has been determined by the authority or the regulator and is viewed as consistent with Shariah principles since there is no elements of riba, gharar and maysir. 207 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 208 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 133. Financing Settlement Through New Financing In Islamic financing scheme, there is a possibility where the customer would be facing cash flow problem and hence unable to pay to the Islamic financial institution during the financing period. To overcome this problem, there was a proposal to allow the customer to restructure his financing and issue debt securities or sukuk to the Islamic financial institution as a method of settling an existing financing facility. In this regard, the SAC was referred to on the issue as to whether financing settlement through the issuance of debt securities or sukuk to the original financier (which will indirectly create new financial obligation) is allowed by Shariah. Resolution The SAC, in its 38th meeting dated 28 August 2003, has resolved that the financing settlement through the issuance of Islamic debt securities to the original financier is permissible. Nevertheless, the rescheduling and restructuring method shall be implemented by taking into consideration the Shariah requirements such as, the existence of clear contract, Shariah compliant sale asset, and terms and conditions which are not contrary to Shariah. Basis of the Ruling Islamic restructuring of debt through a separate issuance of debt securities or sukuk to the original financier involves a scenario in which the existing contracting parties enter into another separate and independent contract. 209 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E “It is compulsory to validate a contract as possible as it could be.” 212 “The original method of ruling is all contracts are (deemed to be) valid.”213 Generally, there is no Shariah impediment (mani` syar`ie) for the contracting parties to execute another separate and exclusive contract amongst them. The issuance of debt securities or sukuk to the original financier is viewed as a transaction which does not affect the validity of the existing financing contract. This permissibility is seen as in line with the following fiqh maxims: 212 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 1, p. 297. 213 Ali Ahmad al-Nadwi, Jamharah al-Qawa`id al-Fiqhiyyah fi al-Mu`amalat al-Maliyyah, Syarikah al-Rajhi al-Masrafiyyah li al-Istithmar, 2000, v. 1, p. 297. 134. Undetermined Sale Price in Sale and Purchase Agreement The SAC was referred on the issue as to whether undetermined and uncertain sale price in sale and purchase agreement is acceptable. For instance, a clause regarding the definition of sale price is stated as follows: “Islamic financial institution will purchase the asset from the customer at a purchase price which will be determined later based on the terms and conditions of the agreement.” Resolution The SAC, in its 40th meeting dated 23 December 2003, has resolved that the undetermined and uncertain sale price in a sale and purchase agreement is not allowed. “From Abu Hurairah who said that Rasulullah SAW prohibited sale that is based on throwing of pebbles (hasat) and an uncertain sale (gharar).“214 Among the elements of gharar which annuls a financial transaction is gharar in the determination of price, whereby the sale is executed without determining the price, or the price is determined unilaterally or by a third party.215 135. Underlying Concept for Islamic Block Discounting Transaction As an alternative to credit companies for acquiring additional fund to be used as business revolving capital, an Islamic financial institution would like to implement Islamic block discounting concept based on bai` wadhi`ah which is a sale contract with a lower price than the acquisition cost. Briefly, Islamic block discounting involves the sale of ownership of a contracted right in an Islamic hire purchase (ijarah) agreement by a credit company on discount to the Islamic financial institution (financier). The credit company will be appointed as an agent to collect rent on behalf of the Islamic financial institution. If the credit company failed to surrender the rental collection to the Islamic financial institution within an agreed period, the Islamic financial institution will terminate the facility and take over the duty of direct rental collection. 214 Muslim, Sahih Muslim, Dar al-Mughni, 1998, p. 814, hadith no. 1513. 215 AAOIFI, Al-Ma`ayir al-Syar`iyyah, Standard no. 31 (Dabit al-Gharar al-Mufsid li al-Mu`amalat al-Maliyyah), 2003, paragraph 4. Basis of the Ruling The undetermined and uncertain sale price would lead to the element of gharar in a sale contract which is forbidden in Shariah because it would cause injustice and dispute. The sale price must be determined either by way of amount or by certain specific and definite methods agreed at the time of an agreement is concluded. Rasulullah SAW prohibits conclusion of contract or imposition of condition which contains element of gharar as mentioned in the following hadith: S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 210 In this regard, the SAC was referred to on the issue as to whether the application of bai` wadhi`ah concept as the underlying contract in Islamic block discounting transaction as proposed is allowed by Shariah. Resolution The SAC, in its 66th meeting dated 22 February 2007, has resolved that the application of bai` wadhi`ah concept for Islamic block discounting transaction is inappropriate. The SAC further resolved that bai` al-usul bi al-khasm (sale contract at discount) is more suitable underlying concept to be used as a takyif fiqhi in Islamic block discounting transaction. Basis of the Ruling It appears that the application of bai` wadhi`ah does not correspond to the features of Islamic block discounting transaction. This is because bai` wadhi`ah is a sale with a discount of the cost price, whereas Islamic block discounting is a sale with a discount of the cost price plus profit (principal + profit). In this regard, bai` al-usul bi al-khasm is viewed as the more appropriate underlying concept to be used as takyif fiqhi in Islamic block discounting transaction. Although there is no juristic discussion and classical fiqh literature on bai` al-usul bi al-khasm, it is an acceptable concept in the context of current practice. The term usul refers to the underlying asset in the hire purchase agreement that also covers the economic value generated from the asset. 211 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 212 213 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E GLOSSARY S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 214 GLOSSARY 215 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Akad istithaq Contract of guarantee Akad isytirak Contract of partnership such as mudarabah and musyarakah Akhz al-ajr `ala al-jah Charging fee for someone’s reputation Akhz al-ju`l `ala ruqyah min al-Quran Charging fee for treatment/ medication using verses of al-Quran Al-`adah muhakkamah Common practice as basis of the ruling Al-ajl Deferment Al-bai` Sale contract Al-bai` wa al-salaf Sale contract with credit term Al-ijarah thumma al-bai` Lease contract followed by ownership of asset through a sale contract Al-jam`u baina `aqd al-qardh wa `aqd al-mu`awadhah Combination of a loan contract and an exchange contract Al-muqasah al-ittifaqiyyah Offsetting by mutual agreement of contracting parties Al-muqasah al-jabariyyah Offsetting by order of the authority Al-naqd yalid al-naqd Money begets money S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 216 TERMS EXPLANATION Al-wa`d bi al-tamlik Promise to own or acquire ownership Bai` `inah Sale contract followed by repurchase by the seller at a different price Bai` dayn Sale of debt Bai` al-dayn bi al-dayn Sale of debt with debt Bai` sarf Sale of currency Bai` al-usul bi al-khasm Sale of asset at discount Bai` al-kali’ bi al-kali’ Refer bai` al-dayn bi al-dayn Bai` bithaman ajil Sale contract based on deferred payment at certain price Bai` mu’ajjal Refer bai` bithaman ajil Bai` muzayadah Sale contract based on bidding or auction Bai` salam Sale contract based on order of certain asset with certain specifications. Full payment is made in cash at the time of conclusion of the contract whereas the delivery of the asset is deferred to a specified time 217 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Bai` wadhi`ah Sale contract with a price lower than acquisition cost Bai`atain fi al-bai`ah Two sales contracts within one sale contract Dayn ghair thabit Debt which is not yet established Dayn mustaqir Debt which the liability to pay is established Dayn thabit Debt which is fixed Dhaman Guarantee Dharar Harm Dhawabit Guidelines Dho` wa ta`ajjal Reducing the amount of debt when the debtor make early settlement Facultative Retakaful agreement executed between a takaful company and another takaful company (including conventional insurance company), and the takaful company which underwrites the risks is having the option to distribute or cede whereas the latter or conventional insurance company has the option to receive or refuse the risks Faraid The knowledge or rules on estate distribution according to Islamic principles S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 218 TERMS EXPLANATION Fasakh Termination Fasid Defective, invalid Fiqh muamalat A discipline of knowledge that discusses the rules relating to human affairs Fuqaha Fiqh scholars Gharamah Fine/penalty Gharar Uncertainty Gharar yasir Minimal uncertainty Ghasb Confiscation or unlawful seizure of property Hajah Need Hamish jiddiyyah Security deposit Hibah ruqba A gift during the lifetime of the giver or recipient of hibah with a condition that the death of a party (either the giver or recipient of hibah) is the effective condition for ownership of the property by the surviving party Hibah umra A gift during the lifetime of the recipient or giver of hibah on the condition that the property will be returned to the giver in case of death of the recipient 219 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Ibra’ Rebate/waiver of partial or total claim against certain right or debt Ibra’ mu`allaq Ibra’ which is subject to certain condition and if the condition is satisfied, the ibra’ will be given Ibra’ muqayyad Ibra’ which is limited by certain condition Ijarah Lease or service contract that involves benefit/usufruct of certain asset or work for an agreed payment or commission within an agreed period Ijarah muntahia bi al-tamlik Lease contract which ends with acquisition of ownership of the asset by the lessee Ijtihad Rigorous thinking and efforts by scholars who have attained the degree of mujtahid in order to issue certain Shariah ruling definitely in a matter which is not clearly provided in al-Quran or Sunnah `Illah Effective cause Isqat al-haq Waive of right Istiqrar ta`amul Smooth running of market Istisna` Sale contract by way of order for certain product with certain specifications and certain mode of delivery and payment (either in cash or deferred) S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 220 TERMS EXPLANATION Istisna` muwazi Parallel istisna’ Ittifaqiyyah Mutual agreement `Iwad Consideration Jumhur Majority Kafalah Guarantee Kafalah bi al-Ujr Guarantee with fee Kafil Guarantor Makful `anhu Guaranteed party Makful lahu Recipient of guarantee or beneficiary Mani` Syar`ie Shariah impediment Marhun Charged property Maslahah Public interest Masnu` Manufactured item Maysir Gambling Mu`ayyan bi al-zat Clearly identifiable and determinable in terms of location, quantity and quality Mubara’ah Mutual waiving of right Mudarabah Profit sharing contract 221 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Mudarib Entrepreneur of a mudarabah joint venture Mulzimah Binding Muqaradah Refer mudarabah Muqasah Offsetting Muqtada al-`aqd Objective of the contract Murabahah Sale contract with a disclosure of the asset cost price and profit margin to the buyer Murtahin A party who asks for collateral Musahamah Mutual contribution Musawamah Sale contract without the disclosure of the asset cost price and profit margin to the buyer Musya` A feature of a jointly owned asset that cannot be separated or divided Musyarakah Profit and loss sharing Musyarakah mutanaqisah A contract of partnership that allows one (or more) partner(s) to give a right to gradually own his share of the asset to the remaining partners based on agreed terms Musyarik Partner S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E 222 TERMS EXPLANATION Muta`arafan Becoming common practice Muwa`adah mulzimah Binding promise of both parties Nafaqah Cost of liability Qabd Possession over a particular asset Qard Loan contract Qard hasan Benevolent loan Qawl al-jadid New opinion Qawl al-qadim Earlier opinion Qimah ismiyyah Nominal price Qimah suqiyyah Market price Qiradh Refer mudarabah Qiyas Analogy Rabbul mal Capital owner/investor Rahin Chargor Rahn Pledge/charge Rahn al-musya` Charge on a jointly owned asset Rahn rasmi Surrender of charge via formal record in the registry of the authority 223 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Sadd zarai` Shariah approach in blocking the means that may lead to a person’s involvement in forbidden matters Sighah The pronunciation of offer and acceptance Siyasah Syar`iyyah Basis and approach taken by the ruler for the interest of the nation and the people which is in line with Shariah principles Sukuk Islamic securities/bonds Sukuk commodity murabahah Islamic securities based on tawarruq contract Sukuk ijarah Islamic securities based on ijarah contract Syahadah al-dayn Debt certificate Syubhah Doubt Ta`awun Helping each other Ta`widh Compensation Tabarru` Voluntary donation/contribution Takaful A scheme which is based on the spirit of cooperation and helping each other by providing financial assistance to participants when needed and all participants mutually agree to give contribution for the said purpose 224 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Outward retakaful Distribution of underwritten risks by a takaful company to another takaful company or a conventional insurance company Inward retakaful Acceptance of risks by a takaful company from another takaful company Taklufah Actual cost Takyif Adaptation Takyif fiqhi Fiqh adaptation Tanazul Waive of the entitlement to claim Taqyid Limiting Tasarruf Dealing Tawarruq/ commodity murabahah Purchasing an asset with deferred price, either on the basis of musawamah or murabahah, then selling it to a third party to obtain cash Tawatu’ Pre-arrangement 225 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Treaty Retakaful agreement between a takaful company and another takaful company (including conventional insurance company) which requires the takaful company to distribute or cede its underwritten risks and the takaful company or conventional insurance company which had concluded the agreement shall undertake the risks Ujr `ala wakalah Agency fee Ujrah Commission `Uqud mu`awadhat Contracts of exchange `Uqud musamma Contracts which are known amongst the scholars, mentioned in classical fiqh literature and precisely explained in the sources of rulings (such as al- Quran and Sunnah) `Uqud mustajiddah Contemporary contracts `Urbun Down payment/deposit `Urf Common practice which is acceptable by the community and does not contradict the Shariah rulings `Urf tijari Common business practice which is acceptable by the community and does not contradict the Shariah rulings Wa`d Promise Wa`d bi al-syira’ Promise to buy 226 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E TERMS EXPLANATION Wa`d mulzim Binding promise Wadi`ah Safe keeping contract in which a party entrusted his property to another party for safe keeping and to be returned upon request Wadi`ah yad amanah Safe keeping contract based on trust Wadi`ah yad dhamanah Safe keeping contract with guarantee Wakaf A form of endowment by an owner of a property for public benefit and wellbeing which is allowed by Shariah Wakalah Agency contract Wakalah bi al-istithmar Agency contract for investment Wasi A person appointed to execute a will Zari`ah ila riba Means leading to riba Zan al-ghalib Presumption that is closer to certainty Zimmah Liability 227 S H A R I A H R E S O L U T I O N S I N I S L A M I C F I N A N C E For further information about this publication, please contact: Director Islamic Banking and Takaful Department Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur, Malaysia Telephone : +(603) 2698 8044 Facsimile : +(603) 2693 3826 In reproducing or quoting the contents, notifications of sources are required. Price: RM35.00 per copy www.bnm.gov.my
Public Notice
28 Jun 2011
Beware of Scams Requesting for Banking Information
https://www.bnm.gov.my/-/scam-bank-info-2806-2011
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Reading: Beware of Scams Requesting for Banking Information Share: Beware of Scams Requesting for Banking Information Release Date: 28 Jun 2011 Bank Negara Malaysia would like to caution members of the public of the phishing attempts by fraudsters using Bank Negara Malaysia’s name to deceive members of the public in disclosing their personal banking details. Intended victims receive emails, sms or calls purportedly from Bank Negara Malaysia informing them that Bank Negara Malaysia is now collecting personal banking information to update its database or as a "fraud department" alert.  Once a victim is contacted they would request for the disclosure of personal financial details such as credit or debit cards details including card code verification (CCV) or other personal identification numbers (PIN). Members of the public are reminded to ignore such request and to refrain from giving personal banking information to anyone under any circumstances. Financial institutions, including credit card issuers and Bank Negara Malaysia and all banking institutions will never request for personal banking information when contacting customers, be it via telephone calls, SMS or emails. For more information on financial scams activities, visit the financial fraud alert site at http://fraudalert.bnm.gov.my. Members of the public can contact or visit: BNMTELELINK (Customer Contact Centre) Tel: 1-300-88-5465 Fax: (03)2174 1515 Email: [email protected] To submit enquiries or complaints, type 15888 BNM TANYA [your enquiry/complaint] BNMLINK (Walk-in Customer Service Centre) Block D, Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur (Business hours: Monday - Friday, 9:00 am - 5:00 pm) Or Visit BNMLINK branches in Bank Negara Malaysia Johor Bahru, Penang, Kuala Terengganu, Kota Kinabalu and Kuching or Call ABMConnect (Hotline to Association of Banks in Malaysia) Tel: 1-300-88-9980 © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
15 Jun 2011
Beware of Email Scam Requesting for Banking Information
https://www.bnm.gov.my/-/email-scam-15062011
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Reading: Beware of Email Scam Requesting for Banking Information Share: Beware of Email Scam Requesting for Banking Information Release Date: 15 Jun 2011 Bank Negara Malaysia would like to caution members of the public of phishing attempts using Bank Negara Malaysia's name to deceive members of the public in disclosing their personal banking details. * Please do not respond to such query. Do NOT reveal your personal financial information. This is NOT from Bank Negara Malaysia. For further enquiries or advice, members of the public can contact or visit Bank Negara Malaysia at: BNMTELELINK (Customer Service Call Centre) Tel: 1-300-88-5465 Fax: 03-2174 1515 Email: [email protected] (Business hours: Monday - Friday, 9:00 am - 5:00 pm) To submit enquiries through SMS service, type: BNM TANYA [your enquiry/complaint] and send to 15888 (Sender will be charged RM0.15 for sending a message and RM0.20 for receiving a message by the telecommunications service provider) BNMLINK (Customer Service Walk-In Centre) Bank Negara Malaysia, Ground Floor, Block D Jalan Dato' Onn, 50480 Kuala Lumpur (Business hours: Monday - Friday, 9:00 am - 5:00 pm) © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
08 Jun 2011
Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-08062011
https://www.bnm.gov.my/documents/20124/761706/Classification_Impairment_Provisions_for_LoansFinancing_20150406.pdf
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Reading: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 08 Jun 2011 Guidelines on Classification and Impairment Provision for Loans/Financing has been updated. The PDF format document are available for download via the URL provided below: Download Link © 2024 Bank Negara Malaysia. All rights reserved.
Liquidity Framework Issued on: 6 April 2015 Classification and Impairment Provisions for Loans/Financing BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Issued on: 6 April 2015 SECTION A .......................................................................................................................... 1 1. Introduction ................................................................................................................ 1 2. Applicability ............................................................................................................... 1 3. Legal Provision .......................................................................................................... 2 4. Effective Date ............................................................................................................ 2 5. Documents Superseded ............................................................................................ 2 SECTION B .......................................................................................................................... 3 6. Compliance with the Malaysian Financial Reporting Standards (MFRS) .................... 3 7. Board and Senior Management Oversight ................................................................. 3 8. Credit Risk Grading ................................................................................................... 6 9. Rescheduled and Restructured Loans/Financing ....................................................... 8 10. Sound Loan/Financing Impairment Methodology ..................................................... 10 11. Use of Experienced Credit Judgment ...................................................................... 12 SECTION C ........................................................................................................................ 15 12. Classification of Loans/Financing as Rescheduled and Restructured in the Central Credit Reference Information System (CCRIS) ........................................................ 15 13. Classification of Loans/Financing as Impaired ......................................................... 15 14. Individual Impairment Provisions ............................................................................. 17 15. Maintenance of Regulatory Reserves ...................................................................... 18 16. Capital Adequacy Ratio ........................................................................................... 18 BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 1/18 Issued on: 6 April 2015 SECTION A 1. Introduction 1.1. This policy document sets out the minimum requirements on the classification of impaired loans/financing and impairment provisioning for loans/financing. A banking institution is expected to meet the requirements in this policy document and be able to demonstrate that internal policies and practices are consistent with the requirements. 1.2. This policy document shall be read together with the Best Practices for the Management of Credit Risk issued by Bank Negara Malaysia that are relevant to classification and provisioning practices. In particular, a banking institution shall refer to the best practices therein relating to the oversight functions of the board of directors, senior management and internal audit; maintenance of adequate policies and procedures; and maintenance of effective credit risk management processes. 1.3. Loans/financing for the purpose of this policy document includes all facilities1 provided by a banking institution to a customer which give rise to credit exposure to the customer. 2. Applicability 2.1. This policy document is applicable to a licensed bank, a licensed Islamic bank, and a licensed investment bank (collectively referred to as ‘banking institution’). 1 Including but not limited to advances, trade-related receivables, credit card and block-discounting facilities. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 2/18 Issued on: 6 April 2015 3. Legal Provision 3.1. This policy document is issued pursuant to section 47 of the Financial Services Act 2013 and section 57 of the Islamic Financial Services Act 2013. 4. Effective Date 4.1. The requirements in this policy document are effective for financial years beginning on or after 1 January 2015, except for the following: (i) the requirements in paragraph 12 shall apply to loans/financing that are rescheduled and restructured on or after 1 April 2015; and (ii) the requirement in paragraph 15.2 shall be effective beginning 31 December 2015. 5. Documents Superseded 5.1. The following documents are superseded: (i) Classification and Impairment Provisions for Loans/Financing dated 9 November 2011; and (ii) Classification and Impairment Provisions for Loans/Financing – Maintenance of Regulatory Reserves dated 4 February 2014. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 3/18 Issued on: 6 April 2015 SECTION B 6. Compliance with the Malaysian Financial Reporting Standards (MFRS) 6.1. A banking institution shall ensure that the loan/financing impairment assessment and provisioning comply with the requirements specified under the MFRS on financial instruments. 7. Board and Senior Management Oversight 7.1. The board and senior management of a banking institution are responsible to ensure that appropriate credit risk assessment, control and provisioning processes are in place and operating effectively to maintain impairment provisions for loans/financing at an appropriate level. The board must reasonably assure that the credit risk assessment processes and internal controls are appropriate to the size, nature and complexity of the banking institution’s lending/financing operations. In particular, the credit risk assessment processes and controls should enable a banking institution to consistently determine impairment provisions for loans/financing in accordance with the banking institution’s approved policies and procedures, applicable MFRS and the Bank’s expectations in this policy document. 7.2. The board shall be satisfied that: (i) the banking institution’s internal control and loan/financing review function provides adequate assurance of internal compliance with the banking institution’s internal policies and procedures on classification and provisioning for loans/financing; (ii) the banking institution’s processes and systems for identifying, classifying, monitoring and addressing loans/financing with credit quality problems in a timely manner are adequate; BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 4/18 Issued on: 6 April 2015 (iii) appropriate information about the credit quality of the loan/financing portfolio and related provisions is provided to senior management and the board on a regular and timely basis; and (iv) management judgment has been exercised in an appropriate manner and is reasonable. The board shall have policies that call for the review of the banking institution’s lending/financing and credit risk assessment functions on a periodic basis, with recommendations for improvements, where appropriate. 7.3. In assessing the methods employed by the banking institution to calculate impairment provisions for loans/financing, the board shall be satisfied that: (i) the procedures used by the banking institution to establish impairment provisions on individually impaired loans/financing are prudent and based on cash flow projections that take into account economic conditions; (ii) the framework for establishing collectively assessed impairment provisions is adequate and that the methodology used is reasonable; (iii) aggregate (individual and collective) impairment provisions are appropriate in relation to total credit risk exposure in a loan/financing portfolio; (iv) loans/financing (or portions thereof) determined to be uncollectible have been recognised in a timely and appropriate manner through provisions or write-offs; and (v) the banking institution is following policies and practices that are consistent with the expectations in this policy document. 7.4. The board shall approve write-off policies for loans/financing and these policies shall include the circumstances, conditions and approving authority under which a loan/financing can be written-off. The policies should also address BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 5/18 Issued on: 6 April 2015 appropriate monitoring and reporting mechanisms on recovery efforts made and to be undertaken by the banking institution. The board may also consider requiring information on write-offs and recoveries of large loans/financing to be reported to the board. 7.5. Senior management is responsible for the development and effective implementation of the impairment provisions framework and policies on the write-off of loans/financing approved by the board. This includes ensuring that: (i) internal policies, procedures, and processes on provisioning are clearly communicated to all relevant personnel. There should be formal channels for communication and coordination among those involved in the credit risk assessment, measurement and control process, including the banking institution’s credit administration, financial reporting, internal audit and risk management functions; (ii) an appropriate, systematic and consistently applied process is adopted to determine impairment provisions for loans/financing. Such process should facilitate timely capturing of new or additional information about the collectibility of loans/financing for the purpose of determining impairment provisions when such information becomes available; and (iii) prudent and proper monitoring of impaired loans/financing including the recovery of written-off loans/financing is enforced. 7.6. The board and senior management shall take appropriate steps to obtain assurance that the expectations set out in this policy document are being met as intended. This includes ensuring that appropriate information about the credit quality of the loans/financing portfolio is maintained at a sufficiently granular level to enable a review to be undertaken for the purpose of ensuring that the classification of loans/financing is appropriate. In addition to information on individual loans/financing with credit quality problems (including rescheduled and restructured facilities), information on loans/financing for BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 6/18 Issued on: 6 April 2015 which modifications have been made to the original repayment terms and conditions but which are not driven by an increase in the credit risk or intended to mitigate the repayment risk associated with the loans/financing granted should also be maintained to test that such loans/financing are not impaired. 8. Credit Risk Grading 8.1. A banking institution shall have in place a systematic and consistently applied process to reliably classify loans/financing on the basis of credit risk. This should support the prudent valuation of loans/financing and determination of appropriate impairment provisions for loans/financing. For this purpose, a banking institution may adopt a credit risk grading system or categorisation based on repayment conduct (e.g. payment delinquency status) which must appropriately reflect the risks associated with loans/financing granted by the banking institution. The Bank expects that larger loans/financing would be classified on the basis of a credit risk grading system, while other smaller loans/financing or loans/financing with homogeneous characteristics and managed on a portfolio basis may be classified on the basis of either a credit risk grading system or repayment conduct. 8.2. The credit risk grading system should be able to differentiate at a sufficiently granular level, the degree of credit risk inherent in the various credit exposures of a banking institution. The level of granularity should facilitate a more accurate determination of the overall characteristics of the loan/financing portfolio, probability of default and ultimately the adequacy of impairment provisions for loans/financing. The grading system should address the definitions of each credit risk grade. The delineation of responsibilities for the design, implementation, operation and performance of the system should also be clearly defined and documented. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 7/18 Issued on: 6 April 2015 8.3. A credit risk grading system should take into account a customer’s current financial condition and paying capacity2, and other customer and facility specific characteristics (which may include the current value and realisability of collateral) that affect the prospects for collection of outstanding debt/financing (including interest/profit). In general, the credit risk grading system should be consistently applied for credit risk assessment, financial reporting and capital adequacy3 purposes, except in circumstances where regulatory requirements prescribe a more conservative treatment4. 8.4. A banking institution shall exercise prudence in the upgrading of the status of any loans/financing. The upgrading of the status of any loans/financing should be supported by a clear demonstration of a sustained trend of improvement in the repayment capability, gearing, associated cash flows and financial position of a customer. A banking institution or other institutions in the same group should not grant new credit to a defaulting customer for the settlement of arrears in order to justify an improved credit risk grading5. 8.5. Credit risk grades should be reviewed and updated whenever relevant new information is obtained or received by a banking institution. Loans/financing to which credit risk grades are assigned should receive a periodic formal review to reasonably assure that those grades are accurate and up-to-date. Credit risk grades for individually assessed loans/financing shall be reviewed at least annually. Loans/financing that are either large, complex, higher risk or which are classified as problem credits should be reviewed more frequently and, as 2 For rescheduled and restructured facilities, the assessment of the financial condition of the customer and the ability of the customer to repay shall be based on the rescheduled and restructured terms. 3 Applicable for a banking institution adopting the Internal Ratings-Based Approach for credit risk. 4 For example, Basel II allows a single event (i.e. 90 days past due) to determine the classification of ‘non-performing’ which then warrants a higher risk weight. Under the MFRS on financial instruments, such an event by itself may not provide sufficient evidence of impairment. 5 Excluding rescheduled and restructured loans/financing as set out in paragraph 9 of this policy document. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 8/18 Issued on: 6 April 2015 and when new information becomes available. 9. Rescheduled and Restructured Loans/Financing 9.1. A rescheduling and restructuring of a loan/financing facility involves any modification made to the original repayment terms and conditions6,7 of the loan/financing facility following an increase in the credit risk of the customer. A banking institution must have in place policies approved by the board which define the circumstances and conditions under which a loan/financing may be rescheduled or restructured. The policies should: (i) establish controls to avoid ‘ever-greening’ of loans/financing, including defining situations where loans/financing may be rescheduled or restructured more than once, and establish appropriate provisioning policies with respect to such loans/financing; (ii) ensure compliance with Shariah rules and principles in respect of the rescheduling or restructuring of Islamic financing facilities. This may include administrative policies on the performance of a new agreement (‘aqad) determination of new selling price and the treatment of charges (e.g. policy on non-capitalisation of compensation amounts in relation to the restructured financing); and (iii) define a minimum repayment period (based on the revised and restructured term) to be continuously observed before the rescheduled and restructured facilities can be reclassified as non-impaired. Such repayment period shall not be less than 6 months. For the avoidance of doubt, any modification made to a loan/financing where 6 This includes but is not limited to an extension of tenure and flexible repayment schedule including payment vacation, interest/profit-only payments, or capitalisation of principal or interest/profit or both. 7 Irrespective of whether the modification is carried out pursuant to a clause provided in the original repayment agreement. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 9/18 Issued on: 6 April 2015 the principal is scheduled to be paid at the end of the tenure in one lump sum payment shall be deemed to be indicative of an increase in the credit risk of the customer. 9.2. A banking institution must reassess the customer’s financial position, having regard to all relevant circumstances surrounding the customer’s financial condition and prospects for repayment, before a loan/financing can be rescheduled or restructured. In addition, adequate resources must be allocated to closely monitor and follow up on the performance of rescheduled and restructured loans/financing. 9.3. The Bank acknowledges that in specific and exceptional circumstances, such as when customers are affected by natural disasters, rescheduling and restructuring exercises may involve the granting of a moratorium on loan/financing repayments. As part of sound credit management practices, a banking institution is expected to establish clear parameters and internal processes for the consideration of moratorium on loan/financing repayments, including proper authority for the approval of the moratorium. These processes should also be subject to adequate monitoring and review by an independent function. 9.4. Where a moratorium on loan/financing repayments is granted under paragraph 9.3, the moratorium shall be for a period of not more than 6 months from the date of the customer’s application for the moratorium. 9.5. Senior management (or Credit Committee) should receive periodic reports on the performance of rescheduled and restructured credit facilities. The reports should provide adequate information, including default status and the frequency of rescheduling or restructuring for the same customer, to facilitate senior management’s (or Credit Committee’s) oversight of compliance with the BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 10/18 Issued on: 6 April 2015 banking institution’s internal policies on rescheduling and restructuring and assessment of risks associated with the loan/financing portfolio. Any material impact on the risk profile of the banking institution should be raised to the board’s attention in a timely manner. A banking institution shall make available these reports for the Bank’s review. 9.6. The Bank may direct the board of a banking institution to take appropriate remedial actions to address any deficiencies in controls or provisions for rescheduled and/or restructured loans/financing if there is evidence of restructuring or rescheduling for the purpose of ‘ever-greening’ loans/financing. 10. Sound Loan/Financing Impairment Methodology 10.1. A banking institution shall develop and implement a sound loan/financing impairment methodology to identify, monitor, measure and report the quality of the loan/financing portfolio. The methodology should be supported by sound analysis, procedures and information systems, and should include criteria for the early identification and reporting of potential problem loans/financing to ensure that they are appropriately monitored, administered and provided for when required. 10.2. The loan/financing impairment methodologies employed must be systematic, applied consistently from period to period and incorporate a sufficient level of prudence. The methodologies must also be reviewed at regular intervals and any changes in the methodologies employed must be justified and approved at the appropriate management level. The same information should be utilised by management to monitor the condition of the loan/financing portfolio and in the banking institution’s methodology for determining amount of loan/financing loss provisions for financial reporting and capital adequacy purposes. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 11/18 Issued on: 6 April 2015 10.3. The loan/financing impairment methodology should include, among others, the following: (i) written policies and procedures for the credit risk systems and controls inherent in the methodology, including roles and responsibilities of the board and senior management; (ii) a detailed analysis of the entire loan/financing portfolio, performed on a regular basis. This should be based on all available and reliable data, incorporate management’s experienced judgment about the credit quality of the loan/financing portfolio and consider all known relevant internal and external factors that may affect loan/financing collectability (such as industry, geographical, economic, and political factors); (iii) the identification of loans/financing to be evaluated for impairment on an individual basis and the basis for segmentation of the remainder of the portfolio into groups of loans/financing with similar credit risk characteristics (such as loan/financing type, product type, market segment, credit risk grading and classification, collateral type, geographical location and past-due status) for evaluation and analysis on a collective basis; (iv) for individually assessed loans/financing that are impaired, the process for determining and measuring the amount of any impairment, including procedures on the appropriate impairment measurement techniques to be applied in a given situation; (v) how loss rates are determined (e.g. historical loss rates adjusted for environmental factors or migration analysis) and what factors are considered when establishing appropriate time frames over which to evaluate loss experience; (vi) the consideration of recoverable collateral values (less disposition costs associated with obtaining and selling collateral) and other credit risk mitigants, where applicable; (vii) policies and procedures for loan/financing write-offs and recoveries; and (viii) the methods used to validate models used for credit risk assessment BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 12/18 Issued on: 6 April 2015 and management (e.g. stress tests and back tests). 10.4. Functions associated with implementing the loan/financing impairment methodology should be performed by competent and well-trained personnel and properly documented, with clear explanations of the supporting analyses, assumptions used and rationale. 10.5. Reviews of the loan/financing loss methodologies and its application should be performed by an independent function (either an internal unit of the banking institution or external party) at regular intervals. The results of such reviews shall be reported to the board and senior management to provide reasonable assurance that the loan/financing loss provisions are reliable. The appropriateness of a banking institution’s loan/financing methodologies, including any deficiencies identified by the independent function, shall also be subject to periodic reviews by the internal audit. A banking institution shall promptly address any deficiencies identified by the independent function and/or internal audit and report on remedial actions to the board. 11. Use of Experienced Credit Judgment 11.1. Credit judgment used to complement historical loss experience or observable data in assessing the loan/financing impairment provisions shall be exercised by an appropriate level of management. Where experienced credit judgment is used, it shall be subject to: (i) a prudently limited scope for discretion; (ii) appropriate parameters established and approved by the board for the use of experienced credit judgment to enable an understanding and validation of the basis for the judgments made. Any deviation from these parameters, must be well justified and documented; (iii) consistent application of an approved and documented analytical BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 13/18 Issued on: 6 April 2015 framework for assessing loan/financing quality to support the experienced judgment; (iv) the use of reasonable and supportable assumptions that are adequately documented. Assumptions concerning the impact on customers of changes in general economic activity, both favourable and unfavourable, should be made with sufficient prudence; and (v) consistent use of a broad range of available and relevant data. 11.2. The method of determining impairment provisions for loans/financing should provide reasonable assurance of the timely recognition of loan/financing losses. Management shall consider all relevant factors that are likely to cause loan/financing losses to differ from historical loss experience. The factors include: (i) changes in credit/financing policies and procedures, including underwriting standards and collection, write-off, and recovery practices; (ii) changes in international, national and local economic and business conditions and developments, including the condition of various market segments; (iii) changes in the trend, volume and severity of past due loans/financing and loans/financing graded as low quality. This should include observations of trends in the volume of impaired loans/financing, troubled debt restructurings and other loan/financing modifications; (iv) changes in the experience, ability, and depth of management and staff involved in the credit function; (v) changes related to new market segments and products; (vi) changes in the quality of the banking institution’s loan/financing review system and the degree of oversight by the banking institution’s board and senior management; (vii) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 14/18 Issued on: 6 April 2015 (viii) the effect of external factors such as competition and, legal and regulatory requirements on the level of estimated credit losses in the banking institution’s current portfolio; and (ix) changes in the credit risk profile of the loan/financing portfolio as a whole. 11.3. Provisions for collective impairment should be sufficiently prudent to absorb the inherent credit losses in the loan/financing portfolio. The Bank expects a banking institution to maintain sufficient loss data to support loan/financing loss estimates for the purpose of establishing the level of collective impairment provisions for groups of loan/financing with similar credit risk characteristics. A banking institution shall ensure that the period for maintaining data is appropriate to yield reliable loss rates for a particular group of loans/financing. When using the historical loss rates to estimate the expected cash flows for groups of loan/financing, the historical loss experience shall be adjusted to reflect the current economic conditions (i.e. remove the effects of conditions in the historical period that do not exist currently on the basis of current observable data and developments). BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 15/18 Issued on: 6 April 2015 SECTION C 12. Classification of Loans/Financing as Rescheduled and Restructured in the Central Credit Reference Information System (CCRIS) 12.1. A banking institution shall classify a loan/financing described in paragraph 9 as a rescheduled and restructured loans/financing in CCRIS, except in the following circumstances: (i) where a moratorium on loan/financing repayments granted is in line with paragraphs 9.3 and 9.4; (ii) the loan/financing is rescheduled or restructured by Agensi Kaunseling dan Pengurusan Kredit (AKPK); and (iii) for retail loans/financing, where a banking institution elects not to increase the instalment amount following an increase in the base rate/base lending rate in cases where the increase is less than RM50 per month8. 12.2. A banking institution shall only remove the rescheduled and restructured classification in CCRIS when the rescheduled and restructured loans/financing has been reclassified from impaired to non-impaired in accordance with paragraph 13.4. 13. Classification of Loans/Financing as Impaired 13.1. A banking institution shall classify a loan/financing as impaired: (i) where the principal or interest/profit or both9 of the loan/financing is past due for more than 90 days or 3 months. In the case of revolving facilities 8 Refer to the policy document on the Reference Rate Framework (including the FAQs) issued on 12 December 2014. 9 In the case of credit card facilities, the amount past due refers to the minimum monthly repayments. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 16/18 Issued on: 6 April 2015 (e.g. overdraft facilities), the facility shall be classified as impaired where the outstanding amount has remained in excess of the approved limit for a period of more than 90 days or 3 months; or (ii) where the amount is past due or the outstanding amount has been in excess of the approved limit for 90 days or 3 months or less, the loan/financing exhibits weaknesses10 in accordance with the banking institution’s credit risk grading framework; or (iii) when the loan/financing is classified as rescheduled and restructured in CCRIS. 13.2. For the purpose of ascertaining the period in arrears: (i) repayment on each of the instalment amount must be made in full. A partial repayment made on an instalment amount shall be deemed to be still in arrears; and (ii) where a moratorium on loans/financing repayments is granted in relation to the rescheduling and restructuring exercise under paragraphs 9.3 and 9.4, the determination of period in arrears shall exclude the moratorium period granted. 13.3. Where repayments are scheduled on intervals of 3 months or longer, the loan/financing is classified as impaired as soon as a default11 occurs, unless it does not exhibit any weakness that would render it classified according to the banking institution’s credit risk grading framework. 13.4. For the purpose of paragraph 13.1(iii), the rescheduled and restructured loans/financing shall only be reclassified from impaired to non-impaired when repayments based on the revised and restructured terms have been observed continuously for a period of at least 6 months or a later period as determined 10 A banking institution shall consider the loss events listed under the MFRS on financial instruments. 11 A default is defined as the inability to meet the contractual repayment terms. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 17/18 Issued on: 6 April 2015 by the banking institution’s policy on rescheduled and restructured facilities. 13.5. Notwithstanding paragraph 13.1, loans/financing rescheduled or restructured by AKPK may be immediately classified as non-impaired once the customer and the banking institution have agreed to the new terms and conditions. This treatment reflects the inherent controls built into AKPK’s debt management programme, which among others, incorporates a rigorous assessment of the customers’ debt repayment ability under the revised terms and conditions and precludes the affected customers from obtaining further loans/financing (i.e. different classification under CCRIS) as long as they are under AKPK’s debt management programme. Classification of these loans/financing as impaired thereafter shall be in accordance with paragraphs 13.1 and 13.3 based on the new terms and conditions. 13.6. Impairment provisions for loans/financing classified as impaired shall be determined in accordance with the MFRS on financial instruments. 14. Individual Impairment Provisions 14.1. For the purpose of complying with MFRS 139 Financial Instruments: Recognition and Measurement, objective evidence of impairment is deemed to exist where the conditions under paragraphs 13.1 and 13.3 of this policy document have been met for loans/financing that are individually assessed for impairment. 14.2. Impairment provisions for a loan/financing that is individually assessed for impairment shall be based on reasonable and well-documented estimates of the net present value of the future cash flows that the banking institution expects to recover on that loan/financing. BNM/RH/GL 007-17 Prudential Financial Policy Department Islamic Banking and Takaful Department Classification and Impairment Provisions for Loans/Financing Page 18/18 Issued on: 6 April 2015 14.3. Where a loan/financing that is individually assessed for impairment does not result in impairment provisions, the banking institution shall include the loan/financing in a group of loans/financing that has similar credit characteristics for collective assessment of impairment. 15. Maintenance of Regulatory Reserves 15.1. Where the Bank is satisfied that the banking institution has a loss estimation process12 that is not sufficiently robust nor supported by adequate historical loan loss data, the Bank may require the banking institution to maintain additional regulatory reserves for a period and in a manner determined by the Bank. 15.2. Pursuant to paragraph 15.1, a banking institution is required to maintain, in aggregate, collective impairment allowances and regulatory reserves of no less than 1.2% of total outstanding loans/financing13, net of individual impairment. 16. Capital Adequacy Ratio 16.1. For capital adequacy ratio purposes, the amount of collective impairment allowances and regulatory reserves attributable to the loans/financing classified as impaired shall be excluded from the provisions14 recognised as eligible Tier 2 Capital. 12 Refer to the expectations as set out in paragraphs 8 to 11 of the policy document. 13 Excluding loans/financing with an explicit guarantee from the Government of Malaysia. 14 Refer to paragraph 12.1(iv) of the Capital Adequacy Framework (Capital Components) and Capital Adequacy Framework for Islamic Banks (Capital Components).
Public Notice
01 Jun 2011
RINGGIT Newsletter (April issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-april-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761706/4_Ringgit_Newsletter.pdf
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Ringgit Ed12 Draft2.PM6 APIL 201 ’| RAKAN KEWANGAN ANDA \ '. /' .. Pengguna _-_ Z", ‘ Ti di da |am - 10 Panduan Beriimal: Gel-mat: Untuk Pelaiar Kampus - Perusahaan Kecil Dan Sederhana - Produk Pemhiayaan Untuk RI Perniagaan Anda Bahagian Pertama bul an ini - Rlslko Urus Nlaga Sambung Bayar Peryanuan Sewa Bell - 16 Julai 2011 - Hari Tidak Berhelania - Tanam Sendiri Lebih Jimal: ISSN 2180-3684 ° Perkhidmatan Kaunter Bergerak BNMLINK - Jun 2001 H l GABUNGAN BANK NEGARA MALAYSIA PERSATUAN-PERSATUAN CENTRAL BANK or MALAYSIA 9 772180 368003 PENGGUNAMALAYSIA 2 • Sidang Redaksi Adalah cukup penting agar usaha- usaha yang akt i f dan berkesan dikendal ikan untuk membantu pengguna Malaysia menguruskan kewangan mereka dengan lebih cekap dalam persekitaran yang mencabar ini. Berdasarkan laporan statistik muflis daripada Jabatan Insolvensi Malaysia dan golongan yang mendapatkan khidmat Agensi Kaunsel ing dan Pengurusan Kredit, menunjukkan bahawa pengguna Malaysia tidak menguruskan kewangan mereka dengan baik. Mereka t idak mempunyai pengetahuan yang cukup tentang produk kewangan dan tidak mempunyai kemahiran untuk membuat keputusan kewangan untuk menjaga kepent ingan kewangan mereka. Kekurangan ini sudah tentu akan memberi kesan terhadap pengurusan Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Yu Kin Len Siti Rizadiana binti Rahmat Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Gabungan Persatuan- Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Web : www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Web : www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. harian individu dan keluarga. Begitu juga ia akan mempengaruhi kemampuan untuk membuat tabungan untuk matlamat jangka panjang sepert i membeli rumah, mendapatkan pendidikan tinggi bagi diri atau anak dan juga mempunyai tabungan yang cukup untuk persaraan. Pengurusan kewangan yang kurang berkesan juga boleh menyebabkan pengguna terdedah kepada krisis kewangan bi la menghadapi kecemasan seperti isu perubatan, hilang pekerjaan atau kemalangan. Jadi, pendidikan kewangan memberi manfaat kepada pengguna dalam setiap peringkat umur dan tahap pendapatan. Bagi golongan muda dewasa yang baru memasuki alam pekerjaan, ia boleh dijadikan perkara asas bagi Pendidikan KPendidikan KPendidikan Kewanganewanganewangan Dan PenggunaDan PenggunaDan Pengguna Pendidikan Kewangan Dan Pengguna • 3 menguruskan bajet dan simpanan serta mengawal perbelanjaan serta hutang. Pendidikan Kewangan boleh membantu sesebuah keluarga membentuk disipl in untuk membuat tabungan sendiri di rumah atau untuk keperluan pendidikan anak-anak. Ia juga menggalakkan penggunaan berhemat dan mengurangkan perbelanjaan di rumah. Pendidikan Kewangan boleh membantu pekerja yang telah berumur untuk memastikan mereka mempunyai simpanan yang cukup untuk menjalani kehidupan persaraan yang selesa dengan menyediakan mereka maklumat serta kemahiran membuat pelaburan secara bijaksana dan pilihan simpanan. Pendidikan pengurusan kewangan boleh membantu pengguna yang berpendapatan rendah untuk menggunakan apa yang mereka miliki dan buat keputusan kewangan yang bijak untuk wang mereka semasa membeli sebarang produk kewangan. Untuk pengguna yang mempunyai wang untuk membuat pelaburan, pendidikan pengurusan kewangan dapat meningkatkan kefahaman tentang maklumat kewangan yang asas seperti risiko dan pulangan serta maklumat yang lebih spesifik tentang pelbagai jenis pelaburan. Pengguna memerlukan pengetahuan tentang pengurusan kewangan untuk meni lai dan membandingkan pelbagai maklumat yang kompleks tentang produk dan perkhidmatan kewangan. Tanpa pengetahuan kewangan yang asas, pengguna mungkin t idak dapat membel i produk dan perkhidmatan kewangan yang mereka perlukan atau mungkin mereka telah membeli sesuatu produk kewangan yang tidak diperlukan atau tidak sesuai. Pendidikan pengurusan kewangan dapat membantu pengguna untuk menjadi lebih berpengetahuan tentang produk dan perkhidmatan kewangan. Pengguna akan mengetahui saluran untuk mendapatkan maklumat kewangan dan memanfaatkannya, serta menggunakan maklumat tersebut untuk membuat keputusan yang lebih baik. Secara am, pendidikan kewangan adalah proses di mana pengguna boleh meningkatkan kefahaman mereka tentang produk dan perkhidmatan kewangan agar mereka dapat membuat keputusan berdasarkan maklumat yang tepat dan melindungi diri daripada pelbagai penipuan serta pengguna boleh mengambil tindakan untuk memperbaiki kedudukan kewangan masa kini dan pada masa hadapan. Daripada aspek yang lain, operasi pasaran dan persaingan di pasaran akan menjadi kurang cekap sekiranya pengguna tidak ada pengetahuan atau kemahiran untuk menguruskan hubungan mereka dengan institusi kewangan dengan baik. Pengguna yang berpengetahuan dan berkeyakinan akan menuntut dan berunding untuk produk dan perkhidmatan yang memenuhi matlamat jangka panjang dan jangka pendek pengguna. Oleh i tu, penyedia perkhidmatan kewangan dikehendaki menyediakan produk dan perkhidmatan yang mempunyai ciri-ciri yang dituntut oleh pengguna yang berpengetahuan tersebut. Akan tetapi sekiranya pengguna tidak mempunyai pengetahuan, kemahiran atau keyakinan untuk menuntut daripada institusi kewangan produk dan perkhidmatan yang memenuhi keperluan mereka, pengguna akan terikut- ikut “nasihat” penjual atau agen yang seringkali lebih mementingkan komisyen mereka daripada kebajikan pengguna. Ada kemungkinan keputusan pengguna di dalam konteks ini akan mengakibatkan kerugian dan pembaziran akan dihadapi oleh pengguna. Pendidikan pengurusan kewangan boleh membantu pengguna yang berpendapatan rendah untuk menggunakan apa yang mereka miliki .... 4 • Menjadi seorang pelajar kampus bukannya tugas yang mudah. Selain daripada mengulang kaj i pelajaran dan menyiapkan tugasan, anda juga perlu menguruskan wang agar dapat menjalani hidup sebagai seorang pelajar dengan aman dan tenang. Sekiranya anda gagal menguruskan wang dengan bijak, ia boleh menganggu tumpuan dan seterusnya memberi kesan kepada pembelajaran anda. Sebenarnya, pengurusan kewangan yang baik boleh dimulakan hanya dengan mempraktikkan teknik- teknik mudah menyimpan wang. Securities Industry Development Corporat ion (SIDC), bahagian pendidikan dan pembangunan bagi Suruhanjaya Sekurit i Malaysia ingin berkongsi 10 panduan berjimat cermat untuk pelajar kampus. Setelah selesai membaca art ikel in i , anda boleh mempraktikkan panduan-panduan yang diberi dan mengaplikasikannya mengikut keadaan kewangan anda selaku seorang pelajar. Panduan 1: Amalkan Peraturan 10 Peratus Secara amnya, peraturan 10 peratus bermakna anda perlu menyimpan 10 peratus daripada wang yang anda miliki setiap bulan. Contohnya, jika anda mempunyai RM500 setiap bulan, simpanlah RM50. Apabila menerima duit pinjaman PTPTN, MARA, biasiswa atau elaun daripada ibu bapa setiap bulan, pastikan anda menyimpan sekurang-kurangnya 10 peratus daripada jumlah yang diperolehi. Wang ini boleh dijadikan simpanan dan pelaburan anda pada masa hadapan. Amalan ini juga akan mendidik anda untuk menjadi lebih konsisten dan berdisiplin dalam menyimpan wang pada masa akan datang. Panduan 2: Wujudkan Dana Kecemasan Sebagai pelajar, ada masanya anda akan berhadapan dengan kejadian yang t idak di jangka dan ia memerlukan perbelanjaan yang banyak. Sebagai contoh, anda boleh jatuh sakit dan perlu dibawa ke hospital, kenderaan atau komputer mungkin rosak dan perlu diperbaiki, serta isu-isu kewangan yang lain. Sekiranya anda t idak mempunyai dana kecemasan, anda pasti akan berdepan dengan pelbagai masalah. Namun, dengan adanya dana kecemasan, anda tidak perlu rungsing dan berhutang dengan orang lain kerana anda mempunyai wang simpanan sendiri. Tetapi ingat: dana kecemasan harus digunakan untuk KECEMASAN SAHAJA! Panduan 3: Amalkan tabiat melabur Menyimpan wang adalah tabiat yang baik tetapi anda perlu melaburkan wang tersebut agar mendapat lebih pulangan. Amalkan tabiat melabur secepat yang mungkin supaya anda boleh mendapat pulangan yang maksimum daripada pelaburan. Rebutlah peluang daripada kuasa pengkompaunan dengan melaburkan wang anda dalam produk pelaburan yang sesuai. Sebelum memulakan pelaburan, lakukan kaji sel id ik yang mencukupi dengan membaca prospektus, laporan kewangan dan laporan tahunan, majalah perniagaan dan lain-lain. Dalam memilih produk pelaburan yang paling sesuai dengan tahap risiko, matlamat kewangan dan bajet yang ada, anda perlu mengenali sedikit sebanyak tentang konsep pelaburan. 10 Panduan10 Panduan10 Panduan BerjimatBerjimatBerjimat CermatCermatCermat UntukUntukUntuk PelajarPelajar KampusKampus • 5 Panduan 4: Buat perbandingan harga semasa membeli-belah Dengan membandingkan harga dan mencari tawaran yang terbaik, anda mampu menjimatkan wang setiap kali membeli-belah. Membandingkan harga juga mengajar anda untuk menjadi lebih berhati-hati dan bersabar semasa membeli barang. Sebagai seorang pembeli yang bersabar dan berhati-hati, anda tidak akan terdorong oleh nafsu ketika membeli, malah akan sentiasa berusaha mendapatkan nilai yang terbaik untuk wang anda! Panduan 5: Potong kad kredit anda Kajian yang dilakukan Jabatan Perangkaan Malaysia mendapati bahawa 50% rakyat Malaysia yang diisytiharkan muflis berusia 30 tahun ke bawah. Statistik ini antara lain menggambarkan bahawa pelajar kolej dan golongan dewasa yang baru mula bekerja mewakili 50% daripada rakyat Malaysia yang diisytiharkan bankrap. Tidak kiralah jika anda memiliki kad kredit sendiri atau diberi kad kredit oleh ibu bapa, tanyalah diri sendiri: “Perlukah saya memiliki kad kredit?” Ingat! Jadilah pengguna kad kredit yang bertanggungjawab kerana anda (atau ibu bapa anda) yang perlu membayar hutangnya nanti! Panduan 6: Kurangkan bil elektrik anda Sedar atau tidak, tidak ramai yang mengambil berat isu penggunaan elektrik. Memasang lampu walaupun tiada orang di rumah merupakan suatu perkara lazim yang dipandang remeh walaupun ia merupakan satu pembaziran. Sebenarnya, apabila anda menjimat elektrik, anda juga menjimatkan wang. Antara perkara yang boleh dipraktikkan ialah mengekalkan kelajuan kipas pada tahap sederhana, menggunakan lampu jenis jimat tenaga serta mengurangkan tahap kecerahan skrin komputer. Panduan 7: Jadilah pelajar yang bijak Sebagai pelajar yang bijak dalam pelajaran, anda juga perlu bijak berbelanja. Cetak tugasan anda di kedua-dua belah muka surat kertas, beli isian semula mesin pencetak dan bukannya kartr i j pencetak, pinjam buku rujukan daripada pelajar senior/rakan/perpustakaan, sewa rumah bersama kawan-kawan dan makanlah di kampus. Secara amnya, perkhidmatan dan kemudahan di kampus seperti sewa asrama, fotokopi dan lain-lainnya adalah lebih murah, jadi ambillah kesempatan ini! Lebih elok lagi, kumpulkan kawan-kawan anda dan carilah peluang mendapatkan diskaun apabila membeli barang (buku, alat tulis dan lain-lain) secara pukal di kampus. © Securit ies Industry Development Corporation 2010. Untuk mendapatkan panduan pelaburan bijak, layari laman web Pelabur Malaysia (www.min.com.my) . J ika anda berminat berkongsi, menerbit atau mengedar semula artikel ini, sila emel [email protected]. Panduan 8: Gunakan kad pelajar anda Kad pelajar adalah salah satu instrumen yang sangat membantu dalam usaha anda menyimpan wang. Anda boleh menggunakannya untuk mendapat diskaun ketika menonton wayang, membeli buku, menaiki LRT, melayari Internet, bercuti, makan, bersukan dan sebagainya. Bayangkan penjimatan yang anda dapat! Panduan 9: Gunakan pengangkutan awam Menggunakan pengangkutan awam biasanya melibatkan kos yang lebih rendah berbanding memandu kereta. J ika kurang minat menaiki pengangkutan awam, kongsi kereta bersama rakan- rakan! Fikirkan juga tentang membeli motosikal atau basikal supaya boleh menjimatkan wang untuk petrol. Sentiasa merancang perjalanan mengikut jadual dan keperluan sahaja. Sebagai contoh, jika dest inasi yang di tuju t idak jauh dan cuaca mengizinkan, apa salahnya j ika berjalan kaki berbanding memandu kereta? Panduan 10: Gunakan Internet untuk membuat panggilan Daripada menghabiskan wang untuk menambah nilai telefon bimbit, apa kata anda membuat panggilan melalui Internet? Anda bukan sahaja dapat berbual sepuas-puasnya, malah tidak perlu membayar walau sesen pun ( j ika mengunjungi “wi- f i hotspot” percuma). Sekiranya terdesak atau terpaksa menggunakan telefon bimbit, jangan lupa bahawa lebih murah untuk menghantar mesej (SMS) berbanding membuat panggilan. Kesimpulannya, kehidupan di kolej atau universiti bukanlah sekadar mentelaah pelajaran semata-mata. Selaku pelajar, anda juga akan menerokai pelbagai aspek kehidupan dan akan menempuh pelbagai pengalaman yang mampu mencorak kehidupan anda kelak. Anda semestinya t idak mahu masalah- masalah berkaitan kewangan menjadi isu yang membebankan anda di kampus. Dengan mempraktikkan “10 Panduan” yang telah diberikan, anda sepatutnya boleh menikmati kehidupan kampus yang bebas daripada tekanan, seronok, dan mengujakan! 6 • Bagi memenuhi keperluan perniagaan anda, institusi kewangan menawarkan rangkaian produk pembiayaan yang luas untuk perusahaan kecil dan sederhana (PKS) di bawah perbankan konvensional dan Islam. Anda boleh memilih daripada pelbagai jenis produk yang ditawarkan di pasaran, bergantung kepada keperluan pembiayaan dan kesesuaian pembiayaan tersebut dengan perniagaan anda. PRODUK YANG BETUL UNTUK TUJUAN YANG BETUL Umumnya, perniagaan anda memerlukan pembiayaan untuk pemerolehan aset dan modal kerja. Walau bagaimanapun, terdapat pelbagai jenis pembiayaan yang boleh anda pilih. Misalnya, untuk memperolehi peralatan perniagaan, lekapan dan kelengkapan, anda boleh memilih untuk membiayai pemerolehan tersebut melalui sewa beli perindustrian, pajakan ataupun pinjaman berjangka. Pilihan muktamad terletak kepada Perusahaan Kecil dan Sederhana Produk Pembiayaan untuk Perniagaan Anda – Bahagian Pertama keputusan anda. Walau bagaimanapun, anda mungkin ingin mendapatkan maklumat lanjut mengenai kesesuaian produk tersebut sebelum membuat keputusan mengenai jenis pembiayaan untuk perniagaan anda. Maklumat yang disediakan hanya sebagai panduan. Oleh yang demikian, anda harus merujuk kepada institusi kewangan anda untuk mendapatkan penjelasan dan maklumat lanjut. PEMEROLEHAN ASET/ PENGEMBANGAN PERNIAGAAN Perniagaan anda memerlukan aset untuk beroperasi. Aset-aset ini mungkin terdiri dari harta benda tak alih seperti kilang, rumah kedai dan bangunan ataupun aset-aset lain seperti kenderaan, peralatan, lekapan dan mesin. Sekiranya anda bercadang untuk membeli atau memajak aset-aset tersebut, produk pembiayaan yang tersedia adalah disenaraikan seperti berikut: PRODUK PEMBIAYAAN KEGUNAAN CIRI-CIRI FAEDAH Pinjaman Berjangka Sewa Beli Perindustrian Pajakan Untuk memperolehi aset tetap (harta tak alih, iaitu, tanah dan bangunan serta kenderaan komersil) Untuk memperolehi modal aset seperti peralatan dan mesin. Untuk memperolehi modal aset seperti peralatan dan mesin. Pinjaman yang diberi untuk jangka masa yang dipratentukan (tempoh), dengan pembayaran balik secara ansuran. • Kemudahan yang membenarkan PKS memajak peralatan daripada institusi kewangan tanpa perlu membeli peralatan itu • Terdapat 2 jenis kemudahan pajakan yang tersedia: i. Pajakan Operasi Hak milik dipegang oleh institusi kewangan. ii. Pajakan Pembiayaan Hak milik dipegang oleh institusi kewangan. Walau bagaimanapun, pemajak mempunyai pilihan untuk membeli aset tersebut pada akhir tempoh pajakan. • Satu bentuk pembiayaan yang mana aset dibeli oleh institusi kewangan dan disewakan kepada PKS dengan hak milik dikekalkan oleh institusi kewangan sehingga pinjaman dibayar balik • PKS membuat pembayaran balik secara berkala kepada institusi kewangan Memudahkan pengurusan dana memandangkan jumlah bayaran dipratentukan. • Memudahkan pengurusan dana kerana jumlah ansuran pajakan adalah dipratentukan • Untuk pajakan operasi, kos penyelenggaraan ditanggung oleh pemberi pajak (institusi kewangan) • Ansuran yang dibayar untuk pajakan layak mendapat pelepasan cukai sepenuhnya • Membolehkan PKS memiliki peralatan dan mesin tanpa perlu membayar amaun sepenuhnya terlebih dahulu • Memudahkan pengurusan dana memandangkan jumlah pembayaran balik dipratentukan • Membolehkan dana yang sedia ada digunakan bagi tujuan lain • 7 MODAL KERJA Selain daripada pembiayaan aset, perniagaan anda memerlukan modal kerja bagi membiayai operasi harian perniagaan. Pada amnya, bentuk pembiayaan yang paling mudah ialah kemudahan overdraf daripada bank-bank perdagangan. Namun begitu, walaupun fleksibel, overdraf mungkin meningkatkan kos perniagaan. Fi komitmen mungkin dikenakan ke atas baki kemudahan overdraf atau kredit pusingan yang tidak digunakan. Faedah-faedah dan ciri-ciri produk yang disediakan oleh institusi kewangan bagi tujuan modal kerja adalah seperti yang berikut: Sumber : Bank Negara Malaysia Maklumat yang disediakan hanya sebagai panduan. Oleh yang demikian, anda harus merujuk kepada institusi kewangan anda untuk mendapatkan penjelasan dan maklumat lanjut. MODAL KERJA KEGUNAAN CIRI-CIRI FAEDAH Overdraf (OD) Pemfaktoran Kredit Pusingan (RC) Bagi memenuhi keperluan modal kerja perniagaan seperti membeli bahan mentah, barangan untuk perniagaan dan lain-lain. Seperti OD, ia bersifat jangka pendek dan biasanya digunakan untuk memenuhi keperluan modal kerja jangka pendek. Bagi memperolehi pembiayaan jangka pendek untuk hutang dagangan (jualan barangan kepada pelanggan secara kredit). • Pinjaman pusingan yang disediakan kepada pelanggan perniagaan melalui akaun semasa, yang mana peminjam boleh mengeluarkan jumlah wang yang diperlukan dengan cara mengeluarkan cek selagi tidak melebihi had OD • Fi komitmen sebanyak 1% dikenakan atas baki kemudahan yang tidak digunakan • Faedah dikira atas kadar harian berdasarkan baki belum jelas pada akhir setiap hari perniagaan • Pinjaman yang diberikan untuk satu tempoh jangka masa tertentu yang boleh dipusing semula apabila matang • Kemudahan jangka pendek yang sesuai bagi syarikat-syarikat yang mempunyai kedudukan kewangan yang baik • Pengeluaran pinjaman melalui surat daripada PKS kepada institusi kewangan dengan menyatakan tempoh pinjaman yang diperlukan Satu kaedah pembiayaan yang mana institusi kewangan membeli invois dagangan pelanggan secara diskaun atas nilai muka invois berkenaan dan menyediakan pendahuluan tunai bagi tujuan perniagaan. Kefleksibelan dalam pengurusan dana kerana OD dapat digunakan secara berterusan, selagi kemudahan tersebut digunakan dengan cara yang teratur dan perniagaan terus diuruskan dengan memuaskan. • Kos pembiayaan lebih rendah berbanding dengan kemudahan pembiayaan konvensional • Dana boleh digunakan secara berterusan kerana ia adalah kemudahan pusingan • Pendahuluan tunai diperolehi dengan mudah dan cepat • Tidak memerlukan cagaran • Dapat menjual pada harga yang lebih berdaya saing kepada pengguna yang membeli secara kredit .....bersambung pada keluaran akan datang... 8 • Dalam keadaan ekonomi yang tidak menentu pada masa ini dan dibebankan lagi dengan harga barang keperluan yang semakin melambung, maka sudah pastinya ia akan memberikan bebanan kepada orang ramai. Apatah lagi dengan bayaran ansuran kenderaan yang perlu dijelaskan setiap bulan mengikut perjanjian sewa beli yang termeterai dengan institusi perbankan. Tidak dinafikan, para pengguna kenderaan di negara ini mengalami beban yang tinggi dalam pengurusan kewangan mereka, kehidupan di bandar yang serba serbi memerlukan wang ringgit. Tatkala sibuk menguruskan keperluan harian, ada di antara mereka yang terlupa atau menghadapi kesukaran melunaskan bayaran ansuran kenderaan mereka. Lebih menyedihkan jika ansuran kenderaan mereka tertunggak. Terdapat ramai yang memilih jalan mudah seperti menyerahkan kenderaan kepada pihak ketiga untuk tujuan sambung bayar. Sebenarnya tindakan ini sangat berisiko, ibarat menjerat dir i sendir i . Tahukah anda bahawa, walaupun ada pihak ketiga yang akan menyambung ansuran bulanan, namun anda masih bertanggungjawab sepenuhnya terhadap kenderaan itu, sepertimana yang terkandung dalam perjanjian sewa beli yang asal, termasuk juga jika berlaku kes jenayah serta kemalangan. Jika berlaku kes jenayah atau kesalahan jalan raya, anda boleh diheret ke mahkamah, walaupun pada dasarnya anda tidak melakukannya. Jika pihak ketiga gagal melangsaikan hutang anda ataupun kenderaan anda dibawa lari kerana gagal membuat pembayaran, pihak bank akan meletakkan tanggungjawab ke atas anda atas segala permasalahan yang timbul. Lebih teruk, perkara ini boleh menggagalkan tuntutan insurans kerana segala tindakan ini adalah bercanggah dengan Akta Sewa Beli 1967. Lebih memburukkan keadaan jika kenderaan anda terlibat dalam kemalangan maut ataupun kes langgar lari. Sudah pasti anda yang akan diheret ke muka pengadi lan kerana anda merupakan pemil ik berdaftar kenderaan itu. Jika kenderaan itu ditarik atau dituntut oleh pihak bank disebabkan kegagalan pihak yang menyambung hutang itu melangsaikan hutangnya, maka kenderaan ini akan dilelong. Jika hasil lelongan tidak mencukupi bagi menampung jumlah yang tertunggak, maka bakinya perlu ditanggung oleh tuan punya asal kenderaan dan pihak ketiga tidak boleh dipertanggungjawabkan kerana pihak ketiga tiada apa-apa kai tan yang boleh disabitkan atas kesalahan perjanjian sewa beli yang asal. Maka, tiada apa-apa tuntutan yang boleh dibuat walaupun kenderaan ditarik atas kecuaian yang dilakukan oleh pihak ketiga. Langkah terbaik jika menghadapi masalah kewangan berkaitan sewa beli kenderaan adalah dengan berbincang semula dengan pihak bank. Untuk pengetahuan anda, sekarang terdapat banyak inst i tusi perbankan yang menyediakan pakej penjadualan semula pembayaran untuk membantu pengguna. Jika anda benar-benar tidak boleh meneruskan pembayaran, maka lebih baik bagi anda menyerahkan kenderaan itu kepada pihak perbankan sebelum tamatnya tempoh surat not is jadual keempat. Sekurang-kurangnya anda tidak perlu menanggung kos penarikan semula serta kos-kos lain yang pastinya akan membebankan. Anda juga mempunyai pilihan untuk membayar secara ansuran baki daripada hasil lelongan kenderaan. Ini adalah langkah yang lebih selamat. Jadilah pengguna yang bi jak dalam membuat keputusan. Sumber: Auto Touch Magazine, Edisi Mei 2010 Risiko Urus Niaga Sambung Bayar Perjanjian Sewa Beli • 9 Hari t idak berbelanja merupakan sebahagian daripada program Kempen Konsumer Kebangsaan yang berlangsung antara tahun 2008 hingga 2012. Hari Tidak Berbelanja disambut pada 16 Julai setiap tahun. Pada hari tersebut, para pengguna digalakkan agar tidak membuat sebarang pembelian sepanjang hari. Idea ini adalah untuk meningkatkan kesedaran pengguna tentang tabiat berbelanja mereka dan memikirkan tentang kepenggunaan secara keseluruhan serta kesannya terhadap budaya serta alam semula jadi. Budaya Tidak Membeli-belah Membeli-belah tidak memberikan kemudaratan, namun ia bergantung kepada jenis barang-barang yang anda beli. Anda perlu memastikan tentang ‘keperluan’ dan ‘kehendak’ sebelum berbelanja. Anda perlu mempunyai alasan yang kuat ’mengapa’ anda perlu membeli sesuatu barang agar pembelian tersebut merupakan satu keperluan dan tidak menyebabkan pembaziran. Melawan Nafsu Apabila anda tidak melakukan sesuatu, sebenarnya anda telah melakukan sesuatu! Tindakan anda untuk bersetuju mengurangkan perbelanjaan merupakan suatu permulaan. Hari Tidak Berbelanja merupakan hari untuk anda melawan nafsu membeli barang. Ia merupakan hari untuk anda mencabar diri anda sendiri. Kesan Yang Berpanjangan Kempen ini tidak bermaksud untuk mengubah cara hidup anda dalam masa sehari sahaja, tetapi ia mampu memberi kesedaran secara berpanjangan yang mungkin merupakan satu pengalaman hidup! Kempen ini akan terus tersemat dalam minda anda, iai tu set iap kal i anda berbelanja, anda akan memikirkan kesan barang tersebut kepada nilai kepada wang anda dan alam sekitar. Cara Menyambut Hari Tidak Berbelanja • Bancuh minuman anda sendiri pada waktu pagi • Bawa bekal untuk makanan tengahari • Masak sendiri di rumah • Berjalan kaki atau menaiki kenderaan awam untuk mengelakkan pembelian petrol • Merancang perjalanan terlebih dahulu untuk mengelakkan penggunaan bahan api untuk tujuan yang tidak penting • Menghabiskan masa dengan aktiviti-aktiviti yang t idak mengeluarkan wang sepert i membaca buku, berkebun dan bersenam • Menggunakan barang-barang yang terpakai di rumah anda untuk dijadikan suatu barang yang baru • Membuat satu inventori barang-barang yang telah sedia ada dirumah untuk mengelakkan membeli barang yang sama apabila anda membeli belah kelak • Menyebarkan mesej dengan memberitahu orang lain sama ada secara lisan atau penulisan di blog atau laman sosial untuk menggalakkan orang lain turut sama menjayakan kempen ini. • Bertukar pakaian dengan rakan rapat atau ahli keluarga yang lain Hari TidakHari TidakHari Tidak BerbelanjaBerbelanjaBerbelanja 16 JULAI 2011 Anda perlu memastikan tentang ‘keperluan’ dan ‘kehendak’ sebelum berbelanja. 10 • Hampir semua negara di dunia kini merasai kesan daripada harga makanan yang meningkat secara mendadak serta kedudukan ekonomi yang tidak menentu. Justeru, bagi membantu para pengguna di Malaysia mengurangkan kesan ini ialah melalui amalan berkebun sendiri. Tanah merupakan satu anugerah semula jadi yang banyak terdapat di Malaysia. Terdapat banyak tanah yang terbiar di kawasan bandar dan luar bandar yang dipenuhi dengan rumput rampai dan tanaman-tanaman yang tidak mendatangkan hasil. Kini anda boleh Tanam Sendiri Lebih Jimat!! menanam sayur-sayuran dan buah-buahan yang anda sukai di halaman atau kebun di rumah anda. Penghuni rumah pangsa dan rumah teres yang tidak mempunyai kawasan bertanah pula boleh menanam sayur-sayuran di dalam pasu atau beg poli di rumah mereka. Malaysia adalah negara yang dikurniakan cahaya matahari dan hujan yang banyak. Kedua-dua sumber ini amat diperlukan untuk bercucuk tanam di rumah. Dengan melakukan kerja yang sedikit sahaja ia boleh memberikan pulangan yang lumayan. KENAPA PERLUNYA BERKEBUN DI RUMAH? • Ia dapat mengurangkan perbelanjaan seharian untuk membeli sayur-sayuran dan buah-buahan yang harganya semakin meningkat pada masa ini. • Anda boleh mendapatkan buah-buahan dan sayur-sayuran yang segar daripada taman anda sendiri. • Anda boleh mendapatkan makanan seperti cili, daun kari dan ulam dengan mudah sekali. • Anda mengambil makanan yang sihat kerana ia bebas daripada racun perosak atau racun serangga. • Ia boleh dijadikan sebagai hobi yang boleh membawa keseronokan kepada ahli keluarga anda. • Anak-anak anda sendiri mengetahui dari mana datangnya sumber makanan mereka. • Anda akan lebih menghargai nilai makanan dan tidak akan mensia-siakannya kerana ia hasil titik peluh anda sendiri. • Memberikan kepuasan kerana dapat makan buah-buahan dan sayur-sayuran dari taman anda sendiri. • Menggunakan tanah yang kosong untuk berkebun dapat mengelakkan daripada pembaziran kepada sumber tanah. • Hasil tanaman dapat menghijaukan kawasan halaman dan memberikan pemandangan rumah yang indah. • Jika menanam dalam kuantiti yang banyak, hasil tanaman boleh dikongsi bersama-sama dengan jiran atau menjualnya untuk mendapatkan wang tambahan. • Anda dapat menikmati makanan organik yang dihasilkan sendiri dengan kos yang rendah kerana harga hasil pertanian secara organik amat tinggi di pasaran. • 11 Perkhidmatan Kaunter Bergerak BNMLINK Pegawai-pegawai BNMLINK akan mengadakan perkhidmatan kaunter bergerak di lokasi-lokasi berikut pada bulan Mei dan Jun 2011 untuk membantu sebarang permasaalahan kewangan, pinjaman, perbankan atau insurans anda: 1. Bank Simpanan Nasional cawangan Sarikei, Sarawak* Tarikh : Isnin-Rabu, 23 – 25 Mei 2011 Masa : 9.30 pagi – 4.30 petang 2. Bank Simpanan Nasional cawangan Sri Aman, Sarawak* Tarikh : Khamis-Jumaat, 26 – 27 Mei 2011 Masa : 9.30 pagi – 4.30 petang Langkah Keselamatan semasa berkebun !! • Perhatikan jika sesuatu tumbuh-tumbuhan itu jenis yang beracun sebelum menanamnya di kawasan rumah. • Selalu memakai sarung tangan dan kasut atau but yang bersesuaian semasa berkebun. • Semasa membuang batu-batu, tin, kayu api dan sebagainya, lakukan secara perlahan-lahan agar 3. AmBank cawangan Batu Pahat, Johor Bahru* Tarikh : Khamis-Jumaat, 16 – 17 Jun 2011 Masa : 9.30 pagi – 4.30 petang 4. AmBank cawangan Sitiawan, Perak* Tarikh : Isnin, 27 Jun 2011 Masa : 9.30 pagi – 4.30 petang 5. Maybank cawangan Lumut, Perak* Tarikh : Selasa, 28 Jun 2011 Masa : 9.30 pagi – 4.30 petang * Sekiranya terdapat pertukaran lokasi, tarikh dan masa, sila rujuk pengumuman yang akan di buat di pelbagai media termasuk surat khabar, radio, risalah ringkas serta sepanduk di kawasan sekitar daerah anda. sesuatu benda yang tersembunyi di sebaliknya dapat ditanggalkan dengan baik. • Sentiasa memeriksa but, sarung tangan dan pakaian sebelum memakainya. Jika ia telah terbiar dalam tempoh tertentu, goncangkan ia dengan kuat. Anda mungkin tidak mengetahui apa yang terdapat di dalamnya! • Jangan sekali-kali memasukkan jari ke dalam lubang-lubang di dalam tanah. 12 • Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
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13 May 2011
BNM Website Scheduled Maintenance from Friday, 13 May (11 p.m.) until Monday, 16 May 2011 (1 a.m.)
https://www.bnm.gov.my/-/web-maintenance-13052011
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Reading: BNM Website Scheduled Maintenance from Friday, 13 May (11 p.m.) until Monday, 16 May 2011 (1 a.m.) Share: BNM Website Scheduled Maintenance from Friday, 13 May (11 p.m.) until Monday, 16 May 2011 (1 a.m.) Release Date: 13 May 2011 Please be informed that we will be performing a scheduled infrastructure maintenance on Bank Negara Malaysia website system starting from Friday, 13 May (11 p.m.) until Monday 16 May 2011 (1 a.m.). During that period, access to Bank Negara Malaysia website services will be intermittent and occasionally unavailable. We apologise for any inconvenience caused by this maintenance activity. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
13 May 2011
RINGGIT Newsletter (March issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-march-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761706/3_Ringgit_Newsletter.pdf
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Ringgit Ed11 Draft4.PM6 2 • Sidang Redaksi Apabila memberikan ceramah kepada pekerja muda tentang persediaan kewangan untuk persaraan, seringkali para peserta beranggapan bahawa ceramah yang diberikan itu tidak ada kena-mengena dengan kepentingan kewangan mereka. Bagi mereka yang baru mula bekerja, tumpuan lebih terarah kepada kehidupan yang seronok dan bahagia, iaitu memiliki rumah, kereta, berkahwin dan sebagainya. Tidak mungkin pada masa ini, mereka pula dikehendaki untuk memikirkan tentang persaraan. Sekarang adalah masa untuk enjoy. Sebenarnya tanggapan seperti itu adalah silap. Jika melihat kepada data sedia ada tentang persediaan untuk menghadapi persaraan, ia amat tidak menggalakkan. Dalam kajian yang dikendalikan oleh Citibank mendapati: • 60% pengguna tidak yakin dengan Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Yu Kin Len Siti Rizadiana binti Rahmat Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Gabungan Persatuan- Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Web : www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Web : www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. simpanan persaraan mereka • Hanya 22% mempunyai satu pelan persaraan Mengikut kaji selidik yang dijalankan oleh Bank Negara Malaysia pada tahun 2010, secara purata, tahap celik wang rakyat Malaysia yang menghampiri usia persaraan adalah jauh lebih rendah, manakala sikap terhadap pengurusan kewangan juga didapati kurang memberangsangkan. Dalam satu kajian yang dilakukan oleh FOMCA pula, bila ditanya, “Adakah anda rasa bahawa simpanan anda mencukupi untuk kegunaan semasa persaraan?”, sebanyak 64% yang menjawab, “Tidak!”. Ramai pengguna hanya mengharapkan simpanan dalam Kumpulan Wang Simpanan Pekerja (KWSP) untuk Persediaan Pekerja Muda Menghadapi Persaraan • 3 menampung sara hidup mereka selepas bersara. Berdasarkan laporan di Berita Harian, “Kira-kira 72% pencarum menghabiskan semua simpanan mereka dalam tempoh 3 tahun dari tarikh pengeluaran selepas bersara (Berita Harian, 20/7/2010). Persaraan adalah masa apabila anda tidak lagi memperoleh pendapatan daripada gaji, sebaliknya anda akan bergantung kepada simpanan dalam KWSP, pelan persaraan yang lain, pendapatan pelaburan atau pendapatan daripada pekerjaan sambilan. Memandangkan wang KWSP sahaja tidak mencukupi untuk menampung keperluan semasa bersara, maka setiap pengguna harus memikirkan secara terperinci tentang perancangan mereka apabila bersara. Untuk mencapai kejayaan kewangan dalam persaraan, pengguna harus mempunyai tabungan dan pelaburan yang cukup untuk menambah simpanan dalam KWSP. Untuk menjayakan ini, dalam masa seseorang bekerja untuk 30 hingga 35 tahun, seseorang mesti memilih satu-satu skim persaraan dan harus berkomited untuk mematuhi skim tersebut sehingga bersara. Anda dinasihatkan supaya memulakan persediaan persaraan daripada mula bekerja dan terus melabur sehingga bersara untuk memastikan anda mempunyai pendapatan yang cukup semasa bersara. Dengan mula menyimpan semasa usia masih muda, anda akan menikmati manfaat simpanan wang yang lebih tinggi. Untuk memudahkan perbandingan, cuba lihat contoh berikut: sedikit tetapi pulangan anda pada umur persaraan adalah jauh lebih tinggi. Untuk merancang persaraan anda dengan jayanya, anda harus menetapkan matlamat persaraan anda. Tabungan persaraan anda adalah jumlah simpanan dan pelaburan yang anda kehendaki untuk menjamin gaya hidup persaraan yang anda ingin nikmati. Terdapat beberapa mitos yang berkaitan dengan persaraan. Antaranya ialah: • Saya tidak memerlukan wang yang banyak apabila bersara, berbanding dengan pendapatan saya sekarang. Ini bergantung kepada gaya hidup yang anda ingin nikmati serta kesihatan anda semasa bersara. Sekiranya anda ingin mengekalkan gaya hidup sama atau tidak banyak berkurangan daripada sekarang, maka tabungan dan pelaburan harus lebih tinggi. Tambahan pula, kemungkinan besar kos perubatan anda akan lebih tinggi daripada sekarang. Anda mesti mempunyai kewangan yang cukup untuk membayar bil-bil hospital. • Saya tidak perlu bimbang dengan simpanan persaraan saya. Berdasarkan statistik, hayat hidup lelaki adalah sehingga 72 tahun. Sekiranya anda bersara pada umur 55 tahun, maka anda memerlukan tabungan untuk lebih 17 tahun tanpa gaji yang tetap. Maka perancangan yang teliti adalah perlu. • Saya akan mula merancang bila hampir- hampir bersara. Pada masa sekarang, biar saya guna duit untuk perkara-perkara lain. Jelas daripada contoh pengiraan pulangan berdasarkan faedah kompaun di atas, maka lebih awal anda menyimpan, maka anda bukan sahaja mendapat pulangan yang lebih tinggi apabila berumur 55, malah jumlah yang anda laburkan adalah lebih rendah. Dalam perancangan untuk persaraan, anda juga harus sedar terhadap beberapa ancaman. • Inflasi. Jika pada 10 tahun lepas, harga roti chanai adalah 40 sen dan sekarang harga adalah RM 1.00, maka dalam 10 tahun atau 20 tahun hadapan anda boleh jangka bahawa harga semua barangan akan jauh lebih mahal daripada sekarang. • Perbelanjaan kesihatan dan penjagaan jangka panjang. Semakin tua semakin banyak penyakit akan dihadapi. Oleh itu lebih banyak wang diperlukan untuk membiayai kos perubatan. Oleh itu kita perlu merancang dan bersedia untuk menghadapi persaraan mulai daripada sekarang. Apabila bersara pada usia 55 tahun, perbezaan simpanan di antara Ahmad dan Zainal adalah RM 107,613. (Contoh daripada Buku Celik Wang, terbitan AKPK). Hasil contoh diatas berpunca daripada faedah kompaun, iaitu faedah tambahan yang diperolehi atas jumlah simpanan asal ditambah dengan faedah yang diterima. Maka jelaslah jika anda memula melabur daripada usia yang muda, anda bukan sahaja melabur duit yang lebih AHMAD SITI ZAINAL Usia semasa pelaburan 18 tahun 22 tahun 30 tahun dibuat Tempoh pelaburan 5 tahun 8 tahun 26 tahun Jumlah pelaburan RM 15,000 RM 24,000 RM 78,000 Pulangan pelaburan RM 467,913 RM 449,773 RM 360,300 pada usia 55 *Kadar pelaburan mereka adalah sama iaitu RM 3,000 setahun@RM 250 sebulan; pulangan 10% setahun 4 • Apa yang naik dan tidak akan jatuh? Antara lain adalah harga barangan dan perkhidmatan. Hakikatnya pada akhir-akhir ini, banyak telah diperkatakan tentang kenaikan harga makanan dan minyak di seluruh dunia. Dengan harga yang meningkat, manakala pendapatan kekal sama, amatlah penting bagi anda mempelajari bagaimana untuk hidup dengan cermat. Apakah yang dimaksudkan dengan menjadi Cermat? Anda mungkin tidak menyukai perkataan ini dalam kehidupan seharian, tetapi, hari ini anda akan lebih kerap mendengarnya. Tanyalah nenek moyang anda, dan selalunya mereka akan memberitahu yang gaya hidup mereka sinonim dengan perkataan ini. Hari ini, orang mungkin berpendapatan lebih daripada nenek moyang mereka, jauh lebih banyak, tetapi entah bagaimana, duit anda sentiasa tidak mencukupi, apatah lagi untuk menyimpan. Tidak hairanlah kerana pada masa dahulu, anda boleh membeli semangkuk mi dengan harga lima sen tetapi pada hari ini, peminta sedekah pun akan merungut dengan lima sen yang anda beri kepadanya! Bercermat atau berjimat bermaksud mengurus kewangan untuk menyimpan. Orang yang cermat sentiasa mencari jalan untuk menjimatkan masa, duit dan tenaga, dan apa yang hendak ditegaskan di sini adalah sikap bercermat bukan bermakna menjadi kedekut atau “kiam-sap” seperti kata orang Hokkien. Bagaimana Untuk Bercermat atau Berjimat? Terdapat banyak cara untuk hidup dengan duit yang sedikit. Di bawah adalah beberapa cadangan yang dapat membantu anda berhemat dengan wang anda: • Kurangkan perbelanjaan harian – sebelum anda membeli sesuatu, tanya diri anda: 1. Adakah saya betul-betul perlukan ini? 2. Bolehkah saya boleh membelinya di tempat lain pada harga yang lebih murah? 3. Bolehkah saya mendapatnya secara percuma? • Batalkan sesuatu yang menelan perbelanjaan yang besar daripada bajet anda – tidak menggunakan kereta dan anda dapat berjimat dari segi duit minyak, membaiki kereta, cukai jalan, insurans kereta dan tol atau cadangan yang kurang menyakitkan, cuba turunkan taraf kereta anda, seperti membeli kereta yang berkapasiti lebih rendah. • Kurangkan penggunaan elektrik – tutup semua lampu apabila tidak digunakan dan tukarkan kepada lampu yang jimat tenaga, kurangkan penggunaan hawa dingin, basuh pakaian dengan muatan penuh dan keringkan pakaian di luar (daripada menggunakan mesin pengering) dan tutup semua alatan elektrik apabila tidak digunakan. • Kurangkan sampah, Guna semula atau Kitar semula – gunakan kertas di kedua-dua belah muka surat (jika dibenarkan, buat catatan tanpa kertas!) dan gunakan kain lampin daripada lampin pakai buang. Jika boleh, jadikan sampah anda sebagai baja (yang boleh digunakan untuk menanam sayur anda sendiri!), usahakan kebun sayur dan tukarkan sampah anda kepada duit! • Jadikan barang bertahan lebih lama – perbaiki pakaian, kasut digam semula dan baiki barang sebelum ia tidak boleh dibaiki lagi. • Cari kegunaan baru untuk barangan lama – cat perabot lama, buat kuilt daripada pakaian lama dan jadikan meja besar lama kepada meja tulis. Dalam erti kata lain, kitar semula, kitar semula dan kitar semula! Hidup Dengan Duit Yang Sedikit • 5 • Cari barang pengganti yang lebih murah – beli jenama umum, membeli-belah semasa ada jualan murah, menyewa daripada membeli. Anda juga boleh berjimat dengan memenuhi keperluan anda secara kreatif, dengan berkongsi bersama orang lain dan menggunakan sumber awam. Di sini terdapat beberapa cara lagi untuk berjimat: • Cari hiburan yang percuma atau murah. • Berkongsi dalam pembelian yang besar Perkongsian boleh membantu anda mendapat apa yang anda perlukan pada kos yang rendah. Sebagai contoh, mungkin anda berkongsi dengan jiran anda sebuah tangga, gerudi elektrik dan mungkin pembersih vakum. Anda juga boleh berkongsi banyak permainan anak anda dengan rakan dan ahli keluarga anda. Berkongsi kereta untuk pergi dan balik kerja juga adalah satu lagi contoh yang baik. • Bertukar barangan atau perkhidmatan. Anda boleh mengamalkan bertukar barang atau perkhidmatan dengan jiran anda. Jika anda pandai menggunting rambut dan rakan anda pandai membuat kek, buat pertukaran kemahiran. Anda berdua mendapat apa yang anda perlukan dan anda berdua dapat menjimatkan duit. Fikirkan tentang kemahiran anda, perkara yang anda gemar dan perkara yang anda lakukan dengan baik. Kemudian, fikirkan tentang kemahiran dan bakat rakan, ahli keluarga dan jiran anda. Bertanya kepada mereka yang anda kenali, yang mahu membuat pertukaran dengan anda. Mulakan dengan sesuatu yang mudah dan lihat bagaimana ia berjalan. Siapa tahu, anda mungkin memulakan satu lagi “eBay”! Bagaimana saya boleh berjimat dalam Hiburan? Ini adalah satu bahagian yang anda banyak berbelanja tanpa menyedarinya. Walau bagaimanapun, anda masih boleh mendapat hiburan secara percuma atau hampir percuma. Disebabkan anda cuba berjimat, tidak bermakna anda tidak boleh bergembira. Tidak kira berapa pendapatan anda, luangkan masa untuk relaks kerana ia penting dan baik untuk kesihatan anda. Tanpa keseronokan, sukar untuk hidup sihat. Di sini terdapat beberapa cadangan: • Pinjam buku atau hadiri seminar/program percuma yang dianjurkan perpustakaan awam. • Sewa video daripada pergi ke panggung wayang. • Melawat muzium, zoo atau taman tema dan nikmati udara segar (bergantung di mana anda berada!) • Cari di dalam akhbar atau melalui pusat/laman web pelancongan tentang konsert, program kanak- kanak dan aktiviti keluarga yang percuma. • Ambil kelas yang murah melalui pendidikan komuniti, belajar kemahiran baru atau hidupkan minat lama. Malah anda boleh tukarkan hobi itu kepada bisnes. • Hadiri sesi percuma bacaan buku orang dewasa dan kanak-kanak di kedai buku tempatan atau perpustakaan. • Berjalan, mengembara dengan berjalan kaki atau berbasikal untuk meneroka suatu yang baru atau melawat tempat kegemaran. • Lihat matahari terbit dan terbenam, cari gugusan bintang pada langit atau mungkin, mulakan satu projek bersama keluarga, seperti menanam pokok (pokok durian atau mangga memang tepat sekali, kerana ia akan menjimatkan duit anda daripada perlu membeli buah-buahan!) Jika anda rajin mencari (hanya perlu cari di Internet mengenai “gaya hidup cermat” atau “berjimat”, anda akan kagum dengan apa yang bakal anda jumpa!), terdapat banyak cara untuk menikmati hiburan yang baik dan pada kos yang rendah. Sebenarnya, satu lagi aktiviti yang menarik, yang mungkin anda perlu cuba ialah “memerhati orang”! Duduk di taman atau pusat membeli-belah dan anda perlu cuma perhati apa yang orang lakukan, bagaimana mereka berjalan, bercakap, ketawa dan bagaimana sesetengah ibu bapa “berkomunikasi” dengan anak mereka. Banyak perkara yang dapat dipelajari dengan hanya memerhatikan orang lain dan yang bagusnya, ia adalah PERCUMA! Kesimpulan Hidup dengan duit yang sedikit tidak bermakna kehidupan yang serba kekurangan. Ia lebih kepada hidup dengan lebih bermakna dan bersyukur, dan bukan hidup untuk orang lain. Bercermat dalam semua aspek kehidupan adalah asas membina kekayaan. Jika anda mempunyai impian untuk mendapat kebebasan kewangan pada suatu hari nanti, tidak kira tahap atau status pendapatan anda, anda perlu jadikan pengurusan kewangan yang berhemat sebagai cara hidup. Artikel ini adalah sumbangan dari Agensi Kaunseling dan Pengurusan Kredit (AKPK). AKPK merupakan sebuah agensi yang ditubuhkan oleh Bank Negara Malaysia sejak 2006, dan mereka menawarkan perkhidmatan dari segi pendidikan kewangan, kaunseling kewangan dan program pengurusan kredit. Hubungi AKPK melalui 1-800-88-2575 atau layari laman web www.akpk.org.my. AKPK turut berada di www.youtube.com, www.facebook.com dan juga di www.twitter.com/AKPK1. Perkhidmatan AKPK kepada individu adalah percuma. 6 • Anda kerap kali mendengar tentang insurans hayat, sama ada pernah terbaca mengenainya atau ia menjadi topik perbualan dengan rakan-rakan atau kaum keluarga. Namun, adakah anda benar-benar faham mengenainya? Apakah sebenarnya yang dimaksudkan sebagai insurans hayat? Mengapakah anda harus memberi perhatian terhadapnya? Adakah ia membawa manfaat kepada anda? Kebanyakan orang membeli insurans hayat kerana menyedari bahawa keluarga mereka memerlukan perlindungan kewangan sekiranya mereka meninggal dunia, atau menjadi cacat dan tidak lagi berupaya untuk menampung sara hidup keluarganya. Bagi yang masih was-was, sebenarnya insurans hayat memberikan jaminan kewangan pada masa depan untuk pelbagai kegunaan. Secara amnya, insurans adalah mengenai pengagihan risiko. Syarikat insurans (atau lazimnya dikenali sebagai penginsurans) akan menguruskan wang (dikenali sebagai premium) yang dibayar oleh sebilangan besar individu (pemegang polisi). Insurans hayat ialah seseorang pemegang polisi membayar sejumlah wang ke dalam satu dana tertentu. Sebagai pulangan, beliau menerima ‘perlindungan’ daripada syarikat insurans hayat. Apakah perlindungan yang dimaksudkan itu? Jika dikaji secara mendalam, insurans hayat merupakan kaedah simpanan yang terbaik untuk anda. Selain daripada memberi faedah pada setiap bulan/ tahun berdasarkan wang yang anda simpan, ia juga memberi ‘perlindungan’ ke atas diri anda. Ia membantu melindungi sumber kewangan keluarga pemegang polisi di atas kematiannya atau sekira berlakunya kecelakaan yang menyebabkan beliau menjadi cacat dan tidak mampu bekerja lagi. Persaraan yang secara tiba-tiba disebabkan takdir inilah yang anda lindungi dengan mengambil polisi insurans hayat. Anda berhak mendapat ketenangan dengan mengetahui bahawa anda, keluarga anda serta kedudukan masa depan mereka akan terjamin jika sesuatu yang tidak dijangkakan terjadi yang membuat anda tidak dapat bekerja dan berfungsi untuk menyara hidup anda. Pulangan ini adalah setimpal dengan bayaran yang anda buat. Untuk pengetahuan anda, pihak penginsurans bertanggungjawab menguruskan perniagaan mereka dengan berhati-hati untuk memastikan yang kedudukan kewangan syarikat adalah sentiasa kukuh supaya pembayaran tuntutan insurans dapat dilakukan dengan segera pada bila-bila masa. Apakah itu polisi insurans hayat? Ia adalah kontrak di antara pemegang polisi dan pihak penginsurans. Di bawah kontrak tersebut, pemegang polisi dikehendaki membayar premium pada masa- masa yang tertentu. Sebagai balasan, penginsurans akan membayar sejumlah wang yang telah dipersetujui kepada waris (orang yang dicalonkan oleh pemegang polisi) sekiranya pemegang polisi meninggal dunia. Apabila anda mengambil insurans hayat, pihak syarikat memberi kepercayaan mutlak terhadap anda. Pemegang polisi harus sentiasa memberi Insurans Hayat: Manfaat untuk Masa depan • 7 maklumat yang betul supaya pihak penginsurans dapat membuat penilaian yang adil tentang risiko yang terlibat. Setelah anda menandatangani polisi insurans, adalah penting untuk anda sebagai pemegang polisi membaca dengan teliti semua cetakan halus dalam dokumen tersebut untuk memastikan yang anda memahami isi kandungannya dan jenis-jenis risiko yang dilindungi. Pampasan. Ajal berlaku dalam kalangan yang kaya dan juga miskin. Ia mungkin membawa kesusahan kepada waris sesiapa sahaja, terutama sekali sekiranya seisi keluarga bergantung dari segi kewangan kepada orang yang telah meninggal dunia. Walau bagaimanapun jika seseorang itu mempunyai insurans hayat, adalah dipastikan bahawa warisnya, yang dinamakan di dalam polisi insurans itu, akan menerima sejumlah pampasan sekiranya beliau meninggal dunia. Ia membantu melindungi sumber kewangan keluarga pemegang polisi di atas kematiannya atau sekiranya berlakunya kecelakaan yang tidak dapat dielakkan. Insurans hayat boleh merupakan sumber kelegaan dari segi kewangan dalam keadaan terdesak. Ini adalah kerana pembelian polisi insurans hayat merupakan komitmen jangka panjang. Ia adalah persediaan mantap yang boleh diharap dalam menghadapi waktu kecemasan terutama sekali ketika anda amat memerlukan bantuan kewangan. Ada juga yang membeli insurans sebagai persiapan menyediakan pendapatan tambahan bagi hari-hari tua nanti. Oleh itu adalah sebaik-baiknya anda tidak membatalkan polisi anda sebelum tempoh yang ditetapkan untuk menikmati pulangan maksimum yang dimeterikan dalam perjanjian. Berikut adalah di antara faedah-faedah perlindungan insurans hayat yang boleh dinikmati: 1. Menyediakan wang tunai dan pendapatan kepada ahli keluarga sekiranya pemegang polisi meninggal dunia supaya mereka dapat menjelaskan bil-bil, cukai dan tanggungan lain tanpa sebarang masalah. 2. Membolehkan keluarga mengekalkan taraf hidup mereka sekiranya orang yang bertanggungjawab mencari nafkah untuk seisi keluarga meninggal dunia. 3. Membekalkan sumber kewangan yang berterusan kepada isteri atau suami yang masih hidup. 4. Menyediakan peruntukan kewangan untuk pendidikan anak-anak. 5. Memperuntukkan sumber pendapatan tetap kepada pesara di sepanjang hari tua mereka. 6. Menyediakan suatu pelan simpanan yang terjamin kepada orang yang diinsuranskan untuk masa depannya. 7. Menambahkan pendapatan orang yang bertanggungjawab mencari nafkah untuk keluarganya sekiranya pendapatannya terjejas akibat daripada penyakit yang serius ataupun kemalangan. Sumbangan: Persatuan Insurans Hayat Malaysia Laman web: http://www.liam.org.my Perkhidmatan Kaunter Bergerak BNMLINK Pegawai-pegawai BNMLINK akan mengadakan perkhidmatan kaunter bergerak di lokasi-lokasi berikut pada bulan Mei 2011 untuk membantu sebarang permasaalahan kewangan, pinjaman, perbankan atau insurans anda: 1. CIMB Cawangan Taiping, Perak* Tarikh : Isnin, 23 Mei 2011 Masa : 9.30 pagi – 4.30 petang 2. Maybank Cawangan Taiping, Perak* Tarikh : Selasa, 24 Mei 2011 Masa : 9.30 pagi – 4.30 petang 3. Majlis Perbandaran Tawau, Sabah* Tarikh : Isnin-Rabu, 23-25 Mei 2011 Masa : 9.30 pagi – 4.30 petang * Sekiranya terdapat pertukaran lokasi, tarikh dan masa, sila rujuk pengumuman yang akan di buat di pelbagai media termasuk surat khabar, radio, risalah ringkas serta sepanduk di kawasan sekitar daerah anda. Anda berhak mendapat ketenangan dengan mengetahui bahawa anda, keluarga anda serta kedudukan masa depan mereka akan terjamin jika sesuatu yang tidak dijangkakan terjadi ... 8 • Kad kredit ialah instrumen pembayaran yang menyenangkan kerana ia boleh digunakan bila-bila masa sahaja untuk membuat pembel ian di kebanyakan kedai. Walau bagaimanapun, jika anda tidak menggunakannya secara berhemat atau gagal membuat bayaran bulanan, anda mungkin telah berbelanja di luar kemampuan anda dan terjerumus ke kancah kemelut kewangan. Mengikut Buletin Statistik Bulanan 2011 terbitan Bank Negara Malaysia (BNM), terdapat 8.5 juta kad kredit dalam edaran pada tahun 2010. Walaupun ramai pengguna telah tahu mengenai fungsi kad kredit, namun begitu, terdapat beberapa perkara yang masih menjadi persoalan di kalangan pengguna. Antaranya seperti berikut: 1. Pendedahan kepada caj t idak sah sekiranya kad kredit dicuri atau hilang Kebiasaannya, pemegang kad tiada tanggungan terhadap transaksi tidak sah sekiranya telah mengambil langkah-langkah yang sewajarnya. Di bawah garis panduan yang dikeluarkan oleh BNM, tanggungan maksimum pemegang kad untuk transaksi tidak sah disebabkan oleh kehilangan atau kecurian kad kredit adalah tidak melebihi RM250, sekiranya pemegang kad tidak melakukan penipuan dan berjaya untuk memaklumkan kepada pengeluar kad kredit secepat mungkin selepas mendapati kadnya telah hilang atau dicuri. Pemegang kad dinasihatkan untuk berbincang dengan pengeluar kad kredit berhubung kehi langan atau kecurian tersebut dan menyertakan laporan polis sebagai dokumen sokongan. Sekiranya pemegang kad tidak berpuas hati dengan perkhidmatan yang diterima daripada pengeluar kad kredit, mereka boleh membuat aduan rasmi kepada unit aduan bank. Pemegang kad boleh memperoleh maklumat seperti pegawai yang boleh dihubungi, nombor telefon dan alamat e-mel daripada laman sesawang bank tersebut, dan juga boleh didapati daripada pautan di laman sesawang bankinginfo di www.bankinginfo.com.my. Walau bagaimanapun, sekiranya pemegang kad masih tidak berpuas hati dengan jawapan yang diberikan oleh pengeluar kad kredit, mereka boleh membuat aduan dengan merujuk kepada panduan membuat aduan di laman sesawang bankinginfo. 2. Caj cukai perkhidmatan untuk kad kredit dan kad caj Bagi mempromosikan perbelanjaan berhemat, kerajaan telah mencadangkan cukai perkhidmatan dikenakan terhadap kad kredit dan kad caj, seperti berikut: • RM50 setahun bagi kad utama. • RM25 setahun bagi kad tambahan. Cukai perkhidmatan hendaklah dikenakan pada tarikh kad kredit atau kad caj dikeluarkan, atau diperbaharui atau pada setiap tarikh genap dua belas bulan selepas tarikh kad dikeluarkan atau diperbaharui. Sebagai contoh, jika ulang tahun kad tersebut adalah pada bulan Januari, KAD KREDIT dan ANDA Mengikut Buletin Statistik Bulanan 2011 terbitan Bank Negara Malaysia (BNM), terdapat 8.5 juta kad kredit dalam edaran pada tahun 2010. • 9 Kebiasaannya, pemegang kad tiada tanggungan terhadap transaksi tidak sah sekiranya telah mengambil langkah- langkah yang sewajarnya. Di bawah garis panduan yang dikeluarkan oleh BNM, tanggungan maksimum pemegang kad untuk transaksi tidak sah disebabkan oleh kehilangan atau kecurian kad kredit adalah tidak melebihi RM250 ... 3. Pelunasan hutang si mati (pemegang kad kredit) oleh waris Pengeluar kad kredit mempunyai hak untuk menuntut harta si mati untuk menjelaskan bayaran yang masih tertunggak. Walau bagaimanapun, terdapat pengeluar kad kredit yang memberi perlindungan insurans bagi menjelaskan bayaran tertunggak sekiranya pemegang kad meninggal dunia atau hilang keupayaan secara kekal. 4. Kad kredit yang tidak diminta Sewaktu menerima kad kredit, pengguna perlu membaca dan memahami terma dan syarat untuk menggunakan kad tersebut. Kemudian pengguna perlu menyatakan penerimaan terma dan syarat kepada pengeluar kad sama ada secara lisan atau bertulis untuk mengaktifkan kad yang diter ima. Sebelum membuat pengesahan, pengguna adalah bebas daripada sebarang caj, yuran, pembayaran dan pembelian berkaitan kad tersebut. Pengguna tidak perlu melalui prosedur pembatalan sekiranya tidak berminat untuk menerima kad tersebut. pemegang kad perlu membayar cukai tesebut pada bulan Januari. Tetapi sekiranya tarikh tersebut adalah pada bulan Disember, maka dia hanya perlu membayar cukai tersebut pada bulan Disember. Cadangan ini telah berkuat kuasa sejak 1 Januari 2010. Cukai perkhidmatan hendaklah dikenakan pada tarikh kad kredit atau kad caj dikeluarkan.. 10 • New York Times melaporkan lebih daripada 15 juta orang anak-anak di seluruh Amerika Syarikat menyediakan rawatan untuk ibu bapa mereka yang telah lanjut usia. Ini termasuk membayar sebahagian atau keseluruhan kos perumahan mereka, bekalan perubatan dan kos-kos kecil lain. Kos menjadi lebih tinggi apabila anak-anak tinggal berjauhan daripada ibu bapa yang memerlukan penjagaan itu. Selain itu, kos turut meningkat sekiranya anak-anak mengupah seseorang untuk menjaga orang tua mereka. Kos purata bulanan penjagaan ini boleh mencecah AS$200. Sekiranya tempoh untuk menjaga melebihi 40 jam seminggu, kos boleh mencecah AS$324 sebulan. Itu tidak termasuk kos-kos sampingan lain seperti pakaian, pembaikan rumah, bil telefon dan sebagainya. Keadaan ini tidak banyak bezanya di Malaysia. Peningkatan bilangan warga tua di Malaysia (60 tahun ke atas) akan mencapai jumlah 2.2 juta orang atau 9.5% menjelang 2020. Anak-anak dewasa pula, selain menghadapi bebanan untuk menyara keluarga sendiri, terpaksa menyara orang tua mereka dengan kos penjagaan kesihatan yang semakin meningkat. Pendek kata, tidak kira di mana sahaja, anak-anak bertanggungjawab untuk menjaga kebajikan ibu bapa mereka, terutamanya yang telah berusia emas. Sebagai anak, anda sudah tentu inginkan ibu bapa anda hidup dengan selesa. Oleh itu, anda perlu bersiap sedia lebih awal, terutamanya dari segi kewangan, supaya tidak menghadapi kesukaran kelak. Berikut adalah beberapa perkara yang perlu dititikberatkan sebagai persediaan menghadapi usia emas ibu bapa kesayangan anda. Menyesuaikan keadaan rumah Sekiranya ibu bapa anda tidak mahu meninggalkan kampung halaman dan mahu menghabiskan sisa-sisa hidup di rumah sendiri, anda perlu menitik beratkan keadaan rumah tersebut. Persekitaran rumah perlu selamat dan tidak menyukarkan untuk pergerakan mereka. Antaranya ialah bilik air di tingkat satu atau berdekatan dengan tempat tidur, alat bantuan untuk bergerak dan pemegang bantuan untuk bertahan sewaktu berjalan atau menggunakan bilik air. Selain itu, sistem peka (penggera atau loceng) sekiranya keadaan kecemasan seperti yang terdapat di hospital juga boleh dipasang sebagai langkah persediaan sekiranya tiba-tiba berlaku perkara yang tidak diduga. Penjagaan Kesihatan Berbincang dengan mereka mengenai pentingnya perancangan penjagaan kesihatan mereka. Penyakit seperti Alzheimer dan Strok kerap menyerang warga emas dan boleh menyebabkan hilang keupayaan untuk membuat keputusan dan bergerak kelak. Selain itu, penyakit yang sinonim dengan rakyat Malaysia adalah seperti kencing manis, darah tinggi dan sakit jantung. Buat pemeriksaan kesihatan lebih awal dan peka dengan perubahan kesihatan mereka. Pastikan penyediaan makanan yang sihat dan mereka Penjagaan Ibu Bapa Pada Usia Emas Sebagai anak, anda sudah tentu inginkan ibu bapa anda hidup dengan selesa. Oleh itu, anda perlu bersiap sedia lebih awal, terutamanya dari segi kewangan, supaya tidak menghadapi kesukaran kelak. • 11 melakukan aktiviti yang mengeluarkan peluh. Anda juga perlu bersiap sedia dari aspek kos rawatan dan bil hospital. Keperluan Asas Kain lampin, makanan mudah hadam, gigi palsu dan ubatan sudah menjadi keperluan asas buat warga emas. Selain itu, sekiranya mereka tinggal berasingan, bil dan makanan juga perlu pengawasan. Begitu juga dengan kebersihan tempat tinggal dan pakaian. Alat Bantuan & Waktu Kecemasan Bagi pengguna kerusi beroda, rancang bagaimana mereka hendak menyelamatkan diri jikalau berlaku kecemasan dan berbincang dengan mereka yang tinggal bersama-sama anda mengenai perkara ini. Jika ibu bapa menggunakan kerusi beroda bermotor, dapatkan juga kerusi beroda biasa sebagai sokongan. Bagi ibu bapa yang cacat penglihatan, simpan tongkat di tepi katil mereka. Letakkan wisel pada tongkat tersebut, untuk digunakan bagi menarik perhatian orang lain. Berhati-hati apabila berjalan kerana laluan mungkin dipenuhi dengan bahan dan barangan yang terjatuh. Bagi ibu bapa yang cacat pendengaran, simpan bateri simpanan untuk alat pendengaran bersama-sama bekalan kecemasan. Letakkan alat pendengaran di dalam bekas bersebelahan katil supaya mudah dicari jika perlu. Melindungi Aset Bantu ibu bapa anda melindungi aset mereka. Banyak perkara yang tidak diduga boleh berlaku. Pihak-pihak yang tidak bertanggungjawab suka mengambil kesempatan terhadap warga emas kerana mudah untuk terperdaya dengan helah yang digunakan oleh golongan ini. Kenal pasti jumlah simpanan dan pelaburan yang dimiliki oleh ibu bapa anda. Dapatkan khidmat peguam sekiranya perlu, agar aset ibu bapa anda dapat dilindungi dengan baik. Pengurusan Harta Pusaka Pengurusan harta pusaka lebih mudah sekiranya pemilik harta masih hidup. Oleh itu berbincang secara positif dengan semua ahli keluarga untuk mengelakkan wujudnya salah faham. Apabila pemilik harta telah meninggal dunia, urusan menjadi lebih rumit kerana melibatkan surat kematian dan pelbagai isu lagi. Oleh itu, seseorang pemilik harta pusaka hendaklah menyediakan surat wasiat ketika masih hidup. Ini bagi mengelakkan sebarang perbalahan dalam kalangan ahli keluarga kerana urusan pemindahan harta ditentukan sendiri oleh pemilik harta. Rasa Diri Penting dan Dihargai Buat ibu bapa anda merasakan diri mereka dihargai dan masih penting serta bernilai dalam keluarga. Tanya apa yang mereka mahu makan, bukan makan apa saja yang anda hidangkan. Sesekali bawa mereka keluar bersiar-siar dan bertemu rakan-rakan lama dan bersosial untuk mengelakkan kemurungan. Minta pendapat mereka mengenai perkara-perkara penting dalam hidup anda. Mereka akan lebih gembira mengetahui anda masih mengambil kira dan memerlukan pendapat dan cadangan mereka. Lakukan sebanyak mungkin aktiviti bersama mereka dan buat mereka ketawa. Memahami dan Menikmati Sikap dan pandangan mereka mungkin berubah. Tetapi mereka masih ibu bapa yang melahirkan dan membesarkan anda, malah bersedia melayan karenah anda sejak di dalam kandungan sehingga anda dewasa. Belajar untuk lebih memahami dan menerima perubahan ini. Hargai masa yang ada dengan sebaik mungkin kerana anda tidak tahu berapa lama lagi masa yang ada untuk anda habiskan bersama-sama mereka. Bersabar dengan segala dugaan dan ketidakupayaan mereka pada usia emas. Pengorbanan masa dan wang amat diperlukan pada waktu-waktu sebegini. Bersiap sedia lebih awal adalah langkah yang bijak. Tip Sebelum Bertindak • Bincang dengan ibu bapa anda untuk mendapatkan kepastian apa yang diinginkan dan yang diperlukan oleh mereka. • Dapatkan nasihat dan panduan daripada rakan, keluarga atau orang lain yang lebih berpengalaman menjaga ibu bapa semasa pada usia emas. Pihak-pihak yang tidak bertanggung jawab suka mengambil kesempatan terhadap warga emas kerana mudah untuk terpedaya dengan helah yang digunakan oleh golongan ini. 12 • Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected] << /ASCII85EncodePages false /AllowTransparency false /AutoPositionEPSFiles true /AutoRotatePages /None /Binding /Left /CalGrayProfile (Dot Gain 20%) /CalRGBProfile (sRGB IEC61966-2.1) /CalCMYKProfile (U.S. Web Coated \050SWOP\051 v2) /sRGBProfile (sRGB IEC61966-2.1) /CannotEmbedFontPolicy /Warning 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11 May 2011
Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-11052011
https://www.bnm.gov.my/documents/20124/761706/20080112_IAT_PL_0001.pdf
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Reading: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 11 May 2011 Guidelines on Stress Testing for Takaful Operators and Guidelines on Stress Testing for Insurers have been posted/updated. The PDF format document are available for download via the URL provided below: Download Link © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed12 Draft2.PM6 APIL 201 ’| RAKAN KEWANGAN ANDA \ '. /' .. Pengguna _-_ Z", ‘ Ti di da |am - 10 Panduan Beriimal: Gel-mat: Untuk Pelaiar Kampus - Perusahaan Kecil Dan Sederhana - Produk Pemhiayaan Untuk RI Perniagaan Anda Bahagian Pertama bul an ini - Rlslko Urus Nlaga Sambung Bayar Peryanuan Sewa Bell - 16 Julai 2011 - Hari Tidak Berhelania - Tanam Sendiri Lebih Jimal: ISSN 2180-3684 ° Perkhidmatan Kaunter Bergerak BNMLINK - Jun 2001 H l GABUNGAN BANK NEGARA MALAYSIA PERSATUAN-PERSATUAN CENTRAL BANK or MALAYSIA 9 772180 368003 PENGGUNAMALAYSIA 2 • Sidang Redaksi Adalah cukup penting agar usaha- usaha yang akt i f dan berkesan dikendal ikan untuk membantu pengguna Malaysia menguruskan kewangan mereka dengan lebih cekap dalam persekitaran yang mencabar ini. Berdasarkan laporan statistik muflis daripada Jabatan Insolvensi Malaysia dan golongan yang mendapatkan khidmat Agensi Kaunsel ing dan Pengurusan Kredit, menunjukkan bahawa pengguna Malaysia tidak menguruskan kewangan mereka dengan baik. Mereka t idak mempunyai pengetahuan yang cukup tentang produk kewangan dan tidak mempunyai kemahiran untuk membuat keputusan kewangan untuk menjaga kepent ingan kewangan mereka. Kekurangan ini sudah tentu akan memberi kesan terhadap pengurusan Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Yu Kin Len Siti Rizadiana binti Rahmat Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Gabungan Persatuan- Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Web : www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Web : www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. harian individu dan keluarga. Begitu juga ia akan mempengaruhi kemampuan untuk membuat tabungan untuk matlamat jangka panjang sepert i membeli rumah, mendapatkan pendidikan tinggi bagi diri atau anak dan juga mempunyai tabungan yang cukup untuk persaraan. Pengurusan kewangan yang kurang berkesan juga boleh menyebabkan pengguna terdedah kepada krisis kewangan bi la menghadapi kecemasan seperti isu perubatan, hilang pekerjaan atau kemalangan. Jadi, pendidikan kewangan memberi manfaat kepada pengguna dalam setiap peringkat umur dan tahap pendapatan. Bagi golongan muda dewasa yang baru memasuki alam pekerjaan, ia boleh dijadikan perkara asas bagi Pendidikan KPendidikan KPendidikan Kewanganewanganewangan Dan PenggunaDan PenggunaDan Pengguna Pendidikan Kewangan Dan Pengguna • 3 menguruskan bajet dan simpanan serta mengawal perbelanjaan serta hutang. Pendidikan Kewangan boleh membantu sesebuah keluarga membentuk disipl in untuk membuat tabungan sendiri di rumah atau untuk keperluan pendidikan anak-anak. Ia juga menggalakkan penggunaan berhemat dan mengurangkan perbelanjaan di rumah. Pendidikan Kewangan boleh membantu pekerja yang telah berumur untuk memastikan mereka mempunyai simpanan yang cukup untuk menjalani kehidupan persaraan yang selesa dengan menyediakan mereka maklumat serta kemahiran membuat pelaburan secara bijaksana dan pilihan simpanan. Pendidikan pengurusan kewangan boleh membantu pengguna yang berpendapatan rendah untuk menggunakan apa yang mereka miliki dan buat keputusan kewangan yang bijak untuk wang mereka semasa membeli sebarang produk kewangan. Untuk pengguna yang mempunyai wang untuk membuat pelaburan, pendidikan pengurusan kewangan dapat meningkatkan kefahaman tentang maklumat kewangan yang asas seperti risiko dan pulangan serta maklumat yang lebih spesifik tentang pelbagai jenis pelaburan. Pengguna memerlukan pengetahuan tentang pengurusan kewangan untuk meni lai dan membandingkan pelbagai maklumat yang kompleks tentang produk dan perkhidmatan kewangan. Tanpa pengetahuan kewangan yang asas, pengguna mungkin t idak dapat membel i produk dan perkhidmatan kewangan yang mereka perlukan atau mungkin mereka telah membeli sesuatu produk kewangan yang tidak diperlukan atau tidak sesuai. Pendidikan pengurusan kewangan dapat membantu pengguna untuk menjadi lebih berpengetahuan tentang produk dan perkhidmatan kewangan. Pengguna akan mengetahui saluran untuk mendapatkan maklumat kewangan dan memanfaatkannya, serta menggunakan maklumat tersebut untuk membuat keputusan yang lebih baik. Secara am, pendidikan kewangan adalah proses di mana pengguna boleh meningkatkan kefahaman mereka tentang produk dan perkhidmatan kewangan agar mereka dapat membuat keputusan berdasarkan maklumat yang tepat dan melindungi diri daripada pelbagai penipuan serta pengguna boleh mengambil tindakan untuk memperbaiki kedudukan kewangan masa kini dan pada masa hadapan. Daripada aspek yang lain, operasi pasaran dan persaingan di pasaran akan menjadi kurang cekap sekiranya pengguna tidak ada pengetahuan atau kemahiran untuk menguruskan hubungan mereka dengan institusi kewangan dengan baik. Pengguna yang berpengetahuan dan berkeyakinan akan menuntut dan berunding untuk produk dan perkhidmatan yang memenuhi matlamat jangka panjang dan jangka pendek pengguna. Oleh i tu, penyedia perkhidmatan kewangan dikehendaki menyediakan produk dan perkhidmatan yang mempunyai ciri-ciri yang dituntut oleh pengguna yang berpengetahuan tersebut. Akan tetapi sekiranya pengguna tidak mempunyai pengetahuan, kemahiran atau keyakinan untuk menuntut daripada institusi kewangan produk dan perkhidmatan yang memenuhi keperluan mereka, pengguna akan terikut- ikut “nasihat” penjual atau agen yang seringkali lebih mementingkan komisyen mereka daripada kebajikan pengguna. Ada kemungkinan keputusan pengguna di dalam konteks ini akan mengakibatkan kerugian dan pembaziran akan dihadapi oleh pengguna. Pendidikan pengurusan kewangan boleh membantu pengguna yang berpendapatan rendah untuk menggunakan apa yang mereka miliki .... 4 • Menjadi seorang pelajar kampus bukannya tugas yang mudah. Selain daripada mengulang kaj i pelajaran dan menyiapkan tugasan, anda juga perlu menguruskan wang agar dapat menjalani hidup sebagai seorang pelajar dengan aman dan tenang. Sekiranya anda gagal menguruskan wang dengan bijak, ia boleh menganggu tumpuan dan seterusnya memberi kesan kepada pembelajaran anda. Sebenarnya, pengurusan kewangan yang baik boleh dimulakan hanya dengan mempraktikkan teknik- teknik mudah menyimpan wang. Securities Industry Development Corporat ion (SIDC), bahagian pendidikan dan pembangunan bagi Suruhanjaya Sekurit i Malaysia ingin berkongsi 10 panduan berjimat cermat untuk pelajar kampus. Setelah selesai membaca art ikel in i , anda boleh mempraktikkan panduan-panduan yang diberi dan mengaplikasikannya mengikut keadaan kewangan anda selaku seorang pelajar. Panduan 1: Amalkan Peraturan 10 Peratus Secara amnya, peraturan 10 peratus bermakna anda perlu menyimpan 10 peratus daripada wang yang anda miliki setiap bulan. Contohnya, jika anda mempunyai RM500 setiap bulan, simpanlah RM50. Apabila menerima duit pinjaman PTPTN, MARA, biasiswa atau elaun daripada ibu bapa setiap bulan, pastikan anda menyimpan sekurang-kurangnya 10 peratus daripada jumlah yang diperolehi. Wang ini boleh dijadikan simpanan dan pelaburan anda pada masa hadapan. Amalan ini juga akan mendidik anda untuk menjadi lebih konsisten dan berdisiplin dalam menyimpan wang pada masa akan datang. Panduan 2: Wujudkan Dana Kecemasan Sebagai pelajar, ada masanya anda akan berhadapan dengan kejadian yang t idak di jangka dan ia memerlukan perbelanjaan yang banyak. Sebagai contoh, anda boleh jatuh sakit dan perlu dibawa ke hospital, kenderaan atau komputer mungkin rosak dan perlu diperbaiki, serta isu-isu kewangan yang lain. Sekiranya anda t idak mempunyai dana kecemasan, anda pasti akan berdepan dengan pelbagai masalah. Namun, dengan adanya dana kecemasan, anda tidak perlu rungsing dan berhutang dengan orang lain kerana anda mempunyai wang simpanan sendiri. Tetapi ingat: dana kecemasan harus digunakan untuk KECEMASAN SAHAJA! Panduan 3: Amalkan tabiat melabur Menyimpan wang adalah tabiat yang baik tetapi anda perlu melaburkan wang tersebut agar mendapat lebih pulangan. Amalkan tabiat melabur secepat yang mungkin supaya anda boleh mendapat pulangan yang maksimum daripada pelaburan. Rebutlah peluang daripada kuasa pengkompaunan dengan melaburkan wang anda dalam produk pelaburan yang sesuai. Sebelum memulakan pelaburan, lakukan kaji sel id ik yang mencukupi dengan membaca prospektus, laporan kewangan dan laporan tahunan, majalah perniagaan dan lain-lain. Dalam memilih produk pelaburan yang paling sesuai dengan tahap risiko, matlamat kewangan dan bajet yang ada, anda perlu mengenali sedikit sebanyak tentang konsep pelaburan. 10 Panduan10 Panduan10 Panduan BerjimatBerjimatBerjimat CermatCermatCermat UntukUntukUntuk PelajarPelajar KampusKampus • 5 Panduan 4: Buat perbandingan harga semasa membeli-belah Dengan membandingkan harga dan mencari tawaran yang terbaik, anda mampu menjimatkan wang setiap kali membeli-belah. Membandingkan harga juga mengajar anda untuk menjadi lebih berhati-hati dan bersabar semasa membeli barang. Sebagai seorang pembeli yang bersabar dan berhati-hati, anda tidak akan terdorong oleh nafsu ketika membeli, malah akan sentiasa berusaha mendapatkan nilai yang terbaik untuk wang anda! Panduan 5: Potong kad kredit anda Kajian yang dilakukan Jabatan Perangkaan Malaysia mendapati bahawa 50% rakyat Malaysia yang diisytiharkan muflis berusia 30 tahun ke bawah. Statistik ini antara lain menggambarkan bahawa pelajar kolej dan golongan dewasa yang baru mula bekerja mewakili 50% daripada rakyat Malaysia yang diisytiharkan bankrap. Tidak kiralah jika anda memiliki kad kredit sendiri atau diberi kad kredit oleh ibu bapa, tanyalah diri sendiri: “Perlukah saya memiliki kad kredit?” Ingat! Jadilah pengguna kad kredit yang bertanggungjawab kerana anda (atau ibu bapa anda) yang perlu membayar hutangnya nanti! Panduan 6: Kurangkan bil elektrik anda Sedar atau tidak, tidak ramai yang mengambil berat isu penggunaan elektrik. Memasang lampu walaupun tiada orang di rumah merupakan suatu perkara lazim yang dipandang remeh walaupun ia merupakan satu pembaziran. Sebenarnya, apabila anda menjimat elektrik, anda juga menjimatkan wang. Antara perkara yang boleh dipraktikkan ialah mengekalkan kelajuan kipas pada tahap sederhana, menggunakan lampu jenis jimat tenaga serta mengurangkan tahap kecerahan skrin komputer. Panduan 7: Jadilah pelajar yang bijak Sebagai pelajar yang bijak dalam pelajaran, anda juga perlu bijak berbelanja. Cetak tugasan anda di kedua-dua belah muka surat kertas, beli isian semula mesin pencetak dan bukannya kartr i j pencetak, pinjam buku rujukan daripada pelajar senior/rakan/perpustakaan, sewa rumah bersama kawan-kawan dan makanlah di kampus. Secara amnya, perkhidmatan dan kemudahan di kampus seperti sewa asrama, fotokopi dan lain-lainnya adalah lebih murah, jadi ambillah kesempatan ini! Lebih elok lagi, kumpulkan kawan-kawan anda dan carilah peluang mendapatkan diskaun apabila membeli barang (buku, alat tulis dan lain-lain) secara pukal di kampus. © Securit ies Industry Development Corporation 2010. Untuk mendapatkan panduan pelaburan bijak, layari laman web Pelabur Malaysia (www.min.com.my) . J ika anda berminat berkongsi, menerbit atau mengedar semula artikel ini, sila emel [email protected]. Panduan 8: Gunakan kad pelajar anda Kad pelajar adalah salah satu instrumen yang sangat membantu dalam usaha anda menyimpan wang. Anda boleh menggunakannya untuk mendapat diskaun ketika menonton wayang, membeli buku, menaiki LRT, melayari Internet, bercuti, makan, bersukan dan sebagainya. Bayangkan penjimatan yang anda dapat! Panduan 9: Gunakan pengangkutan awam Menggunakan pengangkutan awam biasanya melibatkan kos yang lebih rendah berbanding memandu kereta. J ika kurang minat menaiki pengangkutan awam, kongsi kereta bersama rakan- rakan! Fikirkan juga tentang membeli motosikal atau basikal supaya boleh menjimatkan wang untuk petrol. Sentiasa merancang perjalanan mengikut jadual dan keperluan sahaja. Sebagai contoh, jika dest inasi yang di tuju t idak jauh dan cuaca mengizinkan, apa salahnya j ika berjalan kaki berbanding memandu kereta? Panduan 10: Gunakan Internet untuk membuat panggilan Daripada menghabiskan wang untuk menambah nilai telefon bimbit, apa kata anda membuat panggilan melalui Internet? Anda bukan sahaja dapat berbual sepuas-puasnya, malah tidak perlu membayar walau sesen pun ( j ika mengunjungi “wi- f i hotspot” percuma). Sekiranya terdesak atau terpaksa menggunakan telefon bimbit, jangan lupa bahawa lebih murah untuk menghantar mesej (SMS) berbanding membuat panggilan. Kesimpulannya, kehidupan di kolej atau universiti bukanlah sekadar mentelaah pelajaran semata-mata. Selaku pelajar, anda juga akan menerokai pelbagai aspek kehidupan dan akan menempuh pelbagai pengalaman yang mampu mencorak kehidupan anda kelak. Anda semestinya t idak mahu masalah- masalah berkaitan kewangan menjadi isu yang membebankan anda di kampus. Dengan mempraktikkan “10 Panduan” yang telah diberikan, anda sepatutnya boleh menikmati kehidupan kampus yang bebas daripada tekanan, seronok, dan mengujakan! 6 • Bagi memenuhi keperluan perniagaan anda, institusi kewangan menawarkan rangkaian produk pembiayaan yang luas untuk perusahaan kecil dan sederhana (PKS) di bawah perbankan konvensional dan Islam. Anda boleh memilih daripada pelbagai jenis produk yang ditawarkan di pasaran, bergantung kepada keperluan pembiayaan dan kesesuaian pembiayaan tersebut dengan perniagaan anda. PRODUK YANG BETUL UNTUK TUJUAN YANG BETUL Umumnya, perniagaan anda memerlukan pembiayaan untuk pemerolehan aset dan modal kerja. Walau bagaimanapun, terdapat pelbagai jenis pembiayaan yang boleh anda pilih. Misalnya, untuk memperolehi peralatan perniagaan, lekapan dan kelengkapan, anda boleh memilih untuk membiayai pemerolehan tersebut melalui sewa beli perindustrian, pajakan ataupun pinjaman berjangka. Pilihan muktamad terletak kepada Perusahaan Kecil dan Sederhana Produk Pembiayaan untuk Perniagaan Anda – Bahagian Pertama keputusan anda. Walau bagaimanapun, anda mungkin ingin mendapatkan maklumat lanjut mengenai kesesuaian produk tersebut sebelum membuat keputusan mengenai jenis pembiayaan untuk perniagaan anda. Maklumat yang disediakan hanya sebagai panduan. Oleh yang demikian, anda harus merujuk kepada institusi kewangan anda untuk mendapatkan penjelasan dan maklumat lanjut. PEMEROLEHAN ASET/ PENGEMBANGAN PERNIAGAAN Perniagaan anda memerlukan aset untuk beroperasi. Aset-aset ini mungkin terdiri dari harta benda tak alih seperti kilang, rumah kedai dan bangunan ataupun aset-aset lain seperti kenderaan, peralatan, lekapan dan mesin. Sekiranya anda bercadang untuk membeli atau memajak aset-aset tersebut, produk pembiayaan yang tersedia adalah disenaraikan seperti berikut: PRODUK PEMBIAYAAN KEGUNAAN CIRI-CIRI FAEDAH Pinjaman Berjangka Sewa Beli Perindustrian Pajakan Untuk memperolehi aset tetap (harta tak alih, iaitu, tanah dan bangunan serta kenderaan komersil) Untuk memperolehi modal aset seperti peralatan dan mesin. Untuk memperolehi modal aset seperti peralatan dan mesin. Pinjaman yang diberi untuk jangka masa yang dipratentukan (tempoh), dengan pembayaran balik secara ansuran. • Kemudahan yang membenarkan PKS memajak peralatan daripada institusi kewangan tanpa perlu membeli peralatan itu • Terdapat 2 jenis kemudahan pajakan yang tersedia: i. Pajakan Operasi Hak milik dipegang oleh institusi kewangan. ii. Pajakan Pembiayaan Hak milik dipegang oleh institusi kewangan. Walau bagaimanapun, pemajak mempunyai pilihan untuk membeli aset tersebut pada akhir tempoh pajakan. • Satu bentuk pembiayaan yang mana aset dibeli oleh institusi kewangan dan disewakan kepada PKS dengan hak milik dikekalkan oleh institusi kewangan sehingga pinjaman dibayar balik • PKS membuat pembayaran balik secara berkala kepada institusi kewangan Memudahkan pengurusan dana memandangkan jumlah bayaran dipratentukan. • Memudahkan pengurusan dana kerana jumlah ansuran pajakan adalah dipratentukan • Untuk pajakan operasi, kos penyelenggaraan ditanggung oleh pemberi pajak (institusi kewangan) • Ansuran yang dibayar untuk pajakan layak mendapat pelepasan cukai sepenuhnya • Membolehkan PKS memiliki peralatan dan mesin tanpa perlu membayar amaun sepenuhnya terlebih dahulu • Memudahkan pengurusan dana memandangkan jumlah pembayaran balik dipratentukan • Membolehkan dana yang sedia ada digunakan bagi tujuan lain • 7 MODAL KERJA Selain daripada pembiayaan aset, perniagaan anda memerlukan modal kerja bagi membiayai operasi harian perniagaan. Pada amnya, bentuk pembiayaan yang paling mudah ialah kemudahan overdraf daripada bank-bank perdagangan. Namun begitu, walaupun fleksibel, overdraf mungkin meningkatkan kos perniagaan. Fi komitmen mungkin dikenakan ke atas baki kemudahan overdraf atau kredit pusingan yang tidak digunakan. Faedah-faedah dan ciri-ciri produk yang disediakan oleh institusi kewangan bagi tujuan modal kerja adalah seperti yang berikut: Sumber : Bank Negara Malaysia Maklumat yang disediakan hanya sebagai panduan. Oleh yang demikian, anda harus merujuk kepada institusi kewangan anda untuk mendapatkan penjelasan dan maklumat lanjut. MODAL KERJA KEGUNAAN CIRI-CIRI FAEDAH Overdraf (OD) Pemfaktoran Kredit Pusingan (RC) Bagi memenuhi keperluan modal kerja perniagaan seperti membeli bahan mentah, barangan untuk perniagaan dan lain-lain. Seperti OD, ia bersifat jangka pendek dan biasanya digunakan untuk memenuhi keperluan modal kerja jangka pendek. Bagi memperolehi pembiayaan jangka pendek untuk hutang dagangan (jualan barangan kepada pelanggan secara kredit). • Pinjaman pusingan yang disediakan kepada pelanggan perniagaan melalui akaun semasa, yang mana peminjam boleh mengeluarkan jumlah wang yang diperlukan dengan cara mengeluarkan cek selagi tidak melebihi had OD • Fi komitmen sebanyak 1% dikenakan atas baki kemudahan yang tidak digunakan • Faedah dikira atas kadar harian berdasarkan baki belum jelas pada akhir setiap hari perniagaan • Pinjaman yang diberikan untuk satu tempoh jangka masa tertentu yang boleh dipusing semula apabila matang • Kemudahan jangka pendek yang sesuai bagi syarikat-syarikat yang mempunyai kedudukan kewangan yang baik • Pengeluaran pinjaman melalui surat daripada PKS kepada institusi kewangan dengan menyatakan tempoh pinjaman yang diperlukan Satu kaedah pembiayaan yang mana institusi kewangan membeli invois dagangan pelanggan secara diskaun atas nilai muka invois berkenaan dan menyediakan pendahuluan tunai bagi tujuan perniagaan. Kefleksibelan dalam pengurusan dana kerana OD dapat digunakan secara berterusan, selagi kemudahan tersebut digunakan dengan cara yang teratur dan perniagaan terus diuruskan dengan memuaskan. • Kos pembiayaan lebih rendah berbanding dengan kemudahan pembiayaan konvensional • Dana boleh digunakan secara berterusan kerana ia adalah kemudahan pusingan • Pendahuluan tunai diperolehi dengan mudah dan cepat • Tidak memerlukan cagaran • Dapat menjual pada harga yang lebih berdaya saing kepada pengguna yang membeli secara kredit .....bersambung pada keluaran akan datang... 8 • Dalam keadaan ekonomi yang tidak menentu pada masa ini dan dibebankan lagi dengan harga barang keperluan yang semakin melambung, maka sudah pastinya ia akan memberikan bebanan kepada orang ramai. Apatah lagi dengan bayaran ansuran kenderaan yang perlu dijelaskan setiap bulan mengikut perjanjian sewa beli yang termeterai dengan institusi perbankan. Tidak dinafikan, para pengguna kenderaan di negara ini mengalami beban yang tinggi dalam pengurusan kewangan mereka, kehidupan di bandar yang serba serbi memerlukan wang ringgit. Tatkala sibuk menguruskan keperluan harian, ada di antara mereka yang terlupa atau menghadapi kesukaran melunaskan bayaran ansuran kenderaan mereka. Lebih menyedihkan jika ansuran kenderaan mereka tertunggak. Terdapat ramai yang memilih jalan mudah seperti menyerahkan kenderaan kepada pihak ketiga untuk tujuan sambung bayar. Sebenarnya tindakan ini sangat berisiko, ibarat menjerat dir i sendir i . Tahukah anda bahawa, walaupun ada pihak ketiga yang akan menyambung ansuran bulanan, namun anda masih bertanggungjawab sepenuhnya terhadap kenderaan itu, sepertimana yang terkandung dalam perjanjian sewa beli yang asal, termasuk juga jika berlaku kes jenayah serta kemalangan. Jika berlaku kes jenayah atau kesalahan jalan raya, anda boleh diheret ke mahkamah, walaupun pada dasarnya anda tidak melakukannya. Jika pihak ketiga gagal melangsaikan hutang anda ataupun kenderaan anda dibawa lari kerana gagal membuat pembayaran, pihak bank akan meletakkan tanggungjawab ke atas anda atas segala permasalahan yang timbul. Lebih teruk, perkara ini boleh menggagalkan tuntutan insurans kerana segala tindakan ini adalah bercanggah dengan Akta Sewa Beli 1967. Lebih memburukkan keadaan jika kenderaan anda terlibat dalam kemalangan maut ataupun kes langgar lari. Sudah pasti anda yang akan diheret ke muka pengadi lan kerana anda merupakan pemil ik berdaftar kenderaan itu. Jika kenderaan itu ditarik atau dituntut oleh pihak bank disebabkan kegagalan pihak yang menyambung hutang itu melangsaikan hutangnya, maka kenderaan ini akan dilelong. Jika hasil lelongan tidak mencukupi bagi menampung jumlah yang tertunggak, maka bakinya perlu ditanggung oleh tuan punya asal kenderaan dan pihak ketiga tidak boleh dipertanggungjawabkan kerana pihak ketiga tiada apa-apa kai tan yang boleh disabitkan atas kesalahan perjanjian sewa beli yang asal. Maka, tiada apa-apa tuntutan yang boleh dibuat walaupun kenderaan ditarik atas kecuaian yang dilakukan oleh pihak ketiga. Langkah terbaik jika menghadapi masalah kewangan berkaitan sewa beli kenderaan adalah dengan berbincang semula dengan pihak bank. Untuk pengetahuan anda, sekarang terdapat banyak inst i tusi perbankan yang menyediakan pakej penjadualan semula pembayaran untuk membantu pengguna. Jika anda benar-benar tidak boleh meneruskan pembayaran, maka lebih baik bagi anda menyerahkan kenderaan itu kepada pihak perbankan sebelum tamatnya tempoh surat not is jadual keempat. Sekurang-kurangnya anda tidak perlu menanggung kos penarikan semula serta kos-kos lain yang pastinya akan membebankan. Anda juga mempunyai pilihan untuk membayar secara ansuran baki daripada hasil lelongan kenderaan. Ini adalah langkah yang lebih selamat. Jadilah pengguna yang bi jak dalam membuat keputusan. Sumber: Auto Touch Magazine, Edisi Mei 2010 Risiko Urus Niaga Sambung Bayar Perjanjian Sewa Beli • 9 Hari t idak berbelanja merupakan sebahagian daripada program Kempen Konsumer Kebangsaan yang berlangsung antara tahun 2008 hingga 2012. Hari Tidak Berbelanja disambut pada 16 Julai setiap tahun. Pada hari tersebut, para pengguna digalakkan agar tidak membuat sebarang pembelian sepanjang hari. Idea ini adalah untuk meningkatkan kesedaran pengguna tentang tabiat berbelanja mereka dan memikirkan tentang kepenggunaan secara keseluruhan serta kesannya terhadap budaya serta alam semula jadi. Budaya Tidak Membeli-belah Membeli-belah tidak memberikan kemudaratan, namun ia bergantung kepada jenis barang-barang yang anda beli. Anda perlu memastikan tentang ‘keperluan’ dan ‘kehendak’ sebelum berbelanja. Anda perlu mempunyai alasan yang kuat ’mengapa’ anda perlu membeli sesuatu barang agar pembelian tersebut merupakan satu keperluan dan tidak menyebabkan pembaziran. Melawan Nafsu Apabila anda tidak melakukan sesuatu, sebenarnya anda telah melakukan sesuatu! Tindakan anda untuk bersetuju mengurangkan perbelanjaan merupakan suatu permulaan. Hari Tidak Berbelanja merupakan hari untuk anda melawan nafsu membeli barang. Ia merupakan hari untuk anda mencabar diri anda sendiri. Kesan Yang Berpanjangan Kempen ini tidak bermaksud untuk mengubah cara hidup anda dalam masa sehari sahaja, tetapi ia mampu memberi kesedaran secara berpanjangan yang mungkin merupakan satu pengalaman hidup! Kempen ini akan terus tersemat dalam minda anda, iai tu set iap kal i anda berbelanja, anda akan memikirkan kesan barang tersebut kepada nilai kepada wang anda dan alam sekitar. Cara Menyambut Hari Tidak Berbelanja • Bancuh minuman anda sendiri pada waktu pagi • Bawa bekal untuk makanan tengahari • Masak sendiri di rumah • Berjalan kaki atau menaiki kenderaan awam untuk mengelakkan pembelian petrol • Merancang perjalanan terlebih dahulu untuk mengelakkan penggunaan bahan api untuk tujuan yang tidak penting • Menghabiskan masa dengan aktiviti-aktiviti yang t idak mengeluarkan wang sepert i membaca buku, berkebun dan bersenam • Menggunakan barang-barang yang terpakai di rumah anda untuk dijadikan suatu barang yang baru • Membuat satu inventori barang-barang yang telah sedia ada dirumah untuk mengelakkan membeli barang yang sama apabila anda membeli belah kelak • Menyebarkan mesej dengan memberitahu orang lain sama ada secara lisan atau penulisan di blog atau laman sosial untuk menggalakkan orang lain turut sama menjayakan kempen ini. • Bertukar pakaian dengan rakan rapat atau ahli keluarga yang lain Hari TidakHari TidakHari Tidak BerbelanjaBerbelanjaBerbelanja 16 JULAI 2011 Anda perlu memastikan tentang ‘keperluan’ dan ‘kehendak’ sebelum berbelanja. 10 • Hampir semua negara di dunia kini merasai kesan daripada harga makanan yang meningkat secara mendadak serta kedudukan ekonomi yang tidak menentu. Justeru, bagi membantu para pengguna di Malaysia mengurangkan kesan ini ialah melalui amalan berkebun sendiri. Tanah merupakan satu anugerah semula jadi yang banyak terdapat di Malaysia. Terdapat banyak tanah yang terbiar di kawasan bandar dan luar bandar yang dipenuhi dengan rumput rampai dan tanaman-tanaman yang tidak mendatangkan hasil. Kini anda boleh Tanam Sendiri Lebih Jimat!! menanam sayur-sayuran dan buah-buahan yang anda sukai di halaman atau kebun di rumah anda. Penghuni rumah pangsa dan rumah teres yang tidak mempunyai kawasan bertanah pula boleh menanam sayur-sayuran di dalam pasu atau beg poli di rumah mereka. Malaysia adalah negara yang dikurniakan cahaya matahari dan hujan yang banyak. Kedua-dua sumber ini amat diperlukan untuk bercucuk tanam di rumah. Dengan melakukan kerja yang sedikit sahaja ia boleh memberikan pulangan yang lumayan. KENAPA PERLUNYA BERKEBUN DI RUMAH? • Ia dapat mengurangkan perbelanjaan seharian untuk membeli sayur-sayuran dan buah-buahan yang harganya semakin meningkat pada masa ini. • Anda boleh mendapatkan buah-buahan dan sayur-sayuran yang segar daripada taman anda sendiri. • Anda boleh mendapatkan makanan seperti cili, daun kari dan ulam dengan mudah sekali. • Anda mengambil makanan yang sihat kerana ia bebas daripada racun perosak atau racun serangga. • Ia boleh dijadikan sebagai hobi yang boleh membawa keseronokan kepada ahli keluarga anda. • Anak-anak anda sendiri mengetahui dari mana datangnya sumber makanan mereka. • Anda akan lebih menghargai nilai makanan dan tidak akan mensia-siakannya kerana ia hasil titik peluh anda sendiri. • Memberikan kepuasan kerana dapat makan buah-buahan dan sayur-sayuran dari taman anda sendiri. • Menggunakan tanah yang kosong untuk berkebun dapat mengelakkan daripada pembaziran kepada sumber tanah. • Hasil tanaman dapat menghijaukan kawasan halaman dan memberikan pemandangan rumah yang indah. • Jika menanam dalam kuantiti yang banyak, hasil tanaman boleh dikongsi bersama-sama dengan jiran atau menjualnya untuk mendapatkan wang tambahan. • Anda dapat menikmati makanan organik yang dihasilkan sendiri dengan kos yang rendah kerana harga hasil pertanian secara organik amat tinggi di pasaran. • 11 Perkhidmatan Kaunter Bergerak BNMLINK Pegawai-pegawai BNMLINK akan mengadakan perkhidmatan kaunter bergerak di lokasi-lokasi berikut pada bulan Mei dan Jun 2011 untuk membantu sebarang permasaalahan kewangan, pinjaman, perbankan atau insurans anda: 1. Bank Simpanan Nasional cawangan Sarikei, Sarawak* Tarikh : Isnin-Rabu, 23 – 25 Mei 2011 Masa : 9.30 pagi – 4.30 petang 2. Bank Simpanan Nasional cawangan Sri Aman, Sarawak* Tarikh : Khamis-Jumaat, 26 – 27 Mei 2011 Masa : 9.30 pagi – 4.30 petang Langkah Keselamatan semasa berkebun !! • Perhatikan jika sesuatu tumbuh-tumbuhan itu jenis yang beracun sebelum menanamnya di kawasan rumah. • Selalu memakai sarung tangan dan kasut atau but yang bersesuaian semasa berkebun. • Semasa membuang batu-batu, tin, kayu api dan sebagainya, lakukan secara perlahan-lahan agar 3. AmBank cawangan Batu Pahat, Johor Bahru* Tarikh : Khamis-Jumaat, 16 – 17 Jun 2011 Masa : 9.30 pagi – 4.30 petang 4. AmBank cawangan Sitiawan, Perak* Tarikh : Isnin, 27 Jun 2011 Masa : 9.30 pagi – 4.30 petang 5. Maybank cawangan Lumut, Perak* Tarikh : Selasa, 28 Jun 2011 Masa : 9.30 pagi – 4.30 petang * Sekiranya terdapat pertukaran lokasi, tarikh dan masa, sila rujuk pengumuman yang akan di buat di pelbagai media termasuk surat khabar, radio, risalah ringkas serta sepanduk di kawasan sekitar daerah anda. sesuatu benda yang tersembunyi di sebaliknya dapat ditanggalkan dengan baik. • Sentiasa memeriksa but, sarung tangan dan pakaian sebelum memakainya. Jika ia telah terbiar dalam tempoh tertentu, goncangkan ia dengan kuat. Anda mungkin tidak mengetahui apa yang terdapat di dalamnya! • Jangan sekali-kali memasukkan jari ke dalam lubang-lubang di dalam tanah. 12 • Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
10 May 2011
Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-10062011
https://www.bnm.gov.my/documents/20124/761706/gl_rbcinsurers_june2013.pdf
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Reading: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 10 May 2011 Guideline on Risk-Based Capital Framework for Insurers has been updated. The PDF format document are available for download via the URL provided below: Risk-Based Capital Framework for Insurers Attachment 1 Attachment 2 Attachment 3 © 2024 Bank Negara Malaysia. All rights reserved.
gl_003_24 Issued on: 19 June 2013 Risk-Based Capital Framework for Insurers [Version 3.0] PART A OVERVIEW ....................................................................................... 1 1. Objectives ............................................................................................... 1 2. Legal provisions .................................................................................... 2 3. Applicability ............................................................................................ 2 4. Effective date .......................................................................................... 3 5. [Deleted].................................................................................................. 3 PART B CAPITAL ADEQUACY ..................................................................... 4 6. Capital Adequacy Ratio – the formula ................................................ 4 7. Total capital available ............................................................................ 5 8. Deductions from capital ........................................................................ 7 9. Total capital required ............................................................................. 7 PART C CAPITAL REQUIRED TO MITIGATE MAJOR RISKS ..................... 8 10. Total capital required ............................................................................. 8 11. Capital charges for credit risk .............................................................. 8 12. Capital charges for market risk ............................................................ 9 13. Capital charges for general insurance liabilities ................................. 9 14. Capital charges for life insurance liabilities ...................................... 11 15. Capital charge for operational risk ..................................................... 12 16. Surrender value capital charges ......................................................... 13 PART D VALUATION OF ASSETS AND LIABILITIES ................................ 14 17. Overview ............................................................................................... 14 18. Valuation of assets .............................................................................. 14 19. Valuation of liabilities .......................................................................... 14 20. [Deleted]................................................................................................ 16 21. [Deleted]................................................................................................ 16 PART E INVESTMENT OF INSURANCE FUNDS ........................................ 17 22. Investment and risk management policy ........................................... 17 PART F INDIVIDUAL AND SUPERVISORY TARGET CAPITAL LEVELS . 20 23. Individual Target Capital Level ........................................................... 20 24. Supervisory target under the Risk-Based Supervisory Framework 21 25. Restrictions on payment of dividends .............................................. 22 PART G RELEVANT ISSUES ....................................................................... 23 26. Capital adequacy position................................................................... 23 27. Minimum paid-up capital ..................................................................... 23 PART H Appendices .................................................................................... 24 Appendix I Credit Risk Capital Charges .............................................. 24 Appendix II Market Risk Capital Charges ............................................. 38 Appendix III Investment and Individual Counterparty Limits .............. 57 Appendix IV Risk Charges for General Insurance Liabilities ............... 61 Appendix V Stress Factors for Life Insurance Liabilities .................... 62 Appendix VI Valuation Basis for General Insurance Liabilities ........... 63 Appendix VI(a) The Report on Reserves for General Insurance Business for the year ended 20XX .......................................................... 85 Appendix VI(b) Additional Guidance Notes for Inwards Reinsurance .......... 93 Appendix VI(c) Guidance Notes for the Presentation of the Valuation of Claim Liabilities ................................................................... 97 Appendix VI(d) Workflow of the Computation of Table 1: Claims Liabilities. 99 Appendix VI(e) Guidance Notes for the Presentation of the Valuation of Premium Liabilities ............................................................ 100 Appendix VI(f) Workflow of the Computation of Table 2: Premium Liabilities .......................................................................................... 103 Appendix VI(g) Summary of Claims and Premium Liabilities ..................... 104 Appendix VII Valuation Basis for Life Insurance Liabilities ................. 105 Appendix VII(a) Report on Actuarial Valuation of Life Insurance Liabilities for the year ended dd/mm/yyyy ............................................ 120 Appendix VII(a)(i) Summary of Valuation Result ......................................... 124 Appendix VII(a)(ii) Valuation Result, Composition and Distribution of Surplus ........................................................................................ 126 Appendix VIII [Deleted] ............................................................................. 128 Appendix IX Appointed Actuary and Signing Actuary ....................... 129 Appendix X Rating Categories and Risk Charges ............................. 132 BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 1/132 PART A OVERVIEW 1. Objectives 1.1 The requirements detailed in the Risk-Based Capital (RBC) Framework (the Framework) aim to ensure that each insurer maintains a capital adequacy level that is commensurate with its risk profile at all times. The Framework has been developed based on the following principles: (i) Allowing greater flexibility for an insurer to operate at different risk levels in line with its business strategies, so long as it holds commensurate capital and observes the prudential safeguards set by Bank Negara Malaysia (the Bank); (ii) Explicit quantification of the prudential buffer with the aim of improving transparency; (iii) Providing incentives for insurers to put in place appropriate risk management infrastructure and adopt prudent practices; (iv) Promoting convergence with international practices so as to enhance comparability across jurisdictions and reduce opportunities for regulatory arbitrage within the financial sector; and (v) Providing an early warning signal on the deterioration in capital adequacy level, hence allowing prompt and pre-emptive supervisory actions to be taken. 1.2 The Framework sets out: (i) Requirements applicable to each insurer to determine the adequacy of the capital available in its insurance and shareholders’ funds to support the ‘Total Capital Required’ (TCR). This serves as a key indicator of the insurer’s financial resilience, and will be used as input to determine supervisory interventions by the Bank. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 2/132 (ii) The statutory valuation bases for insurers’ assets and liabilities and the Bank’s expectations on the investment and risk management policies of insurers. 2. Legal provisions 2.1 The requirements in the Framework are issued pursuant to Section 23 of the Insurance Act 1996 (Act). 3. Applicability 3.1 The requirements in the Framework are applicable to all insurers, including reinsurers, licensed under the Act for businesses generated from within and outside Malaysia. Unless otherwise mentioned, the term “insurer” under the Framework includes a professional reinsurer, as defined in the Act. 3.2 Businesses outside Malaysia generated by a branch of a foreign insurer may be exempted from the requirements of the Framework, subject to the Bank’s prior approval where: (i) there is an explicit undertaking from the branch’s head office to satisfy the liabilities arising from businesses outside Malaysia in the event that the branch is unable to fulfil its obligations; (ii) the financial position of the foreign branch’s group is strong; (iii) the branch is subjected to consolidated supervision by a recognised and competent home supervisory authority; and (iv) the foreign insurer’s home supervisory authority is willing to cooperate with the Bank in the supervision of the insurer. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 3/132 4. Effective date 4.1 The Framework takes effect from 1 January 2009. 5. [Deleted] BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 4/132 PART B CAPITAL ADEQUACY 6. Capital Adequacy Ratio – the formula 6.1 The Capital Adequacy Ratio (CAR) measures the adequacy of the capital available in the insurance and shareholders’ funds of the insurer to support the total capital required. The formula to compute the CAR is as follows: %100X equiredRCapitalTotal AvailableCapitalTotal CAR = 6.2 For a life insurer with participating business, the CAR shall be computed as follows: ( )parexclfundsallfundsallLife CARCARCAR .__,_min= where, - ,_ fundsallCAR is the CAR taking into account all the insurance and shareholders funds; and - parexclfundsallCAR .__ is the CAR taking into account all the insurance and shareholders funds, excluding the participating life insurance fund. The modified computation method reflects the ability of life insurers, subject to meeting policyholders’ reasonable expectations, to adjust the level of non- guaranteed benefits to take into account the emerging experience of the participating life insurance fund. It also preserves the fundamental principle that the valuation surplus of the participating life insurance fund should not be used to support the capital requirement of other insurance or shareholders’ funds. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 5/132 7. Total capital available 7.1 The ‘Total Capital Available’ (TCA) of an insurer is the aggregate of Tier 1 and Tier 2 capital of the insurer less deductions in paragraph 8.1. The main criteria used in the classification of a capital element into Tier 1 or Tier 2 categories is the degree of its permanence and whether it is free and clear of any encumbrances. 7.2 The total amount of Tier 2 capital must not exceed the amount of Tier 1 capital. 7.3 Tier 1 capital of an insurer is the aggregate of the following: (i) issued and fully paid-up ordinary shares (or working fund, in the case of a branch of a foreign insurer); (ii) share premiums; (iii) paid-up non-cumulative irredeemable preference shares; (iv) capital reserves; (v) retained profits1; (vi) the valuation surplus2 maintained in the insurance funds; and (vii) 50% of future bonuses3. 7.4 Capital instruments which qualify as Tier 2 capital include: (i) cumulative irredeemable preference shares; (ii) mandatory4 capital loan stocks and other similar capital instruments; (iii) irredeemable subordinated debts; 1 In the event that an insurer has accumulated losses, the losses should be deducted from the capital. 2 Gross of deferred tax, if any. 3 Future bonuses defined as max [zero; the difference between the Par reserves on total benefits and Par reserves on guaranteed benefits only, calculated on the bases described in Paragraph 3.2 of Appendix VII]. For the purpose of determining future bonuses, the value of 'Par reserves on guaranteed benefits only' should be zeroised if it is negative. 4 Refers to irredeemable loans stocks or capital instruments which are mandatorily convertible to equity. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 6/132 (iv) available-for-sale reserves5; (v) revaluation reserves for self-occupied properties and other assets; (vi) general reserves; and (vii) subordinated term debts. 7.5 Subordinated term debts would, subject to the prior approval of the Bank on a case-to-case basis, include term debt and limited life redeemable preference shares which satisfy the following conditions: (i) unsecured, subordinated and fully paid-up; (ii) a minimum original fixed term to maturity of five years; (iii) early repayment or redemption shall not be made without prior consent of the Bank; (iv) the instruments should be subjected to straight line amortisation over the last five years of their life6; (v) there should be no restrictive covenants; and (vi) the amount eligible for inclusion shall not exceed 50% of Tier 1 capital. In exceptional cases, this limit may be exceeded with the prior written consent of the Bank. 7.6 An insurer which plans to issue any new capital instruments is required to seek the Bank’s approval on the classification of the instruments under the Framework. 5 In the event that an insurer has fair value losses for available-for-sale instruments, the losses should be deducted from the capital. 6 E.g. a subordinated term debt with original term to maturity of 7 years and remaining term of 2 years, will be recognised as Tier 2 capital only up to 40% (since only 2 out of 5 years remaining) of the issued amount. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 7/132 8. Deductions from capital 8.1 For the purpose of calculating CAR, the following deductions should be made from the aggregate of Tier 1 and Tier 2 capital to arrive at the TCA: (i) goodwill and other intangible assets (e.g. capitalised expenditure); (ii) deferred tax income/(expenses) and deferred tax assets; (iii) assets pledged to support credit facilities obtained by an insurer or other specific purposes7; (iv) investment in subsidiaries; and (v) all credit facilities granted by an insurer and secured by its own shares. 9. Total capital required 9.1 The ‘Total Capital Required’ (TCR) is the aggregate of the total capital charges for each insurance fund and the total capital charges for all assets in the shareholders’ or working fund, in the case of a branch of a foreign insurer. Further details on the TCR are provided in Part C of the Framework. 7 Pursuant to Section 53 of the Act, an insurer is allowed to pledge its assets as security or collateral to: (i) obtain utilities such as electricity, water, telephone, petrol supply and medical facilities; (ii) secure a mortgage loan where the property is assigned to a financial institution for the purchase of that property; and (iii) obtain overdraft facilities to meet temporary shortfall in current accounts. The assets pledged for purpose (ii) above must be sourced from the shareholders’ fund. Pledging of assets for purposes other than those mentioned above requires prior approval of the Bank, pursuant to Section 53 of the Act. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 8/132 PART C CAPITAL REQUIRED TO MITIGATE MAJOR RISKS 10. Total capital required 10.1 The TCR is the higher of the aggregate of capital charges for credit, market, insurance and operational risks faced by an insurer or surrender value capital charges, where applicable. The TCR is determined as follows: TCR = Max [surrender value capital charges, Σ(credit risk capital charges + market risk capital charges + insurance liability capital charges + operational risk capital charges)] 10.2 The TCR shall be computed for all insurance funds and the shareholders’ or working fund. In the case of an investment-linked fund, TCR shall be computed for the non-unit portion of the fund, except for operational risk capital charges, which shall be computed for the entire fund. 11. Capital charges for credit risk 11.1 The credit risk capital charges (CRCC) aim to mitigate risks of losses resulting from asset defaults, related losses of income and the inability or unwillingness of a counterparty to fully meet its contractual financial obligations. 11.2 The formula to compute CRCC is as follows: [ ]∑= iall ii echriskcreditXtycounterpartoosureCRCC )arg(exp where ‘i’ refers to the different exposures to counterparties in the respective funds. 11.3 Details of the CRCC are given in Appendix I. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 9/132 12. Capital charges for market risk 12.1 The market risk capital charges (MRCC) aim to mitigate risks of financial losses arising from: (i) the reduction in the market value of assets due to exposures to equity, interest rate, property and currency risks; (ii) non-parallel movements between the value of liabilities and the value of assets backing the liabilities due to interest rate movements (i.e. the interest rate mismatch risk); and (iii) concentration of exposures to particular counterparties or asset classes as described in paragraph 10.1 of Appendix II. 12.2 The formula to compute MRCC is as follows: [ ]∑= iall ii echriskmarketXosuresmarketMRCC )argexp( where ‘i’ refers to different asset classes in the respective funds. 12.3 The MRCC for interest rate mismatch risks is applicable only for life insurance funds and general insurance funds with discounted liabilities. 12.4 Further details of the MRCC are given in Appendix II. 13. Capital charges for general insurance liabilities 13.1 The general insurance liabilities risk capital charges (GCC) aim to address risks of under-estimation of the insurance liabilities and adverse claims experience, BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 10/132 over and above the amount of reserves already provided for at the 75% level of confidence. 13.2 The formula to compute GCC is as follows: [ ] [ ] [ ] [ ]∑ ∑ + = + = iall ii ii iall i i echriskXreservesriskiredunofvalue echriskXsliabilitieclaimsofvalue sliabilitiepremiumforechcapital sliabilitieclaimsforechcapital GCC argexp arg( arg arg( where ‘i’ refers to the different classes of the general insurance business. 13.3 Details of the GCC risk charges are given in Appendix IV. 13.4 To arrive at the GCC, the risk charges are applied on the claims liabilities and unexpired risk reserves computed at the 75% level of confidence for each class of business after allowing for diversification. 13.5 A general insurer is required to hold, among others, reserves in respect of premium liabilities, defined as the higher of unexpired risk reserve (URR) or unearned premium reserve (UPR). Where the insurer holds a higher URR compared to UPR, this excess amount cannot be applied to reduce the amount of GCC. Further details on the valuation requirements for general insurance liabilities are given in Appendix VI. 13.6 Where the insurer holds the UPR as the value of its premium liabilities, the insurer may use the following formula to recognise a lower capital charge for premium liabilities: BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 11/132 ])() (,0[Max iii ii reservesriskunexpiredofValuesliabilitiepremiumofValuecharge riskreservesriskunexpiredofValuesliabilitiepremiumforchargeCapital −− ×= where ‘i’ refers to the different classes of the general insurance business. 14. Capital charges for life insurance liabilities 14.1 The life insurance liabilities risk capital charges (LCC) aim to address the risk of under-estimation of the insurance liabilities and adverse claims experience, over and above the amount of reserves already provided for at the 75% level of confidence. 14.2 The formula to compute LCC, other than for life insurance policies which are covered under paragraph 14.5 below, is defined as follows: LCC =( V* – V – PRAD) where - ‘V*’ is the adjusted value of life insurance liabilities computed using the parameters stipulated in Appendix V; - ‘V’ is the best estimate value of life insurance liabilities; and - ‘PRAD’ is the Provision of Risk Margin for Adverse Deviation as defined in Appendix VII. For participating business, V*, V and PRAD shall refer to the liabilities on guaranteed benefits only, discounted at the risk-free discount rate. 14.3 The stress factors for major risks inherent in life insurance liabilities are provided in Appendix V. Where the valuation assumptions are not separated according to the categories as prescribed in Appendix V, the stress factors to derive V* in respect of the combined risk rates shall be the highest stress factors of the constituent risks as prescribed in the same Appendix. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 12/132 14.4 For products whose liabilities are affected by risks other than those listed in Appendix V (e.g. products with investment guarantees that would have impact on the liabilities of the insurers in adverse market or credit risk events), the additional risks above the 75% confidence level shall be quantified and included in the insurer’s determination of its Individual Target Capital Levels as per Part F of the Framework. 14.5 For a short-term medical and health insurance standalone policy or rider, as well as short-term personal accident plan for which premium and claims liabilities have been reserved, the applicable risk charges shall correspond to that as required for general insurance liabilities in Appendix IV. 15. Capital charge for operational risk 15.1 The operational risk capital charges (ORCC) aim to mitigate the risk of losses arising from inadequate or failed internal processes, people and systems. 15.2 The formula to compute ORCC is as follows: ORCC = 1% of total assets 15.3 The above method serves as reasonable proxy to address operational risk for the time being in the absence of more established and internationally accepted methods. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 13/132 16. Surrender value capital charges 16.1 The surrender value capital charges (SVCC) aim to address lapse risk in excess of the levels assumed in the calculation of reserves and risk margin, for life insurance only. 16.2 SVCC is defined as the aggregate of – max [zero; aggregate surrender value of the business in force in respect of policies in the insurance fund less the aggregate policy reserves of the insurance fund] for each of the participating and non-participating life insurance funds. In the case of investment-linked business, the SVCC shall apply if there are guaranteed surrender values that exceed the sum of the unit fund values and non-unit reserves, in aggregate, at the valuation date. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 14/132 PART D VALUATION OF ASSETS AND LIABILITIES 17. Overview 17.1 Insurers shall value the assets and liabilities in accordance with the applicable approved accounting standards issued by the Malaysian Accounting Standards Board (MASB), as modified by the Bank under this Framework or other relevant guidelines or circulars issued by the Bank pursuant to Section 90 of the Act. 18. Valuation of assets 18.1 Insurers’ financial assets shall be valued in accordance with the requirements of the Guidelines on Financial Reporting for Insurers and Revised Guidelines on Derivatives for Insurers. 19. Valuation of liabilities (I) Financial Liabilities 19.1 Insurers should measure all financial liabilities in accordance with the requirements specified in the Guidelines on Financial Reporting for Insurers and the Revised Guidelines on Derivatives for Insurers. (II) Insurance Liabilities 19.2 The valuation of life and general insurance liabilities will be subjected to minimum requirements as specified in paragraphs 19.5 to 19.8, with the aim of providing for reserves at a specified level of adequacy with explicit prudential margins. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 15/132 19.3 The valuation bases for life and general insurance liabilities are prescribed based on the principles which include, among others: (i) consistency with the principles of fair valuation, where possible and appropriate, or otherwise consistent with the principle of prudence; and (ii) giving due regard to the regulatory duty of the insurer to treat policyholders fairly. 19.4 For the valuation of general insurance liabilities, non-participating life insurance liabilities, participating life insurance liabilities on guaranteed benefits only, and the non-unit investment-linked liabilities, the prescribed valuation bases aim to secure an overall level of sufficiency of policy reserves at the 75% confidence level. To secure this level of adequacy, insurers are required to calculate the best estimate value of their insurance liabilities and apply a ‘Provision of Risk Margin for Adverse Deviation’ (PRAD). 19.5 The risks for general insurance liabilities relate to that associated with the uncertainty of outstanding claims and unexpired risks (with respect to unexpired premiums), resulting from the risks of adverse claims experience and under- estimation of premiums. 19.6 All insurers underwriting general insurance business must value their general insurance liabilities in the manner specified in Appendix VI - ‘Valuation Basis for General Insurance Liabilities’. 19.7 The risks for life insurance liabilities relate to that associated with the uncertainty in future claims contingent events, under-estimation of premiums and adverse claims contingent events. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 16/132 19.8 All insurers underwriting life insurance business must value their life insurance liabilities in the manner specified in Appendix VII - ‘Valuation Basis for Life Insurance Liabilities’. 20. [Deleted] 21. [Deleted] BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 17/132 PART E INVESTMENT OF INSURANCE FUNDS 22. Investment and risk management policy 22.1 Greater investment flexibility is accorded to insurers under the Framework to allow better management of assets appropriate with the nature and profile of insurers’ liabilities. 22.2 The oversight of and accountability for, the investment of insurance funds rests ultimately with the board of directors. To ensure proper investment of insurance funds, insurers must put in place an investment and risk management policy that is in line with the risk appetite set by the board of directors for the insurer. The investment and risk management policy should be approved and reviewed regularly by the board of directors and cover overall investment strategy and proper risk management systems, including monitoring and control mechanisms. 22.3 The policy on overall investment strategy should cover, at least, the following elements: (i) the investment objectives, both at company and fund-specific levels; (ii) the risk and liability profile of the insurer; (iii) the strategic asset allocation, i.e. the long-term asset mix for the main investment categories, and their respective limits; (iv) the extent to which the holding of certain types of assets is restricted or disallowed, e.g. illiquid or highly volatile assets; and (v) an overall policy on the usage of derivatives and structured products. 22.4 The risk management systems must cover the risks associated with investment activities that may affect the coverage of insurance liabilities and capital positions. The main risks include market, credit and liquidity risks. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 18/132 22.5 As part of good risk management practices and to ensure proper monitoring and control of the investments, insurers are also required: (i) to establish adequate internal controls to ensure that assets are managed in accordance with approved investment policies, and in compliance with legal, accounting and relevant risk management requirements. These controls should ensure that investment procedures are documented and subject to effective oversight. There should be in place appropriate segregation of responsibilities for measuring, monitoring, settling and controlling asset transactions, from the front office functions; (ii) to have in place rigorous audit procedures that include full coverage of the investment activities to ensure timely identification of internal control weaknesses and operating system deficiencies. If the audit is performed internally, it should be independent of the function being reviewed; (iii) to install effective procedures for monitoring and managing the asset- liability position to ensure that the investment activities and asset positions are appropriate in relation to the liability and risk profiles; (iv) to put in place suitable plans to mitigate the effects arising from deteriorating market conditions; (v) to undertake regular stress testing for a range of market scenarios and changing investment and operating conditions in order to assess the appropriateness of asset allocation limits; and (vi) to ensure the key staff involved in investment activities have the appropriate levels of skills, experience, expertise and integrity. 22.6 Senior Management is responsible for setting, managing and reviewing the investment policies of the insurer. In the case of a participating life fund, Senior Management should ensure that the investment policy is consistent with the bonus and/or dividend distribution policy of the insurer. Senior Management is also responsible for ensuring the proper implementation of investment policies approved by the board of directors, as well as timely and regular reporting to the board of directors of the insurer’s investment activities. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 19/132 22.7 The Bank may impose requirements on an individual insurer to invest in a specified manner, or restrict or prohibit an insurer from investing in certain asset classes or individual asset to safeguard insurance funds. Such requirements, restrictions or prohibitions will form part of supervisory actions as a result of the Bank’s assessment of an insurer’s risk profile and investment risk management function. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 20/132 PART F INDIVIDUAL AND SUPERVISORY TARGET CAPITAL LEVELS 23. Individual Target Capital Level 23.1 The TCR prescribed under this Framework assumes an average industry level of risk within each business activity and that risks arising from these activities are mitigated by standard risk management practices. In practice, the actual risk profile and the quality of risk management measures adopted by each insurer to mitigate its risk exposure may differ significantly from that assumed under the Framework. 23.2 Each insurer is therefore, expected to set an Individual Target Capital Level that better reflects its own risk profile and risk management practices. The Bank expects the Individual Target Capital Level to include additional capacity to absorb unexpected losses beyond those that are covered by the Framework. In general, the Individual Target Capital Level should be higher for insurers with higher risk profiles or weaker risk management practices. The assessment of an appropriate Individual Target Capital Level should be performed by the insurer by conducting appropriate stress and scenario tests. 23.3 The board of directors is primarily responsible for setting the Individual Target Capital Level and ensuring that the insurer has in place an appropriate capital management plan that takes into account its strategic business direction and the changing business environment. The Bank also expects each insurer to establish adequate processes to monitor and ensure the maintenance at all times of an appropriate level of capital which is commensurate with its risk profile. 23.4 Further guidance on the overall process by which an insurer ensures adequate capital to meet its capital requirements on an ongoing basis, including the setting BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 21/132 of Individual Target Capital Level, is stipulated in the Guidelines on Internal Capital Adequacy Assessment Process (ICAAP) for Insurers. 24. Supervisory target under the Risk-Based Supervisory Framework 24.1 The Bank’s supervisory approach of pre-emptive intervention means that supervisory action will be taken during the early stages of financial difficulties faced by an insurer. To meet this objective, the Bank has set a Supervisory Target Capital Level of 130%, below which supervisory actions of increasing intensity will be taken to resolve the financial position of an insurer. 24.2 The Supervisory Target Capital Level should be viewed as a benchmark against which an insurer should establish its own higher Individual Target Capital Level. The Bank will assess8 whether the Individual Target Capital Level is appropriate for the insurer’s risk profile, and on a case-by-case basis, may require an adjustment to the level of the insurer’s Individual Target Capital. As a matter of policy, the Bank does not expect any insurer to set its Individual Target Capital Level below the Supervisory Target Capital Level. 24.3 When an insurer’s CAR breaches its own Individual Target Capital Level but remains above the Supervisory Target Capital Level, the Bank will assess the circumstances and the insurer’s remedial plans to restore CAR above its Individual Target Capital Level, before deciding on the level of supervisory intervention required. Continued deterioration of an insurer’s CAR below its Individual Target Capital Level will attract increasing levels of supervisory attention. An insurer which CAR breaches the Supervisory Target Capital Level 8 Under the Risk-Based Supervisory Framework, the Bank will evaluate the inherent risks associated with an insurer’s significant activities, and the quality of risk management applied to mitigate those risks. This enables the Bank to assess the insurer’s overall net risk with respect to its current level of capital and earnings. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 22/132 of 130% will face stricter supervisory action, which may include business restrictions and/or restructuring measures. 25. Restrictions on payment of dividends 25.1 All dividend payments are subject to the prior approval of the Bank. 25.2 Before submitting an application for payment of dividends, an insurer must have assessed that its CAR: (i) is not below its Individual Target Capital Level; or (ii) will not fall below its Individual Target Capital Level as a result of the payment of dividends. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 23/132 PART G RELEVANT ISSUES 26. Capital adequacy position 26.1 Insurers are required to submit to the Bank their CAR computations based on the financial year end positions, within 90 days after the end of each financial year end using the reporting forms specified by the Bank. The financial year end CAR positions must be certified by the insurer’s external auditor and the chief executive officer (CEO). 26.2 In addition, insurers are required to submit the quarterly CAR computations to the Bank within 21 days after the end of each quarter. The quarterly CAR need not be certified by the insurer’s external auditor. However, the CEO of the insurer should certify that the reported figures represent the actual capital adequacy position of the insurer. 26.3 The Bank reserves the right to require insurers with weak capital adequacy positions to compute and report their CAR to the Bank on a more frequent basis. 26.4 The capital adequacy position of an insurer at any particular point of time shall be the lower of the latest quarterly CAR and the audited CAR in the preceding financial year. 27. Minimum paid-up capital 27.1 The amount of minimum paid up capital/excess of assets over liabilities required for an insurer to operate insurance business in Malaysia pursuant to section 18 of the Act remains unchanged. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 24/132 PART H APPENDICES Appendix I Credit Risk Capital Charges 1. Overview 1.1 Credit risks relate to losses resulting from asset defaults and related loss of income due to the inability or unwillingness of a counterparty to fully meet its contractual financial obligations. The risk charges for exposures to various counterparties and/or debt obligations and asset types are provided in this Appendix. 2. Debt obligations 2.1 For the purpose of applying credit risk charges, exposures to debt obligations shall include positions in debt securities, debentures, commercial papers, short term notes, asset-backed securities and loans9. Convertible securities, i.e. debt issues or preference shares that can be converted into ordinary shares of the issuer, will be classified under this category if the instruments trade and behave like debt securities. Table 1 provides the applicable credit risk charges for counterparties and debt obligations. Table 1: Risk charges for counterparties and debt obligations Counterparty or debt obligations Risk charge (a) the Federal Government of Malaysia, Bank Negara Malaysia10, the federal government or the central bank of a G10 country11 and recognised multilateral development banks (MDBs)12 0% 9 Including policy loans, automatic premium loans and staff loans. 10 Including special purpose vehicles established by Bank Negara Malaysia to facilitate the issuance of securities (such as Bank Negara Malaysia Sukuk Ijarah and BNMi-Murabahah issued through BNM Sukuk Berhad). 11 G10 countries are Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States of America. 12 Recognised MDBs are those which are in the World Bank Group which comprises the International Bank for Reconstruction and Development (IBRD) BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 25/132 (b) Cagamas in respect of its obligations or that issued by its subsidiaries prior to 4 September 2004, Cagamas Covered Bonds and Covered Sukuk Wakalah 0.8% (c) State government of Malaysia and the federal government or the central bank of non-G10 countries 1.6% (d) Corporations and other organisations with the following rating categories (further details in Appendix X): (i) One 1.6% (ii) Two 2.8% (iii) Three 4% (iv) Four 6% (v) Five 12% (e) Debt facilities13 with original maturity of 1 year or less and with the following rating categories (further details in Appendix X): (i) One 1.6% (ii) Two 4% (iii) Three 8% (iv) Four 12% (f) Individual person : (i) staff of the insurer14 4% (ii) other individuals (except for policy loans) 12% (g) Policy loans15 0% 2.2 An insurer must use the latest rating accorded by either a recognised rating agency established in Malaysia or by an internationally recognised rating agency. The following rating principles shall apply: and the International Finance Corporation (IFC), the Asian Development Bank (ADB), the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank (IADB), The European Investment Bank (EIB), the European Investment Fund (EIF), the Nordic Investment Bank (NIB), the Caribbean Development Bank (CDB), the Islamic Development Bank (IDB) and the Council of Europe Development Bank (CEDB). Exposures to other MDBs are treated based on the corporation’s rating outlined in this table. 13 Ratings are facility-specific and can only be used to determine the capital charge for exposure to the specific facility. 14 Loans given to staff under the employment service contracts. 15 ‘Policy loans’ means a credit facility granted by an insurer underwriting life insurance business to its policyholders and the amount of the facility does not exceed the surrender value of the life policy of the policyholders on the date of granting the credit facilities. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 26/132 (i) An insurer shall use the issue-specific rating where available. Where an insurer invests in a debt obligation which does not have an issue-specific rating, the following principles shall apply: (a) In the event where the insurer’s exposure is to a counterparty which does not have its own issuer rating, but has a rating on other obligations such as a debt security to which the insurer is not exposed, the insurer can use that debt security rating in determining the appropriate risk charge for its exposure to the counterparty. However, this is subject to the condition that the insurer’s unrated exposure ranks pari passu or senior in all respects to the debt security which has a rating and the debt security rating has not taken into account any effects of collateral/guarantee arrangements. Otherwise, the risk charge for unrated obligations should apply to the unrated exposure; and (b) Where a counterparty has its own issuer rating, this assessment typically applies to senior unsecured exposures to that counterparty. Thus, only senior exposures to that counterparty will be able to utilise this rating. Other exposures will be treated as unrated. (ii) If a debt obligation is rated by more than one rating agency, the risk charge should be based on the following principles: (a) Where two ratings are available, the lower rating is to be applied; or (b) Where three or more ratings are available, the lower of the two highest ratings will be used. 2.3 Investments in innovative tier 1 capital instrument16 issued by licensed institutions under the Banking and Financial Institutions Act 1989 (BAFIA) are subjected to 16 This refers to instruments which do not fulfil the characteristics of equity but qualify as tier 1 capital instruments under the capital adequacy framework for banking institutions. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 27/132 the same credit risk charge17 that is applicable to an exposure to a similarly rated corporate debt obligations. 2.4 For debt obligations that are denominated in foreign currency or issued outside Malaysia, insurers should consider the appropriateness of the rating in reflecting transferability and convertibility risks. Where such risks are not adequately reflected in the rating, insurers should provide for this in the Individual Target Capital Levels set. 3. Credit risk mitigation using collateral and guarantees 3.1 Insurers may recognise a lower credit risk capital charge for debt obligations if the insurer holds certain types of credit risk mitigants (CRM), namely, eligible collateral against the debt obligations, or if the obligations are guaranteed by recognised guarantors. 3.2 No CRM can be recognised to reduce the credit risk capital charge if the rating assigned to the debt obligation to which the risk charge corresponds has already reflected the CRM. 3.3 In order to achieve capital relief for the use of CRM, the following minimum conditions must be fulfilled: (i) All documentation used in the transactions must be binding on all parties and legally enforceable in all relevant jurisdictions; (ii) Sufficient assurance from legal counsel has been obtained with respect to the legal enforceability of the documentation; and 17 In addition, investments in such instruments are also subject to the market risk charge treatment, described in Appendix II. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 28/132 (iii) Periodic reviews are undertaken to confirm the ongoing enforceability of the documentation. Only collateral and/or guarantees that are actually posted and/or provided under a legally enforceable agreement are eligible as CRM. A commitment to provide collateral/guarantee is not recognised as a CRM until the commitment to do so is actually fulfilled. 3.4 While the use of a CRM reduces or transfers credit risk, it may add to residual risks in the form of legal, operational and/or liquidity risk. Therefore, it is imperative that insurers employ robust procedures and processes to control these risks. Insurers must be prepared and able to demonstrate to the Bank that adequate risk management policies and procedures are in place to control these risks arising from the use of CRMs. (I) Collateral 3.5 In addition to the minimum requirements specified in paragraph 3.3, the legal mechanism by which a collateral is pledged or transferred must adequately provide for the right of the insurers to liquidate or take legal possession of the collateral in a timely manner in the event of default, insolvency or bankruptcy of the counterparty. Furthermore, insurers must take all steps necessary to fulfil those requirements under the law applicable to the insurer’s interest in the collateral for obtaining and maintaining an enforceable security interest. 3.6 For a collateral to be eligible, it must be regularly marked-to-market and should be pledged for the life of the debt obligation exposure. In order for the collateral to provide effective cover, the credit quality of the counterparty and the value of the collateral must not have a material positive correlation. Collateral issued by the borrower or a party related to the borrower cannot be classified as eligible collateral as both would generally exhibit a material positive correlation. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 29/132 3.7 Insurers must have in place clear and robust procedures for the timely liquidation of collateral. This includes procedures to ensure that any legal conditions required for declaring the default of the counterparty and liquidating the collateral are duly observed. 3.8 Where collateral is held by a custodian, insurers must take reasonable steps to ensure good custody of that collateral and take reasonable steps to ensure that the custodian segregates the collateral from its own assets. 3.9 The value of the collateral backing the debt obligations shall be determined: (i) at its market value; or (ii) where, for any reason, it is not possible to determine its market value, the value approved by the Bank on an application by the insurer, which should set out the value arrived at by the insurer and the basis for it. 3.10 The amount of debt obligation exposure to which the credit risk charge is applied may be adjusted to reflect the “eligible collateral” backing the exposure, determined as follows: (i) the ‘adjusted debt outstanding’ shall be: E* = E – [C x (1 – Hc –Hfx)] where, (a) E* is the adjusted debt outstanding (b) E is the value of the debt outstanding before adjustment (c) C is the market value of the collateral (d) Hc and Hfx are multiple adjustments for the collateral, expressed as a ratio of market value of the collateral (e) E* is subject to a minimum of 15% of E; BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 30/132 (ii) the multiple adjustment (‘HC’) broadly reflects the riskiness of the collateral received,; and (iii) ‘Hfx‘ applies if the collateral is denominated in a currency that is different from that of the debt. The currency mismatch charge is 8%. 3.11 The values of the multiple adjustment (‘HC’) are given below. Table 2: Multiple adjustments for eligible collateral Eligible Collateral Residual term to maturity (X) Hc (a) Cash (including certificate of deposits or comparable instruments) and bank deposits18 with any financial institution licensed under the Banking and Financial Institutions Act 1989, the Islamic Banking Act 1983 or prescribed under the Development Financial Institutions Act 2002 0% (b) Securities issued or fully guaranteed by the Federal Government of Malaysia, Bank Negara Malaysia19 or the federal government or the central bank of a G10 country X < 1 year 0.5% 1 < X < 5 years 2% X > 5 years 4% (c) Securities issued or guaranteed by recognised MDBs X < 1 year 1.5% 1 < X < 5 years 3.0% X > 5 years 5.0% (d) Securities with ratings of category two or better20, issued by a corporation X < 1 year 3.5% 1 < X < 5 years 5.0% X > 5 years 7.0% (e) Shares listed on the Main Market of Bursa Malaysia or other main index of exchanges in a G10 country 20% (f) Shares listed on other local exchanges 30% 3.12 Where the collateral is a basket of assets, the multiple adjustments to be applied to such baskets is the highest multiple adjustment that would be applicable to any of the collaterals in the basket. 18 Structured deposits and Specific Investment Account (SIA) would not qualify as eligible collateral. 19 Including special purpose vehicles established by Bank Negara Malaysia to facilitate the issuance of securities (such as Bank Negara Malaysia Sukuk Ijarah and BNMi-Murabahah issued through BNM Sukuk Berhad). 20 Under paragraph 1 of Appendix X. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 31/132 (II) Guarantees 3.13 The capital risk charges applicable to debt obligations may be reduced to reflect a guarantee backing the debt obligation that is provided by a recognised guarantor if (i) the guarantee represents a direct claim on the guarantor and is explicitly referenced to specific debt exposure or pool of exposures, so that the extent of the cover is clearly defined and cannot be disputed; (ii) the guarantee is irrevocable except where the guaranteed party has not made the payment due to the guarantor. The guarantor must also not have the right to unilaterally cancel the protection cover or increase the effective cost of the cover as a result of the deteriorating credit quality in the guaranteed exposure; (iii) the guarantee is unconditional such that there is no clause in the guarantee contract that could prevent the guarantor from being obliged to pay out in a timely manner, in the event that the original counterparty fails to make the payment(s) due; (iv) the guarantee covers all types of payments the underlying debt obligor is expected to make under the documentation governing the transaction, such as notional amount, margin payment etc; (v) the guarantee period covers the full term of the debt obligations; and (vi) upon the default/non-payment of the counterparty, the insurer may in a timely manner pursue the guarantor for any monies outstanding under the documentation governing the transaction. The guarantor may make one lump sum payment of all monies under such documentation to the insurer or, the guarantor may assume the future payment obligations of the counterparty covered by the guarantee. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 32/132 3.14 In calculating the capital charges, the portion of a debt obligation which is guaranteed would be subjected to the risk charge of the guarantor21, while the uncovered portion is subjected to the risk charge of the counterparty to the debt obligation. 3.15 The recognised guarantors are: (i) the Federal Government of Malaysia, Bank Negara Malaysia22, the federal government or the central bank of a G10 country or recognised MDBs; (ii) other rated entities (including financial guarantee insurer) which is rated at least under category two23; and (iii) an institution licensed under the Banking and Financial Institutions Act 1989, the Islamic Banking Act 1983 or prescribed under the Development Financial Institutions Act 2002. In all circumstances, the guarantors must have a counterparty rating which is at least higher than that of the debt obligation or the obligor. 4. Debt obligations secured by immovable properties 4.1 An insurer shall not accept immovable property as a security for debt facility unless it is a freehold property or leasehold property with at least 21 years of unexpired period of lease. 4.2 An insurer shall not grant a debt facility for the purchase of immovable property in excess of 90% of the market value of the immovable property on the date of granting of the debt facility. 21 E.g. a debt security which is fully guaranteed for its entire term by the Federal Government of Malaysia shall carry a credit counterparty risk charge of 0%. 22 Including special purpose vehicles established by Bank Negara Malaysia to facilitate the issuance of securities (such as Bank Negara Malaysia Sukuk Ijarah and BNMi-Murabahah issued through BNM Sukuk Berhad). 23 Under paragraph 1 of Appendix X BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 33/132 4.3 An insurer granting a debt facility which is secured by rights and interests in an immovable property, where applicable: (i) shall enter into an agreement in writing for the debt facility with the borrower; (ii) shall require the borrower to execute a deed of assignment assigning all his rights and interests in the immoveable property to itself and to register the deed of assignment under the National Land Code, Land Ordinance of Sabah or Land Code of Sarawak; (iii) shall require the borrower to execute a power of attorney in its favour, authorising it to execute a charge in its favour on the immovable property which is the subject of the sale and purchase agreement with the borrower; (iv) shall ensure that the sale and purchase agreement does not prohibit the lodgement of a private caveat by the insurer or, being the financier for the purchase of the immovable property; (v) shall obtain a confirmation from the developer or registered proprietor of the immovable property that there is no prior subsisting assignment of the rights and interests in the immovable property which would vitiate the deed of assignment; and (vi) where the immovable property is subject to a restriction in interest that it cannot be transferred, assigned, charged, or otherwise dealt with, without the consent of the State Authority, shall ensure that the consent of the State Authority has been obtained for the sale or assignment to the person in whose name the immovable property is to be registered, and for the insurer to acquire the immovable property in the event of any default in the repayment of the debt facility. 4.4 An insurer shall only accept immovable property situated in Malaysia as security for a debt facility granted in Malaysia. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 34/132 4.5 Debt obligations secured by immovable properties in the manner specified in this section shall be subjected to the following risk charges: Table 3: Risk charges for debt obligations secured by properties Types of properties Risk charges (a) residential properties - LTV< 80% - 80% < LTV < 90% 2.8% 4% (b) other types of properties - LTV< 80% - 80%< LTV < 90% 5.6% 8% (c) Abandoned properties 12% Note: LTV= Loan-to-Value ratio 4.6 A debt obligation that does not meet the requirements under this part shall be subject to the counterparty risk charges in Table 1 of this Appendix. 5. Investment in structured products 5.1 A structured product usually refers to an investment which derives its value by reference to the price or value of an underlying reference24. Such products are exposed to counterparty credit risk charges, where the risk charge is determined based on the credit rating of the product offeror. The risk charge is applicable to the entire marked-to-market value of the investments. 5.2 In addition, separate market risk charges are applicable to the marked-to-market value of the structured investments, depending on whether the product is capital guaranteed or otherwise. Please refer to paragraphs 9.1 to 9.7 of Appendix II for the determination of the market risk capital charge. 24 “Underlying reference” means any security, index, currency, commodity or other assets or reference, or combination of such assets or reference. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 35/132 6. Other assets 6.1 The credit risk charges for other assets not specified above are set out in Table 4. Table 4: Risk charges for other assets Types of exposure Risk charges (a) Cash (including certificate of deposits or comparable instruments) in hand and bank deposits25 with financial institutions licensed under the Banking and Financial Institutions Act 1989, the Islamic Banking Act 1983 or prescribed under the Development Financial Institutions Act 2002 0% (b) Deposits with other banking institutions with the following ratings categories26 (further details in Appendix X) : (i) One 1.6% (ii) Two 2.8% (iii) Three 4% (iv) Four 6% (v) Five 12% (c) Credit exposures to (re)insurers27 licensed under the Act and qualifying reinsurers 1.6% (d) Credit exposures to (re)insurers28 other than those licensed under the Act and qualifying (re)insurers, with the following rating categories28 (further details in Appendix X): (i) One 1.6% (ii) Two 2.8% (iii) Three 4% (iv) Four 6% (v) Five 12% (e) Outstanding premiums, agent balances and other receivables due from: (i) other licensees under the Act or agents 4% 25 Structured deposits and Specific Investment Account (SIA) would not qualify as eligible collateral 26 In the absence of issue-specific ratings, the issuer local rating may be used in determining the credit risk charge. 27 Credit exposures to (re)insurers refers to - (i) Amount due from reinsurers (including amount due in respect of premiums outstanding, claims recoverable, commissions); (ii) Reinsurance recoveries in respect of claims incurred; and (iii) Reinsurance deposits in respect of reinsurance accepted. 28 Rating principles in paragraph 2.2 above shall apply for the purpose of determining the rating of the (re)insurers. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 36/132 (ii) others 6% (f) Other assets29 8% 6.2 Credit exposures to (re)insurers under items (c) and (d) in Table 4 includes reinsurance recoveries in respect of claims incurred (reported under claims liabilities) as well as claims paid (reported under other assets). 6.3 A qualifying reinsurer as mentioned in Table 4 above refers to a (re)insurer which is licensed under the Labuan Financial Services and Securities Act 201030 and satisfies the following conditions: (a) the reinsurer carries a financial strength rating of category three or better31; or (b) (i) the reinsurer has obtained an explicit and irrevocable guarantee32 from its parent company (or head office33) to fully support the reinsurer in the event of financial difficulties; and (ii) its parent company (or head office) is licensed under the Act or carries a financial strength rating of category three or better32. For the purpose of meeting the rating requirement, the rating of subordinated debt issued by the parent company (or head office) with rating of category three or better32, may be accepted. 29 Including other property, plant and equipment, except for those which are not exposed to counterparty risk (e.g. self-occupied properties). 30 Administered by the Labuan Financial Services Authority. 31 Under paragraph 1 of Appendix X. 32 The guarantee should at least: (i) Cover all reinsurance arrangements between the reinsurer and any Malaysian entities licensed under the Insurance Act 1996; (ii) Cover the amount of the reinsurer’s liabilities to Malaysian entities arising from the reinsurance arrangements referred to in (i) above in its entirety (including reinsurance recoveries or other liabilities as agreed upon in the reinsurance transactions); (iii) Be in place for the entire duration the reinsurer is exposed to the risk of the arrangements; and (iv) Be irrevocable, subject to the validity of the reinsurance claims, and the reinsurer shall not unilaterally cancel the guarantee under any circumstances, as long as the arrangement in (i) above still exposes the reinsurer to the risk of claims. 33 For branches of reinsurers, the head office shall provide an irrevocable and explicit undertaking to immediately transfer funds in the event (or expected) depletion of the working capital or in the event of a large loss being intimated. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 37/132 6.4 The ratings of the (re)insurers and banking institutions other than those licensed under the Banking and Financial Institutions Act 1989, the Islamic Banking Act 1983 or prescribed under the Development Financial Institutions Act 2002, (other banking institutions) should be referred to in Appendix X for the purpose of determining the insurer’s exposure to the reinsurer(s) or other banking institutions and the corresponding credit risk charges. The rating principles in paragraph 2.2 shall apply as appropriate. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 38/132 Appendix II Market Risk Capital Charges 1. Overview 1.1 The market risk capital charges (MRCC) aim to mitigate risks of financial losses arising from: (i) the reduction in the market value of assets due to exposures to equity, interest rate, property, currency risks; (ii) non-parallel movements between the value of liabilities and the value of assets backing the liabilities due to interest rate movements (i.e. the interest rate mismatch risk); and (iii) concentration of exposures to particular counterparties or asset classes. 1.2 The risk charges for exposures to various asset types and concentrations are provided in this Appendix. 2. Equity risks 2.1 Equity risks arise from exposures to equity instruments, which include ordinary shares, warrants, depository receipts, transferable subscription rights or similar instruments that exhibit market behaviour similar to equities. Convertible securities, e.g. debt securities or preference shares that can be converted into ordinary shares of the issuer, will be classified as shares if they trade and behave like shares. Equity risks arising from exposures to derivatives such as futures, swaps and options on individual shares or stock indices are also included. However, an investment in the shares of unlisted single-purpose property holding companies is excluded (see section 3 below). 2.2 Exposures to equity instruments exclude investments in innovative Tier 1 capital instruments issued by licensed banking institutions. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 39/132 2.3 The applicable risk charges for equity exposures are as provided in Table 1. Table 1: Risk charges for equity exposures Equity Instruments Risk charges (a) listed on the Main Market of Bursa Malaysia or listed on the primary board of recognised stock exchanges in a G10 country 20% (b) listed on recognised stock exchanges other than those mentioned in (a) 30% (c) FTSE Bursa Malaysia (FBM) KLCI, FBM Top-100 Index, FBM Hijrah Shariah Index or the indicative index of the recognised stock exchanges in a G10 country 16% (d) FBM Mid-70 Index or other stock market indices 25% (e) unlisted or private equity (including venture capital) 35% 2.4 A direct position in equity which is matched by opposite positions in equity derivatives, and which meet the requirements in the Revised Guidelines on Derivatives for Insurer, may be fully offset and only the absolute net position subject to the equity risk charge. For example, a future in a given equity may be offset against a direct position in the same equity. 2.5 Equity derivatives positions that can be applied to reduce an insurers’ equity risk exposure shall be determined based on the following: (i) Futures and forward contracts relating to individual equities are reported at current market prices; (ii) Futures relating to equity indices are reported either as the current index value times the monetary value of one index point set by the futures exchange or market value of the notional underlying equity portfolio; (iii) Equity and stock index options are treated based on the delta equivalent approach described in paragraphs 6.1 to 6.5 below; and BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 40/132 (iv) For a short position in equity derivatives, the absolute value of the short position is to be converted into positions in the relevant underlying, to which the equity risk charge will apply. 2.6 A simplified illustration on the application of the equity risk capital charge for an insurer with derivatives positions is provided in Appendix II(a). 3. Property risks 3.1 Property risks arise from exposures to immovable properties both for investment and self-occupied purposes. 3.2 An investment in shares of unlisted single-purpose property holding companies (entity), is deemed as an investment in property and therefore subject to the property risk charge, if the investment meets the following criteria: (i) the entity wholly owns the property, including all rights, interests and benefits related to the ownership of the property; and (ii) The entity should not have significant liabilities other than in relation to loan facilities taken for the purchase of property. Otherwise, the investment is deemed as an investment in shares. 3.3 The applicable risk charges for exposures to immovable properties are provided in Table 2 below: Table 2: Risk charges for investment in immovable property Property investments Risk charges (a) self-occupied properties 8% (b) other property and property-related investments 16% BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 41/132 4. Interest rate risks 4.1 Interest rate risks arise from exposures to interest rate related assets34 and liabilities, including debt securities, commercial papers, debentures, notes, negotiable instruments of deposits, mortgages, loans35, interest rate derivatives and other instruments that share similar characteristics such as non-convertible preference shares. Convertibles bonds, i.e. debt issues or preference shares that are convertible into ordinary shares of the issuer, will be treated as debt securities if the instruments trade and behave like debt securities. Interest rate risk charges for life and general insurance fund shall be computed in accordance with paragraphs 4.4 to 4.13. 4.2 Interest rate risk exposures can be reduced by interest rate derivative positions, such as futures, forwards and options. Interest rate derivatives should be converted into exposures in the relevant underlying assets and subjected to appropriate interest rate risk charge calculations. To determine the capital charge, the amount reported should be the market value of the principal amount of the underlying or of the notional underlying. In the case of options, the delta- equivalent value of the option positions is used. 4.3 This paragraph outlines the treatment of interest rate derivative exposures by product class: (i) Futures and Forward contracts, including Forward Rate Agreements (FRAs) (a) These instruments are treated as a combination of a long and short position in a notional zero-coupon government security. The maturity period of futures or FRAs will be the period until delivery or exercise 34 Including cash and deposits placement. 35 Including policy loans, automatic premium loans and staff loans, as referred to in footnote 10 in Appendix I. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 42/132 of the contract, plus, where applicable, the life of the underlying instrument. For example, a long position in a June three month interest rate future (taken in April) is to be regarded as a long position in a government security with a maturity of five months and a short position in a government security with a maturity of two months. (b) In the case of a future or forward on a corporate bond or corporate bond index, positions will be included at the market value of the notional underlying/ portfolio of securities. (c) In the case of foreign currency forward contracts with an interest rate element, either a long or short position in the market value of each underlying currency leg would be recorded in the respective ‘maturity bucket’ capturing the relevant interest rate risk. (ii) Swaps (a) Swaps will be treated as two underlying positions in zero coupon government securities with relevant maturities. For example, a plain vanilla interest rate vanilla swap under which an insurer pays floating and receives fixed will be treated as a long position in a fixed rate instrument of maturity equivalent to the residual life of the swap and a short position in a floating-rate instrument of maturity equivalent to the period until the next interest fixing. (b) Where one of the swap legs involves payment relating to some other reference price, for example a stock index, the leg should be slotted into the equity component of market risk charge calculation. Swaps are treated as two notional positions. For example, an equity swap in which the insurer receives an amount based on the change in value of one particular equity or stock index and pays a different index will be treated as a long position in the former and a short position in the latter. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 43/132 (iii) Options (a) For options, the delta-weighted option position will be slotted into the respective ‘maturity band’ according to its underlying together with other interest rate related instruments. Paragraphs 6.1 to 6.5 below further explain the capital treatment of option positions. (I) Computation of interest rate risk charges for life insurance funds and general insurance funds with discounting of liabilities36 4.4 The capital charge to address interest rate risks are reduced to the extent that the weighted average duration of the exposures in interest rate related assets match the weighted average duration of the insurance liabilities 4.5 For each life insurance fund, the values of all interest rate related exposures (including interest rate derivatives exposures) and the guaranteed insurance liabilities (i.e. for a non-participating fund and the guaranteed benefits in a participating fund) shall be computed as follows: (i) compute the value of the guaranteed liabilities and the market value of interest rate related exposures under the base scenario (referred to as V0 and A0, respectively). V0 is the value of the guaranteed insurance liabilities derived based on the valuation basis which includes the provision of risk margin for adverse deviation as prescribed in Appendix VII, and discounted as per the risk-free discount rate set out in paragraph 5.1 of the same Appendix; (ii) recompute the value of the guaranteed liabilities and the value of interest rate related exposures under the increasing interest rate scenario (referred as to V1 and A1, respectively); and 36 Where the Signing Actuary views that discounting is justified for the valuation of the general insurance liabilities, the interest rate risk charge for general insurance funds shall be computed in accordance to that specified in paragraphs 4.4 to 4.10 of Part I above BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 44/132 (iii) recompute the value of the guaranteed liabilities and the value of interest rate related exposures under the decreasing interest rate scenario (referred as to V2 and A2, respectively). The method is summarised below: Scenario Value of interest rate exposures (1) Liability value (2) Surplus (1)- (2) Base A0 V0 S0 Increasing interest rate A1 V1 S1 Decreasing interest rate A2 V2 S2 4.6 The amount of capital charges required is the higher of the reduction in surplus under the increasing and decreasing rate scenario. In the event that the reduction in surplus is higher under the increasing scenario in one fund, but higher under the decreasing scenario in another fund, then the dominant scenario at the company level should be selected and applied consistently to all funds. Any resulting negative capital charges for each individual fund should be zeroised. 4.7 The yield to value the securities under the base scenario should be the risk-free yield, in the case of government securities (e.g. Malaysian Government Securities) or the implied market yield for quoted securities or securities with similar characteristics, if unquoted. Alternatively, the base yields may be obtained from a recognised bond pricing agency. In the case of loans (and mortgages), the yield as implied by a debt security with similar tenor as the loan and carries a rating of category three or better37, shall be used as the base yield. 37 Under paragraph 1 of Appendix X. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 45/132 4.8 Where the interest rate exposures have embedded options, such as call or put provisions in the case of debt securities/loans, or prepayment/refinancing rights which give the borrowers the rights to prepay the amount of debt outstanding, insurers must take into account the likelihood of these options being exercised, and the effect of the exercise of these rights on the values of such debt securities/loans, under the scenarios of changes in the interest rate level. (Please refer to footnote 40 for additional guidance) 4.9 For the purpose of revaluing interest rate related exposures and guaranteed liabilities in the above scenarios, the base yield curve should be multiplied by (1 + stress_up), and (1 – stress_down), for the increasing and decreasing scenarios respectively. Values of stress_up and stress_down are based on the level of the prevailing MGS spot yields, and are prescribed in Table 3 below. The derived values of stress_up and stress_down shall be further subject to a maximum of 40%, until otherwise specified by the Bank. 4.10 For interest rate related exposures and guaranteed liabilities denominated in foreign currencies, the base yield should be based on an appropriate risk-free yield curve, as per paragraph 9.1 of Appendix VII. However, the stress levels of (1 + stress_up) and (1 – stress_down) should be applied as per Table 3 and where these stress levels may be inadequate for the underlying volatilities of foreign interest rates, the Bank may require an adjustment to the level of an insurer’s Individual Target Capital Level. Table 3: Prescribed changes in interest rates Residual terms to maturity38 (X) stress_up stress_down X ≤ 4 years 0.15 + Max [ 0 ; 0.4(3.6 – MGS3) ] 0.15 + Max [ 0 ; 0.2(MGS3 – 3.6) ] 4 years < X ≤ 8 years 0.15 + Max [ 0 ; 0.4(3.7 – MGS5) ] 0.15 + Max [ 0 ; 0.2(MGS5 – 3.7) ] X > 8 years 0.15 + Max [ 0 ; 0.4(4.2 – MGS10)] 0.15 + Max [ 0 ; 0.2(MGS10 – 4.2)] Note : MGSn denotes the spot yield of the n-year MGS at valuation date. 38 Term to maturity refers to the period remaining till the maturity of the instruments or in the case of an instrument with a floating rate coupon, the period remaining till the next repricing date of the next coupon. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 46/132 (II) Computation of interest rate risk charges for general insurance and shareholders’ funds without discounting of liabilities 4.11 A simplified approach is adopted for undiscounted liabilities in the general insurance and shareholders’ funds to address interest rate risks in view of the short-term nature of most of the insurance liabilities. 4.12 The net value of all positions in interest rate related exposures are determined for each maturity band39, to which risk charges are then applied. The overall interest rate risk capital charge is the absolute amount of the sum of the individual net capital charge positions. The risk charges vary according to the residual term to maturity of the securities as provided in the table below. Table 4: Interest rate risk charges by residual term to maturity for related securities for general insurance (with undiscounted liabilities) and shareholders’ funds Residual term to maturity (X) Risk charges (%) X < 1 month 1 < X < 3 months 3 < X < 6 months 6 < X < 12 months 1 < X < 2 years 2 < X < 3 years 0.0 0.2 0.5 0.8 1.3 1.9 3 < X < 4 years 2.7 4 < X < 5 years 5 < X < 7 years 7 < X < 10 years 10 < X < 15 years 15 < X < 20 years X > 20 years 3.2 4.1 4.6 6.0 7.0 8.0 39 As a general guide, the callable date shall be the legal maturity date if there is sufficient evidence to demonstrate that the debt security will be called at the said date. Where there is no legal maturity date, the longest category of. residual term to maturity, (X), of more than 20 years shall apply. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 47/132 4.13 All interest rate derivative positions are subjected to interest rate risk charges, according to the term to maturity above, in the same manner as cash positions. Offsetting of fully matched long and short positions in the same underlying is allowed. 4.14 A simplified illustration on the computation of interest rate risk capital charge for a general insurer with derivatives positions is provided in Appendix II(a). 5. Currency risks 5.1 An insurance fund which has exposures in currencies which are different from that of the liabilities will be subjected to a currency risk charge of 8% on the net open position. The capital charge is in addition to the credit and market risk charges described above. 5.2 To calculate the capital charge for currency risks, the net balance sheet positions for exposures to each of the different currencies are converted into Ringgit Malaysia at the spot exchange rates. The sum of the net short positions or the sum of the net long positions, whichever is higher, is then multiplied by the 8% risk charge to arrive at the currency capital charge. 5.3 The insurer’s net position in each currency should be calculated by aggregating the following positions: (i) all asset items less liabilities; and (ii) the value of all amounts to be received less the value of all amounts to be paid under unsettled spot transactions, forward foreign exchange transactions, including currency futures, the principal on currency swap positions and interest rate transactions such as futures, swaps etc. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 48/132 5.4 An example of the calculation is shown below. Long/short position Long currency positions Short currency positions Currency Japanese yen Hong Kong dollar British pound Singapore dollar US dollar RM-equivalent value of net currency positions +50 +150 -20 -180 -35 Total RM-equivalent value of net currency positions +200 -235 Capital charge =23540 X 8% = RM18.8 million 6. Treatment of Options 6.1 For capital computation purposes, option positions should be reported as a position equal to the market value of the instrument underlying the option multiplied by the delta41 of the option. 6.2 The capital charge for options with equities as the underlying assets are based on the delta-weighted positions which would have incorporated the measure of market risk as described in paragraph 2.3 of this Appendix. 6.3 Delta weighted positions of interest rate options will be subject to interest rate risk charge calculations as set out in paragraphs 4.4 to 4.10 for life insurers and general insurers with discounted liabilities, and paragraphs 4.11 to 4.13 for general insurers with undiscounted liabilities, respectively. Similar to other derivative transactions, a two-legged approach is used, which requires one entry at the time the underlying contract takes effect, and a second entry, at the time the derivatives contract matures. For instance, a bought call option on a June 3 40 The higher of either net long currency positions or net short currency positions. 41 Defined as the sensitivity of the option price relative to the instruments underlying the option. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 49/132 month interest rate future will in April be considered, on the basis of its delta- equivalent value, a long position with a maturity of 5 months and a short position with a maturity of two months. 6.4 The capital charge for options on foreign currency is based on the delta-weighted position which will incorporate measurement of the exposure for the respective currency position as described in paragraphs 5.1 to 5.4. 6.5 As the delta-approach above does not capture all risks associated with option positions, such as basis, gamma and vega risks, insurers should therefore take into consideration these additional risk dimensions when setting their Individual Target Capital Level. 7. Counterparty credit risk charge for derivative positions 7.1 Where an insurer enters into derivative transactions which are transacted over the counter (OTC), it is required to hold additional capital for counterparty credit risk, using the method described below: (i) the capital charge for each OTC derivative contract is based on its ‘asset equivalent value’. The asset equivalent value is the sum of the current marked-to-market exposure of the derivative contracts with positive values and an amount for potential exposure add-on; (ii) the potential exposure add-on is determined by multiplying the notional principal amount42 of the derivative contract (regardless of whether the contract has a zero, positive or negative marked-to-market value) by the 42 Potential exposure add-on should be based on effective rather than stated notional amounts. In the event that the stated notional amount is leveraged or enhanced by the structure of the transaction, an insurer must use the actual or effective notional amount when determining potential exposure, e.g. a stated notional amount of RM1 million with payments calculated at two times KLIBOR would have an effective notional amount of RM2 million. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 50/132 relevant credit conversion factor specified in the table below according to the nature and residual maturity of the contract; Table 5: Add-on factor Maturity (x) Interest rate contracts Equity contacts Foreign Currency contracts X < 1 year 0.5% 6% 2% 1 < X < 2 years 1% 8%43 5% 2 < X < 3 years 2% 7% Each additional year 1% 1% (iii) the asset equivalent value of each derivative contract should then be multiplied by the credit risk charge applicable to the counterparty to the derivative contract to determine the capital charge (based on credit risk charge for various counterparty as presented in Table 1 in Appendix I); (iv) foreign exchange contracts which have an original maturity of 14 calendar days or less may be excluded from the requirement; and (v) netting-off is permitted where there is a legally enforceable contractual arrangement with the counterparty under which any obligation to each other to deliver a given currency on a given date is automatically amalgamated with all other obligations for the same currency and value date, legally substituting one single net amount for the previous gross obligations. 7.2 The Bank reserves the right to require an insurer to hold additional capital against particular derivative positions where the insurer enters into significant derivative transactions in relation to its capital position or the Bank views the capital provided using the above approach to be inadequate in relation to the risks of the transactions involved. 43 This equity add-on factor is to be used by contract maturity of up to five years. For period over five years, 10% add-on is used. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 51/132 8. Investments in collective investment schemes 8.1 Collective investment schemes are defined as any arrangement made for the purpose, or having the effect, of providing facilities for persons to participate in or receive profits or income arising from the acquisition, holding, management or disposal of securities, or any other property, or sums paid out of such profits or income in such schemes. 8.2 Such investments include investments in unit trust schemes, exchange traded funds (ETF), exchange-traded real estate investment trusts (including Real Estate Investment Trusts (REITs)), private real estate funds and investments in an insurer’s own investment-linked funds 44. 8.3 The risk charge for investments in collective investment schemes shall be determined based on the actual asset composition at the valuation date, and if not available, the investment mandate of the schemes 45 . The following risk charges in Table 6 shall be applicable for individual asset classes composing the collective investment schemes. Table 6: Risk charges for assets of collective investment schemes Types of assets Risk charges (a) Government securities 0% (b) Money market instruments, including cash 1.6% (c) Shares 16% (d) Debt securities 4% (e) Properties 16% (f) Foreign assets relevant charges above plus additional 8% 44 Restrictions on insurer’s investments in own managed investment linked funds are stipulated in the Revised Guidelines on Investment- linked Business for Insurers. 45 For e.g. if a scheme is invested in a fund consisting of 50% equities , 40% Malaysian debt securities, and 10% foreign debt securities, the risk charge is [(0.5 X 16%) + (0.4 X 4%) + (0.1 X (4% + 8%))] = 10.8%. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 52/132 8.4 If a scheme is mandated to invest more than 80% of its total assets in a particular asset class, the risk charge for such collective investment schemes may be based on the capital charge applicable for exposures to that dominant asset class. 8.5 The approach used to arrive at the weighted average capital charge must be applied consistently. 8.6 Where the collective scheme invests in a structured product, the portion of the fund which is invested in the structured product will be subject to a risk charge treatment as described in paragraphs 9.1 to 9.7 below. 8.7 Where the collective scheme has features that are similar to that of a structured product, the risk charge treatment as described in section 9 below shall apply in addition to paragraph 5.1 of Appendix I. An example of such mechanism is one where the collective investment scheme is structured to provide principal protection upon the maturity of the fund. 9. Investment in structured products 9.1 In addition to being subject to credit risk charge as explained in paragraph 5.1 of Appendix I, the entire marked-to-market value of the investment in the structured product is subject to a market risk charge of 20%, if the structured product carries no embedded guarantee. 9.2 Where the structured product offers a certain minimum guaranteed amount (for example guaranteed principal or minimum percentage return), the present value of the guaranteed amount shall be subject to the interest rate risk charge BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 53/132 calculations. The balance value of the investment will be subject to a 20% market risk charge. 9.3 The present value of the guaranteed amount shall be determined using a discount rate which reflects the credit worthiness of the product offeror and is consistent with the application of paragraph 5.1 of Appendix I. 9.4 The guaranteed amount is to be valued using a discounting period that is equivalent to the term to maturity of the structured product if the guarantee is provided upon the product maturity, or earlier, if the guarantee is provided up to a period prior to the maturity of the product. 9.5 Where the product is leveraged or enhanced by the structure of the investment, the effective value of the product shall be used. For example, where a product provides a return of 2x the market index performance, the insurer must use 2x the notional exposure as the effective value of exposure. 9.6 Alternatively, insurers may adopt a look-through approach to determine the appropriate market risk charges to be applicable to such products, subject to prior approval from the Bank. 9.7 Insurers should consult the Bank on the capital treatment for structured products which have features that may not be directly addressed in this section. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 54/132 10. Capital charges to address concentration risks 10.1 Aggregate investments or exposures to individual counterparties in excess of the limits specified in Appendix III will be subjected to 100% asset concentration risk capital charge. This is not applicable to investments in foreign assets, where investments exceeding the limits are strictly disallowed. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 55/132 Appendix II(a) Illustration on Capital Computation for Insurers with Derivatives Position 1. Position in equity derivatives Assume an insurer holds the following in its portfolio: • Shares in X of RM100 mil, Y of RM100mil, Z of RM200mil The insurer entered into the following transaction to hedge its equity risk: • Long Z put option with equivalent market value of RM200 mil (option delta = -0.7) • Short, say, KLCI futures with market value of RM200million, Assume that it can be demonstrated that the positions in X and Y are effectively hedged by KLCI futures Insurer will be subject to the following risk charge: • X and Y exposures are carved out from the equity risk capital computation • Capital exposure to Z = [200 – (200x |-0.7|)] x 20% = RM12 mil Therefore, total equity capital charge = RM12 mil 2. Portfolios of interest rate exposures (including derivatives) Assume a general insurer holds the following in its portfolio: (i) A private debt securities (PDS), with market value of RM20mil, residual maturity 8 years; (ii) A Malaysian government securities (MGS), market value RM75mil, residual maturity 2 months; (iii) An interest rate swap, RM150mil under which the insurer receives floating rate and pays fixed. The next interest fixing occurs after 9 months and residual life of the swap is 8 years; BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 56/132 (iv) A long position in MGS futures of RM60mil, maturing in 6 months time with underlying government security of 4 years. Residual Term to Maturity 1<X≤3 months 3<X≤6 months 6<X≤12 months 4<X≤5 years 7<X≤10 years Long position 75mil MGS (ii) 150 mil swap (iii) 60 mil futures (iv) 20 mil PDS (i) Short position 60 mil futures (iv) 150 mil swap (iii) Risk Charges(%) 0.2 0.5 0.8 3.2 4.6 Overall Net Position +0.15mil -0.30mil +1.20mil +1.92mil -5.98mil Therefore, the overall net position is -3.01 million (= +0.15–0.30+1.20+1.92–5.98 million), leading to a capital charge of RM3.01million. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 57/132 Appendix III Investment and Individual Counterparty Limits 1. Investment limits on individual asset classes which are applicable for each of the life insurance, general insurance and shareholders’/working funds individually: Maximum limits (as a ratio of total assets of individual insurance funds or shareholders’/working fund) (a) shares not listed on the Main Market of Bursa Malaysia 5% (b) debt securities with rating under rating category four or poorer46 5% (c) loans other than policy loans and loans which are not secured in the manner set out in sections 3 and 4 of Appendix I • limit for an individual counterparty 5% 1% (d) foreign assets in jurisdictions with sovereign ratings at least equivalent to that of Malaysia 10%47 (absolute limit48) 2. Investment limits on individual asset classes which are applicable for general insurance funds only: Maximum limits (as a ratio of total assets of the general insurance fund) (a) shares listed on the Main Market of Bursa Malaysia 30% (b) immovable properties 20% (c) liquid assets49 minimum limit of 10%50 46 Under paragraph 1 of Appendix X. 47 Not applicable for the investment of funds backing foreign currency denominated (FX) education policies and non-unit fund of FX investment-linked policies. 48 Refer to paragraph 10.1 in Appendix II. 49 Refers to cash in hand and deposits with unconditional withdrawal placed with an institution licensed under the Banking and Financial Institutions Act BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 58/132 3. Limits for exposure to individual counterparties, including guarantee given by the counterparties(except any transaction related to a contract of insurance): Maximum limits (as a ratio of total assets of all insurance funds and shareholders’/working fund) (a) a counterparty licensed under the Banking and Financial Institutions Act 1989 or the Islamic Banking Act 1983, Cagamas Berhad, Khazanah Malaysia Berhad, Petroliam Nasional Berhad, Telekom Malaysia Berhad and Tenaga Nasional Berhad 20% (b) a counterparty listed on the Main Market of Bursa Malaysia 10% (c) any other counterparties 5% 4. The exposure limits are applicable on the overall exposure to individual counterparties, including that arising from investments in shares of, debt securities issued by or direct lending to a single counterparty, but excludes exposures from transactions relating to contracts of insurance. 5. The following principles shall be applied for exposures to related or interconnected counterparties: (i) A counterparty is deemed to be related/interconnected to another if the counterparty controls more than 50% of the equities of the other party. In the case of exposures to Special Purpose Vehicles (SPVs), such exposure shall be grouped with the sponsor of the SPV if the insurer has ultimate recourse to the sponsor in the event of default by the SPV; 1989, the Islamic Banking Act 1983 or prescribed under the Development Financial Institution Act 2002, and any papers issued or guaranteed by the Federal Government or Bank Negara Malaysia and its subsidiaries. 50 As a ratio to the gross average total claims incurred for the three preceding financial years. For example, for insurers with financial years ending 30 June, the ratio will be computed based on the average total claims incurred for financial year ending 2005, 2006 and 2007, which will be valid from 1 July 2007 until 30 June 2008. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 59/132 (ii) Exposures to related/interconnected counterparties should be grouped together and be treated as an exposure to a single counterparty, subject to the single counterparty limits above; (iii) Exposures to the related/interconnected counterparties can be disaggregated and treated as separate single counterparties where the insurer can establish that the counterparty(ies) are sufficiently independent from each other financially, to honour its individual obligations and liabilities by – (a) drawing on its existing free financial resources without difficulty or encumbrances; or (b) obtaining a credit facility premised on its own financial standing; (iv) Clear internal parameters for identifying the related/interconnected counterparties that – (a) would constitute a single counterparty; or (b) are financially independent from each other should be established, documented with supporting reason(s) and made available for review by the insurer’s internal control and risk management functions as well as the Bank at all times; (v) The identification for which (iv)(a) or (iv)(b) would apply should also take into consideration the materiality of any association or relationships51 that may exist between the counterparties either directly or indirectly, that may give rise to an assumption of interconnected exposures. 6. The individual counterparty limits are not applicable to the Federal Government of Malaysia and Bank Negara Malaysia. 51 For example, entities with common marketing and/or branding platform. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 60/132 7. The exposure limits are not applicable to deposits protected under the Malaysia Deposit Insurance Corporation Act 2005 to the extent of the amount insured by the Malaysia Deposit Insurance Corporation. 8. Limits specified above shall only be applicable to funds in respect of business within Malaysia and shareholders'/working funds, where applicable. 9. The limits specified in paragraphs 1, 2 and 3 shall be applied in the sequential order (before applying the risk charges). BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 61/132 Appendix IV Risk Charges for General Insurance Liabilities Class Risk charge applicable for - Claims liabilities URR @ 75% confidence level 1. Aviation 30% 45% 2. Bonds 20% 30% 3. Cargo 25% 37.5% 4. Contractor’s All Risks & Engineering 25% 37.5% 5. Fire 20% 30% 6. Liabilities 30% 45% 7. Marine Hull 30% 45% 8. Medical and Health 25% 37.5% 9. Motor “Act” 25% 37.5% 10. Motor “Others” 20% 30% 11. Offshore Oil & Gas related 20% 30% 12. Personal Accident 20% 30% 13. Workmen’s Compensation & Employer’s Liability 25% 37.5% 14. Others 20% 30% BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 62/132 Appendix V Stress Factors for Life Insurance Liabilities Note: Guaranteed here indicates guaranteed for 3 years or more 1. In computing the life insurance risk capital charges, the Appointed Actuary is required to determine and declare, for each product separately, whether it is decrement-supported (e.g. lapse-supported, mortality-supported, etc), and to use the appropriate direction of stress factors accordingly. The selected direction of stress should be the one that produces the higher liability value in each case, to prevent any instances of negative LCC. The basis of selecting the stress factors for each product should be described in the accompanying actuarial report. 2. The value of V* should be computed for each policy by stressing all risk factors simultaneously in the direction selected for that product. Valuation Parameters Stress Factors (i) Mortality (non-annuity) (a) guaranteed premium (b) non-guaranteed premium (ii) Mortality (annuity) ±40% of best estimate rates ±20% of best estimate rates Rates used in valuation with 5-year setback Total and Permanent Disability (a) guaranteed premium (b) non-guaranteed premium ±45% of best estimate rates ±22.5% of best estimate rates Critical Illness (a) guaranteed premium (b) non-guaranteed premium ±45% of best estimate rates ±22.5% of best estimate rates Renewal Expense ±20% of best estimate rates Persistency ±50% of best estimate rates BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 63/132 Appendix VI Valuation Basis for General Insurance Liabilities 1. Background 1.1 The Valuation Basis for General Insurance Liabilities (Valuation Basis) specifies the manner by which an insurer shall value the liabilities of its general insurance business at the end of each financial year. 1.2 The insurer shall appoint a General Insurance Signing Actuary (as defined in Appendix IX), who shall conduct the valuation using such methods and prudent valuation assumptions which: (i) are appropriate to the business and risk profile of the general insurance business; (ii) are consistent from year to year, to preserve comparability; (iii) include appropriate margins for adverse deviations in respect of the risks that arise under the insurance policy; (iv) are consistent with one another; (v) are in accordance with generally accepted actuarial best practice; (vi) accord a level of guarantee for the reserve held against the liabilities which is no less certain than that accorded by a Malaysian Government Security; (vii) are consistent with the principles of fair valuation where possible and appropriate; and (viii) secure an overall level of sufficiency of policy reserves at the 75% confidence level. 1.3 Where the Bank requires the insurer to determine the value of its insurance liabilities at any point in time other than at the end of its financial year, depending on the extent of the change in the insurer’s business volume and profile, claims and underwriting process, and, policy and business conditions since the last financial year, the Signing Actuary may make adjustments to his last financial BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 64/132 year end calculations or conduct a full revaluation of the insurance liabilities where appropriate, such that the value of the insurance liabilities is reflective of the insurer’s profile at that point in time and secures an overall level of sufficiency of policy reserves at the 75% confidence level. 2. Coverage 2.1 The Signing Actuary shall be responsible to determine the level of reserves required, based on his professional valuation of the insurer’s general insurance liabilities, for each class of business, using a basis which is no less stringent than that prescribed in this Valuation Basis. The valuation will comprise of: (i) the best estimate value of the claim liabilities; (ii) the best estimate value of the premium liabilities; and (iii) a provision of risk margin for adverse deviation (PRAD) for each of the best estimate values. 2.2 The best estimate value should reflect the statistical central estimate of the underlying distribution of the insurance liabilities concerned. The principles for determining the best estimate values of the claim liabilities and the premium liabilities are subjected to considerations of materiality and the professional judgment of the Signing Actuary, and shall reflect the individual circumstances of the insurer, for each class of business. 2.3 The PRAD is the component of the value of the insurance liabilities that relates to the uncertainty inherent in the best estimate. PRAD is an additional component of the liability value aimed at ensuring that the value of the insurance liabilities is established at a level such that there is a higher level of confidence (or probability) that the provisions will ultimately be sufficient. For the purpose of this BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 65/132 Valuation Basis, the level of confidence shall be at 75% at an overall Company level. 2.4 Claim liabilities refer to the obligation by insurers, whether contractual or otherwise, to make future payments in relation to all claims that have been incurred as at the valuation date. These include provision for claims reported, claims incurred but not reported, claims incurred but not enough reserved and direct and indirect claims-related expenses such as investigation fees, loss adjustment fees, legal fees, sue and labour charges and the expected internal costs that the insurer expects to incur when settling these claims. The value of claim liabilities will consist of the best estimate value of the claim liabilities and the PRAD calculated at the overall Company level (see paragraph 7.3). 2.5 Premium liabilities refer to the higher of: (i) the aggregate of the Unearned Premium Reserve (UPR), calculated as described in section 5 of this Valuation Basis, for all lines of business; or (ii) the best estimate value of the insurer’s unexpired risk reserves (URR) at the valuation date and the PRAD calculated at the overall Company level (see paragraph 7.3). The best estimate value is a prospective estimate of the expected future payments arising from future events insured under policies in force as at the valuation date and also includes allowance for the insurer’s expenses, including overheads and cost of reinsurance, expected to be incurred during the unexpired period in administering these policies and settling the relevant claims, and shall allow for expected future premium refunds. 2.6 The value of the insurer’s general insurance liabilities shall be the aggregate of the values of the Premium Liabilities and the Claim Liabilities. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 66/132 2.7 The investigation on the value of the general insurance liabilities by the Signing Actuary shall be submitted as a report to the board of directors and senior management and shall be referred to as “The Report on Reserves for General Insurance Business” (the Report). The Signing Actuary shall also disclose the extent of compliance with the requirements of this Valuation Basis and disclose reasons for non-compliance, if any. The general format of the Report, outlining the minimum information required to be included, is set out in Appendix VI(a). 2.8 The primary responsibility for the adequacy of the valuation of insurance liabilities rests with the board of directors and senior management. The board of directors and the senior management are expected to discuss the results of the Report with the Signing Actuary, including any non-compliance with the Valuation Basis. The board of directors is also expected to ensure proper and timely actions are undertaken based on these results. 3. Data and Information Used by the Signing Actuary 3.1 The CEO of an insurer is responsible to ensure that the insurer’s database is properly maintained so that the data used by the Signing Actuary is consistent, accurate and complete52. The Signing Actuary shall have unrestricted access to the insurer’s database and the CEO shall furnish the Signing Actuary immediately, upon request, with data and explanation as he may require. 3.2 The Signing Actuary shall apply reasonableness tests to satisfy himself that the data he receives is consistent, accurate and complete. A check for both the integrity and completeness of data should precede the valuation work. 52 Insurers should refer to the Guidelines on Data Management and Management Information System (MIS) Framework. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 67/132 3.3 The Signing Actuary shall ensure that the data used gives an appropriate basis for estimating the insurance liabilities. The data includes the insurer’s own exposure and claim experience data, and industry data where the insurer’s own data is insufficient for the Signing Actuary to make reasonable estimates. In circumstances where industry data is sparse, the Signing Actuary may rely on his professional judgement in making the estimates. In this situation, the Signing Actuary shall justify his approach. 3.4 The extent to which the Signing Actuary relies upon the data provided by the insurer and any limitations of such reliance, shall be clearly explained in the Report. Where the Signing Actuary has reason to believe that the data is incomplete, inaccurate, or unreliable, the Signing Actuary shall consider whether the use of such data may produce material biases in the results. In such circumstances, the Signing Actuary shall make an appropriate allowance in his estimations and document the basis of such an allowance. 3.5 The Signing Actuary shall determine the most appropriate grouping of risks into lines of business or sub-lines of business, based on the availability of data, homogeneity of the data or similarity in business characteristics, nature of exposure to loss and loss settlement pattern, for the purpose of the valuation of the insurance liabilities. It is important not to subdivide data to such an extent that the analysis becomes unreliable due to the paucity of data within a particular line or subline of business. The Signing Actuary shall explain in the Report, the manner in which the risks have been pooled into homogenous groups. 3.6 Notwithstanding the grouping of risks that the Signing Actuary may use in determining the insurance liabilities, the value of the claims and policy liabilities shall also be reported for the lines of business (if applicable) as per Appendix VI(g). BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 68/132 3.7 The Signing Actuary may make adjustments to the data collated to account for abnormal items such as large losses or catastrophe losses. Where such adjustments are made, the nature, amount and rationale for the adjustments shall be clearly documented. 3.8 Besides quantitative information, the Signing Actuary shall also seek qualitative information from the insurer’s management regarding underwriting policy and processes, claims policy and processes, reinsurance arrangements, policy coverage, legal decisions affecting claim settlements, other operational issues such as change of computer system, turnover of key personnel, and any other relevant information relevant to his valuation of the liabilities. Failure to seek such qualitative information should be revealed in the Report including the reasons for this. 4. Case-by-case claims reserves for reported claims 4.1 With reference to the “claims reported” in paragraph 2.4, an insurer shall enter in its register of claims, maintained in compliance with section 47(1)(b) of the Act, every claim intimation it receives from any source in respect of its policies, no later than 14 days from the date of receipt of the claim intimation, unless it establishes that the claim does not relate to any of its policies. Where the particulars of a claim intimation are insufficient for it to determine whether the claim relates to its policy, the insurer shall make necessary enquiries to determine its liability. 4.2 An insurer shall make adequate provision in its accounts for a claim, which it has not fully settled, on the basis of the particulars of the claim. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 69/132 4.3 Where the particulars of a claim intimation are insufficient at the time of entering a claim in the register of claims to enable the insurer to estimate its liability in respect of that claim, it shall make, in respect of that claim, a provision which is not less than the average amount paid during the preceding financial year for a claim of that class or description. 4.4 An insurer shall make provision for a claim by a third party by taking into account the best estimate of the amount of compensation likely to be awarded in the circumstances of the case and on the assumption that full liability of its policy owner is admitted. 4.5 An insurer shall make adequate provision for legal fees which may be incurred to defend its repudiation of a claim where the claim is, without any doubt, outside the scope of its policy, and the provision may be written back only if there are no developments with regard to the claim for at least 12 months following the repudiation. 4.6 An insurer shall make provision for an amount it considers adequate for a claim, assuming that the claim will be resolved in favour of the claimant, which it repudiates in circumstances other than that under paragraph 4.5 above. 4.7 An insurer shall not reduce a provision for a claim to an insignificant amount solely because the claimant has not proceeded with any action and shall maintain an adequate provision for the claim until such time that the claim is barred by limitation of time. 4.8 An insurer shall review the provision for every outstanding claim at least once a year. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 70/132 5. Computation of the Unearned Premium Reserve 5.1 An insurer, other than a professional reinsurer, shall determine its UPR in respect of Malaysian general policies as follows : (i) for Malaysian cargo policies, an amount not less than 25 per cent of the premiums; and (ii) for other descriptions of Malaysian general policies, an amount calculated on the basis of a method of computation no less accurate than— (a) for policies with a duration of 12 months, the 1/24th method; and (b) for non-annual policies, a method which operates on the assumption of premiums accounted during each month of the duration of the policy being uniformly spread over the respective month, applied consistently to premiums, reduced by the percentage of accounted gross direct business commissions and agency-related expenses to corresponding premiums for Malaysian general policies, but not exceeding such limits on the commissions and expenses as the Bank may specify for each description of general business. 5.2 A professional reinsurer shall determine its UPR in respect of Malaysian general policies as an amount calculated on the basis of a method of computation no less accurate than the 1/8th method, applied to premiums for Malaysian general policies with a deduction of 20 per cent from that amount. 5.3 The amount of UPR determined in paragraphs 5.1 and 5.2 may be reduced for reinsurance ceded. Where the reinsurance is ceded to (re)insurers other than those licensed under the Act or qualifying reinsurers, the reduction in the amount of UPR shall not exceed the lower of— (i) the proportion of the UPR on premiums ceded to said reinsurers, other than in respect of special risks, with a deduction for commission at the same rate as provided under paragraph 5.1(ii); or BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 71/132 (ii) the deposits retained from the said reinsurers for reinsurance of Malaysian general policies, other than in respect of special risks, for which premiums are accounted during the preceding 12 months, provided the deposits are held by the insurer— (a) as security for the said reinsurer’s due performance of its obligations under the reinsurance contract; and (b) for a period of at least 12 months or until termination of the related liabilities of the said reinsurer, if earlier. 5.4 Any arrangement made by an insurer, which treats a liability of a branch in Malaysia in respect of any Malaysian general policy as a liability, in whole or in part, of a branch outside Malaysia, shall constitute reinsurance of those liabilities as if the branches were separate insurers and the arrangement was a contract between them. For this purpose, an insurer’s head office shall be treated as a “branch”. 5.5 A local insurer shall determine its UPR in respect of foreign general policies as an amount calculated on the basis of a method of computation no less accurate than the 1/8th method, applied to premiums in respect of foreign policies relating to any description of general business with a deduction of 20 per cent from that amount. 5.6 With reference to paragraph 5.1(i), a “cargo policy” means a policy insuring cargo against risks during the whole or part of a transit (whether such transit is by sea, inland water, land, or air), including risks incidental to the transit. 5.7 With reference to paragraphs 5.1 and 5.2, the “premiums” refer to the amount of premiums on direct insurance business and on reinsurance business accepted BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 72/132 for Malaysian general policies from insurers, accounted for during the preceding 12 months, after deducting return premiums and premiums accounted during the period in respect of cessions to insurers licensed under the Act, qualifying reinsurers and foreign reinsurers in respect of special risks. 5.8 With reference to paragraph 5.5, the “premiums” refer to the amount of premiums on direct insurance business and on reinsurance business accepted, accounted for during the preceding 12 months, after deducting return premiums and premiums on reinsurance cessions. 5.9 With reference to paragraphs 5.3 and 5.7, “special risks” refer to the insurance of— (i) a marine hull or aircraft hull and liabilities relating to either hulls; (ii) risks relating to exploration, development and production of oil or gas, whether offshore or onshore, for the account of owners, operators or contractors of such risks; or (iii) any other risk which by reason of its exceptional nature the Bank permits to be treated as a special risk. 5.10 With reference to paragraphs 5.1, 5.2 and 5.5, the “1/24th method” and “1/8th method” refers to the time apportionment method of computation which operates on the assumption that premiums accounted during each time period in a year are uniformly spread over that time period, where the time period is a month, and a quarter, respectively. In both methods, all policies are assumed to be in force for a duration of 12 months. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 73/132 5.11 With reference to paragraph 5.3, a “qualifying reinsurer” refers to a (re)insurer which is licensed under the Labuan Financial Services and Securities Act 201053, and satisfies the following conditions— (a) the reinsurer carries a financial strength rating of category three or better54 or (b) (i) the (re)insurer has obtained an explicit and irrevocable guarantee55 from its parent company (or head office 56 ) to fully support the (re)insurer in the event of financial difficulties; and (ii) its parent company (or head office) is licensed under the Act, or carries a financial strength rating of category three or better55. For the purpose of meeting the rating requirement, the rating of subordinated debt issued by the parent company (or head office) that is rated with rating of category three or better55, may be accepted. 6. Methods of Evaluating Best Estimates 6.1 The Report shall include a description of the methods used and the key assumptions made which may include those related to expenses, claims escalation, discounting, development factors and ultimate loss ratios selected, and reinsurance and non-reinsurance recoveries. 53 Administered by the Labuan Financial Services Authority. 54 Under paragraph 1 of Appendix X. 55 The guarantee should at least: (i) Cover all reinsurance arrangements between the reinsurer and any Malaysian entities licensed under the Insurance Act 1996; (ii) Cover the amount of the reinsurer’s liabilities to Malaysian entities arising from the reinsurance arrangements referred to in (i) above in its entirety (including reinsurance recoveries or other liabilities as agreed upon in the reinsurance transactions); (iii) Be in place for the entire duration the reinsurer is exposed to the risk of the arrangements;and (iv) Be irrevocable, subject to the validity of the reinsurance claims, and the reinsurer shall not unilaterally cancel the guarantee under any circumstances, as long as the arrangement in (i) above still exposes the reinsurer to the risk of claims. 56 For branches of reinsurers, the head office shall provide an irrevocable and explicit undertaking to immediately transfer funds in the event (or expected) depletion of the working capital or in the event of a large loss being intimated. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 74/132 6.2 Where the Signing Actuary has adopted a standard and well understood method such as the link-ratio method or the Bornheutter-Ferguson method to estimate the claim liabilities, a brief reference to the method would suffice. If a non- standard method or a modified standard method is used, the Signing Actuary shall provide a detailed description of the method. Assumptions to validate the use of the non-standard method or a modified standard method shall also be furnished. 6.3 Whilst the Signing Actuary has the discretion to use professional judgement in deciding on the methods and assumptions to be adopted for the valuation of the insurance liabilities, he shall ensure that the methods and assumptions adopted are appropriate, taking into account factors such as: (i) the classes of business written; (ii) the nature, volume and quality of the available data; (iii) the circumstances of the insurer; and (iv) considerations of materiality. 6.4 Due to the uncertainty in insurance business, it is appropriate for the Signing Actuary to use more than one method to evaluate the best estimate values. The assumptions for each method shall be clearly disclosed in the Report. The results obtained by one method should be tested against that of the other method(s). Where results of different methods differ significantly, the Signing Actuary shall comment on the likely reasons for the differences and explain the basis for the choice of the results. 6.5 If the Signing Actuary’s valuation result is lower than the aggregate case-by-case claims reserves, and the Signing Actuary wishes to take credit for the difference, he shall disclose why a release of reserves is justified. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 75/132 6.6 For a reasonably homogeneous and stable portfolio, the URR may be estimated by extending the outstanding claim valuation model on the basis of claim frequencies, average claim costs and ultimate loss ratios or some similar measure of exposure. If this is done, the Signing Actuary should adjust the assumptions to reflect the changes in risk exposure, underwriting standards, premium rate levels, and other relevant factors on the expected future claims experience. In any case, the Signing Actuary shall give due consideration to the appropriateness of the method and assumptions used. 6.7 Where there are key differences in assumptions between the valuations of the Claim liabilities and the Premium liabilities, the Signing Actuary shall provide justification(s) for these differences. 7. Methods of Evaluating Provision of Risk Margin for Adverse Deviation (PRAD) 7.1 In most cases, some judgment will be required in establishing appropriate levels of PRAD. It is the Signing Actuary’s responsibility to support this judgement with such formal analysis as is practical. 7.2 In estimating PRAD, the Signing Actuary may have regard to relevant findings in recent actuarial research or literature, if this is deemed to be appropriate. If PRADs are based on internal analysis, details of this analysis shall be provided. If reliance is placed on external work (e.g. from actuarial research or literature on the topic), then the source of that work shall be disclosed. 7.3 To obtain a 75% level of adequacy at a Company level, the Signing Actuary may allow for the diversification of risk due to correlations between the risks from BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 76/132 different lines of business, by reducing the levels of PRAD calculated by line of business. The amount of any credit taken for such diversification shall be determined consistently with the overall principles used in calculating the PRAD by line of business. The methodology, data, assumptions and justification used to determine such credit, shall be clearly disclosed in the Report. 7.4 Diversification results obtained from a statistical method must be rationalised to ensure that such results are not due to data quality issues and/or not due to the adoption of inappropriate assumptions / statistical methods, rather than a valid statistical reason. The Signing Actuary must consider the appropriateness of using a triangle of combined data and give due regard to the extent that underlying volatilities may be obscured. An insurer with business primarily concentrated in one particular class of business would expect very little or no diversification credit available compared to an insurer with a more even spread of business in various classes. Where the Signing Actuary’s calculated value of the diversification discount is more than 50% of the sum of the PRAD by class of business, the Signing Actuary shall only consider a diversification discount of a maximum of 50% of total PRAD. 8. Outwards Reinsurance 8.1 Insurance liabilities may be determined net of reinsurance. The Signing Actuary shall also consider the nature and spread of reinsurance arrangements, including significant changes to the arrangements, non-performance of reinsurance and the likelihood of obtaining the recoveries. Non-reinsurance recoveries such as recoveries by sale of salvage, carriers or other third parties in respect of claims paid shall also be considered. 8.2 In instances where there are significant changes in the reinsurance arrangements or where outstanding reinsurance recoveries have a material BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 77/132 impact on the estimate of the value of the insurance liabilities, the Signing Actuary shall consider conducting the valuation on both gross and net of reinsurance basis. 8.3 The Signing Actuary shall disclose how reinsurance and non-reinsurance recoveries have been taken into account in the valuation of the liabilities and the underlying assumptions of the treatment adopted. The underlying principle is that the amount of recoveries to be recognised shall be based on the extent of their recoverability. Where there is considerable uncertainty concerning future recoverabilities, the Signing Actuary shall exercise a degree of caution such that liabilities are not understated. 9. Inwards Reinsurance 9.1 This Valuation Basis shall also apply to facultative inwards reinsurance. For treaty inwards reinsurance and pool inwards, where a comprehensive actuarial estimate is not possible due to the limitation of available data, the Signing Actuary shall make appropriate adjustments such that the reserves approximate to the best estimate and the 75% confidence level. Additional matters relating to inwards reinsurance are set out in Appendix VI(b). 10. Discounting 10.1 The Signing Actuary shall exercise judgement on the use of discounting in the valuation of liabilities where the effect of such discounting is material. The Signing Actuary shall apply explicit discounting, and shall only apply the discounting if this is deemed to be justified in his professional judgement. The Signing Actuary shall not apply implicit discounting in his valuation. Once explicit BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 78/132 discounting is applied to all valuation of liabilities, the reversal of the application of explicit discounting is disallowed. 10.2 Where discounting is deemed to be justified, the rate to be used in discounting the expected future payments for a line of business shall be the risk-free discount rate. In any case, the Signing Actuary shall ensure that the resulting reserve is sufficiently prudent to meet the liabilities. 10.3 The risk-free discount rate shall be derived from a yield curve, as follows: (i) for durations of less than 15 years : zero-coupon spot yield of MGS with matching duration; and (ii) for durations of 15 years or more : zero-coupon spot yield of MGS with 15 years term to maturity, where duration is the term to maturity of each future cash flow. The MGS zero- coupon spot yields shall be obtained from a recognized bond pricing agency in Malaysia, or any other source as may be specified by the Bank. Where yields at certain durations are not available, these yields shall be appropriately interpolated from the observable data. 10.4 Where discounting is used, the Signing Actuary shall disclose in the Report, the categories of claims in relation to which discounting has been applied and the rationale behind the use of discounting. 11. Claim escalation 11.1 The Signing Actuary shall incorporate assumptions on claim escalation either explicitly or implicitly in his valuation. Where discounting of liabilities is used, the Signing Actuary shall apply explicit claim escalation assumptions. The Signing BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 79/132 Actuary shall apply the following principles in considering the relevant factors for the purpose of determining the explicit claim escalation assumptions: (i) Appropriate analyses on the key claim escalation factors shall be conducted and projection of future claim shall be adjusted as appropriate. The resulting claim escalation factors shall not be lower than the levels implied by historical claim data; (ii) Explicit allowance for claim escalation, in addition to that implied by historical claim data, shall be provided if the Signing Actuary views that the statistical methodologies employed do not fully capture the risks of future escalation when applied to aggregate historical claim data; (iii) Case reserves should be reasonably tested for adequacy by the Signing Actuary to ensure that the discounting of liabilities will not expose the insurer to risk previously mitigated by the holding of undiscounted liabilities; (iv) Results of the analyses of experience (please refer to section 13 of Appendix VI) shall be used to gauge the appropriateness of past claim escalation assumptions; and (v) The assumptions and explicit allowances for the claim escalation factors shall be appropriately prudent and ensure that the overall claim liabilities secure an overall level of sufficiency at the 75% confidence level as per paragraph 1.2(viii) in Appendix VI. 11.2 The Signing Actuary shall make appropriate allowance to take into account of future claim escalation which may be attributable to economic inflation factors such as wages and price inflation and other non-economic inflation factors such as increasing court awards, medical cost inflation and technological improvements: (i) Economic inflation factors may be determined based on the use of publicly available information on historic wage or price inflation and economists’ forecasts to determine the future inflation rate; and BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 80/132 (ii) Non-economic inflation factors may be determined by considering the insurer’s own claim experience as well as known general industry trends in the lines of business written by the insurer. For smaller portfolios, where it is difficult to identify non-economic inflation or its level, it may be necessary for the Signing Actuary to rely on industry analysis or other actuarially accepted views. 11.3 The Signing Actuary shall disclose in the Report, the inflation rates, the source and the methodology from which they are derived. 12. Expenses 12.1 The Signing Actuary shall make separate allowance for policy and claim administration expenses where such expenses are not included in the data being analysed for insurance liabilities. This allowance may vary between the claim and premium liabilities. 12.2 Where possible, the Signing Actuary should analyse historical levels of expenses when determining the appropriate future expense assumptions. Where the insurer’s own expense analysis does not properly allocate expenses between policy issue, ongoing policy administration, claim establishment and claim management, the Signing Actuary may give regard to industry benchmarks. However, such effects shall be clearly documented. 13. Analysis of Experience 13.1 The Signing Actuary shall carry out a comparative study between actual experience and the expected experience from the previous valuation or earlier reports of similar nature. This could include comparing the actual amounts BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 81/132 incurred or paid during the year with the expected amounts from the valuation model. The Signing Actuary could also carry out comparisons on the number of claims, average claim size, claim frequency or any other analysis deemed appropriate. The results and interpretation of the comparative studies shall be included in the Report. 13.2 Should there be any major differences in the actual versus expected experience, the Signing Actuary shall consider revising the assumptions used in his valuation to reflect the trends in the experience. 13.3 The Signing Actuary shall consider the reasonableness of the results of his valuation and quantify the effects of changes in the valuation basis since the previous valuation. Where there has been material change in the method and assumptions adopted since the previous valuation, the Signing Actuary shall justify the change. 14. Business outside Malaysia 14.1 The valuation of liabilities in respect of policies for business outside Malaysia shall be conducted on a basis not less stringent than the basis required by the laws of the country in which the policy is issued but not less stringent than the basis in this Valuation Basis. In the absence of any basis specified by the laws of that country, the policies shall be valued in accordance to this Valuation Basis. 15. Foreign Currency-Denominated Policies 15.1 Foreign currency-denominated policies shall be valued in accordance with this Valuation Basis and converted into Ringgit Malaysia currency using the spot BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 82/132 currency conversion rate as at the valuation date. The method for determining the spot conversion rate should be consistently used. 16. Presentation of the Valuation 16.1 For the purpose of presentation of the best estimate values of claims and premium liabilities and the PRADs in the Report based on the homogeneous classes as determined by in accordance with paragraph 3.5 of this Valuation Basis, the Signing Actuary shall refer to the required format provided in Appendices VI(c) and VI(e). For further guidance, the workflows of the computation for claims and premium liabilities are also provided in Appendices VI(d) and VI(f). The claims and premium liabilities shall also include reinsurance and pool inwards as required under paragraph 9.1. 16.2 The Signing Actuary shall provide detailed worksheets, relevant supporting documents and sufficient information leading to his estimation of claims liabilities and premium liabilities as appendices to the Report, such that any other suitably experienced Signing Actuary may verify the results without access to him. 17. Certification of the Valuation 17.1 Insurers writing general insurance business will be required to set up provisions for their Claims Liabilities and Premium Liabilities in accordance with this Valuation Basis and submit to the Bank, the Report signed by the Signing Actuary and the CEO or his authorised signatory. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 83/132 17.2 The Signing Actuary shall state in the Report, his name and professional qualifications, and where the Signing Actuary is an employee of the insurer or a related company, the capacity in which he is carrying out the investigation. 17.3 The report shall be submitted to the board of directors annually, not later than 3 months after the end of each financial year and the board of directors and senior management should discuss with the Signing Actuary the results of his valuation. 18. Reporting 18.1 Insurers are required to submit the Report to the Bank within three months from the financial year end together with the annual audited financial statements or on other such date as may be requested by the Bank. 19. Review of Provision for Claims Liabilities and Premium Liabilities 19.1 Where the Bank has reason to believe that the provision for Claims Liabilities and Premium Liabilities made by the insurer is not appropriate having regard to the business and risk profile of the insurer, the Bank may: (i) recommend to the insurer a provision amount which it considers appropriate; or (ii) require the insurer to obtain a valuation of its Claims and Premiums liabilities from another Signing Actuary. The Signing Actuary shall report directly to the Bank within a period as the Bank may specify. 19.2 For the purpose of paragraph 19.1(ii), the insurer shall submit the names of at least two actuaries together with such particulars as the Bank may require. The BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 84/132 Bank may approve one of the two actuaries or may designate another Signing Actuary to carry out the valuation. 19.3 The insurer shall inform the approved or designated Signing Actuary of all the relevant regulatory requirements relating to the valuation of liabilities. The insurer shall provide the Signing Actuary with all the data and explanation he requires, and any other additional information and facts relating to its business which the insurer considers relevant. 19.4 The insurer shall not require the approved or designated Signing Actuary to discuss his findings or seek its agreement to his valuation results. 19.5 The Bank may require, upon making the suggestion under paragraph 19.1(i), or upon considering the report made by the Signing Actuary approved or designated under paragraph 19.2, require the general insurer to show cause within 14 working days as to why it should not be directed under subsection 92(3) of the Act to resubmit its accounts by altering the claims liabilities or premium liabilities to an amount suggested by the Bank. 19.6 The Bank may take action under subsection 92(3) of the Act following a notice under paragraph 19.5. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 85/132 Appendix VI(a) The Report on Reserves for General Insurance Business for the year ended 20XX Name of Insurer/Reinsurer : ________________________ Name of Signing Actuary : ________________________ Qualifications : ________________________ Section A: The Business Profile of the Insurer/Reinsurer 1. Describe the company’s business portfolio. This may include a description of history, statistics such as a breakdown of premium income or case reserves by class of business etc. 2. Describe the company’s underwriting process, including current policy, processes, systems and controls and changes over the period from which data was used in the valuation process. This may include matters such as: - specific market segments that are targeted by the underwriters; - how risks are selected; - any major recent changes in premium rates and policy conditions; - any recent changes in levels of underwriting authorities; - any recent changes in key personnel and delegation of authority; and - any changes in level of deductibles or policy limits. 3. Describe the company’s claim management process including current policy, processes, systems and controls and changes over the period from which data was used in the valuation process. This may include matters such as: - guidelines for setting case reserves and any recent changes in case reserving; - when claims are recognised, policy on opening and closing of claims; - any changes in the way claims are finalised; - policy on settlement of claims; - any major personnel changes; - the use of loss adjusters; and - degree of legal involvement in claims. 4. Describe the current reinsurance arrangements. This may include matters such as: - The structure of reinsurance programme and shares of participating reinsurers. - Any significant changes to the programme over recent years. - Consideration of any pending changes to the reinsurance arrangements which may have an impact on the net of reinsurance UPR or URR. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 86/132 - Consideration of the potential risk of default of reinsurance recoveries based on publicly available information. 5. Describe the general business and industry conditions: - Description of significant events during the year affecting the claims experience and how these were taken into account in the valuation of the liabilities. - May include consideration of effects from factors including economic, technological, medical, legislative environment, social trends, competition, court decisions, consumerism etc. Section B: Data 1. The Signing Actuary should document the key features of the data in the report. The information should include: - The basis on which the analysis has been carried out (i.e. underwriting or accident year, net or gross of reinsurance). - The source of the data and how it was extracted, including reliance on work of external auditors. - How the business was subdivided into valuation classes. - Comments on the reliability and completeness of the data and discussion on the steps taken to test the consistency, accuracy and completeness of the data. - Documentation of any adjustments made to the data to allow for abnormal items such as large losses, catastrophe losses, etc, including the mature, amount and rationale for the adjustment. - Documentation of quantitative info which may have an impact on valuation. 2. Statistics - Statistics should be built up to a minimum of seven years of data. Where more data are available and/or appropriate for use, these should be included. - For longer tailed classes, more years of data may be needed for the analysis to be appropriate. 3. Experience Analysis. Where possible the Signing Actuary should discuss matters such as: - Trends and possible reasons for the trends in premium growth, speed of settlement and emergence of claims, average claim size, average claim frequency, average cost per claim, on paid and incurred basis. - Experience of large claims within the portfolio. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 87/132 Section C: Valuation Methodology 1. Valuation of Best Estimate : - Describe in detail the valuation methods for estimating the Best Estimates of Claims and Premium Liability. - If a non standard method has been used, provide a detailed description of how the method works and the key assumptions on which it is based. - Where more than one method is used, state the basis for the choice of results. - Details should be provided of any changes in the valuation methods used since the last valuation. - Justification for key differences in assumptions between valuations of Claims and Premium liabilities 2. Valuation of Provision of Risk Margin for Adverse Deviation (PRAD) : - Describe in detail the methods for the derivation of the PRAD at 75% confidence level by line of business. - Describe the methods, assumptions and justification for any diversification credits applicable to arrive at the PRAD at Company level to ensure 75% confidence level at Company level. 3. Presentation of the Valuation : - Summarise the results of the valuation of the claims and premium liabilities in accordance with Table 1 in Appendix VI(c) and Table 2 in Appendix VI(e) respectively, and in Table 3 in Appendix VI(g). - Comment on the level of sufficiency of the Signing Actuary’s valuation of the reserves. Comment on the level of sufficiency of the Company’s actual held provisions relative to the Signing Actuary’s valuation. - Provide reserves breakdown for reinsurance and pool inwards by sources of business, in particular where these are significant. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 88/132 Section D: Valuation Assumptions and Analysis of Experience 1. Describe in detail and provide justification for the key assumptions made for the valuation methodology used, such as: - premium rates changes - development factors, ultimate loss ratios - expense rates - reinsurance and non-reinsurance recoveries - discounting and details of classes where discounting is used including the rationale for applying discounting - claims escalation rates including the source and methodology from which they are derived 2. Documents the results and interpretation of experience analysis or comparative studies, for example on: - actual experience of both Unexpired Risk Reserves and Claims Liabilities versus expected experience in previous valuations; - discussion of the results obtained from current and previous valuation, stating reasons for any material change observed; - discussion and justification for material changes in method, assumption or basis used since last valuation, including quantifying the impact on reserves; - comparison of actual experience over the past year(s) with the expected experience based on previous valuation or earlier reports of similar nature (e.g. by comparing the sum of reserves held and actual claims paid in each development year against reserve estimated in the previous development year, separately by accident/ underwriting year, where possible); - where more than one valuation method was used, and the results obtained differ significantly, discuss the possible reasons for the differences; - justify any credit given for the difference in valuation results and aggregate case by case reserves; and - results of study on number of claims, average claim size, claims frequency, etc. Section E: Others 1. The Signing Actuary should include the following specific details in the Report: - Details of the party that has commissioned the report, and if different, the addressee(s) of the report; - The name of the Signing Actuary and the capacity in which the Signing Actuary is acting; - The purpose of the report or the terms of reference given; - Any potential conflict of interest and how this has been resolved; BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 89/132 - The extent, if any, to which the Report falls short of, or goes beyond, its stated purpose; and - Any restriction placed on the Signing Actuary in carrying out the valuation. 2. Compliance: - The Signing Actuary should document the extent of compliance to the requirements of the guidelines and the reasons for non-compliance of the requirements, if any. 3. Definition of terms: - The Signing Actuary should provide the definition of terms and expressions used in the Report which may be ambiguous or subject to wide interpretation. 4. Recommendations: - Where applicable, the Signing Actuary should provide recommendations or comments to improve the reliability of future valuations of the insurance liabilities. - In cases where recommendations have been made, commentary should be provided on the responses given by the board of directors or Company management to those recommendations, and any follow up actions to be taken. - Where applicable, the Signing Actuary shall comment on the actions taken by the board of directors in the current valuation year, in respect of the recommendation made by the Signing Actuary in the previous year’s valuation. Section F: Supporting Worksheet and Appendices 1. Summary of Information - The Signing Actuary shall prepare a detailed summary of all the data and other information used to arrive at the valuation results. This could include information on: - accounting (e.g. financial statements) and other internal financial information/reports; - reinsurance arrangements; - underwriting and claims management; - other recoveries (e.g. subrogation); - summary of claims data provided; and - sources used to set financial assumptions (e.g. discount and inflation rates). BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 90/132 - Information sought will include both quantitative (e.g. electronic claims data and financial statements) and qualitative information (e.g. information obtained from discussions with management, finance department, underwriting and claim management). 2. Workings on Valuation Method - The summary of the valuation results should be sufficiently transparent to enable another Signing Actuary to review the adopted methodology. - For example, where a chain ladder approach is applied to incurred claims, the appendix should include for each group of risk or business lines: - triangle of paid claims; - triangle of case estimates; - triangle of incurred claims; - chain ladder factors and selected factors for projection; - projection of ultimate incurred claims; - projected loss ratios; and - assessment of outstanding claim liability allowing for inflation and discounting if appropriate. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 91/132 Section G: Certification by the Signing Actuary The Signing Actuary should provide a certification as set out below: I hereby certify that: 1. All necessary enquiries have been made and to the best of my knowledge and professional opinion, after applying sufficient tests, the valuation obtained was reasonable; 2. I am satisfied that the credit given for reinsurance in the valuation of insurance liabilities has been based on sufficiently prudent assumption of the probability of future recoveries and reinsurer’s default or inability to meet its obligations as per the terms of the reinsurance arrangements; 3. I assume full responsibility for the valuation results and this report in its entirety, including any part of the work which has been delegated to another person; and 4. I am familiar with all applicable legislation, regulations and directives of Bank Negara Malaysia and confirm that the valuation is prepared in accordance to these regulatory requirements. Signature: ___________________ Name: ___________________ Date: ___________________ Signing Actuary BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 92/132 Section H: Certification by the CEO The CEO should provide the following certification: I hereby certify that: 1. I have satisfied myself that all procedures that may affect the determination of claim and premium liabilities, including but not limited to, computation of unearned premium reserves and maintenance of case-by-case claims reserves are appropriate and in compliance with all applicable legislation, regulations and directives of Bank Negara Malaysia; and 2. I have satisfied myself that the data provided to the Signing Actuary is accurate and complete. Signature: ___________________ Name: ___________________ Date: ___________________ Chief Executive Officer BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 93/132 Appendix VI(b) Additional Guidance Notes for Inwards Reinsurance 1. Due to the more volatile nature of reinsurer’s claims experience and the lesser amount of data available to the reinsurers as compared to direct insurers, the reinsurer’s own data may not be sufficient for the Signing Actuary to reliably estimate the reserves for insurance liabilities. As such, the Signing Actuary will have to utilise additional information obtained from external sources in the valuation and exercise more judgment than in the case of direct insurance. The Signing Actuary shall clearly document the justification for his judgement in the Report. 2. Data limitations may have significant impact on the Signing Actuary’s approach in calculating the PRAD. The Signing Actuary may not be able to formulate PRAD assumptions based solely upon the reinsurer’s own data and hence, may need to consider how the levels of PRAD obtained for direct insurers could be adjusted to be applicable to reinsurance. 3. In grouping data into homogeneous valuation classes, the Signing Actuary may consider analysing data by the following subgroups: 3.1 type of reinsurance (e.g. Treaty proportional and non-proportional, Facultative proportional and non-proportional); 3.2 geographical location of risk; and 3.3 line of business (e.g. Property, Marine, Liability). 4. The classes chosen should be based upon the Signing Actuary’s view of the extent and reliability of the data. The Signing Actuary shall include an explanation as to the manner in which the risks have been pooled into homogeneous groups in the Report. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 94/132 5. The Signing Actuary shall seek qualitative information (see paragraph 3.8 of the Valuation Basis). Better understanding of the nature of the business written currently and in the past, the trends in reinsurance premium and exchange commission rates, and the types of reinsurance programs, policy limits, insurer’s deductibles, etc., will allow the Signing Actuary to make appropriate allowances in his valuation. 6. Since many property proportional treaties are accounted for on a clean-cut basis and hence do not exhibit development patterns shown by treaties written on a run-off basis, the Signing Actuary shall use an appropriate basis to allow for these contracts. 7. The Signing Actuary shall make appropriate allowances for inwards reinsurance business written from countries with strong experience of litigation and also for possible latent claim exposures. 8. The Signing Actuary shall ensure that the valuation methodologies are appropriate based on the nature of the claim and exposure information available. Whilst the Incurred Claim Development, Expected Loss Ratio and Incurred Bornheutter Ferguson methods are commonly used, methods based on paid claim data are often not reliable due to the volatility of the available information. 9. The Signing Actuary may find it more appropriate to carry out the valuation on an underwriting year basis as the reinsurance data is usually presented in this manner. In producing reserve estimates on an underwriting year basis, the Signing Actuary will need to determine the claim and premium liabilities separately and this is an issue for the latest underwriting year in particular. For this purpose an approach that the Signing Actuary may consider is as follows: BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 95/132 9.1 Determination of claim liability (i) The Signing Actuary may conduct claim analysis by underwriting year and project the latest underwriting year’s claims in full (ultimate claim cost), allowing for the estimated total written premium for each underwriting year, i.e. produce triangulations of claims and written premiums by underwriting year and develop all years to ultimate. (ii) As the claim liabilities derived from such underwriting year analysis will include liabilities relating to both incurred outstanding claims and unexpired risks relating to unearned premiums (particularly for the most recent underwriting year where most of the unearned premium lies), the Signing Actuary should apportion the latest underwriting years’ liabilities into earned and unearned components. The earned component may be determined by deducting the expected claim cost in respect of the unearned premium from the ultimate claim cost. 9.2 Determination of premium liability (i) The premium liability should be derived based on the expected claim cost in respect of the unearned premium (as calculated in paragraph 9.1(ii) above) plus allowance for the reinsurer’s expenses, including overheads and cost of reinsurance, expected to be incurred during the unexpired period in administering these policies and settling the relevant claims. 9.3 Treatment of “unbooked” or “pipeline” premium (i) At the valuation date, there may exist outstanding premiums receivable by the reinsurer relating to completed underwriting years. The amount is usually most significant for the latest underwriting BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 96/132 year. Such outstanding premiums, often referred to as “unbooked” or “pipeline” premiums, can arise from a number of sources, including the periodic nature of the payment of premiums by each cedant, delays in payment of premiums by cedants and reinstatement premiums paid by cedants. (ii) The Signing Actuary shall consider the impact of pipeline premiums at the valuation date on the valuation of liabilities and make appropriate adjustments. The Signing Actuary may use professional judgement to apportion the pipeline premium into earned and unearned components (coinciding with the outstanding claims and unexpired risk). He shall also allow for the reinsurer’s expenses and commission loadings with respect to the pipeline premium. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 97/132 Appendix VI(c) Guidance Notes for the Presentation of the Valuation of Claim Liabilities The valuation of Claim Liabilities (CL) as per Table 1 shall be computed as follows: 1. Best estimate of CL for each class of business [i.e. B(i), B(ii) and B(iii)] shall be calculated in accordance to section 4 of this Valuation Basis. Best estimate of the Fund Total’s CL or B(F) is the sum of best estimate of the claims for each class of business. i.e B(F) = B(i) + B(ii) + B(iii). 2. Provision of Risk Margin for Adverse Deviation (PRAD) of CL for each class of business [i.e. PRAD(i), PRAD(ii) and PRAD(iii)] is calculated at 75% level of confidence. PRAD for the Fund Total’s CL [i.e. PRAD(F)] is the sum of the PRAD of CL for each class of business. i.e PRAD(F) = PRAD(i) + PRAD(ii) + PRAD(iii). 3. Fund PRAD (FPRAD) of Fund Total’s CL [i.e. FPRAD(F)] is derived from Best estimate of the Fund Total’s CL to ensure 75% confidence level for the Fund Total, after considering diversification and other interactions between classes of business. FPRAD of CL for each class of business [i.e. FPRAD(i), FPRAD(ii) and FPRAD(iii)] is the value of FPRAD(F) allocated to each class of business. Allocation should be made in a consistent and logical manner while the value allocated should be more than zero. 4. CL for each business and the Fund Total at the adopted confidence level are the summation of respective entries for columns (I) and (III) i.e. CL (i) = B(i) + FPRAD (i) CL (F) = B(F) + FPRAD (F) BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 98/132 Table 1: Claims Liabilities (CL) Business class Best estimate of (CL) (I) PRAD of CL at 75% confidence level (II) Fund PRAD (FPRAD) of CL at 75% confidence level (III) CL (IV) = (I) + (III) 1. B(i) PRAD(i) FPRAD (i) CL(i) = B(i) + FPRAD (i) 2. B(ii) PRAD(ii) FPRAD (ii) CL(ii) = B(ii) + FPRAD (ii) 3. B(iii) PRAD(iii) FPRAD (iii) CL(iii) = B(iii) + FPRAD (iii) Fund Total B(F) PRAD(F) FPRAD (F) CL(F) = B(F) + FPRAD(F) BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 99/132 Appendix VI(d) Workflow of the Computation of Table 1: Claims Liabilities Compute B(i), B(ii) and B(iii) Compute PRAD(i), PRAD(ii) and PRAD(iii) Compute FPRAD(F) based on B(F) Arrive at FPRAD(i), FPRAD(ii) and FPRAD(iii) based on allocation of FPRAD(F) to each business class Compute CL(i) by adding B(i) with FPRAD (i). Similarly for CL(ii) and CL(iii). Aggregate B(i), B(ii) and B(iii) to obtain Aggregate PRAD(i), PRAD(ii) and PRAD(iii) to obtain PRAD(F) Allocate FPRAD(F) to each business class Aggregate CL(i), CL(ii) and CL(iii) to obtain BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 100/132 Appendix VI(e) Guidance Notes for the Presentation of the Valuation of Premium Liabilities The valuation of Premium Liabilities (PL) as per Table 2 shall be computed as follows: 1. Unearned Premium Reserve (UPR) for each class of business amount [i.e. A(i), A(ii) and A(iii)] shall be calculated in accordance to the current requirements in section 5 in Appendix VI of this Valuation Basis. UPR for the Fund Total or A(F) is the sum of UPR for each business. i.e. A(F) = A(i) + A(ii) + A(iii) 2. Best estimate of the Unexpired Risk Reserve (URR) of each class of business [i.e. B(i), B(ii) and B(iii)] shall be computed based on the definition of section 6 in Appendix VI of the Valuation Basis. Best estimate of the Fund Total’s URR or B(F) is the sum of best estimate of the URR for each business. i.e B(F) = B(i) + B(ii) + B(iii) 3. Provision of Risk Margin for Adverse Deviation (PRAD) of URR for each class of business [i.e. PRAD(i), PRAD(ii) and PRAD(iii)] is calculated at 75% level of confidence. PRAD for the Fund Total’s URR [i.e. PRAD(F)] is the sum of PRAD of the URR for each class of business i.e PRAD(F) = PRAD(i) + PRAD(ii) + PRAD(iii). 4. Fund PRAD (FPRAD) of URR of the Fund Total [i.e. FPRAD(F)] is derived from Best estimate of the Fund Total’s URR to ensure a 75% confidence level for the Fund Total after considering diversification and other interactions between classes. FPRAD of URR for each business [i.e. FPRAD(i), FPRAD(ii) and FPRAD(iii)] is the value of FPRAD(F) allocated to each class of business. Allocation should be made in a consistent and logical manner while the value allocated should be more than zero. 5. URR for each class of business and the Fund Total at the adopted confidence level are the summation of respective entries for columns (II) and (IV) i.e. URR for business class 1 = B(i) + FPRAD (i) URR for Fund total = B(F) + FPRAD(F) 6. Premium liabilities for the Fund Total or PL(F) is the higher of UPR for Fund and URR at 75% confidence level for Fund Total. i.e. Higher of A(F) and B(F) + FPRAD(F) BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 101/132 Premium liabilities for each class of business [i.e. PL(i), PL(ii) and PL(iii)] is the value of PL(F) allocated to each line of business. Allocation should be made in a consistent and logical manner while the value allocated to each class of business should not be less than the respective URR at the 75% confidence level. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 102/132 Table 2: Premium Liabilities (PL) Business class UPR (I) Best estimate URR (II) PRAD of URR at 75% confidence level (III) Fund PRAD (FPRAD) of URR at 75% confidence level (IV) URR at 75% confidence level * (V) = (II) + (IV) PL 1. A(i) B(i) PRAD(i) FPRAD (i) B(i) + FPRAD (i) PL(i) 2. A(ii) B(ii) PRAD(ii) FPRAD (ii) B(ii) + FPRAD (ii) PL(ii) 3. A(iii) B(iii) PRAD(iii) FPRAD (iii) B(iii) + FPRAD (iii) PL(iii) Fund Total A(F) B(F) PRAD(F) FPRAD(F) B(F) + FPRAD(F) PL(F)* *PL(F) refers to the higher of “A(F)” and “B(F) + FPRAD(F)” BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 103/132 Appendix VI(f) Workflow of the Computation of Table 2: Premium Liabilities Compute A(i), A(ii) and A(iii) Compute B(i), B(ii) and B(iii) Compute PRAD(i), PRAD(ii) and PRAD(iii) Compute FPRAD(F) based on B(F) Arrive at FPRAD(i), FPRAD(ii) and FPRAD(iii) based on allocation of FPRAD(F) to each business class Obtain PL(F) Aggregate A(i), A(ii) and A(iii) to obtain Aggregate B(i), B(ii) and B(iii) to obtain Aggregate PRAD(i), PRAD(ii) and PRAD(iii) to obtain PRAD(F) Allocate FPRAD(F) to each business class PL(F) is the higher of A(F) and B(F) + FPRAD(F) Compute URR(business class 1) at 75% level by adding B(i) with FPRAD (i). Similarly for URR(business class 2) and URR(business class 3). Arrive at PL(i), PL(ii) and PL(iii) based on the allocation of PL(F) to each business class BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 104/132 Appendix VI(g) Summary of Claims and Premium Liabilities Table 3: Summary of Claims and Premium Liabilities Line of Business Premium-related liabilities Claims-related liabilities URR at 75% confidence level (a) UPR (b) PL (c) Case Estimates (d) IBNR (e) = (f)–(d) CL at 75% confidence level (f) 1. Aviation 2. Bonds 3. Cargo 4. Contractors’ All Risks & Engineering 5. Fire 6. Liabilities 7. Marine Hull 8. Medical and Health 9. Motor “Act” 10. Motor “Others” 11. Offshore Oil & Gas related 12. Personal Accident 13. Workmen’s Compensation & Employers’ Liability 14. Others BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 105/132 Appendix VII Valuation Basis for Life Insurance Liabilities 1. Introduction 1.1 An insurer shall value the liabilities of its life business at the end of each financial year in accordance to the Valuation Basis for Life Insurance Liabilities (Valuation Basis). 1.2 In the valuation of life insurance liabilities, an Appointed Actuary shall use the methods and valuation assumptions which: (i) are appropriate to the business and risk profile of the life insurance business; (ii) are consistent from year to year to preserve comparability; (iii) include appropriate margins for adverse deviations in respect of the risks that arise under the insurance policy; (iv) take into account its regulatory duty to treat policyholders fairly; (v) are consistent with one another; (vi) are in accordance with generally accepted actuarial best practice; (vii) accord a level of guarantee for the reserve held against the liability in respect of guaranteed benefits which is no less certain than that accorded by a Malaysian Government Security (MGS); (viii) are consistent with the principles of fair valuation where possible and appropriate; and (ix) secure an overall level of sufficiency of policy reserves in respect of guaranteed benefits, at the 75% confidence level. 1.3 Where the Bank requires the insurer to determine the value of its insurance liabilities at any point in time other than at the end of its financial year, depending on the extent of the change in the insurer’s business volume and profile, claims and underwriting process, and, policy and business conditions since the last BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 106/132 financial year, the Appointed Actuary may make adjustments to his last financial year end calculations or conduct a full revaluation of the insurance liabilities where appropriate, such that the value of the insurance liabilities is reflective of the insurer’s profile at that point in time, and is consistent with the valuation result at the last financial year end. 1.4 In this Valuation Basis, unless the context otherwise requires, (i) “life policy” means a policy by which payment of policy moneys is insured on death or survival, including extensions of cover for personal accident, disease or sickness and includes annuity but does not include a personal accident policy; (ii) “non-participating life policy” means a life policy not conferring any right to share in the surplus of a life insurance fund; (iii) “participating life policy” means a life policy conferring a right to share in the surplus of a life insurance fund; and (iv) “annuity” means a right to a series of periodical payments at intervals of one year or less under a contract with a life insurer. 2. Valuation Methodology 2.1 The Appointed Actuary shall be responsible to determine the level of reserves based on his professional valuation of the insurer’s life insurance liabilities for each fund using a basis no less stringent than that prescribed in the following paragraphs. 2.2 The life insurance liability shall be valued, where appropriate, using a prospective actuarial valuation based on the sum of the present value of future guaranteed and, in the case of a participating life policy, appropriate level of non-guaranteed benefits, and the expected future management and distribution expenses, less BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 107/132 the present value of future gross considerations arising from the policy discounted at the appropriate risk discount rate. For this purpose, the expected future cash flows shall be determined using best estimate assumptions, and with due regard to significant recent experience. An appropriate allowance for provision of risk margin for adverse deviation from expected experience is required in the valuation of non-participating life policies, the guaranteed benefits liabilities of participating life policies, and non-unit liabilities of investment-linked policies. 2.3 In the case of a life policy where a part of, or the whole of the premiums are accumulated in a fund, the reserves shall be the higher of the current accumulated amount, or the sum of the current accumulated amount and a reserve calculated in accordance to paragraph 2.2 on the net cash flows. These cashflows shall, where appropriate, be determined by considering the projected future values of the accumulated amount, at the relevant confidence level. 2.4 In the case of a life policy where the future premiums are indeterminate, the Appointed Actuary shall exercise his/her professional judgment and knowledge in arriving at the premium assumption, subject to the limitations specified in the policy design. In deriving the best estimate assumption, the Appointed Actuary shall take into account key considerations which would affect the size of future premium amounts, such as the purpose of the policy, as well as factors which have a bearing on premium persistency. The assumption should be derived based on historical data and expected future trends, where available. Notwithstanding that, the Appointed Actuary shall take into consideration future trends such as market and environmental changes, which may make historical experience less relevant. In addition, the Appointed Actuary shall examine the results of sensitivity testing to understand the materiality of making alternate assumptions. Where the results are highly sensitive to the assumed premium pattern, the Appointed Actuary shall exercise care and prudence in the choice of BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 108/132 assumption chosen. In the absence of relevant and fully credible empirical data, the Appointed Actuary shall set behaviour assumptions on the prudent end of the reasonable spectrum. 2.5 Where policies or extensions of a policy are collectively treated as an asset at the fund level under the valuation method adopted, the Appointed Actuary shall make the necessary adjustment to eliminate the asset value from the valuation. 2.6 Other actuarial valuation methods may be used (e.g. retrospective actuarial valuation) where such prospective method as per paragraph 2.1 above cannot be applied to a particular type of policy or provided that the resulting reserves would be no lower than would be required by a prospective actuarial valuation. 2.7 Where the liabilities in respect of more than one policy are to be valued on the minimum basis and it is necessary to have regard to the ages of persons on whose lives the policies were issued or to any periods of time connected with the policies, it shall not be necessary to value the policies based on the exact ages and periods (i.e. it shall be sufficient to use model points) so long as the liabilities determined by not valuing the policies individually are reasonably approximate to the liabilities determined by doing so. In such cases, goodness of fit tests shall be carried out to ensure the approximations are appropriate and will not lead to understatement of the insurance liabilities. 2.8 An Appointed Actuary shall adopt a more stringent basis of valuation of liabilities compared to the basis set out above, if, in his professional judgment, it is appropriate to do so. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 109/132 2.9 Where a more stringent basis is used, the basis shall be applied consistently in subsequent valuations, and if the basis is relaxed at a future valuation, the fact shall be disclosed in the Appointed Actuary’s report and with reasons for his action and the impact of the change on valuation liability. 2.10 Where a life policy cannot be appropriately valued using this Valuation Basis, the Appointed Actuary shall value the policy on a basis approved by the Bank. 3. Coverage 3.1 The liabilities in respect of the policies of non-participating and participating insurance funds shall be taken as the sum of the liability as determined under paragraph 2.1 above. 3.2 The liability in respect of policies of a participating insurance fund shall be taken as the higher of the guaranteed benefits liabilities or the total benefits liabilities, derived at the fund level, where: (i) under the guaranteed benefits liabilities, only the guaranteed benefits (including proposed bonuses) are considered, by discounting all cash flows at the risk-free discount rate as described in paragraph 5.2; and (ii) under the total benefits liabilities, total guaranteed and non-guaranteed benefits are considered, by discounting all cash flows at the fund-based yield of the participating fund, as described in paragraph 5.3. 3.3 The valuation of the non-unit liability shall be conducted for each investment- linked policy by a cash flow projection. The liability in respect of the non-unit component of an investment-linked policy is valued by projecting future cash flows to ensure that all future outflows can be met without recourse to additional BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 110/132 finance or capital support at any future time during the duration of the investment- linked policy. The cash flow projection shall be conducted using a basis no more favourable than the requirement stipulated in paragraph 2.1 above. 3.4 In the cash flow projection, where an inflow (for e.g. the fund management charge) is dependent on the growth of the unit fund, such inflow shall be determined by adjusting the unit fund growth rate assumption, to be consistent with the requirement for provision of risk margin for adverse deviation in paragraph 6.1. 3.5 All options and guarantees offered under a life policy shall be explicitly identified and the liability of a life policy shall correspondingly include an amount to cover any increase in liabilities which may result from the exercise of the said options and/or guarantees in the future. For example, for investment linked products with investment guarantee features where the guarantee is provided for directly by the insurer, for example by holding a combination of investment instruments, the reserves for such guarantees shall be calculated using a stochastic method to ensure sufficiency of reserves at the 75% confidence level. For insurers writing only a small portfolio57 of these products and/or where the guarantee features are simple and short term in nature58, a deterministic method may be allowed. In any case, the method must allow for appropriate decrements and all risks (including market risk and credit risk) that will impact the fund asset performance. Where investment guarantees are met by buying a structured product from third party financial institutions or fund managers, the reserves for such guarantees shall be based on the credit rating of the third party guarantee provider. 57 Where the portfolio forms an insignificant proportion of the insurers’ business and does not justify the cost of adopting a stochastic method. 58 Where the result of a deterministic method would not materially depart from that which would have been obtained from a stochastic model in the opinion of the Appointed Actuary, BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 111/132 3.6 The principle and methods described in paragraph 3.5 shall also apply to products with crediting rates which are based on external variables or which are not perfectly matched to the investment returns of the underlying assets. The Appointed Actuary shall test the future expected returns of the underlying assets against the future expected crediting rates, and establish any additional reserves as may be required to ensure sufficiency at the 75% confidence level. 3.7 An extension to a life policy covering contingency of death, survival or critical illness shall be valued in accordance to paragraph 2.1 above. For a 1-year life policy or a 1-year extension to a life policy covering – (i) death or survival contingencies, the liabilities shall be valued in accordance to the unexpired risk basis, a prospective estimate of the expected future payments arising from future payments arising from future events insured under policies in force as at the valuation date and also includes allowance for the insurer’s expenses, including overheads, claims related expenses and cost of reinsurance, expected to be incurred during the unexpired period in administering these policies and settling the relevant claims, and shall allow for expected future premium refunds.; and (i) contingencies other than death or survival, the premium and claim liabilities shall be valued separately in accordance to Appendix VI. 3.8 The Appointed Actuary shall consider the following events appropriately in determining the reserves as per paragraph 2.1 above. An appropriate reserve with the basis stated in respect of the following shall be considered for: (i) an immediate payment of claims; (ii) future expenses and bonuses in the case of limited payment of policies and paid-up policies; (iii) contingent liabilities which exist or may arise in respect of policies which have lapsed and not included in the valuation; BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 112/132 (iv) payment of benefits or waiver of premiums upon disability of the life insured; (v) provision of benefits or waiver of premiums upon occurrence of the life insured’s disability in the future unless, in the Appointed Actuary’s judgment, such specific provision is not necessary; (vi) a policy insuring a substandard risk or high risk occupation; and (vii) any other liability, or contingent liability, under life policies or extensions of life policies not covered by 3.8(i) to 3.8(vi) above, including extensions of life policies, other than those referred to in paragraph 3.7 above. 4. Data and Systems 4.1 The CEO is responsible to ensure that the life insurer’s database is properly maintained so that the data on business in force provided to the Appointed Actuary is accurate and complete59. The CEO shall allow its Appointed Actuary unrestricted access to its database and shall furnish the Appointed Actuary immediately, upon request, such data and explanation as he may require. 4.2 The Appointed Actuary shall apply reasonable tests to satisfy himself that the data on business in force is accurate and complete. A check for both integrity and completeness of data should precede the valuation work. 5. Valuation Assumptions (I) Discount Rates 5.1 The risk-free discount rate shall be used for all cash flows to determine the liability of a non-participating life policy, the guaranteed benefits liability of a participating policy, and the non-unit liability of an investment-linked policy 59 Insurers should refer to the Guidelines on Data Management and Management Information System (MIS) Framework. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 113/132 5.2 The risk-free discount rate shall be derived from a yield curve, as follows: (i) for durations of less than 15 years : zero-coupon spot yield of MGS with matching duration; and (ii) for durations of 15 years or more : zero-coupon spot yield of MGS with 15 years term to maturity, where duration is the term to maturity of each future cash flow. 5.3 In the case of the total benefits liabilities of participating policies, the Appointed Actuary shall determine a suitable discount rate based on the historical yield and future investment outlook of the participating fund, net of tax on investment income of the life fund. The Appointed Actuary shall ensure appropriate reliance on the data and analysis used to derive the discount rate, and make appropriate allowance for the uncertainty of future yield assumptions in the longer term. In any case, justification should be provided in the accompanying actuarial report, if the selected discount rates differ from the average of the last five years’ net investment returns on the participating fund, as reported in the insurer’s Financial Condition Report. 5.4 The MGS zero-coupon spot yields shall be obtained from a recognised bond pricing agency in Malaysia, or any other source as may be specified by the Bank. Where yields at certain durations are not available, these yields shall be appropriately interpolated from the observable data. (II) Non-guaranteed Benefits 5.5 The level of discretionary benefits to be valued shall be determined in a manner consistent with the fund-based yield selected as the discount rate, sales practices and illustrations and with due regard to the insurer’s regulatory duty to treat its policyholders fairly and meeting policyholders’ reasonable expectations. For a participating life policy sold on or after 1 July 2005, the level of discretionary benefits assumed, including vesting terminal bonus, shall be based on the bonus BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 114/132 scale as supportable by the most recent asset share study or any prevailing regulatory requirement as at the valuation date. (III) Expenses 5.6 The expense assumptions shall include distribution expenses and management expenses. Distribution expenses shall be allowed for based on the actual costs incurred. Management expenses shall be based on recent expense analysis and with due regard to likely improvement or deterioration in the future. 5.7 Where it is expected that future expenses may increase materially, suitable expense inflation with reference to available information on historical data and estimates of future wage and price inflation shall be factored in as appropriate. The expense inflation assumption shall be made consistent with the valuation discount rates assumption. All projected expected expenses shall be recognised in the valuation. (IV) Mortality and Morbidity 5.8 The mortality and morbidity assumptions shall be based on rates of mortality and morbidity that are appropriate to the person whose life or health is insured as well as the nature of the cover based on the company’s actual experience. Appropriate industry data may be used with due regard to credibility, availability and reliability of such information if in the judgment of the Appointed Actuary, the company’s actual experience is inappropriate to be used in its entirety. The justifications for any such weights used shall be disclosed. 5.9 In the valuation of annuity contracts, any mortality improvement factor shall be explicitly considered. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 115/132 (V) Persistency 5.10 The persistency rates reflective of actual trends shall be taken as the best estimate persistency assumption, with due regard to changing company practices and market conditions. 5.11 The possibility of anti-selection by policyholders and variations in persistency experience for different cohorts of policyholders in respect of non-guaranteed benefits (for e.g. effect of premium increase for guaranteed renewable products) shall be allowed for. Policyholders’ behaviour due to specific features of the product or market condition shall be taken into consideration explicitly in determining the appropriate persistency assumption. 6. Provision of Risk Margin for Adverse Deviation (PRAD) 6.1 The PRAD shall be determined by adjusting the valuation assumptions coherently, without necessarily setting all parameters to be at the 75% confidence level, but such that the overall valuation of guaranteed liabilities secures 75% sufficiency. 7. Transition to the New Valuation Basis 7.1 The old valuation basis that shall apply prior to the effective date, is the net premium valuation method, where the policy liability shall be equal to the present value of future guaranteed benefits and vested bonuses less the present value of future net premiums payable. 7.2 For a whole life policy or endowment policy, with or without other benefits, or for a term policy where a surrender value is required to be paid, the premium in paragraph 7.1 may be adjusted to the lower of the full preliminary term premium, or the premium with zillmer adjustment at 3% of the sum insured. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 116/132 7.3 The old valuation basis shall be applied using the following mortality assumptions— (i) the Valuation Mortality Table 1996 for male lives; (ii) the Valuation Mortality Table 1996 rated down 3 years for female lives; (iii) a(90)m annuitants mortality table rated down 2 years for annuities on male lives; and (iv) a(90)f annuitants mortality table rated down 2 years for annuities on female lives; and the following rates of interest— (i) 5 per cent per annum for annuities; (ii) 4.5 per cent per annum for single premium policies; and (iii) 4 per cent per annum for other policies. 7.4 Notwithstanding paragraphs 7.1 to 7.3 the Appointed Actuary shall derive the policy liabilities on the new Valuation Basis for the purposes of computing the relevant components of TCA and TCR in the solvency computation. 8. Reinsurance 8.1 The liabilities of the life business of a life insurer shall be valued on gross basis, and deducting reinsurance cessions only if: (i) the reinsurance arrangement involves a transfer of risk; (ii) there is no obligation on the part of the life insurer to repay any amount, other than the refund of deposit referred to below in (iv), to the reinsurer in the event a policy lapses or the life insurer cancels the reinsurance contract; (iii) the valuation of liability reinsured is made in accordance to paragraph 2.1 above; and (iv) the life insurer holds a deposit from reinsurer, other than a life reinsurer licensed under the Act, or a qualifying reinsurer, subject to the condition BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 117/132 that any release of deposit shall not exceed the reduction of liability of the reinsurer. 8.2 For the purpose of paragraph 8.1(iv), a qualifying reinsurer refers to a (re)insurer which is licensed under the Labuan Financial Services and Securities Act 201060 and satisfies the following conditions: (a) the reinsurer carries a financial strength rating of category three or better61; or (b) (i) the (re)insurer has obtained an explicit and irrevocable guarantee62 from its parent company (or head office63) to fully support the (re)insurer in the event of financial difficulties; and (ii) its parent company (or head office) is licensed under the Act or carries a financial strength rating of category three or better62. For the purpose of meeting the rating requirement, the rating of subordinated debt issued by the parent company (or head office) that is rated with rating of category three or better62 may be accepted. 8.3 A deduction for reinsurance calculated in accordance with paragraph 8.1 above may be made, if paragraph 8.1 (i), (ii) and (iv) are complied with, to the extent of the net amount determined by deducting the amount repayable on the cancellation of the contract on the valuation date from the valuation of the credit for reinsurance. 60 Administered by the Labuan Financial Services Authority. 61 Under paragraph 1 of Appendix X. 62 The guarantee should at least: (i) Cover all reinsurance arrangements between the reinsurer and any Malaysian entities licensed under the Insurance Act 1996; (ii) Cover the amount of the reinsurer’s liabilities to Malaysian entities arising from the reinsurance arrangements referred to in (i) above in its entirety (including reinsurance recoveries or other liabilities as agreed upon in the reinsurance transactions); (iii) Be in place for the entire duration the reinsurer is exposed to the risk of the arrangements;and (iv) Be irrevocable, subject to the validity of the reinsurance claims, and the reinsurer shall not unilaterally cancel the guarantee under any circumstances, as long as the arrangement in (i) above still exposes the reinsurer to the risk of claims. 63 For branches of reinsurers, the head office shall provide an irrevocable and explicit undertaking to immediately transfer funds in the event (or expected) of depletion of the working capital or in the event of a large loss being intimated. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 118/132 8.4 The amount of deduction which can be made under paragraphs 8.1 and 8.3 above shall not exceed the amount of deposit held, where required on the date of valuation in respect of the corresponding reinsurance. 9. Business outside Malaysia 9.1 The valuation of liabilities in respect of life policies for business outside Malaysia shall be conducted on a basis not less stringent than the basis required by the laws of the country in which the policy is issued but not less stringent than the basis in this Valuation Basis and in the absence of any basis specified by the laws of that country, the policies shall be valued in accordance to this Valuation Basis. 10. Foreign Currency-Denominated Policies 10.1 Foreign currency-denominated policies shall be valued as per this Valuation Basis, except for the provisions of paragraph 5.1, where the MGS shall be replaced by an appropriate risk-free security that is consistent with the currency the policy is denominated in, such as government securities of the relevant country. 11. Withdrawal of Policy 11.1 Where a life policy belonging to an insurance fund of a life insurer is removed from the insurance fund under section 39 of the Act, the amount that the life insurer may withdraw from the insurance fund in respect of that policy shall not exceed the amount of reserve as at the date of removal for that policy valued on the basis applicable immediately preceding the date of removal. BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 119/132 12. Actuarial Valuation Report 12.1 The Appointed Actuary shall prepare the Actuarial Valuation of Life Insurance Liabilities Report (the Report) which contains at least the information as required in Appendix VII(a). BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 120/132 Appendix VII(a) Report on Actuarial Valuation of Life Insurance Liabilities for the year ended dd/mm/yyyy Name of Insurer/Reinsurer : ________________________ Name of Appointed Actuary : ________________________ Qualifications : ________________________ Section A : Data 1. Describe: - the steps taken to verify consistency, completeness and accuracy of data - any adjustments made to the data and rationale - the steps taken to ensure accuracy of valuation system 2. If data is grouped, state the principles used or where interpolation is resorted to, the formula used. Details of goodness of fit tests should be provided. Section B : Valuation Methodology 1. Valuation of best estimate : - Describe the valuation methods for estimating the best estimate reserves - If a non prescribed method has been used, provide a detailed description of how the method works - Disclose any approximation or simplification made - Describe the methods by which provision has been made in respect of life policies or extension of life policies as described under paragraphs 3.7 and 3.8 of the Valuation Basis - Describe any policy or extension of a policy that would be treated as an asset at the fund level and what steps have been taken to eliminate such asset from the valuation - Provide details of any changes to the valuation methods used since the last valuation 2. Valuation of Provision of Risk Margin for Adverse Deviation (PRAD) : - Describe the methods for the derivation of the PRAD for the relevant valuation parameter - Describe the methods for the derivation of PRAD to ensure that the overall valuation of guaranteed liabilities secures a 75% confidence level 3. Presentation of the Valuation : - Summarise the results of the valuation in accordance to Appendix VII(a)(i) - Comment on the level of sufficiency of the reserves BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 121/132 Section C : Valuation Assumptions 1. State and provide justification for the key assumptions. 2. Describe the bonus policy of the insurer which formed the basis of valuation of non-guaranteed benefits, including conditions for bonus to be allocated and/or vested. 3. Disclose and justify any material change in assumption from the previous valuation and quantify the financial impact of such change. 4. Provide analysis of assumptions used in the previous valuation against the actual experience emerging during the year and where material differences are observed, to justify the differences and explain how these are reflected in the current valuation assumptions Section D : Surrender and Paid-up Value Basis 1. Describe the basis to determine the minimum guaranteed surrender value and paid-up value. Section E : Others 1. Document the extent of compliance to the requirements of the Valuation Basis and the reasons for non-compliance, if any. 2. Define terms and expressions used in the Report which may be ambiguous or subject to wide interpretation. 3. Describe the structure of reinsurance arrangements, the affected blocks of businesses and share of participating reinsurers from which reinsurance credit was taken in computing the reserves. 4. The Appointed Actuary shall comment on the results of the valuation vis-à-vis the capital requirements, the maintenance, decrease or increase in bonus rates, any significant changes in composition of business, any change in valuation methodology and any issues highlighted by the analysis of surplus (in the format as prescribed in Appendix VII(a)(ii)). BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 122/132 Section F : Supporting Worksheets and Appendices 1. The Appointed Actuary shall include a detailed summary of all the data and other information used to conduct the valuation, including information on number of policies, sum insured, bonus and premiums. 2. The following valuation tables shall be attached: - risk discount rates (MGS and fund-based yields) - mortality/morbidity and other risk rates; and - persistency rates 3. Specimens of current supportable bonus scales and minimum guaranteed surrender values of policies for RM1,000, effect at each of the ages 5, 10, 20, 30 and 40 and having been in force for 5, 10, 15, 20, 30 and 40 years. 4. The workings of each valuation methodology should be sufficiently transparent to enable another Appointed Actuary to review the adopted methodology. Section G : Certification by Appointed Actuary The Appointed Actuary should provide a certification as set out below: I hereby certify that : 1. I have applied such tests as I consider reasonable to satisfy myself about the accuracy and completeness of the database on business in force used in my valuation; 2. I have valued the liabilities in compliance with the guidelines and code of practice issued by Bank Negara Malaysia to the extent they are applicable to the valuation; and 3. I have valued the liabilities in respect of products for which the basis of valuation is not prescribed, on a basis, which I consider appropriate and adequate. Signature : _______________ Name : _______________ Date : _______________ Appointed Actuary BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 123/132 Section H : Certification by the CEO The CEO should provide the following certification: I hereby certify that the database is properly maintained and I have satisfied myself that the data provided to the Appointed Actuary is accurate and complete. Signature : _______________ Name : _______________ Date : _______________ Chief Executive Officer BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 124/132 Appendix VII(a)(i) Summary of Valuation Result Form E: Life Insurance Liabilities Participating ordinary life fund Non-participating ordinary life fund Participating annuity fund Non-participating annuity fund Investment linked operating/non-unit fund (a) Best estimates (b) PRAD (c) Gross reserves before zeroisation [(a) + (b)] (d) Negative reserves (absolute value) (e) Gross reserves after zeroisation [(c) + (d)] (f) Amount of reserves ceded to reinsurers (g) Net liabilities [(e) - (f)] Comparison of Par valuation bases Net liabilities on Total Benefit basis Net liabilities on Guaranteed Benefit basis (incl PRAD) Future bonuses BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 125/132 Abridged Version of Forms E2 and E2-1 (Product Wise Details for FYE only): Life insurance fund: Composition of Valuation Liabilities and Risk Capital Charges No. Description Particulars of policies Expected Present Value Statistics Reinsurance Net Liability Life Insurance Risk Capital Charge No. of policies No. of lives covered Sum assured Vested Bonus Annual Office Premium Surrender Value Benefits Expenses Premiums Best Estimate Reserves PRAD Gross Reserves Before Zeroisation Negative Reserves (Absolute Value) Gross Reserves After Zeroisation Amount of Reserve Ceded Deposit Retained S A S A S A ORDINARY LIFE/INVESTMENT LINKED (i) Whole Life (ii) Endowment (iii) Term - Mortgage (iv) Term - Others (v) M&H Term </= 12 months (vi) M&H Term > 12 months (vii) Riders- Term Insurance </= 12 months (viii) Riders - Term Insurance > 12 months (ix) Riders - PA/Disability Term </= 12 months (x) Riders - PA/Disability Term > 12 months (xi) Riders - M&H Term </= 12 months (xii) Riders - M&H Term > 12 months (xiii) Riders - DD Term </= 12 months (xiv) Riders - DD Term > 12 months (xv) Riders - Others Term </= 12 months (xvi) Riders - Others Term > 12 months (xvii) Other plans Term </= 12 months (xviii) Other plans Term > 12 months (xix) Other provisions Annuities (i) Immediate annuities (ii) Deferred annuities (iii) Other Provisions BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 126/132 Appendix VII(a)(ii) Valuation Result, Composition and Distribution of Surplus Form E3: Valuation Result, Allocation and Movement of Surplus Participating ordinary life fund Non- participating ordinary life fund Participating annuity fund Non- participating annuity fund Investment linked operating/non- unit fund Total A Valuation Result 1 Policyholders' fund carried forward1 2 Net liabilities under policies2 3 Surplus/Deficit [A(1) - A(2)]3 B Allocation to Policyholders and Shareholders' Fund 1 Allocation to policyholders: a) Interim Bonus4 b) Cash Bonus4 c) Reversionary Bonus4 d) Terminal Bonus4 2 Allocation to shareholders' fund4 3 Total allocation to policyholders and shareholders for the year [B(1) + B(2)] C Movement of Surplus 1 Unappropriated surplus brought forward 2 Amount transferred from shareholders' fund 3 Total Surplus Arising during the year [A(3) - C(1) - C(2)] 4 Amount transferred to shareholders’ fund 5 Amount transferred to any fund or reserves4 6 Unappropriated surplus carried forward [C(1) + C(2) + C(3) – C(4) – C(5)] 1 Before allocation of S/H and/or Other Fund 2 Shall include Cost of Proposed Bonus to policyholders (for Cash Bonus, Reversionary Bonus & Terminal Bonus if applicable) if the Net Liabilities are determined using the Guaranteed Benefit Liabilities basis as per Appendix VII of the RBC Framework. 3 For allocation to Shareholders, Other Fund and/or Carried Forward 4 Financial Year End (FYE) submission only BNM/RH/GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Version 3.0] Page 127/132 Form E3-1: Source of Surplus Arising Investment Insurance Expense Lapse Change in valuation basis New Business Others Total Ordinary Life Participating Actual Expected Actual less Expected Non Participating Actual Expected Actual less Expected Annuities Participating Actual Expected Actual less Expected Non Participating Actual Expected Actual less Expected Investment Linked Actual Expected Actual less Expected Total Actual Expected Actual less Expected BNM/RH GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Revised - Version 3.0] Page 128/132 Appendix VIII [Deleted] [This page is intentionally left blank] BNM/RH GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Revised - Version 3.0] Page 129/132 Appendix IX Appointed Actuary and Signing Actuary 1. Introduction 1.1 In order to ensure that the value of insurance liabilities and the various components of the solvency computation are determined in accordance with the standards set out in this Framework, insurers are required to appoint a suitably qualified actuary to perform the required computations. 1.2 Pursuant to section 83 of the Act, a life insurer shall seek the Bank’s approval to appoint an Appointed Actuary, by application in writing, at least one month before the end of each financial year. 1.3 A general insurer shall seek the Bank’s approval to appoint a Signing Actuary, by application in writing, at least one month before the end of each financial year. 1.4 A composite insurer is required to make separate applications to appoint its Appointed Actuary and Signing Actuary, even if the two positions are to be held by the same person. 2. Appointed Actuaries 2.1 A life or composite insurer shall ensure that its applicant fulfils all requirements related to the appointment of Appointed Actuaries, such as those contained in BNM/RH GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Revised - Version 3.0] Page 130/132 section 83 of the Act, guidelines68, circulars69, and any other requirements as specified by the Bank. 3. Signing Actuaries 3.1 A general or composite insurer shall ensure that its applicant fulfils the following criteria : (i) holds a Fellowship in either the Institute or Faculty of Actuaries in the United Kingdom, Casualty Actuarial Society in the United States of America, or the Institute of Actuaries in Australia; (ii) is resident in Malaysia; and (iii) is fit and proper to carry out the function and has relevant and appropriate general insurance experience. 3.2 Notwithstanding paragraph 3.1, upon written application from an insurer, the Bank may, at its sole discretion, waive one or more of the above criteria to approve an otherwise qualified actuary as the Signing Actuary. 3.3 A Signing Actuary shall cease to be the Signing Actuary of an insurer if he resigns or has his appointment terminated by the insurer or by the Bank. 3.4 Where a person ceases to be the Signing Actuary of a general or composite insurer, the insurer shall notify the Bank in writing of the cessation and the reasons for it within 14 days from the date of cessation, and shall appoint 68 JPI/GPI 10 : Guidelines on the Role of the Appointed Actuary. 69 JPI 8/2006 : Expansion of Existing Criteria for the Appointment of Appointed Actuaries and JPI 12/2006: Appointment of Appointed Actuaries into Additional Capacities and Termination of the Appointment of Appointed Actuaries. BNM/RH GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Revised - Version 3.0] Page 131/132 another person as its Signing Actuary in accordance with this Appendix, within such time as the Bank may approve. 3.5 The requirements of sections 86, for the insurer to furnish information to the Appointed Actuary, and section 101 of the Act in relation to the examination of the Appointed Actuary, shall apply equally to Signing Actuaries. BNM/RH GL 003-24 Prudential Financial Policy Department Risk-Based Capital Framework for Insurers [Revised - Version 3.0] Page 132/132 Appendix X Rating Categories and Risk Charges 1. The rating categories below apply to both issuer and issue-specific ratings. Rating Category S&P Moody’s Fitch R&I AM Best RAM MARC Risk Charge (i) One AAA Aaa AAA AAA AAA AAA AAA 1.6% (ii) Two AA+ to AA- Aa1 to Aa3 AA+ to AA- AA+ to AA- AA+ to AA- AA1 to AA3 AA+ to AA- 2.8% (iii) Three A+ to A- A1 to A3 A+ to A- A+ to A- A+ to A- A1 to A3 A+ to A- 4% (iv) Four BBB+ to BBB- Baa1 to Baa3 BBB+ to BBB- BBB+ to BBB- BBB+ to BBB- BBB1 to BBB3 BBB+ to BBB- 6% (v) Five BB+ to D or unrated Ba1 to C or unrated BB+ to D or unrated BB+ to D or unrated BB+ to D BB1 to D or unrated BB+ to D or unrated 12% 2. Debt facilities with original maturity of 1 year or less. Rating Category S&P Moody’s Fitch R&I AM Best RAM MARC Risk Charge (i) One A-1 P-1 F1+, F1 a-1+, a-1 AMB-1+,AMB-1 P-1 MARC-1 1.6% (ii) Two A-2 P-2 F2 a-2 AMB-2 P-2 MARC-2 4% (iii) Three A-3 P-3 F3 a-3 AMB-3 P-3 MARC-3 8% (iv) Four Others Others B to D b, c AMB-4, d NP, D MARC-4 12%
Public Notice
06 May 2011
Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-06052011
https://www.bnm.gov.my/documents/20124/761706/pd_SRR_20191113.pdf
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Reading: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 06 May 2011 Guideline on Statutory Reserve Requirement has been updated. The PDF format document are available for download via the URL provided below: Download Link © 2024 Bank Negara Malaysia. All rights reserved.
Part A Issued on: 13 November 2019 BNM/RH/PD 029-41 Statutory Reserve Requirement Applicable to: 1. Licensed banks 2. Licensed investment banks 3. Licensed Islamic banks Statutory Reserve Requirement Issued on: 13 November 2019 TABLE OF CONTENTS PART A OVERVIEW ................................................................................................ 1 1 Objective ................................................................................................... 1 2 Scope ........................................................................................................ 1 3 Legal Provision ........................................................................................... 1 PART B POLICY REQUIREMENTS ........................................................................ 2 4 Statutory Reserve Requirement Rate ........................................................... 2 5 Maintenance of Balances in Statutory Reserve Accounts ............................... 2 6 Eligible Liabilities ........................................................................................ 3 7 Penalties.................................................................................................... 4 8 Operational Requirements ........................................................................... 4 Appendices .................................................................................................................. 5 Appendix 1: Adjustments to the Statutory Reserve Requirement Rates ............................ 5 Appendix 2: Illustration ...................................................................................................... 6 Appendix 3: Holdings of Selected Securities Deductible from EL Base ............................. 7 Appendix 4: Eligible Liabilities ........................................................................................... 8 Appendix 5: Verification Report on Holdings of RM Marketable Securities in the Trading Book ............................................................................................................ 10 Statutory Reserve Requirement 1 of 10 Issued on: 13 November 2019 PART A OVERVIEW 1. Objective 1.1. The Statutory Reserve Requirement (SRR) is a monetary policy instrument available to Bank Negara Malaysia (the Bank) for purposes of liquidity management. Effectively, banking institutions are required to maintain balances in their Statutory Reserve Accounts (SRA) equivalent to a certain proportion of their eligible liabilities (EL)1, this proportion being the SRR rate. 1.2. The SRR is a monetary policy instrument available to the Bank to manage liquidity and hence credit creation in the banking system. The SRR is used to withdraw or inject liquidity when the excess or lack of liquidity in the banking system is perceived by the Bank to be large and long-term in nature. 2. Scope 2.1. This requirement applies to– (i) licensed banks and licensed investment banks, as defined under the Financial Services Act 2013; and (ii) licensed Islamic banks except for licensed international Islamic banks, as defined under the Islamic Financial Services Act 2013, which shall be collectively referred to as “banking institutions” for purposes of this policy document. 3. Legal Provision 3.1. Section 26(2)(c) and section 26(3) of the Central Bank of Malaysia Act 2009 (CBA) require reserves to be held by financial institutions at the Bank in accordance with the terms and conditions as may be determined by the Bank. 3.2. Penalties on the non-compliance of the SRR will be imposed on banking institutions, pursuant to section 26(3)(b) of the CBA. 1 As defined in paragraph 6. Statutory Reserve Requirement 2 of 10 Issued on: 13 November 2019 PART B POLICY REQUIREMENTS 4. Statutory Reserve Requirement Rate 4.1. Effective 16 November 2019, the SRR rate for banking institutions is 3.0% of EL. 4.2. Adjustments to the SRR rates are listed in Appendix 1. 5. Maintenance of Balances in Statutory Reserve Accounts 5.1. In principle, banking institutions must maintain in their SRA at the Bank, balances that are at least equal to the ratio prescribed in paragraph 4.1. 5.2. Banking institutions observe the SRR based on the average daily amount of the EL over a fortnightly period (the base period). Each month will have two base periods (i.e. Base Period A and Base Period B): - Base Period A is the average daily amount of EL from the 1st to the 15th day (inclusive); and - Base Period B is the average daily amount of EL from the 16th to the last day of the month (inclusive). [It should be noted that in computing the average EL over a base period, negative EL should be zerorised and not netted off against positive EL] For the reserve maintence period from the 1st to the 15th day of any month, the SRR will be based on the average EL of Base Period A of the preceding month, while for the reserve maintence period from the 16th to the last day of any month, the SRR will be based on the average EL of Base Period B of the preceding month. 5.3. Maintenance of balances in the SRA is nevertheless flexible, with a daily variation from the SRR within a band, which currently stands at ±20% of the prevailing SRR rate. This band, within which the balances of each banking institution are allowed to fluctuate on any day, allows banking institutions the flexibility in managing their liquidity while ensuring that no banking institution behaves imprudently by allowing its reserves on any given day to fall too far. 5.4. As such, banking institutions are required to comply with the SRR at two levels: 5.4.1. On a fortnightly basis (1st to the 15th and 16th to the last day of a month), the average daily balances maintained in the SRA must be at least equal to the SRR rate; and 5.4.2. On a daily basis, balances maintained in the SRA must be within the 20% daily variation band around the prevailing policy rate (balances below the band are not permitted, while balances in excess of the band’s ceiling will not be recognised in meeting the average fortnightly requirement). Statutory Reserve Requirement 3 of 10 Issued on: 13 November 2019 5.5. The SRR computation and compliance is illustrated in Appendix 2. 6. Eligible Liabilities 6.1. As of 1 September 2007, the eligible liabilities (EL) base consists of ringgit denominated deposits and non-deposit liabilities, net of interbank assets and placements with the Bank. 6.2. Additional adjustments made to the EL base: 6.2.1. Exclusion from EL base: - The entire proceeds amount of Tier 1 housing loans/financing sold to Cagamas Berhad; and - 50% of the proceeds of Tier 2 housing loans/financing sold Cagamas Berhad. 6.2.2. Deduction from EL base: - Banking institutions are allowed to deduct from the EL base holdings of RM marketable securities (defined in Appendix 3) in their trading book; and - Principal Dealers (PD) and Islamic Principal Dealers (i-PD) are allowed to deduct from their EL base the daily holding of specified RENTAS securities in their trading and banking books. 6.3. The detailed EL is listed in Appendix 4. 6.4. A deduction from the EL base can however only be effected after the banking institution has undertaken the following: (i) Submission of Trading Book Policy Statement (TBPS) by the banking institution as specified under the market risk component of the policy documents on Capital Adequacy Framework (Basel II – Risk-Weighted Assets) and Capital Adequacy Framework for Islamic Banks (Risk- Weighted Assets) and confirmation by the Bank that the TBPS is in order; and (ii) Confirmation by the banking institution that the segregation of RM marketable securities between the banking book and trading book, controls and all other requirements as specified under the policy documents on Capital Adequacy Framework (Basel II – Risk-Weighted Assets) and Capital Adequacy Framework for Islamic Banks (Risk- Weighted Assets) have been put in place. 6.5. Banking institutions must ensure that the amount of RM marketable securities deducted from EL is reflective of the actual amount as reported in the trading book. As such, a verification report must be signed-off either by the internal auditor or compliance officer on a quarterly basis and retained by the banking institution. Should there be any discrepancies, banking institutions are required to submit the concerned verification report to the Bank upon detection of the discrepancy. A sample of the verification report is in Appendix 5. Statutory Reserve Requirement 4 of 10 Issued on: 13 November 2019 7. Penalties 7.1. Any banking institution which fails to comply with the minimum SRR requirement shall be liable to pay a penalty. The penalty payable is determined as the sum of the scaled penalty amount and the monetary benefit, as defined in paragraphs 7.3 and 7.4 below, subject to the maximum penalty (MP), as described in paragraph 7.2 below. 7.2. The computation of the maximum penalty, as provided pursuant to section 26(3) of the CBA, is as follows: days of numbershortfall 100 1 10 1 penalty maximum  7.3. The scaled penalty amount is calculated as a percentage of the maximum penalty dependent on the number of non-compliances committed by the banking institution, defined as the higher of i) the average number of offences in the last three complete calendar years; and ii) the total number of offences in the current incomplete calendar year: Number of non-compliances Scaled penalty amount One 25% of MP Two 50% of MP Three 75% of MP Four or more 100% of MP 7.4. The monetary benefit arising from the non-compliance is computed as follows: monetary benefit = shortfall x average interbank overnight rate or Islamic reference rate The monetary benefit shall be computed on a daily basis for every day during which the deficiency continues. 8. Operational Requirements 8.1. Banking institutions should refer to circulars and guidelines issued by Jabatan Perkhidmatan Statistik and Jabatan Dasar Sistem Pembayaran on reporting and other operational requirements. Statutory Reserve Requirement 5 of 10 Issued on: 13 November 2019 APPENDICES Appendix 1: Adjustments to the Statutory Reserve Requirement Rates SRR Rate Effective Date Variation Effective Date 3% 16 November 2019 2.4% - 3.6% +/- 20% of SRR Rate 1 May 1998 3.5% 1 February 2016 2.8% - 4.2% 4% 16 July 2011 3.2% - 4.8% 3% 16 May 2011 2.4% - 3.6% 2% 1 April 2011 1.6% - 2.4% 1% 1 March 2009 0.8% - 1.2% 2% 1 February 2009 1.6% - 2.4% 3.5% 1 December 2008 2.8% - 4.2% 4% 16 September 1998 3.2% - 4.8% 6% 1 September 1998 4.8% - 7.2% 8% 1 July 1998 6.4% - 9.6% 10% 16 February 1998 9.5% - 10.5% +/- 0.5% from SRR Rate 1 January 1989 13.5% 1June 1996 13% - 14% 12.5% 1 February 1996 12% - 13% 11.5% 1 July 1994 11% - 12% 10.5% 16 May 1994 10% - 11% 9.5% 3 January 1994 9% - 10% 8.5% 2 May 1992 8% - 9% 7.5% 16 August 1991 7% - 8% 6.5% 16 January 1990 6% - 7% 5.5% 16 October 1989 5% - 6% 4.5% 2 May 1989 4% - 5% 3.5% 1 January 1989 3% - 4% Statutory Reserve Requirement 6 of 10 Issued on: 13 November 2019 Appendix 2: Illustration Computation of EL in Base Period A and Base Period B An illustration on the computation of EL in Base Period A and Base Period B in the month of January 2009 is as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 202 197 208 210 205 205 196 194 195 194 195 199 200 200 200 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 205 214 215 214 217 230 208 207 205 230 240 245 236 241 244 249 EL Base Period A = (202+197+….+200+200) ÷ 15 = RM200m EL Base Period B = (205+214+…..+241+244+249) ÷ 16 = RM225m Computation of the SRR SRR compliance period 1 to 15 February 2009 Corresponding EL base 1 to 15 January 2009 EL Base Period A RM200m Prevailing SRR rate during the period 1 to 15 February 2009 (For illustrative purposes only) 2% Variation band 1.6% to 2.4% The minimum daily balance to be maintained in the SRA from 1 to 15 February 2009 = RM3.2m (1.6% of EL Base Period A) Suppose the banking institution’s balances in the SRA from 1 to 15 February 2009 are as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 3.8 4.0 3.6 4.4 4.5 4.6 4.8 4.8 4.4 4.4 4.4 4.3 4.4 4.8 6.4 The maximum amount in the account balance that is recognised is capped at 2.4% of EL Base A, in this case RM4.8m. Therefore, on 15 February, although the account balance was RM6.4m, only RM4.8m will be recognised for the SRR computation. Therefore, the average reserve balance for 1 to 15 February 2009: = (Sum of daily SRR balance ÷ 15 days) ÷ EL Base Period A = [(3.8 + 4.0 + 3.6 + … + 4.4 + 4.3 + 4.4 + 4.8 + 4.8) ÷ 15] ÷ 200 = 2.2% Only RM4.8m is recognised although actual balance was RM6.4m. Statutory Reserve Requirement 7 of 10 Issued on: 13 November 2019 Appendix 3: Holdings of Selected Securities Deductible from EL Base Holdings of all RM marketable securities in the trading book of all banking institutions are eligible for deduction from the EL base for the purpose of SRR computation, except where: 1. securities are sold under repo/sell-and-buy-back agreement (SBBA); and 2. securities are lent or securities that have been used as collateral under securities borrowing and lending (SBL). The RM marketable securities that are deductible from the EL base computation comprise the following: 1. Specified RENTAS securities issued through the Principal Dealer (PD) and Islamic Principal Dealer (i-PD) network; 2. All private debt securities including Cagamas securities; 3. RM securities issued by Multilateral Development Banks (MDBs) and Multilateral Financial Institutions (MFIs); 4. ABF Malaysia Bond Index Fund (18 July 2005); and 5. Any other securities as specified by Bank Negara Malaysia. In addition, Principal Dealers and Islamic Principal Dealers may also deduct holdings of all specified RENTAS securities issued through the PD and i-PD network in the banking book, except where: 1. securities are sold under repo/SBBA; and 2. securities are lent or securities that have been used as collateral under SBL. Note: Specified RENTAS Securities refers to Islamic/Conventional short term and long term scripless securities issued by the Government, Bank Negara Malaysia, Bank Negara Malaysia Sukuk Berhad and any other instrument that may be specified by Bank Negara Malaysia. Statutory Reserve Requirement 8 of 10 Issued on: 13 November 2019 Appendix 4: Eligible Liabilities A RM Eligible Liabilities RM Demand Deposits Accepted 42110-00-00-0000-Y RM Savings Deposits Accepted 42120-00-00-0000-Y RM Fixed Deposits Accepted 42130-00-00-0000-Y RM Specific Investment Deposits Accepted 42131-00-00-0000-Y RM General Investment Deposits Accepted 42132-00-00-0000-Y RM Commodity Murabahah 42133-00-00-0000-Y RM Call Deposit Accepted 42140-00-00-0000-Y RM Short-Term Deposits Accepted 42190-00-00-0000-Y RM Investments Linked to Derivatives Offered 42191-00-00-0000-Y RM Other Deposits Accepted 42199-00-00-0000-Y RM NIDs Issued 42150-00-00-0000-Y RM Repurchase Agreements 42160-00-00-0000-Y RM Special Deposits (Witholding Tax) 42170-00-00-0000-Y RM Housing Development Account Deposits 42180-00-00-0000-Y RM Amounts Due to Designated Financial Institutions 43100-00-00-0000-Y RM Miscellaneous Borrowings 44100-00-00-0000-Y RM Interest Payable nie to non-residents 49110-80-00-0000-Y RM Bills payable to non-residents 49120-80-00-0000-Y Other RM Miscellaneous liabilities nie due to non-residents 49299-80-00-0000-Y Less: RM Subordinated Debt Capital 44111-00-00-0000-Y Exempt Subordinated Debt Capital 44112-00-00-0000-Y RM Subordinated Debt Capital with Special Approval from BNM 44113-00-00-0000-Y RM Recourse Obligation on Loans Sold to Cagamas 44140-00-00-0000-Y B RM Eligible Assets Deductible from Eligible Liabilities RM Balances in current accounts with Domestic Banking Institutions 32120-10-00-0000-Y RM Fixed Deposits Placed with Domestic Banking Institutions 32130-10-00-0000-Y RM Fixed Deposits Placed with Discount Houses 32130-13-00-0000-Y RM Specific Investment Deposits Placed with Domestic Banking Institutions 32131-10-00-0000-Y RM Specific Investment Deposits Placed with Discount Houses 32131-13-00-0000-Y RM General Investment Deposits Placed with Domestic Banking Institutions 32132-10-00-0000-Y RM General Investment Deposits Placed with Discount Houses 32132-13-00-0000-Y RM Call Deposits Placed with Investment Banks 32140-12-00-0000-Y RM Call Deposits Placed with Discount Houses 32140-13-00-0000-Y RM Other Deposits Placed with Domestic Banking Institutions 32199-10-00-0000-Y RM Reverse repos with BNM 32500-01-00-0000-Y RM Reverse repos with Commercial Banks 32500-02-00-0000-Y RM Reverse repos with Islamic Banks 32500-03-00-0000-Y RM Reverse repos with Finance Companies 32500-11-00-0000-Y RM Reverse Repos with Merchant Banks 32500-12-00-0000-Y RM Reverse Repos with Discount Houses 32500-13-00-0000-Y RM Overdrawn Vostro A/C of Commercial Banks 33110-02-00-0000-Y RM Overdrawn Vostro A/C of Islamic Banks 33110-03-00-0000-Y RM Nostro A/C with Commercial Banks 33120-02-00-0000-Y RM Nostro A/C with Islamic Banks 33120-03-00-0000-Y RM Surplus in SPICK 33130-00-00-0000-Y RM Interbank Placements with Bank Negara Malaysia 33140-01-00-0000-Y RM Interbank Placements with commercial banks 33140-02-00-0000-Y RM Interbank Placements with Islamic banks 33140-03-00-0000-Y RM Interbank Placements with finance companies 33140-11-00-0000-Y RM Interbank Placements with merchant banks 33140-12-00-0000-Y RM Interbank Placements with discount houses 33140-13-00-0000-Y RM Interbank Placements with Cagamas 33140-17-00-0000-Y RM Loans to Domestic Banking Institutions 34100-10-00-0000-Y RM Loans to discount houses 34100-13-00-0000-Y RM Loans to Cagamas 34100-17-00-0000-Y RM Negotiable Instruments of deposits held 37030-00-00-0000-Y NIDs Sold Under Repo 38030-00-00-0000-Y Eligible RM Cagamas Bonds - Tier-2 40150-00-00-0000-Y SRGF Loans 40190-00-00-0000-Y SRGF-2 Loans 40191-00-00-0000-Y Statutory Reserve Requirement 9 of 10 Issued on: 13 November 2019 Less: RM Interbank Placements with discount houses for overnight 33140-13-11-0000-Y C Eligible Tier 2 Loans Sold to Cagamas - Day i 40140-00-00-0000-Y D Holdings of selected securities - Day i 40171-00-00-0000-Y Eligible Liabilities for SRR Next Month - Day i (A - B + C - D) 40130-00-00-0000-Y Statutory Reserve Requirement 10 of 10 Issued on: 13 November 2019 Appendix 5: Verification Report on Holdings of RM Marketable Securities in the Trading Book Form JP1/JP2/2EL/2009 Pengarah Jabatan Penyeliaan Konglomerat Kewangan (JP1) / Jabatan Penyeliaan Perbankan (JP2) Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur Date: ____________ Verification Report on Holdings of RM Marketable Securities in the Trading Book2 (For deduction from Eligible Liabilities (EL) base) Name of Banking Institution: __________________________________________________ Period for the holdings of marketable securities From: dd/mm/yy To: dd/mm/yy (Please tick √ where applicable) I hereby confirm that the RM figure reported under the trading book, for EL deduction is accurate and in line with our institution's policies. There are discrepancies in the RM figures reported for EL deduction3. Details are indicated below: _________________________________________________________________________ _________________________________________________________________________ ________________________ __________________________ Reporting Date Company Stamp Name: _________________________________ Designation:_____________________________ ____________________ Telephone No.: __________________________ Signature Email Add: ______________________________ 2 Based on the Definition of Trading Book as indicated under the market risk component of the policy documents on Capital Adequacy Framework (Basel II – Risk-Weighted Assets) and Capital Adequacy Framework for Islamic Banks (Risk Weighted Assets). 3 The verification report must be submitted to JP1/JP2 immediately upon detection of any discrepancies. Where there are no discrepancies, banking institutions should retain the report for supervisory review purposes. http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2## http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2##
Public Notice
28 Apr 2011
Financial Fraud Alert: Status of Cases Investigated by Bank Negara Malaysia
https://www.bnm.gov.my/-/fraudalert-status-28042011
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Reading: Financial Fraud Alert: Status of Cases Investigated by Bank Negara Malaysia Share: Financial Fraud Alert: Status of Cases Investigated by Bank Negara Malaysia Release Date: 28 Apr 2011 Click here to view the updates on Asia Ceramic Marketing Sdn Bhd and Bestino Group Berhad. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
25 Apr 2011
Notification: Company which is no longer permitted to conduct remittance business
https://www.bnm.gov.my/-/notification-company-which-is-no-longer-permitted-to-conduct-remittance-business
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Reading: Notification: Company which is no longer permitted to conduct remittance business Share: Notification: Company which is no longer permitted to conduct remittance business Release Date: 25 Apr 2011 Bank Negara Malaysia would like to inform members of the public that the following company is no longer permitted to conduct remittance business: Three Star Management (M) Sdn. Bhd Members of the public are reminded not to remit funds through these companies as there is the risk of the funds not being received by the beneficiaries. Any person who engages in money laundering commits an offence under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), including engaging in a transaction that involves proceeds of an unlawful activity, such as the operation of remittance services without permission. Members of the public who deal with persons not permitted to operate remittance services may be affected if the funds involved are frozen pursuant to an investigation under the AMLATFA. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
13 Apr 2011
RINGGIT Newsletter (February issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-february-issue-is-now-available-for-download.-1
https://www.bnm.gov.my/documents/20124/761706/2_Ringgit_Newsletter.pdf
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Reading: RINGGIT Newsletter (February issue) is now available for download. Share: RINGGIT Newsletter (February issue) is now available for download. Release Date: 13 Apr 2011 RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. The topics for this month are: Islamic Banking Emergency Fund Internet Banking Illegal transactions in Foreign Currencies Click on the link below to get the latest issue: Issue - Feb/2011 ,[PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed10 Draft3.PM6 2 • Sidang Redaksi Adakah anda seorang pemboros atau seorang penyimpan? Jika anda adalah seorang penyimpan, maka amalan ini memang baik untuk anda. Ini adalah cara yang baik untuk menguruskan kewangan anda. Namun jika anda adalah seorang yang boros, mungkin pada masa ini anda sedang menikmati keseronokan hidup, tetapi pada satu masa nanti, anda akan menghadapi masalah peribadi atau masalah keluarga yang serius. Jika anda adalah seorang pemboros, sudah sampai masa untuk menanam nilai kawalan diri dalam diri anda sebelum terpaksa menghadapi sebarang krisis peribadi atau keluarga. Walaubagaimanapun, jika anda adalah seorang pemboros, jangan terlalu susah hati. Ramai pengguna Malaysia yang bersikap seperti anda. Mereka lebih mudah berbelanja daripada Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Yu Kin Len Siti Rizadiana binti Rahmat Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Gabungan Persatuan- Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Web : www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Web : www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. menyimpan. Kaji selidik yang dijalankan oleh Bank Negara Malaysia (BNM) pada tahun 2010 menunjukkan bahawa bagi setiap tiga orang pengguna yang ditanya, seorang mengaku mendapat lebih kepuasan membelanjakan wang berbanding menyimpan wang mereka. Malahan, hampir separuh rakyat Malaysia menganggap wang memang untuk dibelanjakan (berbanding untuk disimpan). Pengaruh media dan kawan sebaya sering memberikan mesej yang jelas, iaitu ’Belanja! Belanja! Belanja!’. Sama ada melalui televisyen, internet, majalah atau surat khabar – anda diserang bertubi-tubi dengan desakan untuk membeli iaitu mengajak untuk membeli kereta! membeli jeans! membeli kasut! Apa sahaja asalkan membeli. Pelan Tabungan Sebagai Komitmen Kewangan Pelan Tabungan Sebagai Komitmen Kewangan • 3 Pada 50 atau 60 tahun dahulu, wang yang ada di tangan pengguna begitu sedikit berbanding dengan hari ini. Ketika itu mereka kurang berbelanja. Pada masa itu tidak ada televisyen, tidak ada pasar raya besar, tidak ada telefon bimbit dan tidak ada barang mewah. Pada masa sekarang pula, anda hidup dalam masyarakat yang menekankan perbelanjaan dan nilai materialisme. Identiti seseorang ditentukan oleh apa yang dimilikinya – jenama kereta, lokasi kediaman dan jenama pakaian, dan bukannya sumbangan kepada masyarakat. Tambahan pula dengan adanya kad kredit dan pinjaman cara lain, kaedah berbelanja bukan sahaja berdasarkan duit yang ada sekarang, tetapi boleh berbelanja berdasarkan duit yang bakal diperolehi1. Jika harga sehelai seluar jeans adalah RM 250, anda tidak perlu mempunyai RM 250 sekarang. Anda hanya perlu ada RM 12.50 pada hujung bulan apabila menerima penyata kad kredit. Tidakkah mudah untuk berbelanja? Oleh kerana tekanan daripada dua aspek tersebut serta desakan membeli dan kemudahan kredit yang mudah, maka bukan mudah untuk menyimpan; lebih mudah untuk berbelanja. Walaupun tidak mudah untuk menjadi seorang yang komited terhadap menyimpan, tetapi ia boleh dibuat. Menurut kajian oleh BNM, 2 orang daripada 5 orang rakyat Malaysia mempunyai simpanan yang hanya dapat bertahan selama kurang daripada sebulan sekiranya mereka kehilangan sumber pendapatan. Jika anda tidak memulakan tabiat menyimpan secara sukarela, biasanya apabila berlaku sesuatu masalah atau krisis tentu, ia akan menjadi pengajaran kepada diri anda. Sebagai contoh, apabila anda atau keluarga anda menghidap penyakit yang memerlukan rawatan yang mahal dan anda tidak ada simpanan yang mencukupi, ia akan menjadi pengajaran kepada kita. Seterusnya, apabila anak anda ingin melanjutkan pelajaran atau anda ingin membeli rumah sendiri, dan tidak mempunyai simpanan, maka itu juga menjadi pengajaran. Maka, sebelum keadaan “mengajar”, adalah lebih baik jika anda mulai dengan rela dan membuat satu komitmen untuk menyimpan. Sebenarnya konsep simpanan adalah mudah iaitu anda hanya perlu berbelanja kurang daripada pendapatan anda. Tetapi mengapakah masih sukar untuk menyimpan duit? Seringkali jawapan yang diberikan adalah, “Saya suka menyimpan, tetapi gaji saya adalah tidak cukup. Selepas membayar bil, wang saya sudah habis.” Alasan ini bukan sahaja diberikan oleh mereka yang berpendapatan rendah, tetapi juga yang berpendapatan tinggi. Walaupun anda mendapat kenaikan gaji, tetapi perbelanjaan juga akan bertambah. Sama ada melalui televisyen, atau internet, atau majalah atau surat khabar – anda diserang bertubi-tubi dengan desakan untuk membeli ... Untuk merancang masa hadapan kewangan anda, tindakan pertama yang perlu dilakukan ialah mengetahui dengan tepat, apakah sebenarnya perbelanjaan anda. Adakah wang anda habis digunakan untuk membayar bil atau membayar hutang untuk membeli barang mewah? Sekurang-kurangnya untuk satu tempoh tertentu seperti satu atau dua bulan, anda perlu menyenaraikan secara terperinci setiap perbelanjaan. Kemungkinan besar anda akan terperanjat dengan perbelanjaan sebenar anda. Analisis perbelanjaan anda akan memberi panduan untuk membantu mengurangkan perbelanjaan dan menggunakan baki perbelanjaan sebagai simpanan. Keduanya, anda perlu mempunyai pelan tabungan. Pelan ini harus merangkumi perancangan dari aspek pembelian masa hadapan seperti membeli rumah, majlis perkahwinan anda, pendidikan anak anda dan percutian pada setiap tahun. Tidak lupa juga, anda harus memperuntukkan tabungan untuk menghadapi sebarang krisis seperti perubatan, kerosakan kereta dan kecemasan keluarga yang lain. Sebagai insentif untuk menabung, anda perlu berusaha untuk memahami kuasa kaedah penambahan wang secara kompoun, iaitu mengetahui bagaimana nilai duit anda akan meningkat dengan banyak jika anda dapat menabung untuk satu jangka masa yang lebih lama. Anda juga perlu membentuk tabiat untuk menyediakan anggaran perbelanjaan bulanan untuk mengawal perbelanjaan dan simpanan anda dengan lebih baik. Ambillah inisiatif ini melalui kesedaran dan tindakan anda. Jangan biarkan sesuatu musibah sebagai pengajaran bagi anda. 1 Sila rujuk artikel ’Tip Pengurusan Kad Kredit’ RINGGIT keluaran bulan November 2010 untuk maklumat mengenai cara penggunaan kad kredit yang baik 4 • Apakah perbankan Islam? Perbankan Islam ialah perbankan yang berlandaskan undang-undang Islam (syariah), dan ia adalah salah satu aspek dalam fiqh muamalat (peraturan Islam dalam transaksi). Semua peraturan dan amalan dalam fiqh muamalat bersumberkan Al-Quran, Al-Sunnah dan sumber undang-undang Islam sekunder yang lain seperti kesepakatan pendapat oleh ulama mujtahid tentang sesuatu hukum Syariah (ijma), menyamakan perkara baru yang tiada nas secara analogi (qiyas) dan hasil usaha daripada para mujtahid dalam merumuskan sesuatu hukum dan nilai melalui kaedah istinbat (ijtihad). Aktiviti perbankan Islam berlandaskan prinsip Islam yang melarang pembayaran dan penerimaan faedah atau riba serta menggalakkan perkongsian untung di dalam amalan perbankan. Adakah perbankan Islam hanya untuk orang Islam sahaja? Tidak. Perbankan Islam adalah terbuka kepada semua individu tanpa mengira kepercayaan agama mereka. Apakah perbezaan di antara perbankan Islam dan konvensional? Perbezaan utama di antara perbankan Islam dan perbankan konvensional ialah perbankan Islam mesti berlandaskan Syariah. Perbankan Islam juga mesti mengelakkan aktiviti seperti riba, gharar (ketidakpastian yang berlebihan), perjudian dan penipuan. Sebagai contoh, di dalam kes pembiayaan, sebagai ganti kepada caj faedah yang dikenakan ke atas pembiayaan yang diberikan, institusi perbankan Islam sebaliknya menyediakan pembiayaan berdasarkan kontrak murabahah atau jual beli; atau musyarakah atau perkongsian untung dan rugi. Sebagai pendeposit, bagaimanakah saya memperoleh pulangan memandangkan perbankan Islam tidak membayar faedah ke atas deposit? Perbankan Islam adalah berlandaskan prinsip perkongsian untung di antara bank dan pendeposit. Perolehan keuntungan daripada aktiviti perbankan Islam seperti pembiayaan dan pelaburan akan dikongsi di antara bank dan pendeposit berdasarkan nisbah perkongsian untung yang telah dipersetujui dan dibayar dalam bentuk dividen kepada pendeposit. Jumlah dividen yang diberi bergantung kepada jumlah keuntungan yang dihasilkan daripada operasi bank berkenaan. Bank juga dibenarkan untuk memberi hibah (ganjaran) kepada pendeposit sekiranya ia bersesuaian. Di manakah boleh saya mendapatkan produk dan perkhidmatan perbankan Islam? Anda boleh mendapatkan produk dan perkhidmatan perbankan Islam di bank-bank yang mempamerkan logo perbankan Islam seperti yang ditunjukkan di bawah: Untuk maklumat terkini mengenai senarai bank-bank yang menawarkan produk dan perkhidmatan perbankan Islam, sila lawati laman sesawang Bank Negara Malaysia www.bnm.gov.my. Aktiviti perbankan Islam berlandaskan prinsip Islam yang melarang pembayaran dan penerimaan faedah atau riba serta menggalakkan perkongsian untung di dalam amalan perbankan • 5 Adakah operasi bank-bank Skim Perbankan Islam (SPI) mematuhi kehendak Syariah sepenuhnya? Ya, operasi bank-bank SPI memenuhi kehendak Syariah kerana semua produk dan perkhidmatan yang ditawarkan oleh bank-bank SPI mesti mendapat kelulusan terlebih dahulu daripada Jawatankuasa Syariah bank-bank berkenaan. BNM telah juga menerbitkan satu garis panduan kepada bank-bank SPI tentang tatacara pengasingan operasi perbankan Islam daripada operasi perbankan konvensional. Adakah bank-bank SPI dibenarkan untuk memindahkan baki kredit akaun perbankan Islam ke akaun konvensional? Di atas permintaan pelanggan, bank-bank SPI boleh memindahkan dana daripada akaun perbankan Islam kepada akaun konvensional. Walau bagaimanapun, pemindahan dana daripada akaun konvensional ke akaun perbankan Islam terhad kepada bahagian prinsipal asal sahaja. Sebarang elemen faedah tidak dibenarkan untuk dipindahkan ke akaun perbankan Islam. Di manakah boleh saya mengemukakan aduan sekiranya saya tidak berpuas hati dengan perkhidmatan yang diberikan oleh bank Islam atau bank SPI? Sekiranya anda tidak berpuas hati dengan perkhidmatan yang telah diberikan oleh bank Islam atau bank SPI, anda boleh mengemukakan aduan rasmi kepada Unit Aduan bank berkenaan. Maklumat tentang Unit Aduan bank anda boleh diperolehi daripada institusi anda atau laman sesawang Bank Negara Malaysia www.bnm.gov.my. Sekiranya anda masih tidak berpuas hati dengan jawapan yang diberi oleh bank berkenaan, anda boleh mengemukakan aduan tersebut ke Bank Negara Malaysia melalui Laman Informasi Nasihat dan Khidmat BNMLINK atau Pusat Perhubungan TELELINK yang boleh dihubungi sama ada menerusi telefon, faks, SMS atau surat seperti berikut: Pengarah Laman Informasi Nasihat dan Khidmat Bank Negara Malaysia Peti Surat 10922 50929 Kuala Lumpur Tel : 1-300-88-5465 (LINK) Faks : 03-21741515 E-mel : [email protected] SMS : 15888 Jika anda ingin membincangkan aduan anda dengan pegawai Bank Negara Malaysia, anda boleh melawati BNMLINK di: Tingkat Bawah, Blok D Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Anda juga boleh melawati BNMLINK di cawangan Bank Negara Malaysia di Johor Bahru, Pulau Pinang, Kuching, Kota Kinabalu dan Kuala Terengganu. Alamat cawangan tersebut boleh di dapati di laman sesawang Bank Negara Malaysia www.bnm.gov.my. Di samping itu juga, sekiranya anda mempunyai aduan, pertikaian atau tuntutan yang tidak dapat diselesaikan dengan institusi perbankan anda, sila rujuk kepada Biro Pengantaraan Kewangan (BPK) yang menyediakan perkhidmatan secara percuma. BPK mempunyai bidang kuasa untuk mengendalikan aduan, pertikaian atau tuntutan yang melibatkan kerugian kewangan, amaun yang dituntut tidak boleh melebihi RM100,000 (kecuali bagi kes penipuan yang melibatkan instrumen pembayaran, kad kredit, kad caj, kad ATM dan cek yang melibatkan amaun tidak melebihi RM25,000). Alamat surat-menyurat BPK adalah seperti beriku: Biro Pengantaraan Kewangan Tingkat 25 Dataran Kewangan Darul Takaful No. 4, Jalan Sultan Sulaiman 50000 Kuala Lumpur. Telefon : 03-22722811 Faksimili : 03-22745752 E-mel : [email protected] Maklumat lanjut tentang jenis aduan yang dikendalikan oleh BPK boleh didapati di laman sesawang www.fmb.org.my Perbankan Islam adalah berlandaskan prinsip perkongsian untung di antara bank dan pendeposit. 6 • Dana Kecemasan Apakah yang dimaksudkan “Dana Kecemasan”? “Dana kecemasan” biasanya adalah satu dana yang anda cipta untuk membayar perbelanjaan di luar jangkaan. Sebagai contoh: • Tayar-tayar kereta anda perlu ditukar dengan tayar yang baru. • Rumah anda penuh dengan anai-anai dan memerlukan rawatan. • Anak anda mempunyai masalah apendiks dan memerlukan pembedahan. • Gigi geraham anda perlu dicabut. • Tiba-tiba syarikat anda bankrap. Senarai ini boleh berterusan panjangnya dan anda mungkin tidak mengalami hanya satu daripadanya, tetapi semuanya secara serentak! Itulah masanya berlaku “hujan lebat”! Mengapa Saya Memerlukan “Dana Kecemasan”? Sepertimana yang dikatakan oleh Forrest Gump dalam filemnya “Life is like a box of chocolates… you’ll never know what you’ll get!” (“Hidup ini seperti sebuah sekotak coklat... anda tidak akan tahu apa yang anda akan dapat!”). Kehidupan setiap orang mempunyai turun naiknya, hari cerah dan hari hujan. Apabila anda menyimpan untuk waktu kecemasan, anda melindungi diri anda dan keluarga anda. Anda bersedia untuk menghadapi situasi-situasi yang tidak diduga. Pada waktu itulah anda memerlukan lonjakan tambahan “Vitamin M” (duit kecemasan). Amat mudah untuk terperangkap dalam hutang (lebih- lebih lagi hutang kad kredit dan “Ah Long”), jika anda tidak mempunyai duit simpanan. Anda tetap mahu membayar bil dan memastikan hutang kad kredit sentiasa rendah, walaupun ketika sesuatu yang tidak diduga berlaku ke atas diri anda. Oleh kerana tiada siapa yang tahu masa hadapan, maka semua orang memerlukan dana kecemasan. Bagaimana saya boleh menyimpan, sedangkan saya tidak mempunyai banyak duit? Anda mungkin berfikir yang tiada baki duit yang dapat disimpan selepas membayar semua bil. Ramai orang, tidak kira berapa banyak duit yang mereka ada, mengatakan mereka tidak dapat menyimpan. Itu adalah kerana perbelanjaan biasanya meningkat sehingga ia menggunakan semua duit lebihan anda. Namun, hanya anda sahaja yang boleh mengubah keadaan ini. Begini caranya: • Bayar diri anda sendiri terlebih dahulu • Cipta satu “akaun simpanan automatik” yang membolehkan anda mengeluarkannya ketika kecemasan • Berbelanjalah secara yang bijak • Tetapkan beberapa syarat untuk menggunakan duit, iaitu syarat yang BENAR-BENAR ketat! • Cuba sehingga anda berjaya tetapi jangan putus asa!! Anda mungkin pernah mendengar pepatah ini, “Apabila hujan, ia turun dengan lebat!” Ini adalah benar, lebih-lebih lagi dalam masalah kewangan kerana kesan gandaan. Oleh itu, anda dinasihatkan agar menyediakan satu Dana Kecemasan anda sendiri sebelum tsunami kewangan melanda! • 7 Apakah yang dimaksudkan “Bayar Diri Anda Sendiri Terlebih Dahulu”? Pada kebanyakan masa apabila kita mendapat gaji, kita mula membayar untuk itu dan ini, dan kepada orang lain terlebih dahulu, hanya selepas itu anda menyimpan bakinya. Ini adalah terbalik. Ia adalah duit anda dan anda berhak menyimpan sebahagiannya untuk diri dan keluarga anda. Jangan berputus asa jika anda hanya dapat menyimpan sedikit. Menyimpan satu Ringgit sehari atau RM10 seminggu, mungkin tidak banyak tetapi di hujung tahun, anda akan mempunyai RM365 atau RM520. Seperti pepatah Melayu ada mengatakan, “Sedikit-sedikit, lama-lama jadi bukit!” Adalah lebih baik untuk menyimpan sedikit setiap minggu daripada cuba menyimpan dengan banyak dan gagal. Jadi, kuncinya ialah menjadikan tabiat menyimpan duit setiap kali mendapat gaji. Apabila anda menyimpan terlebih dahulu, anda akan dapat memastikan perbelanjaan mengikut baki duit yang ada. Jika anda tidak nampak duit, anda tidak berpeluang untuk membelanjakannya. Seperti yang dikatakan, “Out of sight, out of mind!” (“Apa yang tidak dapat dilihat, tiada dalam minda!”). Berapa banyak yang patut saya simpan? Sebagai garis panduan, simpan sekurang-kurangnya 10% daripada pendapatan anda. Walau bagaimanapun, ini bukanlah sesuatu yang dapat selalu dilakukan. Adalah lebih baik bermula dengan jumlah yang anda selesa dan secara perlahan-perlahan menuju ke arah matlamat itu. Sudah tentu jika anda boleh menyimpan lebih banyak, itu adalah lebih baik. Matlamat anda adalah untuk mencipta dana kecemasan yang cukup untuk tiga bulan hingga enam bulan perbelanjaan bulanan anda. Anda boleh melakukannya dengan cuba menyimpan perbelanjaan seminggu, kemudian dua minggu dan secara perlahan- lahan bertambah kepada sebulan dan seterusnya. Ingat: Mendapat tabiat menyimpan adalah lebih penting daripada berapa banyak yang anda simpan! Di manakah saya patut menyimpan “Dana Kecemasan” saya? Dana kecemasan anda patut disimpan dalam satu akaun yang mudah untuk anda keluarkan dalam waktu- waktu kecemasan. Namun ia tidak patut menjadi terlalu mudah untuk anda menggunakannya dengan sesuka hati anda. Anda mungkin memilih untuk membuka Akaun Simpanan dengan bank tetapi memilih untuk tidak memiliki kad ATM. Alternatifnya, anda juga boleh memilih untuk melabur sebahagian daripadanya ke dalam dana Amanah Saham kerajaan. Pilih dana yang dapat memastikan keselamatan kepada modal anda, sementara memberikan pulangan yang berpatutan. Apabila anda mendapat pendapatan, ingat untuk membayar diri anda sendiri terlebih dahulu. Cara yang mudah untuk melakukan ini ialah dengan berdaftar dengan skim potongan gaji. Anda boleh mengarahkan majikan anda atau bank anda untuk menyimpan sebahagian daripada gaji anda ke dalam akaun simpanan/amanah saham anda setiap bulan. Ingat bahawa akaun ini adalah untuk kecemasan sahaja dan seboleh yang mungkin, anda tidak akan menggunakannya untuk tujuan lain! Perlindungan Insurans Selain menyediakan belanjawan, anda juga disaran untuk mendapatkan perlindungan insurans atau menyertai pelan takaful. Ini kerana insurans adalah instrumen kewangan yang boleh melindungi anda serta waris anda daripada sesuatu kegawatan kewangan yang disebabkan peristiwa yang tidak diingini seperti kematian, kekurangan upaya atau penyakit yang serius. Insurans akan membantu menyediakan sedikit Matlamat anda adalah untuk mencipta dana kecemasan yang cukup untuk tiga bulan hingga enam bulan perbelanjaan bulanan anda. Anda boleh melakukannya dengan cuba menyimpan perbelanjaan seminggu, kemudian dua minggu dan secara perlahan- lahan bertambah kepada sebulan dan seterusnya. 8 • bantuan kewangan bagi keluarga anda, terutamanya jika anda adalah pencari nafkah utama. Oleh itu, melabur dalam pelan insurans semasa anda masih muda dan sihat adalah digalakkan. Apabila menyertai skim insurans atau takaful, anda akan membayar sedikit wang kepada syarikat insurans/takaful dan akan berkongsi risiko tertentu dengan orang lain. Sekiranya ditimpa musibah, wang yang disumbang itu akan diguna untuk meringankan bebanan pemilik insurans atau peserta takaful, melalui pampasan yang diberikan, sekaligus mengurangkan keperluan kepada dana kecemasan yang besar untuk seseorang. Contohnya, anda mungkin perlu dana kecemasan yang mencecah ribuan ringgit untuk menghadapi kemungkinan jatuh sakit (untuk kos perubatan dan sebagainya). Sekiranya anda membeli insurans atau menyertai takaful, anda cuma perlu membayar jumlah wang yang kecil, mungkin tidak sampai RM100 setahun sahaja bagi tujuan dana kecemasan jika ditimpa penyakit. Terdapat pelbagai skim insurans dan takaful yang dapat membantu anda menghadapi saat- saat genting dalam hidup seperti kematian, kemalangan, rumah terbakar atau kecurian dan sebagainya. Dengan membeli insurans atau menyertai mana-mana skim takaful, membina dana kecemasan menjadi lebih murah dan mudah untuk anda dan keluarga. Bagaimana saya boleh tahu bila “Dana Kecemasan” dapat digunakan? Keputusan ini bergantung pada situasi anda. Anda perlu memikirkan hal ini dengan lebih awal. Buat beberapa syarat untuk situasi yang anda boleh gunakan duit ini, supaya anda tidak membazirkannya. Kemudian patuhi syarat-syarat anda sendiri! Soalan-soalan berikut mungkin boleh membantu anda dalam menetapkan beberapa syarat: • Adakah perbelanjaan ini satu Keperluan atau Kehendak? • Adakah saya benar-benar perlu membelinya hari ini? • Apa yang akan berlaku jika saya tidak membelanjakannya sekarang? • Bolehkah saya mendapat pengganti yang lebih murah? • Adakah cara lain untuk saya membayar perbelanjaan ini tanpa perlu berhutang? • Jika saya menggunakan duit ini hari ini, bagaimana perasaan saya tentang keputusan saya ini pada bulan depan? Sentiasa ingat bahawa ini adalah “Dana Kecemasan” anda dan jika ia bukan kecemasan, anda tidak akan menyentuhnya! Tiada alasan! Kesimpulan Terdapat satu lagi pepatah Melayu yang mengatakan bahawa “Sediakan payung sebelum hujan.” “Dana Kecemasan” ini adalah payung anda dan pastikan ia cukup besar untuk melindungi anda apabila hujan (tetapi pastikan tidak ada kebocoran!) Jadi, mula bina dana ini sekarang dan ia mungkin penyelamat anda suatu hari nanti. Artikel ini adalah sumbangan dari Agensi Kaunseling dan Pengurusan Kredit (AKPK). AKPK merupakan sebuah agensi yang ditubuhkan oleh Bank Negara Malaysia sejak 2006, dan mereka menawarkan perkhidmatan dari segi pendidikan kewangan, kaunseling kewangan dan program pengurusan kredit. Hubungi AKPK melalui 1-800-88-2575 atau layari laman web www.akpk.org.my . AKPK turut berada di www.youtube.com, www.facebook.com dan juga di www.twitter.com/AKPK1. Perkhidmatan AKPK kepada individu adalah percuma. Perkhidmatan Kaunter Bergerak BNMLINK Pegawai-pegawai BNMLINK akan mengadakan perkhidmatan kaunter bergerak di lokasi-lokasi berikut pada bulan April 2011 untuk membantu sebarang permasaalahan kewangan, pinjaman, perbankan atau insurans anda: 1. Maybank cawangan Kota Bahru, Kelantan* Tarikh : Isnin-Selasa, 11 – 12 April 2011 Masa : 9.30 pagi – 4.30 petang 2. Bank Islam cawangan Kota Bahru, Kelantan* Tarikh : Rabu-Khamis, 13 - 14 April 2011 Masa : 9.30 pagi – 4.30 petang 3. CIMB Bank cawangan Teluk Intan, Perak* Tarikh : Isnin, 25 April 2011 Masa : 9.30 pagi – 4.30 petang 4. Maybank cawangan Teluk Intan, Perak* Tarikh : Selasa, 26 April 2011 Masa : 9.30 pagi – 4.30 petang * Sekiranya terdapat pertukaran lokasi, tarikh dan masa, sila rujuk pengumuman yang akan di buat di pelbagai media termasuk surat khabar, radio, risalah ringkas serta sepanduk di kawasan sekitar daerah anda. • 9 Perbankan Internet Sambungan keluaran Januari 2011... Tindakan yang patut anda lakukan untuk menjamin keselamatan perbankan Internet Mendaftar untuk menggunakan kaedah pengesahan yang lebih baik Daftar untuk menggunakan kaedah pengesahan pelbagai faktor, iaitu pengesahan pelbagai peringkat akan dilakukan untuk melindungi transaksi anda. Sesetengah institusi perbankan menggunakan TAC (Transaction Authorisation Code) yang dihantar ke nombor telefon mudah alih pengguna atau alat ‘token’ yang memaparkan kod khas dan perlu dimasukkan pengguna dalam perbankan Internet sebelum melakukan transaksi berisiko tinggi. Lindungi komputer peribadi anda daripada penceroboh, virus dan program perosak • Pasang dinding keselamatan (“firewall”) peribadi dan program penentang virus yang baik untuk mengelakkan komputer peribadi anda daripada diserang oleh virus, pengintip dan program perosak seperti “Trojan Horse”. • Pastikan program penentang virus dan penentang pengintip anda adalah yang terkini dan sentiasa dikemas kini. • Pastikan sistem kendalian dan pelayar sesawang anda adalah yang terkini dan dilengkapi dengan ciri-ciri keselamatan yang terbaru untuk melindunginya daripada dieksploitasi. • Jadikan pelayar anda berupaya untuk menolak kawalan ActiveX bagi mengurangkan kebarangkalian aplikasi pengintip dipasang ke dalam komputer anda. Berhati-hati apabila memuat turun perisian • Perikasa program atau lampiran yang diterima dengan program penentang virus yang terkini untuk memastikan ia tidak mengandungi virus yang boleh menyerang komputer anda. • Jangan sesekali memuat turun sebarang fail atau perisian daripada laman web atau sumber yang kurang anda kenali atau klik pada hiperpautan yang dihantar oleh seseorang yang tidak anda ketahui. Pembukaan fail, perisian atau hiperpautan sedemikian boleh mendedahkan sistem anda kepada virus komputer yang boleh mencuri maklumat peribadi anda, termasuk kata laluan atau nombor PIN anda. ... ke muka 12 “ ”man-in-the-middle Serangan yang dapat membaca, menambah dan mengubah mesej di antara anda dan institusi perbankan anda tanpa kedua-dua pihak mengetahui bahawa pautan tersebut telah diceroboh. “Pharming” Tindakan mengeksploitasi kelemahan perisian sistem nama domain (DNS) yang membolehkan penceroboh mendapatkan nama domain institusi perbankan yang sebenar dan menukar arah laluan trafik daripada laman sesawang institusi perbankan tersebut ke laman sesawang palsu. “Phishing” - Merupakan tindakan menghantar e-mel atau SMS palsu kepada mangsa SMS Scam Penjenayah akan menghantar SMS yang menawarkan hadiah lumayan kononnya daripada syarikat-syarikat terkemuka untuk menarik mangsa. Bagi mendapatkan hadiah tersebut, mangsa harus akur dengan prosedur yang ditetapkan penjenayah, iaitu mangsa harus ke mesin ATM untuk mendaftar akaun perbankan Internet (sekiranya mangsa belum mempunyai akaun perbankan Internet) disertai nombor telefon bimbit penjenayah sebagai nombor rasmi untuk urusan perbankan (bagi tujuan penerimaan TAC). Setelah itu, maklumat sulit seperti nombor PIN akan diberikan kepada penjenayah. Penjenayah akan mendaftar untuk urusan perbankan internet bagi pihak mangsa dan melakukan pindahan dana ke akaun penjenayah. Kepada mangsa yang sudah mempunyai akaun perbankan internet, mereka hanya perlu mendedahkan ID dan kata laluan perbankan Internet mereka kepada penjenayah. Penjenayah seterusnya menggunakan maklumat sulit tersebut untuk mengakses akaun perbankan Internet mangsa. “Phishing site” E-mel palsu yang didakwa dihantar oleh institusi perbankan akan mengumpan penerima untuk mengemas kini profil perbankan Internet mereka dengan cara mengklik pautan laman perbankan Internet palsu dan memasukkan maklumat peribadi mereka di dalam “phishing site” tersebut. Pengguna lazimnya tertipu kerana laman sesawang “phishing” mengandungi logo, format, grafik dan perkataan-perkataan yang seakan-akan laman perbankan Internet sebenar. Penjenayah akan menggunakan maklumat perbankan Internet yang dicuri daripada laman sesawang “phishing” berkenaan untuk mengakses akaun perbankan mangsa dan memindahkan wang mangsa ke akaun pihak ketiga. ANCAMAN KESELAMATAN INTERNET !!! 10 • Transaksi Haram Dalam Mata Wang Asing Apakah Yang Dimaksudkan Dengan Pengiriman Wang Pengiriman wang adalah penghantaran keluar wang oleh seseorang kepada seseorang yang lain sama ada di dalam atau di luar negara. Contohnya, penghantaran wang kepada anak-anak yang sedang belajar di luar negara atau kiriman wang oleh pekerja asing kepada keluarga mereka di negara asal masing-masing. Perkhidmatan pengiriman wang keluar hanya boleh dijalankan oleh: (i) bank-bank perdagangan (ii) bank Islam (iii) institusi Pembangunan Kewangan (iv) penyedia perkhidmatan kiriman wang bukan bank yang telah diberikan kebenaran oleh Pengawal Pertukaran Wang Asing (v) Bank Simpanan Nasional dan Bank Kerjasama Rakyat Malaysia Berhad Senarai institusi yang pengguna boleh membuat penghantaran wang boleh diperolehi di laman sesawang Bank Negara Malaysia www.bnm.gov.my (klik butang ‘Capaian’) Pengiriman Wang Tidak Sah Pengiriman wang tidak sah ialah penghantaran wang ke luar negara melalui syarikat yang tidak dibenarkan oleh Bank Negara Malaysia untuk menjalankan perniagaan sedemikian. Jika anda menggunakan khidmat ejen tidak sah ini, tiada jaminan bahawa wang itu akan selamat. Sifat umum ejen pengiriman wang tidak sah ialah seperti berikut: • Mereka biasanya beroperasi secara kecil-kecilan. • Mereka mendakwa mampu memberi perkhidmatan pengiriman wang dengan cepat tanpa perlu mengemukakan sebarang dokumen atau bukti pengenalan diri. • Mereka jarang menggunakan dokumen untuk membenarkan dan mengesahkan sesuatu urus niaga. Berdagang Dalam Mata Wang Asing Jika anda mempunyai wang untuk dilaburkan, melaburlah dengan bijak supaya wang anda selamat. Elakkan diri anda daripada ditipu, dipujuk atau dipaksa untuk melabur wang hasil penat lelah anda ke dalam pelaburan yang menjanjikan pulangan yang besar dalam tempoh yang singkat seperti sindiket dagangan haram mata wang asing. Anda akan kehilangan semua wang anda! Jadilah seorang yang bijak. Simpanlah hasil penat lelah anda dalam pelaburan yang dikawal selia oleh Kerajaan. Tidurlah dengan nyenyak apabila mengetahui pelaburan anda adalah terjamin. Berdagang Dalam Mata Wang Asing Oleh Seseorang Yang Tidak Diberi Kuasa Adalah Menyalahi Undang- Undang Berdagang dalam mata wang asing ialah aktiviti pelaburan dalam mata wang asing dengan tujuan untuk mendapat pulangan yang tinggi daripada pergerakan kadar tukaran mata wang asing. Di Malaysia, semua urusan di dalam mata wang asing mesti dibuat dengan atau melalui peniaga mata wang asing yang diberi kuasa. Seseorang (individu atau syarikat) yang bukan peniaga mata wang asing yang diberi kuasa, tidak dibenarkan untuk menawarkan perkhidmatan atau berdagang dalam mata wang asing. Sindiket Dagangan Haram Mata Wang Asing Ramai rakyat di negara ini yang telah tertipu oleh sindiket dagangan haram mata wang asing dan akibatnya, mereka kehilangan jutaan ringgit. Sindiket sedemikian selalunya dikendalikan oleh syarikat- syarikat yang beroperasi secara tidak sah. Pengendali haram ini biasanya mensasarkan golongan pencari kerja dan para pelabur yang inginkan keuntungan cepat ke atas pelaburan mereka sebagai mangsa. • 11 Amaran Bagi Pencari Kerja Jangan bersubahat dengan membantu pengendali haram untuk menipu orang ramai. Semak dengan Bank Negara Malaysia sebelum menerima sesuatu tawaran pekerjaan daripada syarikat sedemikian. Bagaimana Untuk Mengesan Pengendali Haram Pengendali atau syarikat yang beroperasi secara tidak sah ini biasanya: • Memaparkan iklan yang cukup menarik untuk mengumpan orang ramai supaya mendengar rancangan pemasaran mereka yang meyakinkan, tetapi sebenarnya palsu. • Mempunyai ibu pejabat di luar negara. • Beroperasi di pejabat dan mempunyai kemudahan IT yang canggih. • Menyediakan latihan kepada bakal pekerja mengenai prinsip dagangan dalam mata wang asing dan memberi latihan amali mengenai dagangan mata wang asing berasaskan transaksi andaian atau tiruan dalam suasana yang dikawal oleh pengendali. Biasanya semua transaksi andaian yang dibuat akan menghasilkan keuntungan berlipat kali ganda. • Mengambil pekerja berasaskan komisen tanpa diberi sebarang surat pelantikan secara formal atau kontrak yang menggariskan syarat-syarat pekerjaan. Sebelum seseorang pekerja memulakan urus niaga, mereka dikehendaki mencari bakal pelabur dan mengambil deposit daripada mereka. Jika tidak, mereka mungkin akan dibuang kerja. Dalam kebanyakan kes yang dirujuk kepada Bank Negara Malaysia, pekerja yang gagal mencari pelabur akan bertindak meminjam wang daripada ibu bapa atau ahli keluarga masing-masing semata-mata untuk menunjukkan kebolehan mereka mendapatkan pelabur dan seterusnya dapat kekal di dalam pekerjaan tersebut. Amaran Untuk Pelabur Pengusaha syarikat dagangan mata wang asing haram ini pada kebiasaannya akan cuba meyakinkan para pelabur dengan: • Mengatur strategi pemasaran yang menjanjikan keuntungan yang tinggi dalam masa yang singkat. • Menampilkan imej yang profesional dan bereputasi dengan barisan pekerja yang berpakaian segak, keadaan pejabat yang bercirikan teknologi tinggi dan kemudahan IT yang terkini. Dalam sesetengah kes, pelabur juga dibenarkan untuk mengendalikan akaun mereka di Internet. • Dengan radas urus niaga seperti skrin berita yang menunjukkan pergerakan dalam kadar pertukaran untuk memberi gambaran bahawa suatu perniagaan yang profesional dan sah di sisi undang-undang sedang dijalankan. Para pelabur boleh berdagang sama ada melalui akaun dagangan mereka dengan syarikat tersebut atau melalui wakil yang dilantik oleh syarikat. Pelabur juga dikehendaki menandatangani satu kontrak urus niaga yang biasanya di antara pelabur dan syarikat induk. Dalam kebanyakan kes, pengusaha akan memaklumkan pelabur bahawa mereka perlu menghantar kontrak tersebut ke ibu pejabat syarikat mereka yang berpengkalan di luar negara. Walau bagaimanapun, biasanya kontrak ini dibiarkan tanpa ditandatangani. Dengan ini, sekiranya pelabur tidak berpuas hati dengan urus niaga yang dijalan, tiada tindakan yang boleh diambil terhadap syarikat ini memandangkan tiada perjanjian yang mengikat mereka. Daripada kes-kes yang dilaporkan kepada Bank Negara Malaysia, terdapat dua senario bagaimana pelabur akan kehilangan wang mereka: Senario 1: Biasanya pelabur akan mendapat pulangan yang tinggi ke atas pelaburan permulaan mereka. Ini akan meyakinkan pelabur untuk menambah pelaburan supaya mendapat pulangan yang lebih tinggi lagi. Lama-kelamaan mereka akan kehilangan semua wang yang dilaburkan apabila pemilik syarikat menghilangkan diri secara tiba- tiba. Senario 2: Para pelabur yang telah mengalami kerugian akan diberitahu bahawa sentimen pasaran dijangka akan meningkat. Jika mereka menambah pelaburan, maka mereka akan mendapat balik wang mereka. Yang pastinya ini tidak akan berlaku dan mereka akhirnya akan kehilangan semua wang pelaburan mereka. Bagaimana Untuk Melaporkan Kegiatan Pengiriman Wang Tidak Sah & Sindiket Dagangan Haram Mata Wang Asing Sekiranya anda mengesyaki seseorang terlibat dalam menyediakan perkhidmatan pengiriman wang ke luar negara secara tidak sah atau jika anda telah ditawarkan pekerjaan untuk mencari bakal pelabur atau anda sendiri telah diajak untuk melabur dalam skim pelaburan mata wang asing, anda boleh melaporkannya kepada Bank Negara Malaysia di nombor telefon 03-26985708 atau 1-300-88-5465 (LINK). Sumber : Bank Negara Malaysia 12 • Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected] dari muka 9 .... Sentiasa ingat untuk log keluar • Apabila selesai melaksanakan transaksi perbankan Internet, anda hendaklah terus log keluar. • Padamkan peti ingatan dan sejarah transaksi selepas log keluar untuk menghapuskan sebarang maklumat tentang akaun anda. Ini adalah penting untuk mengelakkan maklumat yang tersimpan daripada diambil oleh pihak yang tidak bertanggungjawab. • Elakkan meninggalkan komputer yang masih beroperasi tanpa pengawasan. Langkah-langkah lain • Jangan biarkan tetingkap pelayar yang lain dalam keadaan terbuka semasa membuat transaksi perbankan dalam talian. • Elakkan mengguna komputer yang dikongsi bersama atau milik awam seperti di kafe Internet untuk mengendalikan transaksi perbankan Internet anda. • Elakkan melakukan transaksi perbankan Internet melalui rangkaian bebas wayar awam percuma (“free public wi-fi/hotspots”) walaupun anda menggunakan komputer peribadi sendiri. • Mengenyahaktifkan ciri-ciri perkongsian fail, fungsi “auto complete” di pelayar sesawang dan mesin pencetak dalam sistem kendalian anda. • Jika anda mempunyai sebarang persoalan tentang keselamatan akaun Internet anda, hubungilah institusi perbankan anda untuk membincangkan isu tersebut, termasuk cara penyelesaiannya. KERAHSIAAN MAKLUMAT PERIBADI ANDA Institusi perbankan dan anda mempunyai peranan dalam memastikan kerahsiaan terjamin. Keselamatan maklumat peribadi dan kewangan anda adalah perkara yang amat penting apabila mengendalikan transaksi perbankan melalui Internet. Kerahsiaan maklumat peribadi pengguna adalah satu unsur penting kepercayaan dan keyakinan orang ramai terhadap sistem perbankan. Pengguna boleh menghubungi Cyber999 (MyCERT-Malaysia Computer Emergency Response Team) melalui talian rasmi ataupun SMS untuk melaporkan ancaman keselamatan internet: Talian Rasmi Cyber999 9:00 AM – 6:00 PM : 1-300-88-2999 24x7 (Kecemasan): +6019 - 266 5850 Sistem Pesanan Ringkas (SMS) Format SMS untuk di hantar ke 15888: CYBER999 REPORT <EMAIL ANDA> <ADUAN> to 15888 Sumber: Bank Negara Malaysia << /ASCII85EncodePages false /AllowTransparency false /AutoPositionEPSFiles true /AutoRotatePages /None /Binding /Left /CalGrayProfile (Dot Gain 20%) /CalRGBProfile (sRGB IEC61966-2.1) /CalCMYKProfile (U.S. Web Coated \050SWOP\051 v2) /sRGBProfile (sRGB IEC61966-2.1) /CannotEmbedFontPolicy /Warning /CompatibilityLevel 1.4 /CompressObjects /Tags /CompressPages true /ConvertImagesToIndexed true /PassThroughJPEGImages true /CreateJDFFile false /CreateJobTicket false /DefaultRenderingIntent /Default /DetectBlends true /ColorConversionStrategy /LeaveColorUnchanged /DoThumbnails false /EmbedAllFonts 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Public Notice
24 Mar 2011
Slides are now available for download: Briefing Sessions on Annual Report 2010 and Financial Stability & Payment Systems Report 2010
https://www.bnm.gov.my/-/slides-are-now-available-for-download-briefing-sessions-on-annual-report-2010-and-financial-stability-payment-systems-report-2010
https://www.bnm.gov.my/documents/20124/761706/03_20110323_analyst_DGMRAK.pdf, https://www.bnm.gov.my/documents/20124/761706/02_20110323_analyst_DGMI.pdf, https://www.bnm.gov.my/documents/20124/761706/01_20110323_press.pdf
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Reading: Slides are now available for download: Briefing Sessions on Annual Report 2010 and Financial Stability & Payment Systems Report 2010 Share: Slides are now available for download: Briefing Sessions on Annual Report 2010 and Financial Stability & Payment Systems Report 2010 Release Date: 24 Mar 2011 Click on the link below to download: Press Conference, 23 March 2011 [PDF, 464K] Briefing to Analysts and Fund Managers, 23 March 2011 : Briefing by Dato' Muhammad bin Ibrahim, Deputy Governor [PDF, 461K] Briefing by Dato' Mohd Razif Abd. Kadir, Deputy Governor [PDF, 374K]© 2024 Bank Negara Malaysia. All rights reserved.
AR2005 Presentation Financial Stability and Payment Systems Report 2010 1 by Dato’ Mohd Razif Abd. Kadir Deputy Governor 23 March 2011 Financial Stability and Payment Systems Report 2010 Briefing to Analysts & Fund Managers Financial Stability and Payment Systems Report 2010 2 Stability of the financial sector was preserved throughout 2010 - strong fundamentals contributed towards efficient financial intermediation - orderly and efficient conditions in financial markets, and payments and settlements systems facilitated trade and domestic activities Financial Stability and Payment Systems Report 2010 3 Financial system continues to be resilient • Strong capital and liquidity buffers • Improved profitability • High asset quality • Have capacity to withstand extreme macroeconomic and financial conditions Banking Sector (%) 2009 Jan’11 Capital Adequacy Risk-Weighted Capital Ratio Core Capital Ratio Capital Buffer (RM bil) 15.4 13.8 64.6 14.1 12.4 60.5 Profitability Return on Assets Return on Equity 1.2 14.0 1.8 19.7 Asset Quality Net Non Performing Loan* Ratio 1.8 2.2 Liquidity Position Liquidity buffer (<1 mth, % of deposits) 18.2 14.8 Insurance/Takaful Sector (%) 2009 2010 Capital Adequacy Capital Adequacy Ratio^ Capital Buffer^ (RM bil) 225.7 18.6 224.6 18.6 Profitability Profit Before Tax (RM bil) 14.7 16.3 * 2011 position based on impairment methodology ^ Conventional industry only Financial Stability and Payment Systems Report 2010 4 Banking system recorded RM22.8 bil in pre-tax profit Conventional Banking System 2010 RM bil 2010 growth Net interest income 27.5 +15.8% Fee/Commission-based income 8.1 +11.2% Net trading & investment gains 7.4 +62.4% Staff cost and overheads 20.2 +14.4% Pre-tax profit 19.7 +37.1% Islamic Banking System 2010 RM bil 2010 growth Net income 6.8 +12.2% Fee/Commission-based income 0.7 +13.7% Net trading & investment gains 0.4 +17.8% Staff cost and overheads 3.6 +56.1% Pre-tax profit 3.1 +16.9% Conventional banking system: PBT of RM19.7 billion Islamic banking system: PBT of RM3.1 billion Financial Stability and Payment Systems Report 2010 5 Life insurance & family takaful: Excess of income over outgo of RM14.1 bil Insurance and takaful sector registered RM16.3 bil in pre-tax profit 2010 Life Insurance Family Takaful Total RM bil growth RM bil growth RM bil growth Net premiums/ contribution 21.9 15.9% 3.3 21.3% 25.2 11.5% Net policy/ certificate benefits 13 9.2% 1.6 75.8% 14.6 14.7% Net Investment income 5.4 10.2% 0.5 42.9% 5.9 11.5% Net unrealised and capital gains 4.2 44.9% 0.01 -83.3% 4.3 46% Excess income over outgo 12.7 16.5% 1.4 -15.6% 14.1 12.1% General insurance & takaful: Operating profits of RM2.2 bil 2010 General Insurance General Takaful Total RM bil growth RM bil growth RM bil growth Gross direct premiums/ contribution 15.2 8.6% 1.4 26.3% 16.6 10% Net claims incurred 6.8 11.5% 0.5 34.5% 7.3 12.3% Net Investment income 0.8 3.9% 0.1 17.7% 0.9 6.2% Net unrealised and capital gains 0.06 -75% 0.04 96.7% 0.1 -68.1% Operating Profit 1.9 2.7% 0.2 12.5% 2.1 3.8% Financial Stability and Payment Systems Report 2010 6 Premiums for insurance sector continued to grow, driven by investment-linked and motor businesses New business premiums for Life and Family Takaful 2.62.22.7 1.9 1.81.3 4.1 3.83.5 0 2 4 6 8 10 2008 2009 2010 RM bil Investment-linked Par-products Non-Par products Annuity Gross Premiums for General Insurance and General Takaful Business 6.05.35.0 2.12.11.9 1.31.21.2 3.4 3.23.0 0 4 8 12 16 2008 2009 2010 RM bil Motor Fire MAT Others Financial Stability and Payment Systems Report 2010 7 Manageable trend in payouts of benefits and claims 6.8 0.9 0 1 2 3 4 5 6 7 8 1H 2H 1H 2H 1H 2H % Total benefits payments (Life Insurance) Total benefit payments (Family Takaful) 2008 2009 2010 80.5 70.8 62.5 59.6 40 50 60 70 80 90 100 1H 2H 1H 2H 1H 2H % Gen. Insurance (Motor) Gen. Takaful (Motor) Gen. Insurance (Total) Gen. Takaful (Total) 2008 2009 2010 Total benefit payments of RM13 bil or 58.1% of premium New motor cover framework that is being formulated to preserve access to affordable motor cover while ensuring its sustainability over the longer term Claims experience in motor continues to remain high Financial Stability and Payment Systems Report 2010 8 Continued access to financing by all sectors • Outstanding banking system financing grew by 13.1% – Continued expansion to all segments, including SMEs • Bank deposits increased by 9.1% – Loan-to-deposit ratio stable at 81.2% • Favourable condition since 2H 2010 facilitated fund raising in PDS market – New corporate debt securities and sukuk issuances of RM76 bil – Danajamin approved RM4.6 bil worth of guarantees Financial System: Outstanding Financing 1,190.21,145.11,120.11,080.9 0 200 400 600 800 1000 1200 1400 Mar Jun Sept Jan 2011 RM bil 6 8 10 12 14 % Large Enterprises SME Household Others Debt securities Annual growth (RHS) Banking System: Deposits 1,091.41,073.3 1,159.41,113.7 0 200 400 600 800 1,000 1,200 1,400 Mar Jun Sept Jan 2011 RM bil 8 8.2 8.4 8.6 8.8 9 9.2 % Business Household Others Annual growth (RHS) Financial Stability and Payment Systems Report 2010 9 Higher new loans to large businesses and SMEs 0 10 20 30 40 50 60 70 80 90 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q RM bil Loans approved - Large Businesses Loans approved - SMEs Loans approved - Households 20102009 • Outstanding loans to businesses grew 10.1% to RM336.9 bil – More moderate growth of 2.8% for SME loans – Adjusting for graduated accounts of business reclassification as large enterprises, SME loans had grew by 11.5% • Bulk of new approvals to: – Manufacturing (RM22 bil) – Construction (RM25.5 bil) – Wholesale & retail (RM18.9 bil) – Real estate activities (RM18.5 bil) Ave. 2009: RM71.7 bil Ave. 2010: RM85.8 bil Financial Stability and Payment Systems Report 2010 10 Overall financing quality remained intact 4.8 3.2 2.2 1.8 2.3 2.2 0 1 2 3 4 5 6 2006 2007 2008 2009 2010 Jan-11 Increase in NPLs reflect adoption of impairment methodology since FYE 2010 5.4 4.9 2.3 2 3 4 5 6 7 8 9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q % Large businesses SMEs Households Stable loans-in-arrears accounted for 4.1% of total loans 0 10 20 30 40 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q RM bil 0 1 2 3 4 5 % 1-<2 month 2-<3 month 1-<2 month (% of total loans) 2-<3 month (% of total loans) Increase in NPLs of large businesses amid adoption of impairment classification under FRS139 2008 2009 2010 2008 2009 2010 • New NPLs average at RM2.4 billion a month • Loan loss coverage at 90.7% Financial Stability and Payment Systems Report 2010 11 Margins rebounded on sustained financing activities and lower impairment provisions 0.3 0.4 0.5 0.6 0.7 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan 2.4 2.5 2.6 2.7 2.8 Net interest margin Gross interest margin (RHS) Percentage point Percentage point 2008 2009 2010 2011 Net interest margins increased to 0.61 ppts Financial Stability and Payment Systems Report 2010 12 Manageable credit risk from business - sustained debt servicing capacity of businesses Profitability continues to uptrend despite moderating interest-coverage ratio 5.7 7.5 5.5 9.7 0 1 2 3 4 5 6 7 8 1Q 2009 2Q 3Q 4Q 1Q 2010 2Q 3Q 4Q % 0 2 4 6 8 10 12 14 Times ROA (Export-related sectors) ROA Interest coverage ratio (Export-related sectors) (RHS) Interest coverage ratio (RHS) Year Downgrades Upgrades Ratio 2009 23 11 2.09 2010 22 15 1.47 Leverage position sustained <50% (Debt-to-Equity Ratio) 44.5 45.6 20 30 40 50 60 1Q 2009 2Q 3Q 4Q 1Q 2010 2Q 3Q 4Q % Source: RAM and MARC Improved downgrade-to-upgrade ratio *Export-related sectors include timber & wood-based products, textiles & apparels, rubber gloves, plantation & agriculture, packaging materials, O&G, furniture, E&E, chemicals & chemical products Financial Stability and Payment Systems Report 2010 13 Rising household indebtedness supported by strong financial buffers… Household Debt-to-GDP Ratio (%) 75.976 50 60 70 80 2006 2007 2008 2009 2010 Household debt-to-GDP ratio unchanged at 75.9% Household financial assets are 2.4 times of household debts Household Financial Assets, Deposits and Debts 0 200 400 600 800 1,000 1,200 1,400 1,600 2006 2007 2008 2009 2010 0 50 100 150 200 250 300 Financial Assets (LHS) Debts (LHS) Fin. Asset-to-Debt Ratio Deposit-to-Debt Ratio RM billion % Financial Stability and Payment Systems Report 2010 14 Composition of HH Financial Assets (RM1,386 bil) Savings with EPF 30% Unit Trust funds 16% Equity Holdings 17% Endowmen t policies 6% Deposits with FIs 31% …and high level of liquid assets, while bulk of borrowings are for purchase of assets Secured financing constitute 64.9% of household debt Composition of HH Financial Debts (RM581 bil) Others 10% Purchase of Securities 5% Auto financing 20% Personal use 15% Credit Card 5% Housing loan 45% Liquid assets accounted for 64.6% of financial assets Financial Stability and Payment Systems Report 2010 15 Personal financing grew 17.5% driven by salary deduction scheme Composition of household debts 15% 8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec- 03 Dec- 04 Dec- 05 Dec- 06 Dec- 07 Dec- 08 Dec- 09 Dec- 10 Others Securities Credit cards Personal use Transport Vehicles Housing Loans • Personal financing (PF) accounted for 14.6% of household debts – Personal financing by banks grew at lower rate of 13% – Account for less than 5% of banks’ loans – NPL ratio of 2.5% • Driven by development financial institutions, cooperatives and building societies – Approx. 80% under salary deduction schemes Financial Stability and Payment Systems Report 2010 16 Household NPLs Ratio (%) 3.2 1.2 2.5 1.9 0.70 1 2 3 4 5 6 7 8 9 2007 2008 2009 2010 Overall Housing loans Car financing Personal use Credit cards Purchase of securities Household loan quality remained intact • Debt servicing capacity of households remains sound – Delinquencies continued to improve – Banking system gross NPL ratio: 2.3% (2009: 3.1%) – LIAs at 4.7% of total banking system loans • Banks maintain prudent loan underwriting standards and risk management practices • Supported by comprehensive credit information system and infrastructure Household Loans in Arrears Ratio (%) 3.9 8.3 5.9 2.8 1.80 2 4 6 8 10 12 14 2007 2008 2009 2010 Financial Stability and Payment Systems Report 2010 17 Comprehensive and pre-emptive strategies to preserve household sector resilience Prudential policies •Loan-to-value ratio of 70% applied to 3rd housing loans onwards •New credit card guidelines •Higher minimum income eligibility from RM18k to RM24k per annum •Limit on no. of cards and credit limit for cardholders earning <RM36k per annum •Increased risk-weights for housing loans with LTV >90% and personal financing with tenure >5 years Intensive supervisory oversight Standards on prudent and responsible lending practices - Suitability and affordability assessments Targeted financial education programme by AKPK - Including advisory and support arrangements Financial Stability and Payment Systems Report 2010 18 Ensuring prudent and responsible conduct for retail financing as part of measures to preserve household sector resilience • Inculcate responsible lending practices by financial institutions in dealing with retail customers • Requirements NOT intended nor expected to hamper credit availability • Key requirements include – Suitability and affordability assessment – Verification of customers' income – Product disclosure sheet to facilitate informed decision making – Compensation of sales and marketing personnel to take into account fair dealing conduct • Complete submissions should not result in processing delays Financial Stability and Payment Systems Report 2010 19 Key contents of product disclosure sheet • Borrowing rate, variable / fixed rate, tenure, repayment structure • Repayment obligation – Installment amount, total repayment (entire duration), changes to installment amount for 100-200bps increase in borrowing rate • Applicable charges – Stamp duty, disbursement fee, processing fee • Implications of non-repayment – Late payment penalty, review of borrowing rate, legal implications • Risk associated with the product • Assistance and redress mechanism Financial Stability and Payment Systems Report 2010 20 Financial markets exhibited enhanced capacity to intermediate larger and more volatile portfolio flows Volatility of asset prices remained low 90-day volatility (%) 0 5 10 15 20 25 30 35 40 Jan- 08 Apr- 08 Jul- 08 Oct- 08 Jan- 09 Apr- 09 Jul- 09 Oct- 09 Jan- 10 Apr- 10 Jul- 10 Oct- 10 KLCI MGS (5-year yield) [RHS] Lehman collapse European sovereign debt crisis Returns-to-turnover ratio was lower, denoting higher resilience Ratio 0.000 0.004 0.008 0.012 0.016 0.020 Jan- 08 Apr- 08 Jul- 08 Oct- 08 Jan- 09 Apr- 09 Jul- 09 Oct- 09 Jan- 10 Apr- 10 Jul- 10 Oct- 10 0 0.1 0.2 0.3 0.4 FBM KLCI MGS [RHS] Ratio Avg 2010: 0.04 Avg 2010: 0.006 Source: Bloomberg Financial Stability and Payment Systems Report 2010 21 Portfolio inflows channeled to more diversified asset classes Bulk of inflows into debt securities with rising equity participation 5 7 9 11 13 15 17 19 M J S D M J S D % 19 20 21 22 23 % Debt securities as % of outstanding Equities as % of market capitalisation (RHS) Strong increase in non-residents' holdings of KLCI and CPO futures 15 20 25 30 35 40 45 M J S D M J S D % 10 15 20 25 30 35 % KLCI futures as % of number of contracts CPO futures as % of number of contracts (RHS) 2009 2010 2009 2010 Financial Stability and Payment Systems Report 2010 22 No material changes in risk-taking by FIs (RM bil) 2008 2009 2010 Dealing Securities 51.7 46.4 69.2 Investment Securities 163.5 199.3 201.6 Shares 1.8 2.2 3.1 MGS 61.4 90.7 84.0 BNM Debt 15.3 14.0 47.2 PDS 59.2 60.1 59.9 (RM bil) 2008 2009 2010 Investment Securities 72.2 87.8 101.7 Shares 12.4 20.0 21.3 MGS 16.2 15.7 22.1 BNM Debt 0.09 0.02 1.23 PDS 43.6 52.1 57.0 • Trading portfolio of banks grew 49.2% in 2010 – Due primarily to higher holdings of BNM papers (+237.1%) Banking System: Securities Portfolio Insurance Sector: Securities Portfolio • Equity holdings increased slightly to 16.5% of assets (2009: 13.5%) • Helps reduce mismatch in returns Financial Stability and Payment Systems Report 2010 23 Rise in market risk exposures of FIs is manageable Banking system: Market Risk Exposure (as % of Capital Base) 0 2 4 6 8 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Equity holdings Foreign currency net open position Duration weighted net position (interest rate risk) 2008 2009 2010 % • FCY exposures edged up to 3.8% of capital base, more active hedging by customers – Stable FCY deposits from non-residents Insurance sector: Components of Market Risk Financial Stability and Payment Systems Report 2010 24 Limited impact from developments in Europe and MENA* • Banks’ exposures at 18.3% of external exposures or 5% of capital base – No adverse spillovers from interbank funding strains in Europe – Regional operations of domestic banks’ unaffected due to strong fundamentals • Counterparty risks to European reinsurers well- contained – High net retention ratio of 71.4% – Reinsurance exposures to Europe only 8.5% of total capital available for general insurance • Under scenario of widespread sovereign default by GIIPS^, potential credit losses will remain below 0.05% and 0.0006% of banks and insurance sectors’ capital buffers respectively Banking System: External Exposures (RM bil, % of cap base) GIIPS (0.1, 0.1) US (0.2, 0.2) Others (2.0, 1.3) Asia (25.7, 17.1)Middle East (2.2, 1.4) Europe (5.3, 3.5) Labuan (5.4, 3.6) Distribution of Premium Income 0% 20% 40% 60% 80% 100% Direct Insurers Domestic Reinsurers Offshore Reinsurers Foreign Reinsurers* MENA – Middle East and North Africa ^ GIIPS – Greece, Ireland, Italy, Portugal and Spain Financial Stability and Payment Systems Report 2010 25 Domestic banking groups have presence in 19 countries worldwide with a higher share of overseas assets and income MBB, RHB, Public, HL MBB MBB, CIMB, RHB, HL, AM MBB, CIMB, AM CIMB, RHB Public CIMB MBB, CIMB, Public MBB, CIMB, Public, HL, AM MBB, CIMB, Public, HL Expanded overseas presence of domestic banking groups in East Asia Malaysian financial institutions have continued to strengthen their regional presence Intensified domestic competition Rising needs of internationalisation of local firms Greater trade & investment linkages Growth opportunities in new markets Key Drivers for Expansion Abroad 2002 2010 Assets RM3.3 bil RM258 bil Revenue -4.3% 16.7%* * 2009 Enhanced capacity to expand overseas Financial Stability and Payment Systems Report 2010 26 Overseas operations remained well capitalised Banking System: Assets of Overseas Operations (and # of establishments) 0 20 40 60 80 100 120 Si ng ap or e In do ne si a Ch in a La bu an H on g Ko ng Th ai la nd O th er s RM bil 6 4 3 9 7 2 19 SMEs 39% Personal 6% Others 12% Mortgage 13% Corporate 30% Banking System: Loan Composition of Overseas Operations Key Financial Soundness Indicators RWCR: 11.9% - 33.6% Overall NPL ratio: 3.3% Overall RoA: 1.0% Financial Stability and Payment Systems Report 2010 27 Islamic banks: Effective management of displaced commercial risk • Total deposits grew 15.7% to RM218.4 bil – 33% of deposits are mudharabah general investment accounts • Active management of displaced commercial risk – Profit equalisation reserves of RM126.6 mil Profit Equalisation Reserve 0 50 100 150 200 250 300 350 J A J O J A J O J A J O J A J O J RM mil 2007 2008 2009 2010 Financial Stability and Payment Systems Report 2010 28 Islamic banks: Active management of repricing gap risk • 63.8% of assets on fixed-rate • Risks increasingly hedged by Islamic Profit Rate Swap (IPRS) • Variable rate financing e.g. musharakah mutanaqisah (diminishing partnership) and ijarah (leasing) contracts increasing in volume – Increased by 44.1% to RM58.6 bil 0 20 40 60 80 100 120 J A J O J A J O J A J O J A J O RM bil Fixed Rate Financing Floating Rate Financing Islamic Banking System: Fixed and Floating rate Financing 2007 2008 2009 2010 Murabahah and BBA 48% Ijarah 30% Musharakah and mudharabah 3% Others 19% Composition of Financing by Islamic Contract Financial Stability and Payment Systems Report 2010 29 Strengthened governance and decision making framework for financial stability Financial Stability Executive Committee • High level committee established under s.37 of CBA 2009 to review and decide on the Bank’s recommendations to manage risks to financial stability • Entities outside regulatory perimeter of the Bank • Resolution of systemically important financial institutions • Involves public funds Financial Stability Policy Committee (within the Bank) • Maintaining price stability while giving due regard to the developments in the economy • Formulation of monetary policy and policies for the conduct of monetary policy operations • Risk assessment • Macroprudential responses • Microprudential responses • Supervisory interventions Recommendations with systemic implications Monetary Policy Committee (within the Bank) Joint meeting for effective deliberation and consideration of macroprudential measures to safeguard financial and macroeconomic stability Resolution of individual FI by PIDM Financial Stability and Payment Systems Report 2010 30 Foundations for financial stability were further strengthened Enhanced robustness of risk management, stress testing and capital management More effective governance in financial institutions Strengthened cross- border supervisory cooperation Strengthened prudential standards for Islamic finance Enhanced protection for depositors and policyholders Adoption of more advanced capital approaches under Basel II Financial Stability and Payment Systems Report 2010 31 Share premium 14.6% Ordinary share capital 22.9% Retained profits 19.5% Others 6.1% Stat reserve fund 14.9% General provisions 7.1% Sub debt capital 14.8% Composition of Insurance and Takaful Sector Capital High quality capitalisation with >RM80 bil financial buffers Composition of Banking Sector Capital Valuation surplus in fund 30% Retained profits 11% Tier-2 less deductions 10% 50% of future bonuses 35% Fully paid up capital 11% Share premiums 3% More than 70% of the financial sector’s total capital comprise of equity, reserves and retained profits Financial Stability and Payment Systems Report 2010 32 Malaysian banking system well-positioned to meet Basel III requirements • Strong and high quality of bank capital • Minimum liquidity standards have been in place since 2000 – Banks to further strengthen buffers going forward – Currently, banks have liquidity buffer of 14.8% (maturities <1 month) • Implementation strategy for Basel III to be communicated to industry in 2011 – Consider specific characteristics of domestic market – Minimise impact on bank lending and economic growth Common equity Tier 1 capital Total capital Leverage Minimum requirement 4.5% 6% 8% 3% Minimum requirement + conservation buffer 7% 8.5% 10.5% - Estimated current position of banking system 9.3% 10.8% 14.5% 5.9% Financial Stability and Payment Systems Report 2010 33 Malaysian financial sector increasingly integrated with the global financial system facilitating our economic linkages with the world Financial Liberalisation Collaborative Arrangements Free Trade Agreements Various Avenues for Increased Internationalisation of the Malaysian Financial Sector Push for areas that can further interests of Malaysian financial institutions overseas Regulatory & supervisory cooperation Capacity building & human capital development Currency swap agreements New players with significant value propositions to contribute to economic and financial development Increased diversity of financial institutions operating onshore Liberal foreign exchange policies to facilitate foreign investment Ensure sufficient safeguards to preserve economic & financial stability + 4 new family takaful licences were issued on 1 Sept 2010 Financial Stability and Payment Systems Report 2010 34 34 Malaysia maintains a leading role in development of Islamic finance Malaysia tops global league tables in sukuk equity and fund management Source: “Gateway to Asia: Malaysia, international Islamic finance hub” by Pricewaterhouse Coopers 2010 …and home to largest sukuk market Global Sukuk Outstanding by Country* USD148 billion *Source: Bloomberg Professional Services Terminal, as at end-2010 Malaysia 66% Indonesia 4% Offshore Centres 16% Others 1% Saudi 7% Bahrain 2% UAE 4% Singapore 0.1% (USD94 billion) Financial Stability and Payment Systems Report 2010 35 Outlook for domestic financial stability in 2011 remains positive • Risks to financial stability largely externally driven • Pre-emptive measures and strong financial buffers ensure that financial system is well-placed with capacity and flexibility to respond to emerging risks • Macrosurveillance and supervisory activities in 2011 will focus on: – Ensuring prudent and responsible risk-taking and market conduct by FIs – Ensuring resilience and robustness of major payment and settlement systems – Active engagement in global regulatory and accounting reforms – Further strengthening of regulatory laws and prudential guidelines – Promoting closer domestic, regional and global cooperation and coordination Financial Stability and Payment Systems Report 2010 36 Moving forward… The new financial sector blueprint will build on the strong foundations of the Malaysian financial system to: – remain resilient in withstanding any potential disruptions in the financial system and broader economy; – to best serve the needs of a high value-added and high income economy; while further promoting financial inclusion and regional financial integration. Slide Number 1 Stability of the financial sector was preserved throughout 2010��- strong fundamentals contributed towards efficient financial intermediation��- orderly and efficient conditions in financial markets, and payments and settlements systems facilitated trade and domestic activities Financial system continues to be resilient Banking system recorded RM22.8 bil in pre-tax profit Insurance and takaful sector registered RM16.3 bil in pre-tax profit Premiums for insurance sector continued to grow, driven by investment-linked and motor businesses Manageable trend in payouts of benefits and claims Continued access to financing by all sectors Higher new loans to large businesses and SMEs Overall financing quality remained intact Margins rebounded on sustained financing activities and lower impairment provisions Manageable credit risk from business�- sustained debt servicing capacity of businesses Rising household indebtedness supported by strong financial buffers… …and high level of liquid assets, while bulk of borrowings are for purchase of assets Personal financing grew 17.5% driven by salary deduction scheme Household loan quality remained intact Comprehensive and pre-emptive strategies to preserve household sector resilience Ensuring prudent and responsible conduct for retail financing as part of measures to preserve household sector resilience Key contents of product disclosure sheet Financial markets exhibited enhanced capacity to intermediate larger and more volatile portfolio flows Portfolio inflows channeled to more diversified asset classes No material changes in risk-taking by FIs Rise in market risk exposures of FIs is manageable Limited impact from developments in Europe and MENA* Slide Number 25 Overseas operations remained well capitalised Islamic banks: Effective management of displaced commercial risk Islamic banks: Active management of repricing gap risk Strengthened governance and decision making framework for financial stability Foundations for financial stability were further strengthened High quality capitalisation with >RM80 bil financial buffers Malaysian banking system well-positioned to meet Basel III requirements Slide Number 33 Slide Number 34 Outlook for domestic financial stability in 2011 remains positive Moving forward… Slide 1 1 by Dato' Muhammad bin Ibrahim Deputy Governor 23 March 2011 BNM Annual Report 2010 & Financial Stability and Payment Systems Report 2010 Briefing to Analysts & Fund Managers 2 Briefing to cover: • Economic and financial developments in 2010 • Prospects for 2011 • Policy Direction 3 Malaysian economy expanded strongly by 7.2% in 2010 • Growth driven mainly by robust domestic demand and primarily by private sector activity • Public sector continued to play a crucial role in supporting the domestic economy in 2010 • External demand, which rebounded strongly in the first half of the year, moderated in the second half-year in tandem with the moderation in global trade Annual change (%) 2009 2010p Domestic demand -0.5 6.3 Private consumption 0.7 6.6 Public consumption 3.1 0.1 Gross fixed capital formation Private investment Public investment -5.6 -17.2 8.0 9.4 13.8 5.5 Net exports 5.0 -24.2 Exports of G&S -10.4 9.8 Imports of G&S -12.3 14.7 Real GDP -1.7 7.2 Source: Department of Statistics, Malaysia p preliminary 4 Strong growth in all sectors, in line with the robust domestic demand and rebound in exports Annual change (%) 2009 2010p Agriculture 0.4 1.7 Mining -3.8 0.2 Manufacturing -9.4 11.4 Construction 5.8 5.2 Services 2.6 6.8 Real GDP -1.7 7.2 Source: Department of Statistics, Malaysia p preliminary 5 2009 2010p RM billion Current Account 112.1 90.5 % of GNI 17.5 12.2 Goods 141.7 136.6 Services 4.7 0.9 Income -14.6 -25.2 Capital Account -0.2 -0.2 Financial Account -80.2 -21.9 Direct Investment -22.9 -15.0 In Malaysia 5.0 27.6 Abroad -27.9 -42.6 Portfolio Investment -1.7 44.9 Financial Derivatives 2.5 -0.8 Other Investment -58.1 -51.1 E & O -17.9 -71.1 Rev. Gain (+)/Loss (-) 10.7 -32.6 Overall Balance 13.8 -2.6 Reserves (USD billion equivalent) 331.3 96.7 328.6 106.5 … negligible e/ estimate Overall balance of payments remained strong in 2010 • Current account surplus narrowed to 12.2% of GNI • Financial account recorded smaller net outflow due to higher portfolio and FDI inflows • Reserves remained high at USD110.4 billion at 15 March 2011 p preliminary Source: Department of Statistics, Malaysia 6 Higher foreign direct investment and direct investment abroad in 2010 • Higher FDI inflows - Improved global and domestic economic conditions - Better corporate earnings -5 5 15 25 35 45 55 2008 2009 2010p RM billion • Direct investment abroad (DIA) was also higher - Malaysian companies continued to tap profitable opportunities in other regions - Outflows into services, oil and gas and manufacturing … negligible e/ estimate Source: Department of Statistics, Malaysia p preliminary Net FDI Net DIA 7 The rise of economic integration in East Asia has benefited Malaysia through trade and investment channels Others 33% Indonesia 15% Singapore 18% Euro Area 6% United Kingdom 5% Australia 13% Asia 43% 0 10 20 30 40 50 60 East Asia Advanced economies Rest of the World % 1980 2000 2010 Almost half of investment abroad by Malaysian companies is in Asia East Asia is now Malaysia’s main export market Malaysia’s Gross Exports: Composition of Major Export Markets Source: BNM Annual Report 2010, White Box: Rise of Economic Integration in East Asia: The Malaysian Perspective Other Asian countries, 13.5% Asian NIEs, 3.1% Cumulative Net DIA Flows by Sector 2008 – 2010 (RM120.8 billion) 8 External debt remained low • External debt declined to RM226.3 billion (equivalent to 30.2% of GNI) • Lower medium- and long- term debt due to: - revaluation gains following appreciation of ringgit and; - net repayment position of the private sector • Short-term debt increased but remains manageable end-Dec 2009 end-Dec 2010 RM billion Total External Debt 233.1 226.3 (USD bn equiv.) 67.4 72.6 Medium- and long-term 155.4 146.9 Short-term 77.8 79.4 % External Debt/GNI 35.1 30.2 Short-Term Debt /Reserves 23.5 24.2 … negligible e/ estimate Source: Ministry of Finance, Malaysia and Bank Negara Malaysia 9 Labour market conditions improved in 2010 following strong gains in employment 239 179 44 153 3.2 3.7 3.33.2 0 50 100 150 200 250 300 2007 2008 2009 2010e 0 1 2 3 4 Net job creation Unemployment rate (RHS) No. of jobs ('000) % of labour force Source: Economic Planning Unit and Ministry of Human Resources Higher net job creation & lower unemployment rate in 2010 While retrenchments declined significantly 0 5 10 15 20 25 30 2007 2008 2009 2010 Total retrenchments Mfg Non-mfg Person (‘000) 10 Inflation was modest in 2010 Contribution to Inflation -2 -1 0 1 2 All Items Food & non-alco bev Transport Housing, water, elec, gas Misc. goods & services Alco bev & tobacco Recreation serv & culture Restaurants & hotels Education Furnishings & household eq. Health Communication Clothing & footwear percentage points 2009 2010 • Inflation edged to 1.7% in 2010 (2009: 0.6%), reflecting increases in the food and transport Malaysia CPI, % -15 -10 -5 0 5 10 15 20 Ju l-0 7 O ct -0 7 Ja n- 08 Ap r- 08 Ju l-0 8 O ct -0 8 Ja n- 09 Ap r- 09 Ju l-0 9 O ct -0 9 Ja n- 10 Ap r- 10 Ju l-1 0 O ct -1 0 Annual growth, % Headline inflation Core inflation Supply- related inflation 11 Financing conditions expected to remain favourable Net financing growth sustained… 3 6 9 12 15 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 S ep -0 9 N ov -0 9 Ja n- 10 M ar -1 0 M ay -1 0 Ju l-1 0 S ep -1 0 N ov -1 0 Annual change (%) Loan growth: 12.7% Net financing growth: 11.3% Total Financing 30 40 50 60 70 80 90 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Businesses Households Loans Applications by Businesses and Households RM billion 20102009 …supported by robust demand for loans from businesses and households 12 Domestic equity market had sustained growth in line with regional trends KLCI and Bursa Malaysia sectoral indices 80 100 120 140 160 180 200 220 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 S ep -0 9 N ov -0 9 Ja n- 10 M ar -1 0 M ay -1 0 Ju l-1 0 S ep -1 0 N ov -1 0 Ja n- 11 M ar -1 1 Index (Jan 2009=100) Finance Industrial KLCI Plantation Construction Performance of Major Indices (% growth) 87.0 63.2 63.0 49.7 45.2 23.5 64.5 78.3 22.1 52.0 19.0 46.1 40.6 37.6 21.9 19.3 12.8 10.1 9.6 9.0 5.3 -3.0 -20 0 20 40 60 80 100 Indonesia Thailand Philippines Korea Msia US Singapore Taiwan UK HK Japan % 2010 2009 13 -20 -15 -10 -5 0 5 10 15 20 AUD JPY THB SGD PHP IDR CNY KRW USD GBP EUR 2010 2009-21.7% 20.6% Ringgit performance driven by external and domestic developments • MYR appreciated against most currencies in 2010 following a relatively subdued performance in 2009 • Despite volatile capital flows, ringgit adjustments have been orderly MYR performance against selected currencies in 2009 and 2010 % MYR appreciation% MYR depreciation 14 The impact of ringgit appreciation on the economy has been manageable 0% 5% 10% 15% 20% 25% 30% 35% 40% Favourable Neutral Unfavourable 0% 5% 10% 15% 20% 25% 30% 35% 40% Favourable Neutral Unfavourable Quarterly sectoral survey* 4Q 2010 Impact of ringgit appreciation on profit margins Impact on profit margin thus far Impact on profit margin if ringgit appreciates further * Based on a survey of 177 companies, of which 109 are manufacturing, 43 non-financial services and 25 Constructions 15 Measures undertaken to allow more efficient management of foreign financial transactions To allow more efficient management of foreign transactions, several measures have been undertaken, including: • Allow settlements in local currencies • Facilitate hedging activities by residents • Allow unlimited holding of foreign currency accounts • Allow settlement of transactions in foreign currency by exporters and importers 16 Prospects for 2011 17 Global growth projection for 2011 Challenge for global economy going into 2011 is sustaining growth with job creation Source: National authorities, IMF World Economic Outlook, January 2011 Update 2009 2010 2011f Annual change (%) World GDP -0.6 5.0 4.4 World Trade -10.7 12.0 7.1 US -2.6 2.8 3.0 Euro area -4.1 1.7 1.5 Japan -6.3 3.9 1.6 Developing Asia 1/ 7.0 9.3 8.4 China 9.2 10.3 9.6 ASEAN-5 2/ 1.7 6.7 5.5 Note: Forecasts for 2011 are IMF’s projections 1/ IMF: Asia ex-NIEs 2/ IMF: Indonesia, Malaysia, Philippines, Thailand and Vietnam • Significant improvement in 2010 • Continued recovery in advanced economies although growth remains slow • Strong growth in emerging economies, particularly in Asia underpinned by domestic demand and recovery in world trade • More recently, rising commodity and energy prices are leading to higher global inflation 18 Global growth mainly from EMEs in 2011 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 19 80 19 81 19 82 19 83 19 84 19 85 19 86 19 87 19 88 19 89 19 90 19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 f -80 -60 -40 -20 0 20 40 60 80 100 120 140 160Advanced economies EM: Africa EM: Asia EM: Eastern Europe EM: Middle East EM: Latin America EM: CIS EME contribution to global growth (RHS) Contribution to world growth, p.p. share of world growth. % Source: IMF World Economic Outlook Note: CIS is the Commonwealth of Independent States, formerly Soviet republics While accounting for 47% of global economy, emerging economies expected to contribute more than 70% of global growth 19 3 5 7 9 11 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 0 1 2 3 4 5 6 US Euro area UK Japan (RHS) %% -14 -12 -10 -8 -6 -4 -2 0 2 2001 2003 2005 2007 2009 -12 -10 -8 -6 -4 -2 0 % of GDP % of GDP Advanced economies still need to address structural problems -10 -5 0 5 10 15 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 -4 -3 -2 -1 0 1 2 3 4 5 6 %% Restrained credit conditionsHigh unemployment rate High fiscal deficit1 32 Source: National authorities, Haver, IMF Unemployment rate (%) Fiscal deficit, % of GDP Credit to private sector, growth 20 0 1 2 3 4 5 6 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 Index 0 1 2 3 4 5 6 7Index Korea Singapore Hong Kong China C. Taipei (RHS) Thailand (RHS) -30 -20 -10 0 10 20 30 40 50 D ec -0 7 A pr -0 8 A ug -0 8 D ec -0 8 A pr -0 9 A ug -0 9 D ec -0 9 A pr -1 0 A ug -1 0 D ec -1 0 -15 -10 -5 0 5 10 15 20 25 Regional economies supported by resilient domestic demand -10 0 10 20 30 40 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 -8 -4 0 4 8 12 16 yoy,% Continued access to creditRising retail salesUnemployment trending down1 32 Source: National authorities, Haver Unemployment rate Lending growth * Note: * Refers to loans as reported in banks’ balance sheet, except for Indonesia which refers to loans outstanding Indonesia yoy,%Retail salesyoy,% yoy,% 21 -3 -2 -1 0 1 2 3 4 5 6 7 8 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 Rising commodity prices have increased the risk to higher global inflation 0 50 100 150 200 250 300 350 400 450 500 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 Metals Crude oil Food US Euro UK East Asia-9 …driving up inflation in most economies Index (Jan ’03 = 100) Yoy (%) Rising commodity prices amid supply disruptions and geopolitical tensions… 22 Different degrees of monetary policy response 0 2 4 6 8 10 2008 2009 2010 2011 PR China Thailand Indonesia Korea % Malaysia Ch Taipei 0 1 2 3 4 5 6 2008 2009 2010 2011 % US Euro area UK Japan …while most regional economies have started to normalise or tighten since 2010 Some advanced economies are expected to begin to normalise rates this year… Key interest rates, % Key interest rates, % 23 Global shifts in liquidity: Volatile capital flows… Large capital inflows driven by growth differentials and the search for yield… 0 4 8 12 16 20 C. Taipei Thailand India Malaysia Singapore Philippines Korea Indonesia PR China 2009 2010 Total flows into equity and bond markets USD billion Source: EFPR 0 50 100 150 200 Hong Kong P.R China Malaysia Singapore Korea C. Taipei Philippines Thailand Indonesia Stock market Property prices % change from end-2008 till end-2010 Stock market and property price performance …driving stock and property prices higher 1 1/ till 3Q 10 for property prices Source: Haver and Bloomberg 24 …prompting measures to manage these flows Measures introduced in the region to manage capital flows Hong Kong SAR & Singapore Philippines Indonesia Thailand Chinese Taipei Korea PR China Limit capital inflows – capital account measures Prudential & liquidity measures (macroprudential) Greater flexibility for capital outflows (liberalisation) Administrative measures (real estate) 25 The Malaysian economy is projected to grow by 5% − 6% in 2011 -2 -1 0 1 2 3 4 5 6 7 8 20 05 20 06 20 07 20 08 20 09 20 10 p 20 11 f Annual change (%) Source: Department of Statistics, Malaysia and Bank Negara Malaysia 5.0% 6.0% 7.2% p preliminary f forecast • Slower growth in 1H 2011 – High base in 1H 2010, particularly for exports and investment – Lower demand for electronic exports • Growth is expected to improve in 2H – Stronger expansion of domestic demand, particularly, private consumption and investment – Higher exports 26 Strong growth in domestic demand to be driven by private sector activity 2010p 2011f 2010p 2011f Annual change (%) Contribution to growth (p.p) Domestic demand 6.3 6.7 5.6 6.0 Private sector 7.8 7.4 4.9 4.7 Consumption 6.6 6.9 3.6 3.7 Investment 13.8 9.7 1.4 1.0 Public sector 2.5 5.1 0.6 1.3 Consumption 0.1 7.2 0.0 1.0 Investment 5.5 2.7 0.6 0.3 Net exports -24.2 2.3 -3.3 0.2 Exports of G&S 9.8 2.7 10.5 3.0 Imports of G&S 14.7 2.8 13.8 2.8 Real GDP 7.2 5.0~6.0 7.2 5.0~6.0 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast • Private domestic demand to be the main growth driver - Strong private consumption - Rising investment activity • Public sector to remain supportive of growth 27 Strong expansion in private consumption Stronger expansion in consumer spending supported by: – Favourable labour market conditions – Rising disposable incomes – Sustained consumer confidence – Continued access to credit p preliminary f forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia Real private consumption 9.1 6.8 8.5 0.7 6.9 10.5 6.6 0 2 4 6 8 10 12 2005 2006 2007 2008 2009 2010p 2011f Annual change (%) 28 Household expenditure on discretionary items has increased in recent years 0 2 4 6 8 10 12 14 Miscellaneous goods & services Restaurants & hotels Communication Recreation & culture % of total household consumption 2005-09 2000-04 • The changing patterns of household spending reflected mainly growing affluence, supported by - Steady rise in disposable income - Accumulation of wealth • Other key factors - Favourable demographic (i.e. young and large working-age population) - Increased financial deepening and inclusion - Technological developments Source: Department of Statistics, Malaysia 29 Labour market conditions expected to remain favourable in 2011 3.2 3.5 3.3 3.2 3.3 3.7 3.2 0 1 2 3 4 2005 2006 2007 2008 2009 2010e 2011f 0 1 2 3 4 5 Annual change (%) Unemployment rate (% of labour force) Source: Economic Planning Unit • Unemployment rate to remain stable at 3.2% in 2011 - supported mainly by growth in domestic-oriented sectors e Estimate f Forecast Employment (RHS) Labour force (RHS) Unemployment rate 30 Strong performance in private investment Annual change (%) 2009 2010p 2011f Real private investment -17.2 13.8 9.7 • Increased capital spending in all economic sectors - Key sectors: services, manufacturing and mining • Factors supporting private investment: - Expansion of new growth areas - Strengthening domestic demand - Implementation of Government initiatives - Sustained business confidence Nominal Private Investment 0 10 20 30 40 50 60 70 80 90 2006 2007 2008 2009 2010p 2011f RM billion Agriculture Mining Manufacturing Construction Services Source: Department of Statistics, Malaysia and Bank Negara Malaysia 62.1 76.6 79.8 65.2 76.9 86.9 p preliminary f forecast 31 FDI to increase further in 2011 • Higher net inflows of FDI in 2011 - Better corporate earnings - Rising business confidence - Further improvement in global FDI flows - Liberalisation - Implementation of Government ETP projects • Inflows channeled mainly into the manufacturing, services, and oil and gas sectors Net FDI inflows into Malaysia 29.5 24.1 5.0 27.6 32.4 0 10 20 30 40 50 2007 2008 2009 2010p 2011f RM billion p preliminary f forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia 32 Positive trends in private investment are expected to continue moving forward Source: Department of Statistics, Malaysia, Bank Negara Malaysia Two distinct changes can be observed in the recent decade • Increasing diversity in the investment spending across the various economic sectors • More capital expenditure channelled into higher value-added, technologically-intensive projects across the different sectors of the economy - Manufacturing: Renewable energy, high- end electronic products, machinery and equipment, medical devices industry - Services: Shared services and outsourcing, communication and transport & storage infrastructure Nominal Private Investment 0% 20% 40% 60% 80% 100% 2000 2010p/ Agriculture Mining Manufacturing Construction Services 25.5 1.1 64 3.2 6.1 30.7 % share 3.6 54.7 6.6 4.4 Sectoral distribution of private investment has become more diversified 33 Public sector will remain supportive of domestic economic activity 2010p 2011f Annual change (%) Public sector 2.5 5.1 Consumption 0.1 7.2 Investment 5.5 2.7 Contribution to growth (p.p) Public sector 0.6 1.3 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 34 External trade to expand in 2011 • Exports – Moderation from the high base of 2010, particularly in manufactured exports – But, strong support from commodity exports due to higher prices and sustained regional demand • Imports – Modest growth in intermediate imports – Growth in capital and consumption imports reflects strong domestic demand Annual change (%) 2010p 2011f Gross exports 15.6 5.4 Manufactured 13.0 4.4 E&E 9.9 3.7 Non-E&E 17.3 5.2 Commodities 26.9 10.1 Agriculture 30.8 12.4 Minerals 23.4 8.0 Gross Imports 21.7 5.7 Capital 16.2 10.3 Intermediate 22.1 5.3 Consumption 10.1 8.4 Trade balance (RM bn) 110.2 114.6 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 35 Current account to remain in surplus • Larger trade surplus supported by higher commodity exports • Services surplus, benefiting from higher tourism receipts • Lower income deficit - Higher earnings by Malaysian companies investing abroad - Lower repatriation of profits and dividends by MNCs Widening current account surplus -50 -20 10 40 70 100 130 160 190 220 2007 2008 2009 2010p 2011f RMb -5 0 5 10 15 20 % GNI Goods Services Income Current transfers Current Account, % GNI (RHS) 12.5%12.2% RM90.5b RM100.7b Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 36 Annual change (%) 2010p 2011f Agriculture 1.7 3.4 Mining 0.2 2.0 Manufacturing 11.4 5.7 Construction 5.2 5.4 Services 6.8 5.9 Real GDP 7.2 5.0 ~ 6.0 Broad-based growth across all sectors • Supported mainly by the continued growth of domestic economic activity • Trade-related services and export-oriented manufacturing industries to record slower growth in line with the expected moderation in external demand Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 37 Headline inflation to range between 2.5 – 3.5% in 2011 Inflation Forecast 2011 0 1 2 3 4 5 6 2005 2006 2007 2008 2009 2010 2011/f Annual growth (%) 2.5 – 3.5% • Driven mainly by higher global commodity and energy prices, inflation is expected to increase in 2011. • This trend is similar to other regional economies Regional Countries Headline Inflation Forecast 3.8% 3.3% 1.7% 2.8% 3.0-5.0% 3.0-5.0% 2.5-3.5% 3.0-4.0% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Singapore Malaysia Thailand Phillippines Annual growth (%) 2010 2011 forecast Note: Inflation forecast refer to the central bank official forecast 38 Malaysia has adopted a comprehensive approach to manage inflationary pressures from commodity prices In addition to macroeconomic policies, other measures taken are • Increasing food production and its distributional efficiency • Promoting greater energy efficiency by households and industry • A more gradual subsidy rationalisation programme • Providing income support to targeted groups 39 Monetary policy in 2011 will remain supportive of growth, while managing risks to inflation 2.75% 2.50% 2.0% 3.5% 2.25% 1.5 2.0 2.5 3.0 3.5 4.0 Ju n- 08 A ug -0 8 O ct -0 8 D ec -0 8 Fe b- 09 A pr -0 9 Ju n- 09 A ug -0 9 O ct -0 9 D ec -0 9 Fe b- 10 A pr -1 0 Ju n- 10 A ug -1 0 O ct -1 0 D ec -1 0 % Overnight Policy Rate (OPR) • Given improved economic outlook, the OPR was adjusted in 2010 to – Normalise monetary conditions – Prevent the risk of financial imbalances • For 2011, focus of monetary policy is to manage the risk of a more modest growth and higher inflation – Monetary policy has the flexibility to remain accommodative – The degree of accommodation may however, need to be reviewed to ensure sustainable economic growth 40 Two-way capital flows expected to continue • In 2010, the capital inflows to Malaysia went into both the bond and equity markets • Strong economic fundamentals and positive prospects will continue to attract portfolio inflows • But this is likely to be interrupted by intermittent reversals driven by external events -15 -10 -5 0 5 10 15 20 25 Q1 Q2 Q3 2009 Q4 Q1 Q2 Q3 2010 Q4 Net Portfolio Investment into Malaysia RM billion Source: Department of Statistics Malaysia Cumulative net equity fund flows (since Jan 07) -40 0 40 80 120 160 200 D ec -0 6 A pr -0 7 A ug -0 7 D ec -0 7 A pr -0 8 A ug -0 8 D ec -0 8 A pr -0 9 A ug -0 9 D ec -0 9 A pr -1 0 A ug -1 0 D ec -1 0 USD billion -0.5 0.0 0.5 1.0 1.5 2.0 2.5 USD billion All Emerging Markets (LHS) Malaysia (RHS) 07 Source: Emerging Portfolio Fund Research Global 41 Large inflows have also led to increases in international reserves Net International Reserves (Jan’08 - Mar’11) 110.4 130.5 80 90 100 110 120 130 140 Ja n- 08 A pr -0 8 Ju l-0 8 O ct -0 8 Ja n- 09 A pr -0 9 Ju l-0 9 O ct -0 9 Ja n- 10 A pr -1 0 Ju l-1 0 O ct -1 0 Ja n- 11 USD bn Deleveraging activities by international investors Resumption of capital inflows Source: BNM • Large inflows have led to increases in international reserves – Since the resurgence of capital inflows in 2H 2009, net international reserves at USD110.4 bn in 15 March-11. – During previous episode in Aug- 08: USD130.5 bn 42 Capital flows currently well intermediated • More diversified and developed financial system has helped to intermediate the capital flows • Managed float regime has the necessary flexibility for the exchange rate to adjust to changing conditions • Wider range of instruments for effective monetary operations • Rigorous surveillance and information systems • Stronger fundamentals and a healthy level of international reserves • Closer cooperation and communication among central banks Large inflows have increased liquidity in the domestic financial system but, this has been well managed Slide Number 1 Briefing to cover: Malaysian economy expanded strongly by 7.2% in 2010 Strong growth in all sectors, in line with the robust domestic demand and rebound in exports Overall balance of payments remained strong in 2010 Higher foreign direct investment and direct investment abroad in 2010 The rise of economic integration in East Asia has benefited Malaysia through trade and investment channels Slide Number 8 Labour market conditions improved in 2010 following strong gains in employment Inflation was modest in 2010 Financing conditions expected to remain favourable Domestic equity market had sustained growth in line with regional trends Slide Number 13 The impact of ringgit appreciation on the economy has been manageable Measures undertaken to allow more efficient management of foreign financial transactions Slide Number 16 Slide Number 17 Global growth mainly from EMEs in 2011 Advanced economies still need to address structural problems Regional economies supported by resilient domestic demand Rising commodity prices have increased the risk to higher global inflation Different degrees of monetary policy response Global shifts in liquidity: Volatile capital flows… …prompting measures to manage these flows The Malaysian economy is projected to grow by 5% − 6% in 2011 Strong growth in domestic demand to be driven by private sector activity Strong expansion in private consumption Household expenditure on discretionary items has increased in recent years Labour market conditions expected to remain favourable in 2011 Strong performance in private investment FDI to increase further in 2011 Slide Number 32 Public sector will remain supportive of domestic economic activity External trade to expand in 2011 Current account to remain in surplus Broad-based growth across all sectors Headline inflation to range between 2.5 – 3.5% in 2011 Malaysia has adopted a comprehensive approach to manage inflationary pressures from commodity prices Monetary policy in 2011 will remain supportive of growth, while managing risks to inflation Two-way capital flows expected to continue Large inflows have also led to increases in international reserves Capital flows currently well intermediated Slide 1 1 Taklimat Laporan Tahunan 2010 dan Laporan Kestabilan Kewangan dan Sistem Pembayaran 2010 Gabenor Bank Negara Malaysia 23 Mac 2011 2 Global growth projection for 2011 Challenge for global economy going into 2011 is sustaining growth with job creation Source: National authorities, IMF World Economic Outlook, January 2011 Update 2009 2010 2011f Annual change (%) World GDP -0.6 5.0 4.4 World Trade -10.7 12.0 7.1 US -2.6 2.8 3.0 Euro area -4.1 1.7 1.5 Japan -6.3 3.9 1.6 Developing Asia 1/ 7.0 9.3 8.4 China 9.2 10.3 9.6 ASEAN-5 2/ 1.7 6.7 5.5 Note: Forecasts for 2011 are IMF’s projections 1/ IMF: Asia ex-NIEs 2/ IMF: Indonesia, Malaysia, Philippines, Thailand and Vietnam • Significant improvement in 2010 • Continued recovery in advanced economies although growth remains slow • Strong growth in emerging economies, particularly in Asia underpinned by domestic demand and recovery in world trade • More recently, rising commodity and energy prices are leading to higher global inflation 3 Global growth mainly from EMEs in 2011 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 19 80 19 81 19 82 19 83 19 84 19 85 19 86 19 87 19 88 19 89 19 90 19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 f -80 -60 -40 -20 0 20 40 60 80 100 120 140 160Advanced economies EM: Africa EM: Asia EM: Eastern Europe EM: Middle East EM: Latin America EM: CIS EME contribution to global growth (RHS) Contribution to world growth, p.p. share of world growth. % Source: IMF World Economic Outlook Note: CIS is the Commonwealth of Independent States, formerly Soviet republics While accounting for 47% of global economy, emerging economies expected to contribute more than 70% of global growth 4 3 5 7 9 11 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 0 1 2 3 4 5 6 US Euro area UK Japan (RHS) %% -14 -12 -10 -8 -6 -4 -2 0 2 2001 2003 2005 2007 2009 -12 -10 -8 -6 -4 -2 0 % of GDP % of GDP Advanced economies still need to address structural problems -10 -5 0 5 10 15 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 -4 -3 -2 -1 0 1 2 3 4 5 6 %% Restrained credit conditionsHigh unemployment rate High fiscal deficit1 32 Source: National authorities, Haver, IMF Unemployment rate (%) Fiscal deficit, % of GDP Credit to private sector, growth 5 0 1 2 3 4 5 6 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 Index 0 1 2 3 4 5 6 7Index Korea Singapore Hong Kong China C. Taipei (RHS) Thailand (RHS) -30 -20 -10 0 10 20 30 40 50 D ec -0 7 A pr -0 8 A ug -0 8 D ec -0 8 A pr -0 9 A ug -0 9 D ec -0 9 A pr -1 0 A ug -1 0 D ec -1 0 -15 -10 -5 0 5 10 15 20 25 Regional economies supported by resilient domestic demand -10 0 10 20 30 40 D ec -0 7 M ar -0 8 Ju n- 08 S ep -0 8 D ec -0 8 M ar -0 9 Ju n- 09 S ep -0 9 D ec -0 9 M ar -1 0 Ju n- 10 S ep -1 0 D ec -1 0 -8 -4 0 4 8 12 16 yoy,% Continued access to creditRising retail salesUnemployment trending down1 32 Source: National authorities, Haver Unemployment rate Lending growth * Note: * Refers to loans as reported in banks’ balance sheet, except for Indonesia which refers to loans outstanding Indonesia yoy,%Retail salesyoy,% yoy,% 6 -3 -2 -1 0 1 2 3 4 5 6 7 8 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 Rising commodity prices have increased the risk to higher global inflation 0 50 100 150 200 250 300 350 400 450 500 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 Metals Crude oil Food US Euro UK East Asia-9 …driving up inflation in most economies Index (Jan ’03 = 100) Yoy (%) Rising commodity prices amid supply disruptions and geopolitical tensions… 7 Different degrees of monetary policy response 0 2 4 6 8 10 2008 2009 2010 2011 PR China Thailand Indonesia Korea % Malaysia Ch Taipei 0 1 2 3 4 5 6 2008 2009 2010 2011 % US Euro area UK Japan …while most regional economies have started to normalise or tighten since 2010 Some advanced economies are expected to begin to normalise rates this year… Key interest rates, % Key interest rates, % 8 Global shifts in liquidity: Volatile capital flows… Large capital inflows driven by growth differentials and the search for yield… 0 4 8 12 16 20 C. Taipei Thailand India Malaysia Singapore Philippines Korea Indonesia PR China 2009 2010 Total flows into equity and bond markets USD billion Source: EFPR 0 50 100 150 200 Hong Kong P.R China Malaysia Singapore Korea C. Taipei Philippines Thailand Indonesia Stock market Property prices % change from end-2008 till end-2010 Stock market and property price performance …driving stock and property prices higher 1 1/ till 3Q 10 for property prices Source: Haver and Bloomberg 9 Several countries have implemented measures to manage the consequences of these flows Measures introduced in the region to manage capital flows Hong Kong SAR & Singapore Philippines Indonesia Thailand Chinese Taipei Korea PR China Limit capital inflows – capital account measures Prudential & liquidity measures (macroprudential) Greater flexibility for capital outflows (liberalisation) Administrative measures (real estate) 10 The Malaysian economy is projected to grow by 5% − 6% in 2011 -2 -1 0 1 2 3 4 5 6 7 8 20 05 20 06 20 07 20 08 20 09 20 10 p 20 11 f Annual change (%) Source: Department of Statistics, Malaysia and Bank Negara Malaysia 5.0% 6.0% 7.2% p preliminary f forecast • Slower growth in 1H 2011 – High base in 1H 2010, particularly for exports and investment – Lower demand for electronic exports • Growth is expected to improve in 2H – Stronger expansion of domestic demand, particularly, private consumption and investment – Higher exports 11 Strong growth in domestic demand to be driven by private sector activity 2010p 2011f 2010p 2011f Annual change (%) Contribution to growth (p.p) Domestic demand 6.3 6.7 5.6 6.0 Private sector 7.8 7.4 4.9 4.7 Consumption 6.6 6.9 3.6 3.7 Investment 13.8 9.7 1.4 1.0 Public sector 2.5 5.1 0.6 1.3 Consumption 0.1 7.2 0.0 1.0 Investment 5.5 2.7 0.6 0.3 Net exports -24.2 2.3 -3.3 0.2 Exports of G&S 9.8 2.7 10.5 3.0 Imports of G&S 14.7 2.8 13.8 2.8 Real GDP 7.2 5.0~6.0 7.2 5.0~6.0 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast • Private domestic demand to be the main growth driver - Strong private consumption - Rising investment activity • Public sector to remain supportive of growth 12 Strong expansion in private consumption Stronger expansion in consumer spending supported by: – Favourable labour market conditions – Rising disposable incomes – Sustained consumer confidence – Continued access to credit p preliminary f forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia Real private consumption 9.1 6.8 8.5 0.7 6.9 10.5 6.6 0 2 4 6 8 10 12 2005 2006 2007 2008 2009 2010p 2011f Annual change (%) 13 Strong performance in private investment Annual change (%) 2009 2010p 2011f Real private investment -17.2 13.8 9.7 • Increased capital spending in all economic sectors - Key sectors: services, manufacturing and mining • Factors supporting private investment: - Expansion of new growth areas - Strengthening domestic demand - Implementation of Government initiatives - Sustained business confidence Nominal Private Investment 0 10 20 30 40 50 60 70 80 90 2006 2007 2008 2009 2010p 2011f RM billion Agriculture Mining Manufacturing Construction Services Source: Department of Statistics, Malaysia and Bank Negara Malaysia 62.1 76.6 79.8 65.2 76.9 86.9 p preliminary f forecast 14 FDI to increase further in 2011 • Higher net inflows of FDI in 2011 - Better corporate earnings - Rising business confidence - Further improvement in global FDI flows - Liberalisation - Implementation of Government ETP projects • Inflows channeled mainly into the manufacturing, services, and oil and gas sectors Net FDI inflows into Malaysia 29.5 24.1 5.0 27.6 32.4 0 10 20 30 40 50 2007 2008 2009 2010p 2011f RM billion p preliminary f forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia 15 Annual change (%) 2010p 2011f Agriculture 1.7 3.4 Mining 0.2 2.0 Manufacturing 11.4 5.7 Construction 5.2 5.4 Services 6.8 5.9 Real GDP 7.2 5.0 ~ 6.0 Broad-based growth across all sectors • Supported mainly by the continued growth of domestic economic activity • Trade-related services and export-oriented manufacturing industries to record slower growth in line with the expected moderation in external demand Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 16 External trade to expand in 2011 • Exports – Moderation from the high base of 2010, particularly in manufactured exports – But, strong support from commodity exports due to higher prices and sustained regional demand • Imports – Modest growth in intermediate imports – Growth in capital and consumption imports reflects strong domestic demand Annual change (%) 2010p 2011f Gross exports 15.6 5.4 Manufactured 13.0 4.4 E&E 9.9 3.7 Non-E&E 17.3 5.2 Commodities 26.9 10.1 Agriculture 30.8 12.4 Minerals 23.4 8.0 Gross Imports 21.7 5.7 Capital 16.2 10.3 Intermediate 22.1 5.3 Consumption 10.1 8.4 Trade balance (RM bn) 110.2 114.6 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 17 Current account to remain in surplus • Larger trade surplus supported by higher commodity exports • Services surplus, benefiting from higher tourism receipts • Lower income deficit - Higher earnings by Malaysian companies investing abroad - Lower repatriation of profits and dividends by MNCs Widening current account surplus -50 -20 10 40 70 100 130 160 190 220 2007 2008 2009 2010p 2011f RMb -5 0 5 10 15 20 % GNI Goods Services Income Current transfers Current Account, % GNI (RHS) 12.5%12.2% RM90.5b RM100.7b Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 18 Headline inflation to range between 2.5 – 3.5% in 2011 Inflation Forecast 2011 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2005 2006 2007 2008 2009 2010 2011/f Annual growth (%) 2.5 – 3.5% • Driven mainly by higher global commodity and energy prices, inflation is expected to increase in 2011. • This trend is similar to other regional economies Regional Countries Headline Inflation Forecast 3.8% 3.3% 1.7% 2.8% 3.0-5.0% 3.0-5.0% 2.5-3.5% 3.0-4.0% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Singapore Malaysia Thailand Phillippines Annual growth (%) 2010 2011 forecast Note: Inflation forecast refer to the central bank official forecast 19 Malaysia has adopted a comprehensive approach to manage inflationary pressures from commodity prices In addition to macroeconomic policies, other measures taken are • Increasing food production and its distributional efficiency • Promoting greater energy efficiency by households and industry • A more gradual subsidy rationalisation programme • Providing income support to targeted groups 20 Monetary policy in 2011 will remain supportive of growth, while managing risks to inflation 2.75% 2.50% 2.0% 3.5% 2.25% 1.5 2.0 2.5 3.0 3.5 4.0 Ju n- 08 A ug -0 8 O ct -0 8 D ec -0 8 Fe b- 09 A pr -0 9 Ju n- 09 A ug -0 9 O ct -0 9 D ec -0 9 Fe b- 10 A pr -1 0 Ju n- 10 A ug -1 0 O ct -1 0 D ec -1 0 % Overnight Policy Rate (OPR) • Given improved economic outlook, the OPR was adjusted in 2010 to – Normalise monetary conditions – Prevent the risk of financial imbalances • For 2011, focus of monetary policy is to manage the risk of a more modest growth and higher inflation – Monetary policy has the flexibility to remain accommodative – The degree of accommodation may however, need to be reviewed to ensure sustainable economic growth 21 Financing conditions expected to remain favourable Net financing growth sustained… 3 6 9 12 15 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 S ep -0 9 N ov -0 9 Ja n- 10 M ar -1 0 M ay -1 0 Ju l-1 0 S ep -1 0 N ov -1 0 Annual change (%) Loan growth: 12.7% Net financing growth: 11.3% Total Financing 30 40 50 60 70 80 90 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Businesses Households Loans Applications by Businesses and Households RM billion 20102009 …supported by robust demand for loans from businesses and households 22 Two-way capital flows expected to continue • In 2010, the capital inflows to Malaysia went into both the bond and equity markets • Strong economic fundamentals and positive prospects will continue to attract portfolio inflows • But this is likely to be interrupted by intermittent reversals driven by external events -15 -10 -5 0 5 10 15 20 25 Q1 Q2 Q3 2009 Q4 Q1 Q2 Q3 2010 Q4 Net Portfolio Investment into Malaysia RM billion Source: Department of Statistics Malaysia Cumulative net equity fund flows (since Jan 07) -40 0 40 80 120 160 200 D ec -0 6 A pr -0 7 A ug -0 7 D ec -0 7 A pr -0 8 A ug -0 8 D ec -0 8 A pr -0 9 A ug -0 9 D ec -0 9 A pr -1 0 A ug -1 0 D ec -1 0 USD billion -0.5 0.0 0.5 1.0 1.5 2.0 2.5USD billion All Emerging Markets (LHS) Malaysia (RHS) 07 Source: Emerging Portfolio Fund Research Global 23 Domestic equity market had sustained growth in line with regional trends KLCI and Bursa Malaysia sectoral indices 80 100 120 140 160 180 200 220 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 S ep -0 9 N ov -0 9 Ja n- 10 M ar -1 0 M ay -1 0 Ju l-1 0 S ep -1 0 N ov -1 0 Ja n- 11 M ar -1 1 Index (Jan 2009=100) Finance Industrial KLCI Plantation Construction Performance of Major Indices (% growth) 87.0 63.2 63.0 49.7 45.2 23.5 64.5 78.3 22.1 52.0 19.0 46.1 40.6 37.6 21.9 19.3 12.8 10.1 9.6 9.0 5.3 -3.0 -20 0 20 40 60 80 100 Indonesia Thailand Philippines Korea Msia US Singapore Taiwan UK HK Japan % 2010 2009 24 -20 -15 -10 -5 0 5 10 15 20 AUD JPY THB SGD PHP IDR CNY KRW USD GBP EUR 2010 2009 -21.7% 20.6% Ringgit performance driven by external and domestic developments • MYR appreciated against most currencies in 2010 following a relatively subdued performance in 2009 • Despite volatile capital flows, ringgit adjustments have been orderly MYR performance against selected currencies in 2009 and 2010 % MYR appreciation% MYR depreciation 25 Measures undertaken to allow more efficient management of foreign financial transactions To allow more efficient management of foreign transactions, several measures have been undertaken, including: • Allow settlements in local currencies • Facilitate hedging activities by residents • Allow unlimited holding of foreign currency accounts • Allow settlement of transactions in foreign currency by exporters and importers 26 Large inflows have also led to increases in international reserves Net International Reserves (Jan’08 - Mar’11) 130.5 110.4 80 90 100 110 120 130 140 Ja n- 08 A pr -0 8 Ju l-0 8 O ct -0 8 Ja n- 09 A pr -0 9 Ju l-0 9 O ct -0 9 Ja n- 10 A pr -1 0 Ju l-1 0 O ct -1 0 Ja n- 11 USD bn 3.0 3.5 4.0 4.5 5.0 5.5 6.0 USD/MYR Deleveraging activities by international investors Resumption of capital inflows Source: BNM • Large inflows have led to increases in international reserves – Since the resurgence of capital inflows in 2H 2009, net international reserves at USD110.4 bn in 15 March-11. – During previous episode in Aug-08: USD130.5 bn 27 Capital flows currently well intermediated • More diversified and developed financial system has helped to intermediate the capital flows • Managed float regime has the necessary flexibility for the exchange rate to adjust to changing conditions • Wider range of instruments for effective monetary operations • Rigorous surveillance and information systems • Stronger fundamentals and a healthy level of international reserves • Closer cooperation and communication among central banks Large inflows have increased liquidity in the domestic financial system but, this has been well managed 28 Bank Negara Malaysia Annual Financial Statements 2010 29 Financial position remained strong in 2010: • Total assets of BNM amounted to RM390.2 billion with International Reserves of RM328.7 billion (USD106.5 billion) • Net profit of RM6.2 billion • Dividend paid RM2 billion 30 FINANCIAL STABILITY AND PAYMENT SYSTEMS REPORT 2010 31 Financial system expanded in 2010 with higher value-added to the economy • Contribution of financial sector to GDP at 11.6% • Banking and insurance sector employs more than 143,000 staff • Financial intermediation continued to function efficiently with sustained access to financing • Money, foreign exchange and capital markets remained orderly with capacity to absorb greater volume and volatility 32 Stability of the financial sector was preserved throughout 2010 - strong fundamentals contributed towards efficient financial intermediation - orderly conditions in financial markets and payment and settlement systems facilitated trade and domestic economic activity 33 Financial system continues to be resilient • Strong capital and liquidity buffers • Improved profitability • High asset quality • Stress tests affirmed capacity to withstand extreme macroeconomic and financial conditions Banking Sector (%) 2009 Jan’11 Capital Adequacy Risk-Weighted Capital Ratio Core Capital Ratio Capital Buffer (RM bil) 15.4 13.8 64.6 14.1 12.4 60.5 Profitability Return on Assets Return on Equity 1.2 14.0 1.8 19.7 Asset Quality Net Non Performing Loan* Ratio 1.8 2.2 Liquidity Position Liquidity buffer (<1 mth, % of deposits) 18.2 14.8 Insurance/Takaful Sector (%) 2009 2010 Capital Adequacy Capital Adequacy Ratio^ Capital Buffer^ (RM bil) 225.7 18.6 224.6 18.6 Profitability Profit Before Tax (RM bil) 14.7 16.3 * Inclusive of impaired loans ^ Conventional industry only 34 Continued access to financing by all sectors • Loan outstanding in banking system grew by 13.1% to amount to RM893.3 bil (January 2011) – Continued expansion to all segments, including SMEs • Bank deposits increased by 9.1% – Loan-to-deposit ratio stable at 81.2% • New PDS issuances of RM76 bil – Danajamin approved RM4.6 bil worth of guarantees Financial System: Outstanding Financing 1,190.21,145.11,120.11,080.9 0 200 400 600 800 1000 1200 1400 Mar Jun Sept Jan 2011 RM bil 6 8 10 12 14 % Large Enterprises SME Household Others Debt securities Annual growth (RHS) Banking System: Deposits 1,091.41,073.3 1,159.41,113.7 0 200 400 600 800 1,000 1,200 1,400 Mar Jun Sept Jan 2011 RM bil 8.0 8.2 8.4 8.6 8.8 9.0 9.2 % Business Household Others Annual growth (RHS) 35 Overall financing quality remained intact Net NPL ratio (%) 4.8 3.2 2.2 1.8 2.3 2.2 0 1 2 3 4 5 6 2006 2007 2008 2009 2010 Jan-11 % Loans in arrears 0 10 20 30 40 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q RM bil 0 1 2 3 4 5 % 1 - <2 month (LHS) 2 - <3 month (LHS) 1 - <2 month (% of total loans) 2 - <3 month (% of total loans) 20102008 2009 Banks adopted Financial Reporting Standards (FRS) 139 since Jan 2010 Loans-in-arrears remained stable to account for 4.1% of total loans Increase in NPL reflects new accounting standards 36 Rising household indebtedness supported by strong financial buffers… Household Debt-to-GDP Ratio (%) 50 60 70 80 2006 2007 2008 2009 2010 Household debt-to-GDP ratio unchanged at 75.9% Household financial assets are 2.4 times of household debts Household Financial Assets, Deposits and Debts 0 200 400 600 800 1,000 1,200 1,400 1,600 2006 2007 2008 2009 2010 0 50 100 150 200 250 300 Financial Assets (LHS) Debts (LHS) Fin. Asset-to-Debt Ratio Deposit-to-Debt Ratio RM billion % 37 Composition of HH Financial Assets (RM1,386 bil) Savings with EPF 30% Unit Trust funds Equity Holdings 17% Endowm ent policies 6% Deposits with FIs 31% …and high level of liquid assets, with bulk of borrowings for purchase of assets Secured financing constitute 64.9% of household debt Composition of HH Financial Debts (RM581 bil) Others 10% Purchase of Securities 5% Car financing 20% Personal use 15% Credit Card 5% Housing loan 45% Liquid assets accounted for 64.6% of financial assets 38 Household NPLs Ratio by Purpose (%) 3.2 1.2 2.5 1.9 0.70 3 6 9 12 2006 2007 2008 2009 2010 Housing loans Car financing Personal use Credit cards Purchase of securities Quality of household loans continue to improve • Debt servicing capacity remains sound – Delinquencies continued to improve – Gross NPL ratio: 2.3% (2009: 3.1%) – LIAs at 4.7% of total loans • Banks maintain prudent loan underwriting standards and risk management practices • Supported by comprehensive credit information system and infrastructure Household NPLs and Loans in Arrears Ratio (%) 0 2 4 6 8 10 2006 2007 2008 2009 2010 NPL ratio LIA ratio 39 Comprehensive, pre-emptive strategies to preserve household sector resilience Prudential policies - Maximum loan-to-value ratio and new credit card guidelines Intensive supervisory oversight - Risk management practices including pricing Standards on prudent and responsible lending practices - Suitability and affordability assessments Targeted financial education programme by AKPK - Including advisory and support arrangements 40 Ensuring prudent and responsible conduct for retail financing as part of measures to preserve household sector resilience • Inculcate responsible lending practices by financial institutions in dealing with retail customers • Requirements NOT intended nor expected to hamper credit availability • Key requirements include – Suitability and affordability assessment – Verification of customers' income – Product disclosure sheet to facilitate informed decision making – Compensation of sales and marketing personnel to take into account fair dealing conduct • Complete submissions should not result in processing delays 41 Key contents of product disclosure sheet • Borrowing rate, variable / fixed rate, tenure, repayment structure • Repayment obligation – Installment amount, total repayment (entire duration), changes to installment amount for 100-200bps increase in borrowing rate • Applicable charges – Stamp duty, disbursement fee, processing fee • Implications of non-repayment – Late payment penalty, review of borrowing rate, legal implications • Risk associated with the product • Assistance and redress mechanism 42 Financial markets exhibited enhanced capacity to intermediate larger and more volatile portfolio flows Volatility of asset prices remained low 90-day volatility (%) 0 5 10 15 20 25 30 35 40 Jan- 08 Apr- 08 Jul- 08 Oct- 08 Jan- 09 Apr- 09 Jul- 09 Oct- 09 Jan- 10 Apr- 10 Jul- 10 Oct- 10 KLCI MGS (5-year yield) [RHS] Lehman collapse European sovereign debt crisis Lower returns to turnover ratio, denoting higher resilience Ratio 0.000 0.004 0.008 0.012 0.016 0.020 Jan- 08 Apr- 08 Jul- 08 Oct- 08 Jan- 09 Apr- 09 Jul- 09 Oct- 09 Jan- 10 Apr- 10 Jul- 10 Oct- 10 0 0.1 0.2 0.3 0.4 FBM KLCI MGS [RHS] Ratio Avg 2010: 0.04 Avg 2010: 0.006 Source: Bloomberg 43 Limited impact from developments in Europe and Middle East • Banks’ exposures at 18.3% of external exposures or 5% of capital base – No adverse spillovers from interbank funding strains in Europe – Regional operations of domestic banks’ unaffected due to strong fundamentals • Counterparty risks to European reinsurers well-contained – High net retention ratio of 71.4% – Reinsurance exposures to Europe only 8.5% of total capital available for general insurance Banking System: External Exposures (RM bil, % of cap base) GIIPS (0.1, 0.1) US (0.2, 0.2) Others (2.0, 1.3) Asia (25.7, 17.1)Middle East (2.2, 1.4) Europe (5.3, 3.5) Labuan (5.4, 3.6) Distribution of Premium Income 0% 20% 40% 60% 80% 100% Direct Insurers Domestic Reinsurers Offshore Reinsurers Foreign Reinsurers 44 Foundations for financial stability were further strengthened Enhanced robustness of risk management, stress testing and capital management More effective governance in financial institutions Strengthened cross-border supervisory cooperation Strengthened prudential standards for Islamic finance Enhanced protection for depositors and policyholders Adoption of more advanced capital approaches under Basel II 45 Malaysian banking system well-positioned to meet Basel III requirements • High level and quality of bank capital • Liquidity standards have been in place since 2000 – Banks to further strengthen buffers going forward • Implementation strategy for local adoption of Basel III to be communicated to industry in 2011 – Address specific characteristics of domestic market – Minimise impact on bank lending and economic growth Share premium 14.6% Ordinary share capital 22.9% Retained profits 19.5% Others 6.1% Stat reserve fund 14.9% General provisions 7.1% Sub debt capital 14.8% More than 70% is comprised of equity and reserves 46 Growth potential of financial sector reinforced by further strategic initiatives in 2010 Enhanced inter-linkages with regional and international economies – Expanding regional footprint of Malaysian FIs – Issuance of new commercial banking and family takaful licences – Enhancing post-trade processing infrastructure for capital market – Enhancing cross-border payment infrastructure – Strengthened regional and international frameworks for cooperation Improved environment for financing to SMEs – With comprehensive institutional framework and proactive measures by FIs Continued development of human capital – ICLIF Leadership and Governance Center – Asian Institute of Finance – INCEIF Improving accessibility and sustainability of motor insurance 47 High global financial inclusion rankings No. 1 for 3 years No. 2 out of 87 countries No. 10 in 2010 out of 139 countries (up from no.13 in 2009) No. 9 out of 110 countries ‘Getting Credit’ World Bank (Doing Business 2009, 2010 & 2011 Reports) ‘Loan accounts per 1,000 adults’ CGAP (Financial Access Report 2010) ‘Ease of Access to Loans’ WEF (The Global Competitiveness Reports 2009-2010 and 2010-2011) ‘Deposit accounts per 1,000 adults’ CGAP (Financial Access Report 2010) Recent Achievements Pembiayaan Mikro1 • Financing grew by 25.8% yoy to RM776 million benefiting over 66,000 microenterprises Physical Outreach of Financial Services • 8 unserved districts in East Malaysia will have physical access to financial services in 2011 via mini branches, mobile units & Pos Malaysia Comprehensive Mechanisms for Consumer Education and Protection • POWER: Educate young adults & first time borrowers on good money management & living with manageable debt • Mobile LINK: Enhance accessibility of financial assistance & education to non-urban population 2 1 3 1. As at end 2010 Expanded outreach of financial services 48 Migration to electronic means of payments has achieved significant advancements Following successful launch of eShare Payment and eDividend Capital market Driving efficiency gains in various economic sectors and expanding the payment infrastructure Mobile banking and payment Unit trust, rights issues & refund of unsuccessful Initial Public Offering (IPO) applications Multi-bank and mobile network operator neutral ecosystem to be piloted in 2H 2011 Internet B anking T ransact io ns 0 50 100 150 200 2004 2005 2006 2007 2008 2009 2010 million Volume Ind Corp D ebit C ard T ransact io ns 0 5 10 15 20 2004 2005 2006 2007 2008 2009 2010 million 0 1 2 3 4 5 RM bil Volume Value (RHS) 49 Outlook for domestic financial stability in 2011 remains positive • Risks to financial stability likely to be largely externally driven • Pre-emptive measures taken and strong financial buffers ensure that Malaysia’s financial system is well-placed with capacity and flexibility to respond to emerging risks • Macrosurveillance and supervisory activities in 2011 will focus on: – Ensuring prudent and responsible risk-taking and market conduct by FIs – Ensuring resilience and robustness of major payment and settlement systems – Active engagement in global regulatory and accounting reforms – Further strengthening of regulatory laws and prudential guidelines – Promoting closer domestic, regional and global cooperation and coordination 50 50 Malaysia maintains a leading role in development of Islamic finance Malaysia tops global league tables in sukuk equity and fund management Source: “Gateway to Asia: Malaysia, international Islamic finance hub” by Pricewaterhouse Coopers 2010 …and home to largest sukuk market Global Sukuk Outstanding by Country* USD148 billion *Source: Bloomberg Professional Services Terminal, as at end-2010 Malaysia 66% Indonesia 4% Offshore Centres 16% Others 1% Saudi 7% Bahrain 2% UAE 4% Singapore 0.1% (USD94 billion) 51 Malaysia plays key role in development of Islamic international architecture Islamic Financial Services Board11 • Global standard-setting body based in Malaysia for prudential standards in Islamic finance – 11 standards issued to date • 195 members of which 53 regulators and supervisory authorities from Muslim and non-Muslim countries Islamic Financial Stability Forum (IFSF)22 • Established following recommendation in Financial Stability Report led by Bank Negara Malaysia. • Strategic platform for dialogue among regulators of international Islamic financial system to promote financial stability International Islamic Liquidity Management Corporation (IILM)33 • Established in 2010 in Kuala Lumpur with participation of 12 central banks and regulatory agencies and 2 multilateral development institutions. • Milestone in regional & international cooperation to build a robust liquidity management infrastructure at national, regional & international levels • Facilitate cross-border liquidity management among players in the Islamic financial industry via regular issuances of short term high-grade Shariah-compliant instruments in major reserve currencies 52 Significant achievements since 2001 FSMP Robust regulatory, supervisory & surveillance framework - Strengthened prudential standards - Risk-based supervisory framework - Stronger cross-border cooperation Growing Islamic finance and MIFC - Accounts for >20% of banking sector assets - Comprehensive infrastructure and diversified players - Global leader in sukuk issuances More developed financial markets Enhanced financial inclusion - Wider outreach of banking services - Higher lending to SMEs - Comprehensive consumer education and protection framework Strong and mature domestic players - Larger domestic banks with average assets of >RM95 b - Domestic banks market share > 75% - Wide array of products and services Strengthened linkages with international and regional economies - 6 banking groups in 19 countries - New licences to global and regional players - Higher PDS and sukuk financing with active secondary trading - Increased breadth and liquidity of FX market More market driven and competitive financial system 53 Moving forward… The new financial sector blueprint will build on the strong foundations of the Malaysian financial system to: – remain resilient in withstanding any potential disruptions in the financial system and broader economy; – to best serve the needs of a high value-added and high income economy; while further promoting financial inclusion and regional financial integration Taklimat �Laporan Tahunan 2010 dan�Laporan Kestabilan Kewangan �dan Sistem Pembayaran 2010 Slide Number 2 Global growth mainly from EMEs in 2011 Advanced economies still need to address structural problems Regional economies supported by resilient domestic demand Rising commodity prices have increased the risk to higher global inflation Different degrees of monetary policy response Global shifts in liquidity: Volatile capital flows… Several countries have implemented measures to manage the consequences of these flows The Malaysian economy is projected to grow by 5% − 6% in 2011 Strong growth in domestic demand to be driven by private sector activity Strong expansion in private consumption Strong performance in private investment FDI to increase further in 2011 Broad-based growth across all sectors External trade to expand in 2011 Current account to remain in surplus Headline inflation to range between 2.5 – 3.5% in 2011 Malaysia has adopted a comprehensive approach to manage inflationary pressures from commodity prices Monetary policy in 2011 will remain supportive of growth, while managing risks to inflation Financing conditions expected to remain favourable Two-way capital flows expected to continue Domestic equity market had sustained growth in line with regional trends Slide Number 24 Measures undertaken to allow more efficient management of foreign financial transactions Large inflows have also led to increases in international reserves Capital flows currently well intermediated Bank Negara Malaysia� Annual Financial Statements 2010 Slide Number 29 FINANCIAL STABILITY AND PAYMENT SYSTEMS REPORT 2010 Financial system expanded in 2010 with higher value-added to the economy Stability of the financial sector was preserved throughout 2010��- strong fundamentals contributed towards efficient financial intermediation��- orderly conditions in financial markets and payment and settlement systems facilitated trade and domestic economic activity Financial system continues to be resilient Continued access to financing by all sectors Overall financing quality remained intact Rising household indebtedness supported by strong financial buffers… …and high level of liquid assets, with bulk of borrowings for purchase of assets Quality of household loans continue to improve Comprehensive, pre-emptive strategies to preserve household sector resilience Ensuring prudent and responsible conduct for retail financing as part of measures to preserve household sector resilience Key contents of product disclosure sheet Financial markets exhibited enhanced capacity to intermediate larger and more volatile portfolio flows Limited impact from developments in Europe and Middle East Foundations for financial stability were further strengthened Malaysian banking system well-positioned to meet Basel III requirements Growth potential of financial sector reinforced by further strategic initiatives in 2010 Slide Number 47 Slide Number 48 Outlook for domestic financial stability in 2011 remains positive Slide Number 50 Slide Number 51 Significant achievements since 2001 FSMP Moving forward…
Public Notice
17 Mar 2011
Guidelines & Circulars listing on Bank Negara Malaysia's website ( New & Updated )
https://www.bnm.gov.my/-/guidelines-circulars-listing-17032011
https://www.bnm.gov.my/documents/20124/761706/01_statutory_20110315.pdf, https://www.bnm.gov.my/documents/20124/761706/15_gl_fit_proper_for_key_responsible.pdf, https://www.bnm.gov.my/documents/20124/761706/16_corporate_governance_20101224.pdf
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Reading: Guidelines & Circulars listing on Bank Negara Malaysia's website ( New & Updated ) Share: Guidelines & Circulars listing on Bank Negara Malaysia's website ( New & Updated ) Release Date: 17 Mar 2011 Guidelines listed below have been updated. Guidelines on Fit and Proper for Key Responsible Persons ** New 10 March 2011 Guidelines on Corporate Governance for Licensed Institutions ** Updated Statutory Reserve Requirement ** Updated The PDF format document are available for download via the URL provided below: © 2024 Bank Negara Malaysia. All rights reserved.
Part A BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Part A Overview......................................................................................................................1 1. Objective.......................................................................................................................1 2. Scope ............................................................................................................................1 3. Legal Provision ............................................................................................................1 Part B Policy Requirements ................................................................................................2 4. Statutory Reserve Requirement Rate ......................................................................2 5. Maintenance of Balances in Statutory Reserve Accounts....................................2 6. Eligible Liabilities .........................................................................................................3 7. Penalties .......................................................................................................................5 8. Operational Requirements.........................................................................................6 Appendices...............................................................................................................................7 Appendix 1 Adjustments to the Statutory Reserve Requirement Rates...........................7 Appendix 2 Illustration ..............................................................................................................8 Appendix 3 Holdings of Selected Securities Deductible from the EL Base ...................10 Appendix 4 Eligible Liabilities................................................................................................11 Appendix 5 Verification Report on Holdings of RM Marketable Securities in the Trading Book........................................................................................................13 BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 1/13 PART A OVERVIEW 1. Objective 1.1. The Statutory Reserve Requirement (SRR) is a monetary policy instrument available to Bank Negara Malaysia (the Bank) for purposes of liquidity management. Effectively, banking institutions namely commercial banks, merchant/investment banks and Islamic banks are required to maintain balances in their Statutory Reserve Accounts (SRA) equivalent to a certain proportion of their eligible liabilities (EL)1, this proportion being the SRR rate. 1.2. The SRR is a monetary policy instrument available to the Bank to manage liquidity and hence credit creation in the banking system. The SRR is used to withdraw or inject liquidity when the excess or lack of liquidity in the banking system is perceived by the Bank to be large and long-term in nature. 2. Scope 2.1. This requirement applies to commercial banks, merchant/investment banks licensed under the Banking and Financial Institutions Act 1989 and Islamic banks licensed under section 3(4) of the Islamic Banking Act 1983. 3. Legal Provision 3.1. Section 26(2)(c) and section 26(3) of the Central Bank of Malaysia Act 2009 (CBA) require reserves to be held by financial institutions at the Bank in accordance with the terms and conditions as may be determined by the Bank. 3.2. Penalties on the non-compliance of the SRR will be imposed on banking institutions, pursuant to section 26(3)(b) of the CBA. 1 as defined in paragraph 6. BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 2/13 PART B POLICY REQUIREMENTS 4. Statutory Reserve Requirement Rate 4.1. Effective 1 April 2011, the SRR rate for banking institutions is 2% of EL. 4.2. Adjustments to the SRR rates are listed in Appendix 1. 5. Maintenance of Balances in Statutory Reserve Accounts 5.1. In principle, banking institutions must maintain in their SRA a t the Bank, balances that are at least equal to the ratio prescribed in paragraph 4.1. 5.2. Banking institutions observe the SRR based on the average daily amount of the EL over a fortnightly period (the base period). Each month will have two base periods (viz. Base Period A and Base Period B): - Base Period A is the average daily amount of EL from the 1st to the 15th day (inclusive); and - Base Period B is the average daily amount of EL from the 16th to the last day of the month (inclusive). [It should be noted that in computing the average EL over a base period, negative EL should be zerorised and not netted off against positive EL] For the reserve maintence period from the 1st to the 15th day of any month, the SRR will be based on the average EL of Base Period A of the preceding month, while for the reserve maintence period from the 16th to the last day of any month, the SRR will be based on the average EL of Base Period B of the preceding month. 5.3. Maintenance of balances in the SRA is nevertheless flexible, with a daily variation from the SRR within a band, which currently stands at ±20% of the prevailing SRR rate. This band, within which the balances of each banking BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 3/13 institution are allowed to fluctuate on any day, allows banking institutions the flexibility in managing their liquidity while ensuring that no banking institution behaves imprudently by allowing its reserves on any given day to fall too far. 5.4. As such, banking institutions are required to comply with the SRR at two levels: 5.4.1. On a fortnightly basis (1st to the 15th and 16th to the last day of a month), the average daily balances maintained in the SRA must be at least equal to the SRR rate; and 5.4.2. On a daily basis, balances maintained in the SRA must be within the 20% daily variation band around the prevailing policy rate (balances below the band are not permitted, while balances in excess of the band’s ceiling will not be recognised in meeting the average fortnightly requirement). 5.5. The SRR computation and compliance is illustrated in Appendix 2. 6. Eligible Liabilities 6.1. As of 1 September 2007, the EL base consists of ringgit denominated deposits and non-deposit liabilities, net of interbank assets and placements with the Bank. 6.2. Additional adjustments made to the EL base: 6.2.1. Exclusion from EL base: - The entire proceeds amount of Tier 1 housing loans/financing sold to Cagamas Berhad; and - 50% of the proceeds of Tier 2 housing loans/financing sold Cagamas Berhad. 6.2.2. Deduction from EL base: - Banking institutions are allowed to deduct from the EL base holdings of RM marketable securities (defined in Appendix 3) in BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 4/13 their trading book; and - Principal Dealers (PD) and Islamic Principal Dealers (i-PD) are allowed to deduct from their EL base the daily holding of specified RENTAS securities in their trading and banking books. 6.3. The detailed EL is listed in Appendix 4. 6.4. A deduction from the EL base can however only be effected after the banking institution has undertaken the following: (i) Submission of Trading Book Policy Statement (TBPS) by the banking institution as specified under the market risk component of the Risk Weighted Capital Adequacy Framework (Basel II - Risk Weighted Assets Computation) and the Capital Adequacy Framework for Islamic Banks and confirmation by the Bank that the TBPS is in order; and (ii) Confirmation by the banking institution that the segregation of RM marketable securities between the banking book and trading book, controls and all other requirements as specified under the Risk Weighted Capital Adequacy Framework and the Capital Adequacy Framework for Islamic Banks have been put in place. 6.5. Banking institutions must ensure that the amount of RM marketable securities deducted from EL is reflective of the actual amount as reported in the trading book. As such, a verification report must be signed-off either by the internal auditor or compliance officer on a quarterly basis and retained by the banking institution. Should there be any discrepancies, banking institutions are required to submit the concerned verification report to the Bank upon detection of the discrepancy. A sample of the verification report is in Appendix 5. BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 5/13 7. Penalties 7.1. Any banking institution which fails to comply with the minimum SRR requirement shall be liable to pay a penalty. The penalty payable is determined as the sum of the scaled penalty amount and the monetary benefit, as defined in paragraphs 7.3 and 7.4 below, subject to the maximum penalty (MP), as described in paragraph 7.2 below. 7.2. The computation of the maximum penalty, as provided pursuant to section 26(3) of the CBA, is as follows: days of numbershortfall 100 1 10 1 penalty maximum ´´´= 7.3. The scaled penalty amount is calculated as a percentage of the maximum penalty dependent on the number of non-compliances committed by the banking institution, defined as the higher of i) the average number of offences in the last three complete calendar years; and ii) the total number of offences in the current incomplete calendar year: Number of non-compliances Scaled penalty amount One 25% of MP Two 50% of MP Three 75% of MP Four or more 100% of MP 7.4. The monetary benefit arising from the non-compliance is computed as follows: monetary benefit = shortfall x average interbank overnight rate or Islamic reference rate The monetary benefit shall be computed on a daily basis for every day during which the deficiency continues. BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 6/13 8. Operational Requirements 8.1. Banking institutions should refer to circulars and guidelines issued by Jabatan Perkhidmatan Statistik and Jabatan Dasar Sistem Pembayaran on reporting and other operational requirements. BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 7/13 APPENDICES Appendix 1 Adjustments to the Statutory Reserve Requirement Rates SRR Rate Effective Date Variation Effective Date 2% 1 April 2011 1.6%-2.4% 1% 1 March 2009 0.8% - 1.2% 2% 1 February 2009 1.6% - 2.4% 3.5% 1 December 2008 2.8% - 4.2% 4% 16 September 1998 3.2% - 4.8% 6% 1 September 1998 4.8% - 7.2% 8% 1 July 1998 6.4% - 9.6% +/- 20% of SRR Rate 1 May 1998 10% 16 February 1998 9.5% - 10.5% 13.5% 1June 1996 13% - 14% 12.5% 1 February 1996 12% - 13% 11.5% 1 July 1994 11% - 12% 10.5% 16 May 1994 10% - 11% 9.5% 3 January 1994 9% - 10% 8.5% 2 May 1992 8% - 9% 7.5% 16 August 1991 7% - 8% 6.5% 16 January 1990 6% - 7% 5.5% 16 October 1989 5% - 6% 4.5% 2 May 1989 4% - 5% 3.5% 1 January 1989 3% - 4% +/- 0.5% from SRR Rate 1 January 1989 BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 8/13 Appendix 2 Illustration Computation of EL in Base Period A and Base Period B An illustration on the computation of EL in Base Period A and Base Period B in the month of January 2009 is as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 202 197 208 210 205 205 196 194 195 194 195 199 200 200 200 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 205 214 215 214 217 230 208 207 205 230 240 245 236 241 244 249 EL Base Period A = (202+197+….+200+200) ÷ 15 = RM200m EL Base Period B = (205+214+…..+241+244+249) ÷ 16 = RM225m BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 9/13 Computation of the SRR SRR compliance period 1 to 15 February 2009 Corresponding EL base 1 to 15 January 2009 EL Base Period A RM200m Prevailing SRR rate during the period 1 to 15 February 2009 (For illustrative purposes only) 2% Variation band 1.6% to 2.4% The minimum daily balance to be maintained in the SRA from 1 to 15 February 2009 = RM3.2m (1.6% of EL Base Period A) Suppose the banking institution’s balances in the SRA from 1 to 15 February 2009 are as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 3.8 4.0 3.6 4.4 4.5 4.6 4.8 4.8 4.4 4.4 4.4 4.3 4.4 4.8 6.4 The maximum amount in the account balance that is recognised is capped at 2.4% of EL Base A, in this case RM4.8m. Therefore, on 15 February, although the account balance was RM6.4m, only RM4.8m will be recognised for the SRR computation. Therefore, the average reserve balance for 1 to 15 February 2009: = (Sum of daily SRR balance ÷ 15 days) ÷ EL Base Period A = [(3.8 + 4.0 + 3.6 + … + 4.4 + 4.3 + 4.4 + 4.8 + 4.8) ÷ 15] ÷ 200 = 2.2% Only RM4.8m is recognised although actual balance was RM6.4m. BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 10/13 Appendix 3 Holdings of Selected Securities Deductible from the EL Base Holdings of all RM marketable securities in the trading book of all banking institutions are eligible for deduction from the EL base for the purpose of SRR computation, except where: 1. securities are sold under repo/sell-and-buy-back agreement (SBBA); and 2. securities are lent or securities that have been used as collateral under securities borrowing and lending (SBL). The RM marketable securities that are deductible from the EL base computation comprises the following: 1. Specified RENTAS securities issued through the Principal Dealer (PD) and Islamic Principal Dealer (i-PD) network; 2. All private debt securities including Cagamas securities; 3. RM securities issued by Multilateral Development Banks (MDBs) and Multilateral Financial Institutions (MFIs); 4. ABF Malaysia Bond Index Fund (18 July 2005); and 5. Any other securities as specified by Bank Negara Malaysia. In addition, Principal Dealers and Islamic Principal Dealers may also deduct holdings of all specified RENTAS securities issued through the PD and i-PD network in the banking book, except where: 1. securities are sold under repo/sell-and-buy-back agreement (SBBA); and 2. securities are lent or securities that have been used as collateral under SBL. Note: Specified RENTAS Securities refers to Islamic/Conventional short term and long term scripless securities issued by the Government, Bank Negara Malaysia, Bank Negara Malaysia Sukuk Berhad and any other instrument that may be specified by Bank Negara Malaysia. BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 11/13 Appendix 4 Eligible Liabilities A RM Eligible Liabilities RM Demand Deposits Accepted 42110-00-00-0000-Y RM Savings Deposits Accepted 42120-00-00-0000-Y RM Fixed Deposits Accepted 42130-00-00-0000-Y RM Specific Investment Deposits Accepted 42131-00-00-0000-Y RM General Investment Deposits Accepted 42132-00-00-0000-Y RM Commodity Murabahah 42133-00-00-0000-Y RM Call Deposit Accepted 42140-00-00-0000-Y RM Short-Term Deposits Accepted 42190-00-00-0000-Y RM Investments Linked to Derivatives Offered 42191-00-00-0000-Y RM Other Deposits Accepted 42199-00-00-0000-Y RM NIDs Issued 42150-00-00-0000-Y RM Repurchase Agreements 42160-00-00-0000-Y RM Special Deposits (Witholding Tax) 42170-00-00-0000-Y RM Housing Development Account Deposits 42180-00-00-0000-Y RM Amounts Due to Designated Financial Institutions 43100-00-00-0000-Y RM Miscellaneous Borrowings 44100-00-00-0000-Y RM Interest Payable nie to non-residents 49110-80-00-0000-Y RM Bills payable to non-residents 49120-80-00-0000-Y Other RM Miscellaneous liabilities nie due to non-residents 49299-80-00-0000-Y Less: RM Subordinated Debt Capital 44111-00-00-0000-Y Exempt Subordinated Debt Capital 44112-00-00-0000-Y RM Subordinated Debt Capital with Special Approval from BNM 44113-00-00-0000-Y RM Recourse Obligation on Loans Sold to Cagamas 44140-00-00-0000-Y B RM Eligible Assets Deductible from Eligible Liabilities RM Balances in current accounts with Domestic Banking Institutions 32120-10-00-0000-Y RM Fixed Deposits Placed with Domestic Banking Institutions 32130-10-00-0000-Y RM Fixed Deposits Placed with Discount Houses 32130-13-00-0000-Y RM Specific Investment Deposits Placed with Domestic Banking Institutions 32131-10-00-0000-Y RM Specific Investment Deposits Placed with Discount Houses 32131-13-00-0000-Y RM General Investment Deposits Placed with Domestic Banking Institutions 32132-10-00-0000-Y RM General Investment Deposits Placed with Discount Houses 32132-13-00-0000-Y RM Call Deposits Placed with Investment Banks 32140-12-00-0000-Y RM Call Deposits Placed with Discount Houses 32140-13-00-0000-Y RM Other Deposits Placed with Domestic Banking Institutions 32199-10-00-0000-Y RM Reverse repos with BNM 32500-01-00-0000-Y RM Reverse repos with Commercial Banks 32500-02-00-0000-Y RM Reverse repos with Islamic Banks 32500-03-00-0000-Y RM Reverse repos with Finance Companies 32500-11-00-0000-Y RM Reverse Repos with Merchant Banks 32500-12-00-0000-Y RM Reverse Repos with Discount Houses 32500-13-00-0000-Y RM Overdrawn Vostro A/C of Commercial Banks 33110-02-00-0000-Y RM Overdrawn Vostro A/C of Islamic Banks 33110-03-00-0000-Y RM Nostro A/C with Commercial Banks 33120-02-00-0000-Y RM Nostro A/C with Islamic Banks 33120-03-00-0000-Y RM Surplus in SPICK 33130-00-00-0000-Y RM Interbank Placements with Bank Negara Malaysia 33140-01-00-0000-Y RM Interbank Placements with commercial banks 33140-02-00-0000-Y RM Interbank Placements with Islamic banks 33140-03-00-0000-Y RM Interbank Placements with finance companies 33140-11-00-0000-Y RM Interbank Placements with merchant banks 33140-12-00-0000-Y RM Interbank Placements with discount houses 33140-13-00-0000-Y RM Interbank Placements with Cagamas 33140-17-00-0000-Y RM Loans to Domestic Banking Institutions 34100-10-00-0000-Y RM Loans to discount houses 34100-13-00-0000-Y RM Loans to Cagamas 34100-17-00-0000-Y RM Negotiable Instruments of deposits held 37030-00-00-0000-Y NIDs Sold Under Repo 38030-00-00-0000-Y Eligible RM Cagamas Bonds - Tier-2 40150-00-00-0000-Y SRGF Loans 40190-00-00-0000-Y BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 12/13 SRGF-2 Loans 40191-00-00-0000-Y Less: RM Interbank Placements with discount houses for overnight 33140-13-11-0000-Y C Eligible Tier 2 Loans Sold to Cagamas - Day i 40140-00-00-0000-Y D Holdings of selected securities - Day i 40171-00-00-0000-Y Eligible Liabilities for SRR Next Month - Day i (A - B + C - D) 40130-00-00-0000-Y BNM/RH/GL 007-1 Ÿ Prudential Financial Policy Department Ÿ Islamic Banking and Takaful Department Statutory Reserve Requirement Page 13/13 Appendix 5 Verification Report on Holdings of RM Marketable Securities in the Trading Book ___________________________________________________________________ Form JP1/JP2/2EL/2009 Pengarah Jabatan Penyeliaan Konglomerat Kewangan (JP1) / Jabatan Penyeliaan Perbankan (JP2) Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur Date: ____________ Verification Report on Holdings of RM Marketable Securities in the Trading Book2 (For deduction from Eligible Liabilities (EL) base) Name of Banking Institution: __________________________________________________ Period for the holdings of marketable securities From: dd/mm/yy To: dd/mm/yy (Please tick where applicable) I hereby confirm that the RM figure reported under the trading book, for EL deduction is accurate and in line with our institution's policies. There are discrepancies in the RM figures reported for EL deduction3. Details are indicated below: _________________________________________________________________________ _________________________________________________________________________ ________________________ __________________________ Reporting Date Company Stamp Name: _________________________________ Designation:_____________________________ ____________________ Telephone No.: __________________________ Signature Email Add: ______________________________ 2 Based on the Definition of Trading Book as indicated under the market risk component of the Risk Weighted Capital Adequacy Framework (Basel II - R isk Weighted Assets Computation) and Capital Adequacy Framework for Islamic Banks. 3 The verification report must be submitted to JP1/JP2 immediately upon detection of any discrepancies. Where there are no discrepancies, banking institutions should retain the report for supervisory review purposes. http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2 http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2 http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2 PART AOVERVIEW Objective Scope Legal Provision PART BPOLICY REQUIREMENTS Statutory Reserve Requirement Rate Maintenance of Balances in Statutory Reserve Accounts Eligible Liabilities Penalties Operational Requirements APPENDICES Part A Issued on: 13 November 2019 BNM/RH/PD 029-41 Statutory Reserve Requirement Applicable to: 1. Licensed banks 2. Licensed investment banks 3. Licensed Islamic banks Statutory Reserve Requirement Issued on: 13 November 2019 TABLE OF CONTENTS PART A OVERVIEW ................................................................................................ 1 1 Objective ................................................................................................... 1 2 Scope ........................................................................................................ 1 3 Legal Provision ........................................................................................... 1 PART B POLICY REQUIREMENTS ........................................................................ 2 4 Statutory Reserve Requirement Rate ........................................................... 2 5 Maintenance of Balances in Statutory Reserve Accounts ............................... 2 6 Eligible Liabilities ........................................................................................ 3 7 Penalties.................................................................................................... 4 8 Operational Requirements ........................................................................... 4 Appendices .................................................................................................................. 5 Appendix 1: Adjustments to the Statutory Reserve Requirement Rates ............................ 5 Appendix 2: Illustration ...................................................................................................... 6 Appendix 3: Holdings of Selected Securities Deductible from EL Base ............................. 7 Appendix 4: Eligible Liabilities ........................................................................................... 8 Appendix 5: Verification Report on Holdings of RM Marketable Securities in the Trading Book ............................................................................................................ 10 Statutory Reserve Requirement 1 of 10 Issued on: 13 November 2019 PART A OVERVIEW 1. Objective 1.1. The Statutory Reserve Requirement (SRR) is a monetary policy instrument available to Bank Negara Malaysia (the Bank) for purposes of liquidity management. Effectively, banking institutions are required to maintain balances in their Statutory Reserve Accounts (SRA) equivalent to a certain proportion of their eligible liabilities (EL)1, this proportion being the SRR rate. 1.2. The SRR is a monetary policy instrument available to the Bank to manage liquidity and hence credit creation in the banking system. The SRR is used to withdraw or inject liquidity when the excess or lack of liquidity in the banking system is perceived by the Bank to be large and long-term in nature. 2. Scope 2.1. This requirement applies to– (i) licensed banks and licensed investment banks, as defined under the Financial Services Act 2013; and (ii) licensed Islamic banks except for licensed international Islamic banks, as defined under the Islamic Financial Services Act 2013, which shall be collectively referred to as “banking institutions” for purposes of this policy document. 3. Legal Provision 3.1. Section 26(2)(c) and section 26(3) of the Central Bank of Malaysia Act 2009 (CBA) require reserves to be held by financial institutions at the Bank in accordance with the terms and conditions as may be determined by the Bank. 3.2. Penalties on the non-compliance of the SRR will be imposed on banking institutions, pursuant to section 26(3)(b) of the CBA. 1 As defined in paragraph 6. Statutory Reserve Requirement 2 of 10 Issued on: 13 November 2019 PART B POLICY REQUIREMENTS 4. Statutory Reserve Requirement Rate 4.1. Effective 16 November 2019, the SRR rate for banking institutions is 3.0% of EL. 4.2. Adjustments to the SRR rates are listed in Appendix 1. 5. Maintenance of Balances in Statutory Reserve Accounts 5.1. In principle, banking institutions must maintain in their SRA at the Bank, balances that are at least equal to the ratio prescribed in paragraph 4.1. 5.2. Banking institutions observe the SRR based on the average daily amount of the EL over a fortnightly period (the base period). Each month will have two base periods (i.e. Base Period A and Base Period B): - Base Period A is the average daily amount of EL from the 1st to the 15th day (inclusive); and - Base Period B is the average daily amount of EL from the 16th to the last day of the month (inclusive). [It should be noted that in computing the average EL over a base period, negative EL should be zerorised and not netted off against positive EL] For the reserve maintence period from the 1st to the 15th day of any month, the SRR will be based on the average EL of Base Period A of the preceding month, while for the reserve maintence period from the 16th to the last day of any month, the SRR will be based on the average EL of Base Period B of the preceding month. 5.3. Maintenance of balances in the SRA is nevertheless flexible, with a daily variation from the SRR within a band, which currently stands at ±20% of the prevailing SRR rate. This band, within which the balances of each banking institution are allowed to fluctuate on any day, allows banking institutions the flexibility in managing their liquidity while ensuring that no banking institution behaves imprudently by allowing its reserves on any given day to fall too far. 5.4. As such, banking institutions are required to comply with the SRR at two levels: 5.4.1. On a fortnightly basis (1st to the 15th and 16th to the last day of a month), the average daily balances maintained in the SRA must be at least equal to the SRR rate; and 5.4.2. On a daily basis, balances maintained in the SRA must be within the 20% daily variation band around the prevailing policy rate (balances below the band are not permitted, while balances in excess of the band’s ceiling will not be recognised in meeting the average fortnightly requirement). Statutory Reserve Requirement 3 of 10 Issued on: 13 November 2019 5.5. The SRR computation and compliance is illustrated in Appendix 2. 6. Eligible Liabilities 6.1. As of 1 September 2007, the eligible liabilities (EL) base consists of ringgit denominated deposits and non-deposit liabilities, net of interbank assets and placements with the Bank. 6.2. Additional adjustments made to the EL base: 6.2.1. Exclusion from EL base: - The entire proceeds amount of Tier 1 housing loans/financing sold to Cagamas Berhad; and - 50% of the proceeds of Tier 2 housing loans/financing sold Cagamas Berhad. 6.2.2. Deduction from EL base: - Banking institutions are allowed to deduct from the EL base holdings of RM marketable securities (defined in Appendix 3) in their trading book; and - Principal Dealers (PD) and Islamic Principal Dealers (i-PD) are allowed to deduct from their EL base the daily holding of specified RENTAS securities in their trading and banking books. 6.3. The detailed EL is listed in Appendix 4. 6.4. A deduction from the EL base can however only be effected after the banking institution has undertaken the following: (i) Submission of Trading Book Policy Statement (TBPS) by the banking institution as specified under the market risk component of the policy documents on Capital Adequacy Framework (Basel II – Risk-Weighted Assets) and Capital Adequacy Framework for Islamic Banks (Risk- Weighted Assets) and confirmation by the Bank that the TBPS is in order; and (ii) Confirmation by the banking institution that the segregation of RM marketable securities between the banking book and trading book, controls and all other requirements as specified under the policy documents on Capital Adequacy Framework (Basel II – Risk-Weighted Assets) and Capital Adequacy Framework for Islamic Banks (Risk- Weighted Assets) have been put in place. 6.5. Banking institutions must ensure that the amount of RM marketable securities deducted from EL is reflective of the actual amount as reported in the trading book. As such, a verification report must be signed-off either by the internal auditor or compliance officer on a quarterly basis and retained by the banking institution. Should there be any discrepancies, banking institutions are required to submit the concerned verification report to the Bank upon detection of the discrepancy. A sample of the verification report is in Appendix 5. Statutory Reserve Requirement 4 of 10 Issued on: 13 November 2019 7. Penalties 7.1. Any banking institution which fails to comply with the minimum SRR requirement shall be liable to pay a penalty. The penalty payable is determined as the sum of the scaled penalty amount and the monetary benefit, as defined in paragraphs 7.3 and 7.4 below, subject to the maximum penalty (MP), as described in paragraph 7.2 below. 7.2. The computation of the maximum penalty, as provided pursuant to section 26(3) of the CBA, is as follows: days of numbershortfall 100 1 10 1 penalty maximum  7.3. The scaled penalty amount is calculated as a percentage of the maximum penalty dependent on the number of non-compliances committed by the banking institution, defined as the higher of i) the average number of offences in the last three complete calendar years; and ii) the total number of offences in the current incomplete calendar year: Number of non-compliances Scaled penalty amount One 25% of MP Two 50% of MP Three 75% of MP Four or more 100% of MP 7.4. The monetary benefit arising from the non-compliance is computed as follows: monetary benefit = shortfall x average interbank overnight rate or Islamic reference rate The monetary benefit shall be computed on a daily basis for every day during which the deficiency continues. 8. Operational Requirements 8.1. Banking institutions should refer to circulars and guidelines issued by Jabatan Perkhidmatan Statistik and Jabatan Dasar Sistem Pembayaran on reporting and other operational requirements. Statutory Reserve Requirement 5 of 10 Issued on: 13 November 2019 APPENDICES Appendix 1: Adjustments to the Statutory Reserve Requirement Rates SRR Rate Effective Date Variation Effective Date 3% 16 November 2019 2.4% - 3.6% +/- 20% of SRR Rate 1 May 1998 3.5% 1 February 2016 2.8% - 4.2% 4% 16 July 2011 3.2% - 4.8% 3% 16 May 2011 2.4% - 3.6% 2% 1 April 2011 1.6% - 2.4% 1% 1 March 2009 0.8% - 1.2% 2% 1 February 2009 1.6% - 2.4% 3.5% 1 December 2008 2.8% - 4.2% 4% 16 September 1998 3.2% - 4.8% 6% 1 September 1998 4.8% - 7.2% 8% 1 July 1998 6.4% - 9.6% 10% 16 February 1998 9.5% - 10.5% +/- 0.5% from SRR Rate 1 January 1989 13.5% 1June 1996 13% - 14% 12.5% 1 February 1996 12% - 13% 11.5% 1 July 1994 11% - 12% 10.5% 16 May 1994 10% - 11% 9.5% 3 January 1994 9% - 10% 8.5% 2 May 1992 8% - 9% 7.5% 16 August 1991 7% - 8% 6.5% 16 January 1990 6% - 7% 5.5% 16 October 1989 5% - 6% 4.5% 2 May 1989 4% - 5% 3.5% 1 January 1989 3% - 4% Statutory Reserve Requirement 6 of 10 Issued on: 13 November 2019 Appendix 2: Illustration Computation of EL in Base Period A and Base Period B An illustration on the computation of EL in Base Period A and Base Period B in the month of January 2009 is as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 202 197 208 210 205 205 196 194 195 194 195 199 200 200 200 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 205 214 215 214 217 230 208 207 205 230 240 245 236 241 244 249 EL Base Period A = (202+197+….+200+200) ÷ 15 = RM200m EL Base Period B = (205+214+…..+241+244+249) ÷ 16 = RM225m Computation of the SRR SRR compliance period 1 to 15 February 2009 Corresponding EL base 1 to 15 January 2009 EL Base Period A RM200m Prevailing SRR rate during the period 1 to 15 February 2009 (For illustrative purposes only) 2% Variation band 1.6% to 2.4% The minimum daily balance to be maintained in the SRA from 1 to 15 February 2009 = RM3.2m (1.6% of EL Base Period A) Suppose the banking institution’s balances in the SRA from 1 to 15 February 2009 are as follows: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 3.8 4.0 3.6 4.4 4.5 4.6 4.8 4.8 4.4 4.4 4.4 4.3 4.4 4.8 6.4 The maximum amount in the account balance that is recognised is capped at 2.4% of EL Base A, in this case RM4.8m. Therefore, on 15 February, although the account balance was RM6.4m, only RM4.8m will be recognised for the SRR computation. Therefore, the average reserve balance for 1 to 15 February 2009: = (Sum of daily SRR balance ÷ 15 days) ÷ EL Base Period A = [(3.8 + 4.0 + 3.6 + … + 4.4 + 4.3 + 4.4 + 4.8 + 4.8) ÷ 15] ÷ 200 = 2.2% Only RM4.8m is recognised although actual balance was RM6.4m. Statutory Reserve Requirement 7 of 10 Issued on: 13 November 2019 Appendix 3: Holdings of Selected Securities Deductible from EL Base Holdings of all RM marketable securities in the trading book of all banking institutions are eligible for deduction from the EL base for the purpose of SRR computation, except where: 1. securities are sold under repo/sell-and-buy-back agreement (SBBA); and 2. securities are lent or securities that have been used as collateral under securities borrowing and lending (SBL). The RM marketable securities that are deductible from the EL base computation comprise the following: 1. Specified RENTAS securities issued through the Principal Dealer (PD) and Islamic Principal Dealer (i-PD) network; 2. All private debt securities including Cagamas securities; 3. RM securities issued by Multilateral Development Banks (MDBs) and Multilateral Financial Institutions (MFIs); 4. ABF Malaysia Bond Index Fund (18 July 2005); and 5. Any other securities as specified by Bank Negara Malaysia. In addition, Principal Dealers and Islamic Principal Dealers may also deduct holdings of all specified RENTAS securities issued through the PD and i-PD network in the banking book, except where: 1. securities are sold under repo/SBBA; and 2. securities are lent or securities that have been used as collateral under SBL. Note: Specified RENTAS Securities refers to Islamic/Conventional short term and long term scripless securities issued by the Government, Bank Negara Malaysia, Bank Negara Malaysia Sukuk Berhad and any other instrument that may be specified by Bank Negara Malaysia. Statutory Reserve Requirement 8 of 10 Issued on: 13 November 2019 Appendix 4: Eligible Liabilities A RM Eligible Liabilities RM Demand Deposits Accepted 42110-00-00-0000-Y RM Savings Deposits Accepted 42120-00-00-0000-Y RM Fixed Deposits Accepted 42130-00-00-0000-Y RM Specific Investment Deposits Accepted 42131-00-00-0000-Y RM General Investment Deposits Accepted 42132-00-00-0000-Y RM Commodity Murabahah 42133-00-00-0000-Y RM Call Deposit Accepted 42140-00-00-0000-Y RM Short-Term Deposits Accepted 42190-00-00-0000-Y RM Investments Linked to Derivatives Offered 42191-00-00-0000-Y RM Other Deposits Accepted 42199-00-00-0000-Y RM NIDs Issued 42150-00-00-0000-Y RM Repurchase Agreements 42160-00-00-0000-Y RM Special Deposits (Witholding Tax) 42170-00-00-0000-Y RM Housing Development Account Deposits 42180-00-00-0000-Y RM Amounts Due to Designated Financial Institutions 43100-00-00-0000-Y RM Miscellaneous Borrowings 44100-00-00-0000-Y RM Interest Payable nie to non-residents 49110-80-00-0000-Y RM Bills payable to non-residents 49120-80-00-0000-Y Other RM Miscellaneous liabilities nie due to non-residents 49299-80-00-0000-Y Less: RM Subordinated Debt Capital 44111-00-00-0000-Y Exempt Subordinated Debt Capital 44112-00-00-0000-Y RM Subordinated Debt Capital with Special Approval from BNM 44113-00-00-0000-Y RM Recourse Obligation on Loans Sold to Cagamas 44140-00-00-0000-Y B RM Eligible Assets Deductible from Eligible Liabilities RM Balances in current accounts with Domestic Banking Institutions 32120-10-00-0000-Y RM Fixed Deposits Placed with Domestic Banking Institutions 32130-10-00-0000-Y RM Fixed Deposits Placed with Discount Houses 32130-13-00-0000-Y RM Specific Investment Deposits Placed with Domestic Banking Institutions 32131-10-00-0000-Y RM Specific Investment Deposits Placed with Discount Houses 32131-13-00-0000-Y RM General Investment Deposits Placed with Domestic Banking Institutions 32132-10-00-0000-Y RM General Investment Deposits Placed with Discount Houses 32132-13-00-0000-Y RM Call Deposits Placed with Investment Banks 32140-12-00-0000-Y RM Call Deposits Placed with Discount Houses 32140-13-00-0000-Y RM Other Deposits Placed with Domestic Banking Institutions 32199-10-00-0000-Y RM Reverse repos with BNM 32500-01-00-0000-Y RM Reverse repos with Commercial Banks 32500-02-00-0000-Y RM Reverse repos with Islamic Banks 32500-03-00-0000-Y RM Reverse repos with Finance Companies 32500-11-00-0000-Y RM Reverse Repos with Merchant Banks 32500-12-00-0000-Y RM Reverse Repos with Discount Houses 32500-13-00-0000-Y RM Overdrawn Vostro A/C of Commercial Banks 33110-02-00-0000-Y RM Overdrawn Vostro A/C of Islamic Banks 33110-03-00-0000-Y RM Nostro A/C with Commercial Banks 33120-02-00-0000-Y RM Nostro A/C with Islamic Banks 33120-03-00-0000-Y RM Surplus in SPICK 33130-00-00-0000-Y RM Interbank Placements with Bank Negara Malaysia 33140-01-00-0000-Y RM Interbank Placements with commercial banks 33140-02-00-0000-Y RM Interbank Placements with Islamic banks 33140-03-00-0000-Y RM Interbank Placements with finance companies 33140-11-00-0000-Y RM Interbank Placements with merchant banks 33140-12-00-0000-Y RM Interbank Placements with discount houses 33140-13-00-0000-Y RM Interbank Placements with Cagamas 33140-17-00-0000-Y RM Loans to Domestic Banking Institutions 34100-10-00-0000-Y RM Loans to discount houses 34100-13-00-0000-Y RM Loans to Cagamas 34100-17-00-0000-Y RM Negotiable Instruments of deposits held 37030-00-00-0000-Y NIDs Sold Under Repo 38030-00-00-0000-Y Eligible RM Cagamas Bonds - Tier-2 40150-00-00-0000-Y SRGF Loans 40190-00-00-0000-Y SRGF-2 Loans 40191-00-00-0000-Y Statutory Reserve Requirement 9 of 10 Issued on: 13 November 2019 Less: RM Interbank Placements with discount houses for overnight 33140-13-11-0000-Y C Eligible Tier 2 Loans Sold to Cagamas - Day i 40140-00-00-0000-Y D Holdings of selected securities - Day i 40171-00-00-0000-Y Eligible Liabilities for SRR Next Month - Day i (A - B + C - D) 40130-00-00-0000-Y Statutory Reserve Requirement 10 of 10 Issued on: 13 November 2019 Appendix 5: Verification Report on Holdings of RM Marketable Securities in the Trading Book Form JP1/JP2/2EL/2009 Pengarah Jabatan Penyeliaan Konglomerat Kewangan (JP1) / Jabatan Penyeliaan Perbankan (JP2) Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur Date: ____________ Verification Report on Holdings of RM Marketable Securities in the Trading Book2 (For deduction from Eligible Liabilities (EL) base) Name of Banking Institution: __________________________________________________ Period for the holdings of marketable securities From: dd/mm/yy To: dd/mm/yy (Please tick √ where applicable) I hereby confirm that the RM figure reported under the trading book, for EL deduction is accurate and in line with our institution's policies. There are discrepancies in the RM figures reported for EL deduction3. Details are indicated below: _________________________________________________________________________ _________________________________________________________________________ ________________________ __________________________ Reporting Date Company Stamp Name: _________________________________ Designation:_____________________________ ____________________ Telephone No.: __________________________ Signature Email Add: ______________________________ 2 Based on the Definition of Trading Book as indicated under the market risk component of the policy documents on Capital Adequacy Framework (Basel II – Risk-Weighted Assets) and Capital Adequacy Framework for Islamic Banks (Risk Weighted Assets). 3 The verification report must be submitted to JP1/JP2 immediately upon detection of any discrepancies. Where there are no discrepancies, banking institutions should retain the report for supervisory review purposes. http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2## http://k2.w2k.bnm.gov.my/portal/server.pt?open=512&objID=216&PageID=14871&cached=true&mode=2## Corporate Governance Guidelines BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions PART 1: INTRODUCTION....................................................................................................1 PART 2: PRINCIPLES OF CORPORATE GOVERNANCE, MINIMUM STANDARDS AND SPECIFIC REQUIREMENTS...........................................................................................5 Principle 1: Every Licensed Institution should be headed by an effective board, which assumes specific responsibilities. The vision, strategy and corporate values of the Licensed Institution should be clearly specified and understood..........................................5 Principle 2: There should be an effective board composition, with a strong independent element where no individual or small group of individuals should be allowed to dominate the board’s decision making ................................................................................................11 Principle 3: There should be a clear division of responsibilities at the helm of a Licensed Institution, which will ensure a balanced and clear lines of role, responsibility, authority and accountability throughout the Licensed Institution ......................................................15 Principle 4: There should be a formal and transparent process for the appointment of directors to the board and the appointment of CEO ...........................................................17 Principle 5: Directors must be persons of calibre, credibility and integrity with the necessary skills and experience and be able to devote time and commitment .................21 Principle 6: Board should meet regularly and be duly furnished with complete and timely information ...........................................................................................................................23 Principle 7: There should be a formal and an ongoing assessment of the effectiveness of the board as a whole, the directors and the CEO...............................................................25 Principle 8: There should be a formal and transparent procedure for fixing the remuneration packages of board members, CEO and senior management and the remuneration policies and practices should be in line with the Licensed Institution’s ethical values, objectives and culture .............................................................................................26 Principle 9: Persons empowered with decision-making authority (including directors) should exercise care to avoid situations that may give rise to a conflict of interest situation ..............................................................................................................................................27 Principle 10: There should be clear separation between shareholders and management so as not to impede sound corporate governance..............................................................28 Principle 11: There should be robust auditing requirements and the auditor, board and management need to maintain professional and objective relationships ...........................28 Principle 12: Licensed Institution should engage in regular, effective and fair communication with shareholders/stakeholders .................................................................30 Principle 13: Conducting corporate governance in a transparent manner can reinforce sound corporate governance...............................................................................................31 Principle 14: Board is collectively responsible and accountable for the veracity of disclosures and management of risk...................................................................................33 PART 3: APPLICATION PROCEDURES..............................................................................34 PART 4: APPENDICES .........................................................................................................36 APPENDIX 1 .......................................................................................................................36 APPENDIX 2 .......................................................................................................................37 APPENDIX 3 .......................................................................................................................42 BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 1 / 43 PART 1: INTRODUCTION OVERVIEW AND OBJECTIVE OF THE GUIDELINES 1.01 The primary objective of the “Guidelines on Corporate Governance for Licensed Institutions” (the Guidelines) is to promote the adoption of effective and high standards of corporate governance practices by Licensed Institutions and Bank Holding Companies/Financial Holding Companies. In these guidelines, the term: Bank Holding Company refers to a company which holds 51 % or more interest in the shares of an institution or institutions licensed under the Banking and Financial Institutions Act 1989 (BAFIA) and, other companies as may be approved by Bank Negara Malaysia, and has been designated as a Bank Holding Company by Bank Negara Malaysia. Financial Holding Company refers to a Licensed Institution which holds 51% or more interests in the shares of a Licensed Institution or institutions and, other companies as may be approved by Bank Negara Malaysia, within the same banking group. Taken in the context of the Malaysian financial system, it normally refers to a domestic licensed commercial bank which lies at the apex of the corporate structure of the banking group. Unlike a Bank Holding Company, it is not necessary for Bank Negara Malaysia to designate a Financial Holding Company because, as a Licensed Institution, it is already subject to the requirements of the BAFIA, with regard to the appointment of directors/CEOs and investments. Licensed Institutions refers to institutions which are licensed under the BAFIA, namely, commercial banks, finance companies, merchant banks/investment banks, discount houses and money brokers. 1.02 The Guidelines set out broad principles and minimum standards as well as specific requirements for sound corporate governance, which are expected of Licensed Institutions and Bank Holding Companies/Financial Holding Companies. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 2 / 43 IMPORTANCE OF CORPORATE GOVERNANCE 1.03 The adoption of sound corporate governance standards and practices ensures that Licensed Institutions are managed safely and soundly where risk -taking activities and business prudence are appropriately balanced so as to maximise shareholders’ returns and protect the interests of all stakeholders. In a liberalised and more competitive environment where there is constant pressure for management to deliver required bottomline, strong corporate governance becomes critical safeguards against all kinds of mismanagement and fraudulent activities. Effective corporate governance practices that enhance corporate accountability are key elements in the working of market discipline and transparency. 1.04 Corporate governance is defined as the process and structure used to direct and manage the business and affairs of the institution towards enhancing business prosperity and corporate accountability with the ultimate objective of realising long- term shareholder value, whilst taking into account the interests of other stakeholders1. It involves a set of relationships between an institution’s management, its board, its shareholders and other stakeholders2. As per the BIS Guidelines on “Enhancing Corporate Governance for Banking Organisations”, corporate governance involves the manner in which the business and affairs of an individual institution are governed by its board of directors and senior management, affecting how an institution: · sets corporate objectives, including generating economic returns to owners; · runs the day-to-day operations of the business; · considers the interests of recognised stakeholders3; · aligns corporate activities and behaviours with the expectation that the institution will operate in a safe and sound manner, and in compliance with applicable laws and regulations; and · protects the interests of depositors. 1 Finance Committee Report on Corporate Governance, February 1999. 2 OECD Principles of Corporate Governance, revised April 2004. 3 “Stakeholders” include employees, customers, suppliers and the community. Due to the unique role of banks in national and local economies and financial systems, supervisors and governments are also stakeholders. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 3 / 43 ALIGNMENT WITH OTHER CORPORATE GOVERNANCE CODES 1.05 The broad principles, standards and requirements under the Guidelines are aligned with the principles enshrined in: · The Malaysian Code on Corporate Governance; · The BIS Guidelines on “Enhancing Corporate Governance for Banking Organisations”; and · Other international best practices on corporate governance. APPROACH 1.06 The Guidelines are formulated based on the fundamental concepts of responsibility, accountability and transparency, with greater emphasis on the role of the board and management. The Guidelines highlight the principles of corporate governance that are translated into minimum standards and specific requirements. 1.07 The Guidelines contain broad principles dealing with: (i) Board matters; (ii) Management oversight; (iii) Accountability and audit; and (iv) Transparency. 1.08 The Guidelines should be read together with the BAFIA, the Companies Act 1965 and other relevant regulations, guidelines or circulars relating to corporate governance that Bank Negara Malaysia may issue from time to time. APPLICABILITY 1.09 The Guidelines are applicable to the following institutions: (i) Licensed Institutions; (ii) Bank Holding Companies/Financial Holding Companies; and (iii) Any other institution specified by Bank Negara Malaysia. 1.10 For Bank Holding Companies /Financial Holding Companies, the following specific requirements under the Guidelines are applicable: (i) Establishment of Nominating and Remuneration Committee (including all requirements relating to the functions and responsibilities of the Nominating and Remuneration Committee); (ii) Requirements on independent directors (definition, responsibilities, composition, resignation and removal of independent directors); and (iii) Appointment of directors, Chairman and CEOs (approval requirement from Bank Negara Malaysia, separation of the role of CEO and Chairman, appointment procedure, fit and proper criteria, and terms of appointment). BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 4 / 43 1.11 To facilitate the monitoring and continuous assessment of financial groups, Bank Negara Malaysia may impose certain reporting requirements o n Bank Holding Companies /Financial Holding Companies as and when necessary. COMPLIANCE REQUIREMENTS 1.12 All Licensed Institutions are expected to: (i) comply and observe the Guidelines; and (ii) disclose in the annual report, any non-observance of the Guidelines and provide explanation and alternative measures taken to comply with the principles of the Guidelines. Legal Provision 1.13 These Guidelines are issued pursuant to Sections 56, 57 and 126 of the BAFIA. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 5 / 43 PART 2: PRINCIPLES OF CORPORATE GOVERNANCE, MINIMUM STANDARDS AND SPECIFIC REQUIREMENTS Principle 1: Every Licensed Institution should be headed by an effective board, which assumes specific responsibilities. The vision, strategy and corporate values of the Licensed Institution should be clearly specified and understood 2.01 The board plays a critical role in ensuring sound and prudent policies and practices of its Licensed Institution. The board needs to perform its oversight role effectively and understands its overall responsibilities to stakeholders. While the board is not involved in the day-to-day operations of the institution, it provides effective check and balance mechanism in the overall management of the Licensed Institution. 2.02 The board carries ultimate responsibility for the proper stewardship of its Licensed Institution. It has the responsibility in ensuring the maximisation of shareholders’ value and safeguarding the stakeholders’ interests. This could be done through rigorous and diligent oversight over the Licensed Institution’s affairs, establishing, amongst others, the corporate values, vision and strategy that will direct the activities of the Licensed Institution, and to be aware of the types of material financial activities the Licensed Institution intends to pursue. 2.03 The board has a fiduciary responsibility to act in the best interest of its Licensed Institution and to protect it from inappropriate actions or influences of dominant or controlling shareholders that are detrimental or not to the best interest of the Licensed Institution and its other shareholders and stakeholders. 2.04 The board should collectively have sound and sufficient knowledge and expertise to enable effective governance and oversight. The board should continue to develop and maintain an appropriate level of expertise as the Licensed Institution grows in size and complexity. BOARD RESPONSIBILITIES LEGAL OBLIGATIONS OF DIRECTORS 2.05 Under the Companies Act 1965, a director shall at all times act honestly and use reasonable diligence in the discharge of his duties. 2.06 A director’s fiduciary duties towards the Licensed Institution include: · to act bona fide and in the interests of the Licensed Institution as a whole; · not to act beyond the power conferred by the Licensed Institution; · to avoid/guard against conflict of interest situation; and BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 6 / 43 · to apply such degree of skills, care and diligence as may reasonably be expected of a person of his knowledge and experience. 2.07 In addition, directors should also be aware of their responsibilities and liabilities under the BAFIA and other applicable laws, guidelines and regulations. Section 106 of the BAFIA provides that where any offence against any provision of the BAFIA has been committed by any institution, any person who at the time of the commission of the offence was a director, officer, or controller of the institution or was purporting to act in any such capacity, or was in any manner or to any extent responsible for the management of any of the affairs of such institution, or was assisting in such management, shall be guilty of that offence unless he proves that the offence was committed without his consent or connivance, and that he had exercised all due diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances. Director’s Responsibilities 2.08 For the board to be effective, it is crucial for its board members to understand and appreciate their roles and responsibilities. This serves as an important control mechanism to ensure that the board functions objectively, independently and effectively. 2.09 Generally, a director’s responsibilities include: · to be aware of the Licensed Institution’s operating environment and promote safety and soundness of the licensed institution; · to be diligent in undertaking his duties and avoid conflict of interest situation; · to be able to exercise independent judgement in decision making and provide sound and objective advice; · to understand his oversight role and ‘duty of loyalty’ to the Licensed Institution, its shareholders and other stakeholders; · to objectively question management; · to devote adequate time and attention to discharge his duties and responsibilities effectively; and · to contribute actively to the functions of the board and be able to provide special expertise to the board. Major Responsibilities of the Board 2.10 The major responsibilities of the boards of Licensed Institutions include: · Review and approve strategies, business plans and significant policies and monitor management’s performance in implementing them An institution should clearly establish its strategic objectives, which takes into account the institution’s risk appetite and its risk management capabilities, and devise a business strategy and plans for achieving them. The board should approve these objectives, strategies and business plans, and ensures that BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 7 / 43 performance against plans is regularly reviewed and monitored. The board should also establish key performance indicators (KPIs) to define, measure and monitor the performance and progress towards achieving organisational goals. The KPIs established should reflect the goals of the Licensed Institution, be measurable and allow for corrective actions if things go wrong. KPIs should complement overall business targets, relate to its core activities and be balanced between short and long-term objectives and strategies. · Set corporate values and clear lines of responsibility and accountability that are communicated throughout the organisation4 The board should set the “tone at the top” that establishes a culture of high ethical standards and integrity, professional conduct and approve corporate values for itself, senior management and other employees and clear lines of responsibility and accountability, which are communicated throughout the organisation. The consistent practice of high ethical standards will benefit the Licensed Institution, as these practices will enhance the Licensed Institution’s credibility and trustworthiness in its day-to-day and long-term operations. · Ensure competent management The board should ensure that there is a managed and effective process to select and appoint key senior management officers that are qualified, professional and competent to administer the affairs of the Licensed Institution, approve succession planning policy and effectively monitor senior management’s performance on an ongoing basis. · Ensure that the operations of the Licensed Institution are conducted prudently, and within the framework of relevant laws and policies While the management is responsible for running the institution on a day-to-day basis, the board should ensure that the internal control systems of the Licensed Institution are effective and that the Licensed Institution’s operations are properly controlled. The board should make use of external and internal auditors in reviewing the adequacy of the internal controls. The Licensed Institution should maintain an effective compliance function that routinely monitors compliance with policies approved by the board and relevant laws and regulations. Directors should be familiar with relevant laws, related regulations and guidelines and must exercise diligence to see that these are not violated. · Ensure that the Licensed Institution establishes comprehensive risk management policies, processes and infrastructure, to manage the various types of risks The board should have a sound understanding of the Licensed Institution’s business operating environment and its associated risks. It is important that the 4 Refer to Principle 3 BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 8 / 43 Licensed Institution has in place effective and comprehensive risk management policies, processes and infrastructure to identify, measure, monitor and control the various types of risks undertaken by the Licensed Institution. The board should approve and periodically review the risk management capabilities of the Licensed Institution to ensure that they are able to support the Licensed Institution’s business expansion. The board should also ensure there is reliable and adequate management information systems that cover the full range of the Licensed Institution’s activities. · Set up an effective internal audit department, staffed with qualified internal audit personnel to perform internal audit functions, covering the financial and management audit5 Adequate internal controls and strong risk management system within the Licensed Institution must be supplemented by an effective internal audit function that provides an independent evaluation on the adequacy of, and compliance with the established policies and procedures. To enhance the independence of the internal auditors in achieving their audit objectives, the board should ensure that the internal auditors have full access to all records, and are given an appropriate standing in the organisation’s hierarchy. · Establish procedure to avoid self-serving practices and conflicts of interest including dealings of any form with related entities6 The board should establish policies and procedures governing related party transactions and conflicts of interest situations. The Companies Act 1965 and the BAFIA subject the directors to disclosure requirements in respect of their other business interests. The board should ensure that the senior management implements policies that prohibit activities and relationships that diminish the quality of corporate governance, such as conflicts of interest situations, corruption and bribery, and providing preferential treatment to related parties and other favoured entities. The board should approve a set of ethical corporate values, preferably in the form of code of conduct that are communicated throughout the Licensed Institution. Such values should stress the importance of accountability, professionalism and integrity throughout the Licensed Institution. · Establish and ensure the effective functioning of various board committees Refer to 2.17, 2.18 and Appendix 2. · Ensure that the Licensed Institution has a beneficial influence on the economic well-being of its community The board has a continuing responsibility to the community to ensure that the Licensed Institution’s activities are conducive towards promoting the economic 5 To also refer to Principle 11 6 To also refer to Principle 9 BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 9 / 43 well-being of its community and are in line with the government’s economic objectives. Licensed Institution as Part of a Larger Group 2.11 Group dimension affects to a certain extent the corporate governance structure and activities of both parent and subsidiary boards. The corporate governance responsibilities at both the parent and subsidiary should be respected and thus, in carrying out its responsibilities, parent board should not prejudice or diminish the corporate governance responsibilities of the board and senior management of the subsidiary. 2.12 Where the Licensed Institution is a Bank Holding Company, the board of the Licensed Institution should be aware of the material risks and issues that may affect the constituent entities of the group and should, therefore, exercise adequate oversight over the activities of the subsidiaries. The board of the Licensed Institution and its senior management are expected to set the general strategies and policies of the group and its subsidiaries and for determining the governance structure for its subsidiaries that would best contribute to an effective chain of oversight for the group as a whole. 2.13 Where the Licensed Institution is not a Bank Holding Company, broad strategies and policies may be set by the holding company. However, the board of the Licensed Institution is not absolved of responsibility and accountability for actions that are directed by the holding company as they are ultimately responsible and accountable for the proper stewardship of the Licensed Institution and should retain its corporate governance responsibilities. The board of the Licensed Institution should review holding company policies that apply to the institution. If the board is not satisfied with the appropriateness of the policies, it should notify and discuss with the holding company. Locally Incorporated Foreign Banks 2.14 While for a locally incorporated foreign bank, it is acknowledged that the strategies and policies are driven by the parent company in order to be consistent with its own global strategies, the local board is expected to: · discuss, evaluate and provide input on strategies and policies to suit local environment; and · deliberate and approve major issues and decisions. 2.15 Although major decisions are normally made by the parent company, the local board still needs to evaluate the issues and endorse the policies before adopting them, as they will be ultimately held accountable. The policies adopted should adhere to the laws of Malaysian jurisdiction and regulations and Memorandum and Articles of Associations of the Licensed Institution. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 10 / 43 Functional Matrix Reporting 2.16 With regard to the functional matrix reporting structure, the Licensed Institution’s board and management should ensure that such matrix and business line management structures are consistent with the Licensed Institution’s corporate governance responsibilities. The board should ensure that: · it provides active oversight on the overall operations and performance of the Licensed Institution; and · the management remains accountable in the running of the Licensed Institution’s business operations. BOARD COMMITTEES 2.17 The board needs to establish specialised board committees to oversee critical or major functional areas and to address matters, which require detailed review or in- depth consideration. Although the board may delegate certain duties to the board committees, it remains responsible for the decisions of the committees. 2.18 The board is required to establish the following committees: · Nominating Committee; · Remuneration Committee; · Risk Management Committee; and · Audit Committee. (Details of the various board committees are attached in Appendix 2) BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 11 / 43 Principle 2: There should be an effective board composition, with a strong independent element where no individual or small group of individuals should be allowed to dominate the board’s decision making BOARD COMPOSITION 2.19 The number of directors constituting a board is an important factor in determining the effectiveness of the board in providing direction and guidance to the management of the Licensed Institution and in performing its oversight role effectively. To be effective, the board of a Licensed Institution must have an appropriate number of directors that commensurate with the complexity, the size, the scope and operations of the Licensed Institution. The board should comprise of directors who as a group provide a mixture of core competencies such as finance, accounting, legal, business management, information technology and investment management. 2.20 The board should determine the appropriate size of the board and in determining the size, consideration should be given to enable an efficient and effective conduct of board deliberation. 2.21 The participation of non-executive directors enables a balanced and objective consideration of issues and enhance accountability in the decision–making process. Thus, a higher proportion of non-executive directors could mitigate any possible conflict of interest between the policy-making process and the day-to-day management of the Licensed Institution. 2.22 The presence of suitably qualified independent directors can help to provide the necessary checks and balances in ensuring the Licensed Institution operates in a safe and sound manner. Such members can also bring new perspective from other businesses that may enhance the effectiveness of the board. TYPES OF DIRECTORS 2.23 Executive director: a s taff of a Licensed Institution who is on the Licensed Institution’s payroll and employed under a service contract, and is involved in the Licensed Institution’s day-to-day management responsibilities. 2.24 Non-executive director: not a staff of a Licensed Institution and not under the Licensed Institution’s payroll. He is not involved in the daily management of the Licensed Institution. 2.25 Independent director: a director who is independent of management and free from any business or other relationship, which could interfere with the exercise of independent judgement or the ability to act in the best interest of the Licensed Institution. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 12 / 43 2.26 An independent director shall not: · have more than 5% equity interest directly or indirectly in the Licensed Institution or in its related companies; · be connected7 to a substantial shareholder of the Licensed Institution or under an obligation to act in accordance with the substantial shareholder or any other person; · be employed in an executive position in the Licensed Institution or its related companies, at least two years prior to his appointment date; · have an immediate family member who is, or has been in the past two years, employed by the Licensed Institution or any of its related company as a key senior officer. For this purpose, an ‘immediate family member’ means the spouse, parent, brother, sister, child (including adopted or step child) and the spouse of such brother, sister or child, of the independent director; · engage in any transaction, or have been engaged in any transaction within the last two years with the Licensed Institution, whether with other persons or through a firm or a company of which he is a partner, director or major shareholder, the value of which exceeds RM1 million. However, “transactions” as stated above shall exclude the following transactions: o for personal use of the said director; o for personal investment of the said director except for the purpose of carrying on a trade or business; or o normal banking transactions other than loans and advances provided that such transactions are on normal commercial terms. A director of a Licensed Institution will still be deemed independent if the company in which he is also a director, has loans with the Licensed Institution, provided he is not a substantial shareholder of the company, or a guarantor of the loan and is not involved in the deliberation and decision-making process; · be engaged as a professional adviser by the Licensed Institution or any related company of the Licensed Institution, either personally or through a firm or company of which he is a partner, director or major shareholder, as the case may be; and · have served the board for a period which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interest of the Licensed Institution. The Nominating Committee of the Licensed Institution shall determine annually whether a director is independent. 7 A person is connected to a substantial shareholder (that is holds >5% of the equity interest) if he is: · spouse, parent, brother, sister, child (including adopted or step child) and the spouse of such brother, sister or child, of the substantial shareholder; · under an obligation, whether directly or indirectly, to act in accordance with the instructions or directions of the substantial shareholder; or · any other person deemed by Bank Negara Malaysia to be connected with the substantial shareholder. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 13 / 43 Maximum Number of Executive Directors 2.27 As the function of the board is to provide effective oversight over management, the number of executive directors on the board should be kept to the very minimum. In this regard, there should not be more than one executive director on the board of a Licensed Institution. However under exceptional circumstances, B ank Negara Malaysia may allow, up to a maximum of two executive directors. This requirement does not preclude the board of the licensed institution from inviting other senior management officers to attend board meetings to provide inputs as and when necessary. 2.27A Where directors on the board of a Licensed Institution also include executives from the parent or related institution (e.g. regional office), the board of the Licensed Institution must be able to demonstrate that an effective separation between oversight and management is maintained in the overall balance between executive directors and non-executive directors on the board. This should take into account the extent to which the executives from the parent or related institutions assume accountability for decisions and actions within the Licensed Institution directly or indirectly, through reporting and decision making structures. Where such accountability is assumed, compensating measures must be put in place such as by having a higher balance of independent directors on the licensed institution’s board to ensure effective oversight. Minimum Number of Independent Directors 2.28 Licensed institutions are required to ensure that at least one-third of their board members are independent directors. However, in cases where Bank Negara Malaysia has concerns on the effective functioning of the board, a higher proportion of independent directors may be specified by Bank Negara Malaysia. In addition, all resignations and removal of independent directors from the board can only take effect after the respective board has cleared the resignation and removal of the independent directors with Bank Negara Malaysia. This is to ensure the effective functioning of independent directors. Responsibilities of Independent Directors 2.29 Independent directors should ensure a strong element of independence on the board, both in thought and actions. 2.30 The effective participation of independent directors enhances accountability in the board’s decision-making process. The responsibilities of an independent director should therefore include the following: · to provide and enhance the necessary independence and objectivity to the board; · to ensure effective checks and balances on the board; · to mitigate any possible conflict of interest between the policy-making process and the day-to-day management of the Licensed Institution; BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 14 / 43 · to constructively challenge and contribute to the development of business strategy and direction of the Licensed Institution; and · to ensure that adequate systems and controls to safeguard the interests of the Licensed Institution are in place. 2.31 In addition to the rights accorded to directors, independent directors may request that their views, comments and stance are minuted to enable them to effectively discharge their duties. 2.32 With the increasing responsibilities and expectations on independent directors, their remuneration level should commensurate with the level of expertise, experience and responsibilities undertaken and contribution to the effective functioning of the board. Sharing of Independent Directors Within a Group 2.33 Sharing of independent director within a group is allowed provided the director gives a declaration on his independence and that he is not taking instructions from any person including the parent company of the Licensed Institution. In such a situation, the Nominating Committee is required to assess the independence of the director. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 15 / 43 Principle 3: There should be a clear division of responsibilities at the helm of a Licensed Institution, which will ensure a balanced and clear lines of role, responsibility, authority and accountability throughout the Licensed Institution 2.34 There should be a clear division of responsibilities at the helm of a Licensed Institution, to ensure a balance of power and authority, such that no one individual or group of individuals dominates the decision-making process. There should also be a properly documented and well-communicated reporting structure in the organisation that clearly shows lines of reporting responsibility and authority so that each employee fully understands his job functions, and hence accountability and integrity of operations in the Licensed Institution will be preserved. Unspecified lines of accountability or confusing, multiple lines of responsibility may worsen a problem through slow or diluted responses. 2.35 The organisational structure of a Licensed Institution should include four important forms of oversight in order to ensure appropriate checks and balances: · Oversight by the board of directors; · Oversight by individuals not involved in the day-to-day management of the different business areas; · Direct line supervision of various business areas; and · Independent risk management, compliance and audit functions. 2.36 Senior management consists of a core group of individuals responsible for the day- to-day management of a Licensed Institution and they contribute a major element of the Licensed Institution’s sound corporate governance. Senior management is responsible for delegating responsibilities to the staff, establishing a management structure that promotes accountability and overseeing line managers and officers carrying out their functions in specific business areas and activities consistent with policies and procedures set by the Licensed Institution’s board of directors. They should have the necessary skills, knowledge and expertise to manage the business under their supervision and they are ultimately responsible to the board for the performance of the Licensed Institution. CHAIRMAN AND CEO 2.37 There shall be clear separation between the roles of Chairman and CEO, to ensure an appropriate balance of role, responsibility, authority and accountability. The Chairman of the board should be in a non-executive capacity and should not have an executive position or responsibility at the parent or related institutions. The non- executive Chairman assumes an important role in encouraging a healthy debate on critical issues and brings to the board the required level of independence and professional scepticism. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 16 / 43 Role of Chairman 2.38 The key role of a Chairman is to ensure, among others: · the smooth functioning of the board, the governance structure and inculcating positive culture in the board; · guidelines and procedures are in place to govern the board’s operation and conduct; · all relevant issues are on agenda for board meeting and all directors are able to participate fully in the board’s activities; · board debates strategic and critical issues; · board receives the necessary information on a timely basis from the management; · avenues are provided for all directors to participate openly in the discussion; and · that he provides leadership to the board and is responsible for the developmental needs of the board. Role of CEO 2.39 The key role of a CEO, among others, includes: · developing the strategic direction of the Licensed Institution; · ensuring that the Licensed Institution’s strategies and corporate policies are effectively implemented; · ensuring that board decisions are implemented and board directions are responded to; · providing directions in the implementation of short and long-term business plans; · providing strong leadership that is, effectively communicating a vision, management philosophy and business strategy to the employees; · keeping board fully informed of all important aspects of the Licensed Institution’s operations and ensuring sufficient information is distributed to board members; and · ensuring the day-to-day business affairs of the institutions are effectively managed. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 17 / 43 Principle 4: There should be a formal and transparent process for the appointment of directors to the board and the appointment of CEO Legal Requirements 2.40 The appointment of directors and CEOs of a Licensed Institution requires the prior written consent of Bank Negara Malaysia pursuant to Section 55(1) and Section 57(2) of the BAFIA. respectively. Appointment of Chairman 2.41 Licensed Institutions are required to obtain the prior written approval of Bank Negara Malaysia for the appointment of Chairman of the board. Chief Executive Officer 2.42 The sound operation of a Licensed Institution depends critically on its CEO. Thus, he must be able to devote his full attention and time to be able to discharge his duties and responsibilities effectively and diligently. 2.43 Bank Negara Malaysia holds the CEO directly responsible for the day-to-day operations of the Licensed Institution. He must be familiar with the operations of the Licensed Institution, the state of internal controls, requirements of regulations, as well as current issues and policies affecting the industry in general. He must also have the necessary knowledge and professional competence in the conduct of the Licensed Institution’s business. 2.44 In the absence of its CEO, a Licensed Institution is required to inform Bank Negara Malaysia of the person who will be directly responsible for the overall running of the Licensed Institution. This is necessary for Bank Negara Malaysia to consult him on matters of policy and day-to-day operations. The acting person should be fully acquainted with the Licensed Institution’s affairs, and should be able to act promptly, with authority, on matters affecting the Licensed Institution. Appointment Procedure 2.45 A documented and transparent procedure for the appointment of CEO and directors to the board is important to protect the integrity of the board. The policy and procedure for appointments should be approved by the board. The Nominating Committee of the Licensed Institution shall make recommendations to the board on all board appointments, reappointments and resignations (refer to roles and responsibilities of Nominating Committee in Appendix 2). 2.46 In processing the applications, a rigorous vetting is conducted to ensure that the proposed director or CEO is a ‘fit and proper’ person. Similar vettings are also conducted for their reappointments. Upon expiry of the term and until Bank Negara Malaysia grants the approval for the renewal of the term of the director or CEO, the director or CEO is not deemed as director or CEO pursuant to the requirements BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 18 / 43 under the BAFIA and thus is not allowed to perform his role as director or CEO of the said Licensed Institution. 2.47 Licensed Institutions should ensure that the appointment procedure as prescribed by Bank Negara Malaysia is adhered to. 2.48 Licensed Institution must refrain from making any public announcement about any proposed changes of CEO or director before it obtains the written consent of Bank Negara Malaysia for the proposed changes. Fit and Proper Criteria 2.49 Directors and CEO have to be persons of high calibre as they are entrusted by the shareholders and other stakeholders with the management of the affairs and ensuring the sound operations of a Licensed Institution. They must possess the minimum qualifications, experience and qualities, which will enable them to effectively perform their duties. 2.50 The board is responsible for developing formal policies defining ‘fit and proper’ standards for directors and senior management of the Licensed Institution and monitoring compliance with these standards on continuing basis. These standards should address, at a minimum, the ‘fit and proper’ criteria as set out in the Guidelines. In determining if an individual is ‘fit and proper’ to hold the position of director or CEO, the following shall be taken into consideration: (a) His probity, diligence, competence and soundness of judgement; (b) His reputation, character, integrity (including financial integrity) and honesty; (c) His history of offence(s) involving fraud, dishonesty and violence; (d) Whether he has been engaged in deceitful, oppressive or improper business practices or any practices which would discredit him; (e) Whether he has been engaged, associated or had conducted himself in a manner which may cast doubt on his fitness, competence and soundness of judgement; (f) Whether he has contravened any provision made by or under any written law appearing to Bank Negara Malaysia to be designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice; and (g) Whether he has been declared a bankrupt. Bank Negara Malaysia may prescribe other criteria as and when necessary. Terms of Appointment 2.51 The terms of appointment of directors and CEO need to be set, which among others, shall include roles and responsibilities, tenure and maximum age limit. The terms of BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 19 / 43 the appointment should also provide an avenue for the removal of a director or CEO who is ineffective, errant or negligent in discharging his responsibilities. Re-election 2.52 All directors should be required to submit themselves for re-election at regular intervals. 2.53 Licensed Institutions are required to submit fresh application to Bank Negara Malaysia to reappoint the retiring director for approval. For directors whose 2-year term of office as approved by Bank Negara Malaysia has not expired at the time of the Annual General Meeting (AGM), but are required to retire either by rotation or by age limit pursuant to Section 129(6) of the Companies Act 1965 and are eligible for re-election, Licensed Institutions are not required to obtain approval from Bank Negara Malaysia to reappoint them at the AGM. However, Licensed Institutions are required to inform Bank Negara Malaysia within two weeks from the date of the AGM, the directors’ names, tenure of appointment and date of AGM at which they are re- elected. 2.54 For directors whose term of office is not subject to the 2-year requirement but are due for retirement either by rotation or by age limit pursuant to Section 129(6) of the Companies Act 1965, Licensed Institutions are required to submit fresh application for reappointment of the director at least six months prior to the date of the AGM. Licensed institutions are also required to conduct the usual vettings as in the case of initial appointment and reappointment of director. Alternate Directors 2.55 Directors of licensed Institutions are not allowed to appoint alternate director, as they should commit personally to the board. An alternate director, in his capacity as a proxy for a director, may not be able to contribute effectively to the deliberations of the board. However, for practical reasons, directors who are not residents of Malaysia (except Singapore), Bank Negara Malaysia may allow them to appoint alternates. Negative List Practising Accountants and Lawyers 2.56 Practising accountants may be appointed as directors of a Licensed Institution provided they are not employed or are not partners in an accounting firm, which has been engaged to conduct audit or consultancy work for that particular Licensed Institution. Practising lawyers who are partners in a legal firm, which is on the panel of lawyers of that particular Licensed Institution (and not receiving remuneration on a regular basis), may be appointed to the board of the Licensed Institution. The lawyers are required to disclose the relationship that they have with the Licensed Institution so as to address any potential issue of conflict of interest that may occur. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 20 / 43 Politicians 2.57 Individuals who are active in politics cannot be appointed as directors of Licensed Institutions in order to avoid the risk of politicians encountering conflict of interest situations between their role as directors of a Licensed Institution and obligations to their constituents. A person is considered politically active if he is a Member of Parliament, State Assemblyman, Supreme Council Member of a political party or member who holds a position at divisional level in a political party. Disqualification of Directors and CEO 2.58 Nominating Committees are responsible for assessing, on an annual basis, that the directors and key senior management officers are not disqualified under Section 56 of the BAFIA and continue to comply with the ‘fit and proper’ standards, and recommend to the board the removal of director or senior management if they are ineffective, errant or negligent in discharging their responsibilities. The Appointment of Deputy C EO and Chief Financial Officer (CFO) [ or other equivalent designations whatever they may be called] 2.59 Deputy CEO and CFO (o r other equivalent designations whatever they may be called) are critical positions in a Licensed Institution and both positions are delegated with significant powers by the board. Therefore, it is of crucial importance for a Licensed Institution to appoint a qualified person to hold the position. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 21 / 43 Principle 5: Directors must be persons of calibre, credibility and integrity with the necessary skills and experience and be able to devote time and commitment 2.60 Directors provide leadership on matters of strategic importance to the future direction of a Licensed Institution. They are also expected to bring sound judgement to bear on difficult issues. As the expectations on directors are high, they must be competent, experienced and knowledgeable and have sound judgement to exercise their responsibilities that include being able to question and provide advice to management. They need to have sound understanding of their Licensed Institution’s business, the nature of risks undertaken by the Licensed Institution and its strategic direction. Minimum Qualifications 2.61 To ensure that the board of a Licensed Institution has the required mix of skills and experience to discharge its duties, members of the board should be from diverse backgrounds, with knowledge and experience in different pertinent disciplines which may include finance, accounting, legal, business management, information technology and investment management. Members of the board should also have certain level of academic qualifications and/or experience at managerial level. Shareholders of a Licensed Institution should strive to appoint board members with strategic thinking and leadership skills who are dynamic and responsive to the business environment. 2.62 The Nominating Committee should establish the minimum requirements on the skills and core competencies of a director and should undertake an annual review of the required mix of skills, experience and core competencies within the board as well as to ascertain the ‘fit and proper’ criteria of each director. Qualifications and experience of each director should be disclosed in the Licensed Institution’s annual report. Training Requirements 2.63 A Licensed Institution is required to develop in-house orientation and education programmes for its newly appointed directors to familiarise them with the industry and the Licensed Institution within three months of the appointment. The programme should cover at a minimum the nature of business, the corporate strategy of the licensed institution, responsibilities and duties of the board as a whole, an overview of the risks of the businesses, the risk management strategy of the Licensed Institution, legal requirements and financial overview of the Licensed Institution. 2.64 The Licensed Institution should ensure that it sets up structured training programmes for its directors to better enable them to fulfil their responsibilities. The Nominating Committee should ensure that all directors receive continuous training in order to keep abreast with latest developments in the industry, particularly on relevant new laws, regulations and the changing risk factors from time to time. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 22 / 43 Interlocking Directorships 2.65 To avoid conflicts of interest situations in the management of two or more banking groups, Bank Negara Malaysia would only allow a common director for institutions which are related companies to the licensed institution or institutions that are not within the same sector with the Licensed Institution. Directorships Held by the CEO 2.66 Being a ful l-time staff of a Licensed Institution, the CEO has the moral and professional obligations to devote his attention and commitment principally to the day-to-day operations of the Licensed Institution. In this regard, the CEO of a Licensed Institution must adhere to the following parameters with regard to the holding of other directorships: a) The CEO of a Licensed Institution is only allowed to hold directorships in the holding company, subsidiaries, sister companies and their subsidiaries subject to the following conditions: (i) sister companies and their subsidiaries are limited to financial institutions only, for example, commercial banks, finance companies, BAFIN entity, merchant banks/investment banks, insurance companies, discount houses, money brokers, leasing companies and other companies that have synergies with the respective Licensed Institutions; (ii) the number of directorships that can be held by a CEO either in the holding company, subsidiaries, sister companies and their subsidiaries should not be more than five posts at any one time, (iii) the CEO of a Licensed Institution is not allowed to hold any executive position in another corporation. However, the CEO may be allowed to become Group CEO on a case-by-case basis, provided the responsibilities at the group level are confined to strategies and that the holding company’s activity is insignificant. Otherwise, a separate CEO should be appointed at the group level to ensure that the CEO of the Licensed Institution is able to devote his full attention to the Licensed Institution. The responsibilities of the Group CEO should be clearly defined. b) The CEO of a Licensed Institution is allowed to hold directorships in institutions/organisations to represent the interest of the financial industry, non- profit organisations and statutory bodies/government-owned companies as listed in Appendix 3 a nd the number of such directorships will not be taken into account in computing the maximum limit of five. To ensure the CEO’s attention to the operations of the Licensed Institution is not affected, the board is required to determine the appropriate limit for the total number of directorships that can be held by the CEO in those organisations. c) The CEO of a licensed institution is also not allowed to hold directorships in an associate company and family-owned company. However, exemption to hold one BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 23 / 43 directorship in a family-owned company may be considered if there is a strong justification from the CEO for the appointment. Directorships Held by Directors Other than CEO 2.67 To ensure full commitment and sufficient time is given to the affairs of a Licensed Institution, the board shall determine the appropriate limit for directorships that can be held by directors. 2.68 Executive directors are only allowed to hold directorships in holding company, subsidiaries and sister companies and their subsidiaries in non-executive capacity. 2.69 When a director has multiple board representations, he must ensure that sufficient time and attention are given to the affairs of each institution. Internal guidelines should be adopted that address the competing time commitments that are faced when directors serve on multiple boards. Principle 6: Board should meet regularly and be duly furnished with complete and timely information BOARD MEETINGS 2.70 The board is collectively responsible for the overall control and performance of a Licensed Institution, and by meeting frequently enough, the board will receive sufficient information from the management to monitor the financial condition and enable the board to deliberate and discuss important strategic issues. Circular resolution cannot be a perfect substitute for board meetings since they do not offer the opportunity for board members to actively debate the issues circulated and to raise immediate questions or resolutions, which may lead to inappropriate decisions being made. Frequency of Meetings and Attendance 2.71 Meetings should be held sufficiently frequent to ensure that: · the board is kept sufficiently in touch with the business of the Licensed Institution; and · the operations of the Licensed Institution are not adversely affected because of the difficulty in securing board’s approval for policy and decision. 2.72 Board meetings should be held preferably on a monthly basis, but in any event no less than once every two months. Individual directors are expected to contribute actively to the function of the board and to allocate adequate time and effort to discharge his duties effectively. Individual directors must attend at least 75% of the board meetings held in each financial year. If necessary, the participation of the BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 24 / 43 director can be facilitated by means of video or telephone conferencing with the Chairman’s approval. 2.73 The number of board meetings held in the year, as well as the attendance of every board member should be disclosed in the Licensed Institution’s annual report. Minimum Quorum 2.74 In order to form a quorum in respect of a board meeting, there shall be a minimum of 3 attendees or 50% of total board members (whichever is higher). Minutes of Meetings 2.75 Licensed Institutions shall keep full minutes of all board meetings. The Chairman should ensure that all directors are briefed on issues arising at board meetings. The minutes should record the decisions and their rationales. It is of utmost importance that any concerns or dissenting views raised by any director (including independent directors) are discussed and minuted. The minutes should also facilitate the performance evaluation of the board and individual directors. Information to the Board 2.76 In order to fulfil their responsibilities, board members should be provided with complete, adequate and timely information prior to board meetings and on an ongoing basis. The Licensed Institution should set up broad parameters of information to be supplied to the board. Management has an obligation to supply the board with complete, well-focused and adequate information in a timely manner. 2.77 Information provided should include background or explanatory information relating to matters to be brought before the board, financial performance, and other major types of information relating to the activities of the Licensed Institution that the board should know and be informed of. 2.78 The board should regularly review the information it receives from management and assess the qualifications of the information of those it relies on by asking questions and obtaining answers about the processes used and about the substance of the advice and reports received by the board. 2.79 In addition to that, the board should have a procedure for directors (either individually or as a group) to have access to independent professional advice, at the expense of the Licensed Institution. The board should also have separate and independent access to senior management and company secretary at any point of time. Company Secretary 2.80 The role of the company secretary should be clearly defined and should include responsibility for ensuring that board procedures are followed and that applicable rules and regulations are complied with. The company secretary should attend all BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 25 / 43 board meetings and should maintain accurate and adequate records of any action deliberated during board meetings. Principle 7: There should be a formal and an ongoing assessment of the effectiveness of the board as a whole, the directors and the CEO Board Performance 2.81 There should be a procedure for a regular assessment of the board as a whole as well as the performance of each individual director and the CEO to ensure their effectiveness. Therefore, the board should implement a process through the Nominating Committee, for an annual assessment of the effectiveness of the board as a whole and its various board committees as well as the contribution of each director and the CEO, based on objective performance criteria, in line with the established KPIs. Evaluation of the Board 2.82 Inherent in the board evaluation is the need to have prescribed objectives and a defined role against which the performance of the board can be measured. Licensed Institution should formulate key results indicators which can be derived from the strategic plans and objectives and use them to measure the board’s performance. Evaluation of Individual Directors 2.83 A director should be both assessed against the defined role and functions of the board, and relatively against the perceived performance of the director’s peers. As part of the improvement process and in addition to formal evaluation process, continuous feedback of an informal nature should be carried out. The Chairman should have the opportunity to speak privately and frankly with each director about his contribution and performance on an ongoing basis. Evaluation of CEO 2.84 The board should establish criteria to evaluate and assess the performance of the CEO of a Licensed Institution. The criteria established in assessing the performance of the CEO may include, among others, the financial and business performance of the Licensed Institution and the accomplishment of long-term strategy, capacity building and business plan. Bank Negara Malaysia’s Access to Assessment Report of Board and Individual Directors 2.85 On periodic basis, Bank Negara Malaysia may require the assessment of the board’s performance or individual directors’ report. Bank Negara Malaysia may also meet the board or individual directors from time to time to provide avenues for the board or directors to give feedback and views to Bank Negara Malaysia. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 26 / 43 Principle 8: There should be a formal and transparent procedure for fixing the remuneration packages of board members, CEO and senior management and the remuneration policies and practices should be in line with the Licensed Institution’s ethical values, objectives and culture 2.86 The policy on the remuneration of directors, CEO and senior management should be developed under conditions of objectivity and transparency. The levels of remuneration should be sufficient to attract and retain directors of calibre, but at the same time, should also be balanced against the need to ensure that the Licensed Institution’s funds are not used to subsidise excessive remuneration packages and not compromising the ongoing viability, solvency and reputation of the Licensed Institution. 2.87 Remuneration Committees should be responsible for developing a clear policy and framework on the remuneration of directors, CEO and senior management. In setting the remuneration packages, the committee should consider the following: · ensure that the remuneration policy support the Licensed Institution’s objectives, culture and strategy; · remuneration and employment conditions of the industry; · the Licensed Institution’s relative performance; · the performance-related elements of remuneration should form a significant proportion of the total remuneration package of executive directors. However, salary scales should be within the scope of the general business policy and not be solely based on short-term performance to avoid incentives for excessive risk- taking; · the remuneration of non-executive directors should be appropriate to the level of contribution, taking into account factors such as effort and time spent, and responsibilities of the directors. In addition, the remuneration of each board member may differ based on their level of expertise, knowledge and experience; and · to cover all aspects of remuneration including director’s fees, salaries, allowances, bonuses, options and benefits-in-kind and termination benefits. 2.88 Bank Negara Malaysia may require the submission of the detailed formula or parameter on remuneration package of directors and CEO. Details of the remuneration (including benefits-in-kind) of the CEO and individual directors should be submitted together with the submission of the annual financial reports of the Licensed Institution to Bank Negara Malaysia. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 27 / 43 Principle 9: Persons empowered with decision-making authority (including directors) should exercise care to avoid situations that may give rise to a conflict of interest situation 2.89 The directors, officers and employees of a Licensed Institution must conduct their business with the highest level of ethical values. Conflict of interest situation call into question the ability of the person involved in the conflict to act objectively in the best interest of the Licensed Institution. 2.90 Section 64 of the BAFIA subject Licensed Institution’s directors to disclosure requirements in respect of their other business interests. Directors should abstain from participating in any discussion or decision-making with respect to matters where there is a conflict or potential conflict of interest situation. 2.91 The board should establish procedures to address a conflict of interest situation and should ensure that senior management implement policies to identify, prevent or appropriately manage and disclose potential conflicts of interest situations that may arise. Such policies should ensure that the Licensed Institution’s activities that may give rise to conflicts of interest are carried out with sufficient degree of independence from each other. This could be done by, for example, ensuring appropriate segregation of duties so that employees are not assigned potentially conflicting responsibilities, providing for separate reporting lines and internal controls and establishing information barriers between different activities. 2.92 Conflicts of interest may also arise when a Licensed Institution is part of a larger group structure, whereby reporting lines and information flow between the Licensed Institution, its parent and/or other subsidiaries of the parent can lead to the emergence of conflicts of interest situations. As such, the board should also ensure that policies are in place to identify, prevent or manage and disclose conflicts of interest which arise as a result of such affiliation with other entities within the group. 2.93 Directors, officers and employees of a Licensed Institution are required to observe the “Guidelines on Code of Ethics” (BNM/GP7) issued by Bank Negara Malaysia, which set out the minimum standards of conduct expected of directors, officers and employees of licensed institutions. Under the said Guidelines, staff (including directors and CEO) must not engage directly or indirectly in any business activity that competes or conflicts with the Licensed Institution's interests. Apart from the Guidelines, Licensed Institution may formulate a more comprehensive set of rules in maintaining ethical standards for the Licensed Institution. 2.94 The board should also ensure that related party transactions are made on an arm’s length basis. The board should establish policies and procedures on related party transactions, which include how the Licensed Institution defines related party, limits applied, terms of transactions and procedures for approving and monitoring these BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 28 / 43 transactions. The established policies and procedures should not be overridden to accommodate any party. The Audit Committee should review all related party transactions and these transactions should be monitored with particular care. Appropriate steps should also be taken to control or mitigate the risks of connected lending and ensuring compliance with Section 62 of the BAFIA and the GP6 on “Guidelines on Prohibition of Loans to Directors, Staff and Their Interested Corporations”. The Audit Committee should keep the board informed of these transactions. Principle 10: There should be clear separation between shareholders and management so as not to impede sound corporate governance 2.95 Shareholders should not be involved in the running of a Licensed Institution. They should hold the board accountable in overseeing the management of the Licensed Institution and rely on management to run the day-to-day operations of the institution. There should be a clear separation between the controlling8 shareholders and the management function, such that these shareholders should not hold any senior management position in the Licensed Institution. The CEO should derive power and authority only from the board. As such, the CEO and senior management should operate within the mandate given by the board and should not take directive from any other person other than the board. This is to protect the Licensed Institution from inappropriate actions or influences of dominant or controlling shareholders or any other person. Principle 11: There should be robust auditing requirements and the auditor, board and management need to maintain professional and objective relationships 2.96 The role of independent, competent and qualified auditors is vital to the corporate governance process. These include identifying problems with the Licensed Institution’s risk management and internal control systems and ensuring that the Licensed Institution’s financial statements fairly represent the financial position and performance of the Licensed Institution in all material aspects. Internal and external auditors are important agents for the board and their work could be utilised as an independent check on the information received from management on the operations and performance of the Licensed Institution. The effectiveness of the board and senior management can be enhanced by: · recognising the importance of the audit process and communicating such importance throughout the Licensed Institution; · taking measures that enhance the independence and stature of auditors; 8 Controlling shareholders are those who hold 50% or more voting shares or single largest shareholder BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 29 / 43 · ensuring that auditors understand their duty to the Licensed Institution and its stakeholders to exercise due professional care in the conduct of audits; · utilising, in a timely and effective manner, the findings of auditors; and · requiring timely correction by management of problems identified by auditors. Audit Committee 2.97 The board is required to establish an Audit Committee to provide independent oversight of the Licensed Institution’s internal and external audit function, internal controls and ensuring checks and balances within the Licensed Institution. (Details of the roles and responsibilities of Audit Committee are provided in Appendix 2). Internal Audit 2.98 The internal audit function is an important part of any effective internal control and risk management system because it provides an independent assessment of the adequacy of, and compliance with, established policies and procedures. In addition, internal auditors should review and evaluate the reliability, adequacy and effectiveness of the Licensed Institution’s internal control. The scope of internal audit should cover both financial and management audit. The nature of the internal audit role makes it critical that internal audit personnel is independent from the day-to-day activities of the Licensed Institution, and have unrestricted access to all activities conducted by the Licensed Institution. Direct accountability to the board facilitates the proper functioning of corporate governance by enabling the internal auditor to provide the board with information that is not biased as a result of interference by line or senior management. The importance of the internal audit function to the corporate governance process also requires it to be adequately resourced and staffed with competent and well-trained officers. 2.99 The internal audit function should be well placed to undertake investigation on behalf of the Audit Committee, thus internal auditors should have an appropriate standing within the institution and be placed under the direct authority and supervision of the Audit Committee. The internal auditors should have access to the Audit Committee at all times. Since the internal auditors are held accountable to the Audit Committee, their performance and remuneration package should be evaluated and decided by the Audit Committee. 2.100 Licensed Institutions are required to observe the “Guidelines on Minimum Standards for Internal Auditors” (BNM/GP10) issued by Bank Negara Malaysia, which outline the minimum standards for the internal audit function. External Auditor 2.101 External auditors play a crucial role in the corporate governance structure. Apart from fulfilling the legal obligation to give a true and fair view on the financial statement, BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 30 / 43 external auditors can provide inputs to the board in enhancing the board’s oversight role. 2.102 Appointment of external auditor of Licensed Institutions requires Bank Negara Malaysia’s approval pursuant to Section 40 of the BAFIA. The duties, responsibilities and obligations of external auditors are highlighted in the provision. 2.103 External audit should be conducted by fully independent auditors whose business connection with the Licensed Institution should not be such as to compromise the auditor’s objectivity and independence. The board/Audit Committee should review the independence of external auditors annually and ensure that other non-audit work shall not be in conflict with the functions of external auditors. In ensuring their independence, there shall be a mandatory rotation of engagement partner after a period of 5 years (refer to “Guidelines on Appointment of External Auditor” issued by Bank Negara Malaysia). 2.104 The board should ensure that it receives the management letter from the external auditors without undue delay. Detailed consideration of the management letter may be delegated to Audit Committee. Appropriate actions should be taken to deal with control or other weaknesses identified in the management letter. Principle 12: Licensed Institution should engage in regular, effective and fair communication with shareholders/stakeholders 2.105 The board must maintain an effective communication policy that enables both the board and management to communicate effectively with its shareholders, the stakeholders and the public either through disclosure or AGM. 2.106 The AGM is a crucial mechanism in shareholder communication as it gives direct public access to the board. Licensed Institutions should encourage greater shareholder participation at AGM and allow shareholders the opportunity to communicate their views on various matters relating to the licensed institution. The chairperson of board committees should be present and available to address questions at general meetings. The external auditors should also be present to assist directors in addressing any relevant query by shareholders. 2.107 Licensed Institutions should regularly convey pertinent information, gather views or inputs, and address shareholders' concerns. In disclosing information, Licensed Institutions should be as descriptive, detailed and forthcoming as possible. Licensed Institutions should disclose information on a timely basis. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 31 / 43 Principle 13: Conducting corporate governance in a transparent manner can reinforce sound corporate governance Comprehensive Disclosure Requirement 2.108 To facilitate market discipline and sound corporate governance, appropriate disclosure is required so that shareholders, other stakeholders and market participants can effectively have an understanding of the financial and management position of the Licensed Institution, particularly in relation to its safety and soundness. Licensed Institutions are required to observe the “Revised Guidelines on Financial Reporting for Licensed Institutions” (BNM/GP8), on a comprehensive disclosure requirement by Bank Negara Malaysia. Components of the corporate governance disclosure shall, at a minimum, comprise the following: 1) Board as a whole · The composition of the board (including the name, designation and the independence of directors); · Roles and responsibilities of the board; · The frequency and conduct of board meetings; · The attendance of each director at board meetings; · Key information and background of director (such as qualifications and experience, shareholding); · The performance criteria used to assess the effectiveness of the board as a whole and on individual director; and · Resignation of members during the year. 2) Nominating Committee · Membership and composition of Nominating Committee; · Terms of reference of Nominating Committee; · Functions and responsibilities of Nominating Committee; · Number of Nominating Committee meetings held in that year. Licensed institutions are encouraged to disclose information on the number of meetings attended by each member of the committee; and · A statement on the committee’s assessment on the mix of skills, experience and other qualities of directors. 3) Remuneration Committee · Membership and composition of Remuneration Committee; · Terms of reference of Remuneration Committee; · Functions and responsibilities of Remuneration Committee; and · Number of Remuneration Committee meetings held in that year. Licensed Institutions are encouraged to disclose information on the number of meetings attended by each member of the committee. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 32 / 43 4) Risk Management Committee · Membership and composition of Risk Management Committee; · Terms of reference of Risk Management Committee; · Functions and responsibilities of Risk Management Committee; · Number of Risk Management Committee meetings held in that year. Licensed Institutions are encouraged to disclose information on the number of meetings attended by each member of the committee; and · A statement on the Licensed Institution’s risk management framework. 5) Audit Committee · Membership and composition of Audit Committee; · Terms of reference of Audit Committee; · Functions and responsibilities of Audit Committee; and · Number of Audit Committee meetings held in that year. Licensed Institutions are encouraged to disclose information on the number of meetings attended by each member of the committee. 6) Risk management · A discussion of the institution’s risk management strategies and policies (the policies should include policy for hedging each major type of forecasted transaction) and should include the following: o An explanation on the nature of the risk and activities within the institution that gives rise to that risk as well as the composition of the exposures that arise; o A description of the methods used to identify, monitor, manage and control each risk (for example, avoidance of undue concentration of risk, requirements for collateral to mitigate credit risk, hedging of risk exposures), in particular, whether and how derivatives are used to manage risk; o The presence of any other risk that could materially impair the institution’s ability to meet its corporate objectives and business strategies; and o The nature and frequency of any review and assessment conducted in respect of the institution’s risk management system, including a statement on whether the reviews and assessment referred to were conducted by an independent external party to the institution, as well as outlining the key recommendation of the review. · Comparative analysis of previous year’s data should also be provided to give a perspective on trends in the underlining exposures. The qualitative and quantitative information must be meaningful and sufficient to help users understand the nature and magnitude of these risk exposures. 7) Internal Audit and Control Activities · A review of the effectiveness of the key internal control policies and procedures established for managing daily activities and the changes made to BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 33 / 43 the policies and procedures during the year to ensure that they remain relevant; · The review should include the internal audit structure put in place to provide an independent assessment of the adequacy of, and compliance with established policies and procedures, the lines of reporting of the internal audit division, the functions, role and responsibilities of the internal audit division as well as the scope and nature of audit work; and · Discussion should also include the procedures used to report internal control deficiencies or breaches, any potential trends identified on the control issues and any preventive actions that were taken. 8) Related Party Transactions · Nature and extent of transactions with affiliates and related parties (including any matter relating to the Licensed Institution whereby board members or senior management have material interests either directly, or on behalf of third parties). 9) Management Reports · A discussion on the systems and procedures put in place to enable directors to keep abreast with the performance of the Licensed Institution against plans, including the types of reports received and the frequency of the reports. 10) Non-adherence to Guidelines · Any non-adherence to the Guidelines; and · Explanations and alternative measures taken to comply with the principles of the Guidelines. Principle 14: Board is collectively responsible and accountable for the veracity of disclosures and management of risk 2.109 The board is responsible for ensuring that the Licensed Institution has systems in place to monitor and adequately control the Licensed Institution’s material risks and that there is adequate and effective operational procedures, internal controls for assessing, measuring, controlling, monitoring and reporting of risks. It is strongly encouraged that a brief statement of board’s responsibilities be provided in the annual report. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 34 / 43 PART 3: APPLICATION PROCEDURES 1. Forms to be submitted to Bank Negara Malaysia for the appointment and re- appointment of Chairman / Director and Chief Executive Officer (CEO) / Deputy Chief Executive Officer (DCEO) / Chief Financial Officer (CFO) of Licensed Institutions and Bank Holding Companies. Type of Appointment Form Chairman / Director CEO CEO cum Director / Executive Director DCEO and CFO (or their equivalent) [applicable only to Licensed Institutions] FORM BNM/DIR Latest List of Directors a a FORM BNM/CEO Remuneration of CEO a a FORM BNM/TAP/KEW Financial Vetting (Appointee) a a a FORM BNM/TAP/KEW 2 Financial Vetting (Family-Owned Company) a a a FORM BNM/APP Personal Information on Appointee a a a a FORM BNM/EXPAT For CEO, DCEO and CFO (or their equivalent) who are expatriates to facilitate the issuance of work permit by the Immigration Department of Malaysia a a a FORM BNM/ACK Acknowledgement of receipt of application by Bank Negara Malaysia a a a a These forms are downloadable in the Attachment 1. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 35 / 43 2. To facilitate the Licensed Institution’s assessment of potential candidates for the posts of DCEO and CFO (or their equivalent), Bank Negara Malaysia will conduct limited vettings on the candidates and convey the results to the applicant Licensed Institution. To enable Bank Negara Malaysia to conduct the vettings, the potential candidates are required to submit Form BNM/APP through the applicant Licensed Institution. However, the Nominating Committee of the Licensed Institution is also expected to conduct its own vettings on the potential candidates, including requiring the candidates to conduct their own CCRIS checks. 3. To expedite the processing of applications, Licensed Institution and Bank Holding Companies are required to ensure that all the forms, including Form BNM/APP are properly completed, before submitting to Bank Negara Malaysia. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 36 / 43 PART 4: APPENDICES APPENDIX 1 List of related guidelines Guidelines on Prohibition of Loans to Directors, Staff and Their Interested Corporations (BNM/GP6) 18 September 1986 Guidelines on Code of Ethics (BNM/GP7) 11 April 1994 Revised Guidelines on Financial Reporting for Licensed Institutions (BNM/GP8) 5 October 2004 Guidelines on Minimum Audit Standards for Internal Auditors (BNM/GP10) 27 January 1997 Guidelines on Appointment of External Auditor 8 August 2003 BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 37 / 43 APPENDIX 2 Details on Board Committees NOMINATING COMMITTEE Objective 1. To provide a formal and transparent procedure for the appointment of directors and CEOs as well as assessment of effectiveness of individual directors, board as a whole and performance of CEO and key senior management officers. Composition 2. The Nominating Committee shall consist of a minimum9 of five members, of which at least four must be non-executive directors. The committee should be chaired by an independent director. In order to avoid conflict of interest, a member of the committee shall abstain from participating in discussions and decisions on matters involving him. Roles and Responsibilities 3. The Nominating Committee is responsible for: · establishing minimum requirements for the board that is, required mix of skills, experience, qualification and other core competencies required of a director. The committee is also responsible for establishing minimum requirements for the CEO. The requirements and criteria should be approved by the full board; · recommending and assessing the nominees for directorship, board committee members as well as nominees for the CEO. This includes assessing directors for reappointment, before an application for approval is submitted to Bank Negara Malaysia. The actual decision as to who shall be nominated should be the responsibility of the full board; · overseeing the overall composition of the board, in terms of the appropriate size and skills, and the balance between executive directors, non-executive directors and independent directors through annual review; · recommending to the board the removal of a director or CEO from the board or management if the director or CEO is ineffective, errant and negligent in discharging his responsibilities; · establishing a mechanism for the formal assessment on the effectiveness of the board as a whole and the contribution of each director to the effectiveness of the board, the contribution of the board’s various committees and the performance of the CEO and other key senior management officers. Annual assessment should be conducted based on objective performance criteria. Such performance criteria should be approved by the full board; 9 For money brokers, the minimum is 3 members. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 38 / 43 · ensuring that all directors receive an appropriate continuous training programme in order to keep abreast with the latest developments in the industry; · overseeing the appointment, management succession planning and performance evaluation of key senior management officers; · recommending to the board the removal of key senior management officers if they are ineffective, errant and negligent in discharging their responsibilities; and · assessing, on an annual basis, to ensure that the directors and key senior management officers are not disqualified under Section 56 of the Banking and Financial Institutions Act 1989 (BAFIA). 4. The committee should not be delegated with decision-making powers but should report its recommendation to the full board for decision. The full committee should meet as and when required, at least once a year to deliberate on the above responsibilities. REMUNERATION COMMITTEE Objective 5. To provide a formal and transparent procedure for developing remuneration policy for directors, CEOs and key senior management officers and ensuring that compensation is competitive and consistent with the licensed institution’s culture, objectives and strategy. Composition 6. The Remuneration Committee shall comprise only non-executive directors, with at least three members and should be chaired by an independent director. In order to avoid conflict of interest, a member of the committee shall abstain from participating in discussions and decisions on matters involving him. Roles and Responsibilities 7. The Remuneration Committee is responsible for: · recommending a framework of remuneration for directors, CEOs and key senior management officers for the full board’s approval. The remuneration framework should support the licensed institution’s culture, objectives and strategy and should reflect the responsibility and commitment, which goes with board membership and responsibilities of the CEO and senior management officers. There should be a balance in determining the remuneration package, which should be sufficient to attract and retain directors of calibre, and yet not excessive to the extent the licensed institution’s funds are used to subsidise the excessive remuneration packages. The framework should cover all aspects of remuneration including director’s fees, salaries, allowances, bonuses, share options and benefits-in-kind; and · recommending specific remuneration packages for executive directors and the CEOs. The remuneration package should be structured such that it is competitive and consistent with the licensed institution’s culture, objectives and strategy. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 39 / 43 Salary scales drawn up should be within the scope of the general business policy and not be dependant on short-term performance to avoid incentives for excessive risk-taking. As for non-executive directors and independent directors, the level of remuneration should be linked to their level of responsibilities undertaken and contribution to the effective functioning of the board. In addition, the remuneration of each board member may differ based on their level of expertise, knowledge and experience. 8. The full committee shall meet at least once a year to review the remuneration packages of the directors, CEOs and key senior management officers. RISK MANAGEMENT COMMITTEE Objective 9. To oversee senior management’s activities in managing credit, market, liquidity, operational, legal and other risk and to ensure that the risk management process is in place and functioning. Composition 10. The Risk Management Committee should comprise only non-executive directors with at least three members. The committee should be chaired by an independent director. Roles and Responsibilities 11. The Risk Management Committee is responsible for: · reviewing and recommending risk management strategies, policies and risk tolerance for board’s approval; · reviewing and assessing adequacy of risk management policies and framework in identifying, measuring, monitoring and controlling risk and the extent to which these are operating effectively; · ensuring infrastructure, resources and systems are in place for risk management that is, ensuring that the s taff responsible for implementing risk management systems perform those duties independently of the licensed institutions’ risk taking activities; and · reviewing management’s periodic reports on risk exposure, risk portfolio composition and risk management activities. 12. The committee should hold regular meetings, at least once every quarter and should report regularly to the full board. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 40 / 43 AUDIT COMMITTEE Objective 13. To provide independent oversight of the licensed institution’s financial reporting and internal control system and ensuring checks and balances within the licensed institution. Composition 14. The Audit Committee shall comprise only non-executive directors with at least three members, of which the majority should be independent directors. The committee should be chaired by an independent director. At least one member should have accounting expertise or experience in the field of finance. Roles and Responsibilities 15. The Audit Committee should have explicit authority to investigate any matter within its terms of reference, full access to and co-operation by management and full discretion to invite any director or executive officer to attend its meetings, and reasonable resources to enable it to discharge its functions properly. The Audit Committee should have full and unrestricted access to information and be able to obtain independent professional advice. Duties of Audit Committee, among others, are as follows: Fair and transparent reporting · Ensure fair and transparent reporting and prompt publication of the financial accounts. Effectiveness of Internal Audit · Oversee the functions of the Internal Audit department and ensuring compliance with BNM/GP10 requirement; · Review the scope of the internal audit programme, internal audit findings and recommend actions to be taken by management; and · Appoint, set compensation, evaluate performance and decide on the transfer and dismissal of the Chief Internal Auditor. Internal Controls · Review the effectiveness of internal controls and risk management processes. External Auditors · Select external auditors for appointment by board; · Recommend not only the appointment but also the removal of auditors; · Assess objectivity, performance and independence of external auditor (for example by reviewing and assessing the various relationships between the external auditor and the licensed institution or any other entity); · Review the external auditor’s management letter and response; · Approve the provision of non-audit service by the external auditor; BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 41 / 43 · Ensure that there are proper checks and balances in place so that the provision of non-audit services does not interfere with the exercise of independent judgement of the auditors; · Regularly review the audit findings and ensuring that issues are being managed and rectified appropriately and in a timely manner; and · Have direct communication channels with the external auditors and able to meet with the external auditor without the presence of management, at least annually. Related Party Transactions · Review all related party transactions and keep the board informed of such transactions. 16. The committee should hold regular meetings, at least once every quarter and should report regularly to the full board. BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 42 / 43 APPENDIX 3 List of directorships or committee members that are exempted from the limit of directorships for Chief Executive Officer of a licensed institution A Organisations in the banking industry (i) Cagamas Berhad (ii) Malaysian Electronic Payments System (1997) Sdn. Bhd. (iii) Credit Guarantee Corporation (iv) Asean Finance Corporation Limited (Singapore) (v) AFC Holdings (M) Sdn. Bhd. (Subsidiary of AFC Ltd) (vi) Asean Fund Limited (vii) Asean Supreme Fund Limited (viii) BCF Holdings Sdn. Bhd. (ix) ABM-MCD Holdings Sdn. Bhd. (x) Financial Park (Labuan) Sdn. Bhd. (xi) Kuala Lumpur Currency Clearing House (xii) Islamic Development Bank (xiii) ERF Sdn. Bhd. (xiv) Financial Mediation Bureau (xv) Bursa Malaysia (xvi) Other international banking associations B Professional bodies and non-profit organisations (i) Association of Banks in Malaysia (ii) Association of Finance Companies of Malaysia (iii) Association of Merchant Banks in Malaysia (iv) Association of Discount Houses in Malaysia (v) Financial Information Services Sdn. Bhd. (vi) Institut Bank-Bank Malaysia (vii) BIMB Institute Research and Training Sdn. Bhd. (the Islamic training institute) (viii) Malaysian Institute of Certified Public Accountants (ix) Malaysian Institute of Accountant (x) Malaysian Accounting Standards Board (xi) Financial Repository Foundation (xii) Chambers of Commerce (xiii) Association of Islamic Banking Institution of Malaysia (xiv) Islamic Banking and Finance Institute Malaysia (xv) Institut Kefahaman Islam Malaysia (xvi) Accounting and Auditing Organization for Islamic Financial Institutions (xvii) International Institute of Islamic Thought and Civilization (xviii) AFCM Training Services Sdn. Bhd. (xix) FIS Data Link Sdn Bhd BNM/RH/GL 001-1 Prudential Financial Policy Development Guidelines on Corporate Governance for Licensed Institutions Page 43 / 43 C Government bodies and companies that are controlled by Government (i) Kumpulan Wang Simpanan Pekerja (ii) Permodalan Usahawan Nasional Berhad (iii) Permodalan Nasional Berhad (PNB) and other subsidiaries of PNB which are non-profit organisations (iv) Majlis Amanah Rakyat (v) Yayasan Pembangunan Ekonomi Islam Malaysia (vi) Amanah Ikhtiar Malaysia (vii) International Islamic University Malaysia and other Malaysian government universities (viii) Yayasan Dakwah Islam Malaysia (ix) Baitulmal Majlis Agama Islam, Wilayah Persekutuan (x) Pertubuhan Kebajikan Islam Malaysia (xi) Malaysia External Trade Development Corporation (xii) Multimedia Development Corporation Sdn Bhd Note: The above list of institutions and organisations is not exhaustive. Holding of positions in other similar institutions or organisations requires the specific prior approval from Bank Negara Malaysia. PART 1:INTRODUCTION PART 2:PRINCIPLES OF CORPORATE GOVERNANCE, MINIMUM STANDARDS AND SPECIFIC REQUIREMENTS Principle 1: Every Licensed Institution should be headed by an effective board, which assumes specific responsibilities. The vision, strategy and corporate values of the Licensed Institution should be clearly specified and understood Principle 2: There should be an effective board composition, with a strong independent element where no individual or small group of individuals should be allowed to dominate the board’s decision making Principle 3: There should be a clear division of responsibilities at the helm of a Licensed Institution, which will ensure a balanced and clear lines of role, responsibility, authority and accountability throughout the Licensed Institution Principle 4: There should be a formal and transparent process for the appointment of directors to the board and the appointment of CEO Principle 5: Directors must be persons of calibre, credibility and integrity with the necessary skills and experience and be able to devote time and commitment Principle 6: Board should meet regularly and be duly furnished with complete and timely information Principle 7: There should be a formal and an ongoing assessment of the effectiveness of the board as a whole, the directors and the CEO Principle 8: There should be a formal and transparent procedure for fixing the remuneration packages of board members, CEO and senior management and the remuneration policies and practices should be in line with the Licensed Institution’s ethical values, Principle 9: Persons empowered with decision-making authority (including directors) should exercise care to avoid situations that may give rise to a conflict of interest situation Principle 10: There should be clear separation between shareholders and management so as not to impede sound corporate governance Principle 11: There should be robust auditing requirements and the auditor, board and management need to maintain professional and objective relationships Principle 12:Licensed Institution should engage in regular, effective and fair communication with shareholders/stakeholders Principle 13: Conducting corporate governance in a transparent manner can reinforce sound corporate governance Principle 14: Board is collectively responsible and accountable for the veracity of disclosures and management of risk PART 3: APPLICATION PROCEDURES PART 4: APPENDICES APPENDIX 1 APPENDIX 2 APPENDIX 3
Public Notice
01 Mar 2011
Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-01032011
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Reading: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 01 Mar 2011 Guidelines on Corporate Governance for Licensed Islamic Banks (GP1-i) has been updated. The PDF format document are available for download via the URL provided below: Guidelines on Corporate Governance for Licensed class="circle"slamic Banks (Revised BNM/GP1-i) Attachment 1 (ZIP,43KB) © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
21 Jan 2011
BNM Website Scheduled Maintenance 10 p.m. Friday January 21 until 7 a.m. Saturday January 22, 2011
https://www.bnm.gov.my/-/bnm-website-scheduled-maintenance-10-p.m.-friday-january-21-until-7-a.m.-saturday-january-22-2011
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Reading: BNM Website Scheduled Maintenance 10 p.m. Friday January 21 until 7 a.m. Saturday January 22, 2011 Share: BNM Website Scheduled Maintenance 10 p.m. Friday January 21 until 7 a.m. Saturday January 22, 2011 Release Date: 21 Jan 2011 Please be informed that we will be performing a scheduled infrastructure maintenance on BNM website system starting from 10 p.m. Friday 21 January until 7 a.m. Saturday 22 January 2011. During that period, access to BNM website services will be intermittent and occasionally unavailable. We apologise for any inconvenience caused by this maintenance activity. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
19 Jan 2011
Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-19012011
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Reading: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 19 Jan 2011 Sorry, no contents available © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
11 Jan 2011
Notification: Company which is no longer permitted to conduct remittance business
https://www.bnm.gov.my/-/notification-company-which-is-no-longer-permitted-to-conduct-remittance-business-2
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Reading: Notification: Company which is no longer permitted to conduct remittance business Share: Notification: Company which is no longer permitted to conduct remittance business Release Date: 11 Jan 2011 Bank Negara Malaysia would like to inform members of the public that the following company is no longer permitted to conduct remittance business: Redtone Telecommunications Sdn. Bhd. Members of the public are reminded not to remit funds through these companies as there is the risk of the funds not being received by the beneficiaries. Any person who engages in money laundering commits an offence under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), including engaging in a transaction that involves proceeds of an unlawful activity, such as the operation of remittance services without permission. Members of the public who deal with persons not permitted to operate remittance services may be affected if the funds involved are frozen pursuant to an investigation under the AMLATFA. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
10 Jan 2011
Beware of Fraudulent Telephone Calls, E-mails or SMS Requesting Personal Banking Information
https://www.bnm.gov.my/-/beware-of-fraudulent-telephone-calls-e-mails-or-sms-requesting-personal-banking-information
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Reading: Beware of Fraudulent Telephone Calls, E-mails or SMS Requesting Personal Banking Information Share: 5 Beware of Fraudulent Telephone Calls, E-mails or SMS Requesting Personal Banking Information Release Date: 10 Jan 2011 Members of the public are reminded not to disclose their personal identification numbers (PIN) and passwords to third parties under any circumstance. Bank Negara Malaysia and commercial banks will NEVER request for personal banking information or confirmation of credit card transactions through telephone calls, emails or SMS. Members of the public who receive such requests are advised not to respond and to contact their respective banks immediately to seek clarifications. Further information on illegal financial schemes can be obtained from the Financial Fraud Alert site at http://fraudalert.bnm.gov.my For further enquiries or advice, members of the public can contact or visit Bank Negara Malaysia at: BNMTELELINK (Customer Service Call Centre) Tel: 1-300-88-5465 Fax: 03-2174 1515 Email: [email protected] (Business hours: Monday - Friday, 9:00 am - 5:00 pm) To submit enquiries through SMS service, type: BNM TANYA [your enquiry/complaint] and send to 15888 (Sender will be charged RM0.15 for sending a message and RM0.20 for receiving a message by the telecommunications service provider) BNMLINK (Customer Service Walk-In Centre) Bank Negara Malaysia, Ground Floor, Block D Jalan Dato' Onn, 50480 Kuala Lumpur (Business hours: Monday - Friday, 9:00 am - 5:00 pm) © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
07 Jan 2011
Implementation of the new PIDM Bill 2010
https://www.bnm.gov.my/-/implementation-of-the-new-pidm-bill-2010
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Reading: Implementation of the new PIDM Bill 2010 Share: Implementation of the new PIDM Bill 2010 Release Date: 07 Jan 2011 The new Perbadanan Insurans Deposit Malaysia (PIDM) Bill 2010 was passed by the Parliament and came into operation on 31 December 2010. The new bill provides for enhanced deposit insurance coverage for the protection of financial consumers, with an increased deposit insurance limit of RM250,000 per depositor per member bank. This will protect 99% of retail depositors in full. In addition, foreign currency deposits will now also be covered under the deposit insurance system. The enhanced deposit insurance coverage takes immediate effect on the expiry of the interim full deposit guarantee that was announced by the Malaysian government as a pre-emptive measure during the period of global financial turbulence in 2009. The Malaysian financial system has remained resilient throughout this period and the full deposit guarantee which has expired on 31 December 2010 was never called upon. The new bill also provides for the administration of the Takaful and Insurance Benefits Protection System (TIPS) by PIDM. TIPS is an explicit, limited Government protection system which covers takaful and insurance benefits under a framework that is broadly consistent with the deposit insurance system. For further information, please visit PIDM's website at the following link: Website URL © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
10 Dec 2012
RINGGIT Newsletter (October 2012 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-october-2012-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761703/Ringgit_10_2012.pdf
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Reading: RINGGIT Newsletter (October 2012 issue) is now available for download Share: RINGGIT Newsletter (October 2012 issue) is now available for download Release Date: 10 Dec 2012 RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. The highlight for this month is "Adakah Simpanan KWSP Mencukupi Untuk Persaraan?". Other topics of interest include: Kaedah Menangani Kejayaan Dan Kegagalan Ketika Melabur Soal Lazim Berhubung Skim Kewangan Haram Menggunakan Emas Pengeluaran KWSP Untuk Membina Rumah Pengenalan Perbankan Ejen This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - October/2012 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed30 Draft5.PM6 2 • Adakah Simpanan KWSP Mencukupi Untuk Persaraan? Simpanan Kumpulan Wang Simpanan Pekerja (KWSP) merupakan tabungan dengan elemen pelaburan untuk persaraan. Caruman ini telah ditetapkan oleh undang-undang dan perlu dibuat pada setiap bulan oleh majikan. Setiap bulan 11% daripada pendapatan bulanan anda perlu dicarumkan ke dalam akaun KWSP anda. Persoalannya, adakah simpanan KWSP anda mencukupi untuk menampung keperluan anda ketika persaraan kelak? Berpandukan kepada jadual perbelanjaan asas, diterangkan cara bagaimana untuk membolehkan anda merancang persaraan dengan menggunakan kalkulator pengiraan persaraan. Anda boleh merujuk laman sesawang www.fomca.org.my/ kewangan untuk keterangan lanjut. Berdasarkan jadual pengiraan persaraan ilustrasi di sebelah, anda perlu mencapai matlamat simpanan persaraan anda sebanyak RM1,173,280 sebelum mencapai umur persaraan. Ini bermakna, anda hanya mempunyai 25 tahun untuk membuat persediaan persaraan. Dengan mengambil kira kadar inflasi sebanyak 3.6% (anggaran) pada masa sekarang, anda memerlukan komitmen sebanyak RM2,025 sebulan dan RM24,300 setahun. Dalam tempoh 25 tahun dan kadar inflasi yang meningkat, anda memerlukan komitmen sebanyak RM4,888 sebulan dan RM58,664 setahun. Adakah simpanan anda mencukupi untuk menampung baki usia anda sehingga berumur 75 tahun lagi? Jangka hayat rakyat Malaysia bagi lelaki dijangkakan berumur 75 tahun dan 78 tahun bagi wanita. Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 Mengapa pentingnya membuat simpanan dari awal? Berdasarkan jadual di bawah, anda perlu membuat simpanan pada awal usia 20 tahun. Nilai Umur Kadar Nilai pada Umur Jumlah Kos Semasa 30 tahun Inflasi 3.6% masa akan 55 ketika sehingga datang bersara berumur (25 tahun) 75 tahun (20 tahun) Kos Tahunan Kos Tahunan (RM) (RM) Kos makanan harian 20 7,300 3.6 48 17,520 350,400 Kos Bayaran Bulanan Utiliti Bil elektrik, air, telefon, penyelenggaraan rumah dll 300 3,600 3.6 726 8,712 174,240 Kos Perubatan Bulanan Andaikan sekiranya tidak mempunyai penyakit kritikal 100 1,200 3.6 242 2,904 58,080 Perbelanjaan Bulanan Petrol, Penyelenggaraan kereta, Cukai, Insurans, wang saku dll. 600 7,200 3.6 1,452 17,424 348,480 Kos Gaya Hidup Tahunan Melancong, bermain Golf, hobi dan kecemasan 5,000 5,000 3.6 12,104 12,104 242,080 JUMLAH (RM) 24,300 58,664 1,173,280 RM2,025 setiap bulan RM4,888 setiap bulan www.einsuran.com Nota: Jadual pengiraan di atas adalah untuk tujuan ilustrasi sahaja. Keperluan anda mungkin berbeza daripada jadual di atas. Anda dicadangkan untuk berhubung dengan Perunding Kewangan anda sebelum membuat keputusan dalam kewangan. Permulaan Matlamat Simpanan Simpanan umur persaraan setahun sebulan (RM) (RM) (RM) 20 981,320 8,806 733 25 981,320 12,412 1,034 30 981,320 17,886 1,490 35 981,320 26,676 2,223 40 981,320 42,160 3,513 45 981,320 74,450 6,204 50 981,320 174,082 14,506 55 981,320 981,319 81,776 www.einsuran.com Perincian diri anda Umur semasa? 30 Umur Bersara? 55 Lelaki / Perempuan? Perbelanjaan Asas (tidak termasuk pembayaran pinjaman kerana semua pembayaran pinjaman mesti dilangsaikan sebelum anda bersara) Simpanan bulanan ini dapat dikurangkan jika anda menyimpan pada usia yang lebih muda, berbanding sekiranya anda mula membuat simpanan pada usia 30 tahun, yang memerlukan anda menyimpan lebih banyak untuk mencapai matlamat persaraan yang sama. Masa adalah nilai untuk wang. Bagi mendisiplinkan diri dengan membuat simpanan, anda perlu memastikan untuk sentiasa membuat simpanan sekurang-kurangnya 10% daripada pendapatan bulanan anda. Ingat! semua orang memerlukan jumlah wang yang besar untuk bersara dengan selesa. Terdapat dua elemen utama yang memberi kesan terhadap dana persaraan anda, iaitu Kadar Faedah dan Kadar Inflasi. Kedua-dua elemen ini tidak dapat dikawal oleh anda. Oleh itu, sentiasa pastikan anda mempunyai simpanan bulanan secara tetap sebagai persediaan persaraan anda. 4 • Kaedah Menangani Kejayaan Dan Kegagalan Ketika Melabur Bagi pelabur yang berpengalaman, untung rugi serta naik jatuh sesuatu pelaburan adalah suatu lumrah. Walau bagaimanapun, setiap individu pasti akan memberi reaksi berbeza apabila berhadapan dengan keuntungan atau kerugian. Ada pelabur yang tidak mahu melabur lagi setelah mengalami kegagalan, namun ada juga yang terus melabur dan menyifatkan kejayaan dan kegagalan pelaburan sebagai satu proses pembelajaran yang berterusan. Apa yang penting ialah anda perlu memantapkan tahap emosi supaya lebih bersedia menghadapi jatuh bangun pasaran saham. Pada akhir artikel ini, anda sebagai pelabur akan dapat mengenal pasti: • perbezaan utama antara pelabur berjaya dan tidak berjaya; • kaedah untuk mengubah kegagalan kepada kejayaan dalam pelaburan; dan • bagaimana untuk membina semula dan mengekalkan kejayaan dalam pelaburan Menangani Kegagalan Umum mengetahui, anda tidak akan sentiasa untung dalam pasaran saham. Sebagai contoh, ada masanya nilai pelaburan anda menurun apabila keadaan pasaran merudum kesan daripada kemelesetan ekonomi. Anda mungkin juga melakukan sedikit kesilapan dan terpaksa membelanjakan wang yang banyak dalam proses tersebut. Sebagai seorang pelabur, anda perlu belajar mengenal pasti perbezaan antara kerugian sementara yang disebabkan oleh kitaran menurun pasaran, dengan kerugian akibat daripada kesilapan yang dilakukan dalam pelaburan. Sekiranya ia berpunca daripada kitaran pasaran, anda tidak perlu membuat apa-apa tindakan jika asas-asas pasaran masih kukuh dan penurunan tidak drastik. Walau bagaimanapun, sekiranya kerugian itu berpunca daripada kesilapan diri sendiri, anda perlu belajar menerima kenyataan dan bangun semula. Namun demikian, ramai pelabur cenderung menjadi takut dan menyesal apabila menghadapi kegagalan. Sekiranya terus dibelenggu oleh emosi negatif ini, anda mungkin akan diselubungi ketakutan untuk mengalami kerugian sekali lagi, dan melupakan strategi asal pelaburan anda. Ada juga yang panik, sehingga mendorong mereka membuat keputusan yang bakal dikesali kelak. Tambahan pula, tidak semua orang yang mampu untuk mengelak daripada mengalami kesan emosi akibat daripada kegagalan. Walau bagaimanapun, perbezaan • 5 utama antara pelabur berjaya dengan pelabur yang lain ialah, mereka mampu mengenal pasti dan mengakui kesilapan yang telah dilakukan. Anda akan mempunyai fikiran yang lebih tenang untuk memikirkan langkah seterusnya sekiranya mampu melakukan perkara yang sama, iaitu mengurangkan kerugian. Tindakan perlu diambil untuk mengurangkan kerugian, iaitu dengan memastikan keseluruhan kerugian portfolio berada pada tahap minimum. Di samping itu, anda juga perlu mengkaji dan menstrukturkan semula strategi pelaburan. Seandainya sukar, dapatkan bantuan daripada penasihat pelaburan profesional. Aspek yang paling penting adalah untuk melakukan sesuatu yang dapat membantu anda menentukan apa yang benar- benar ingin dicapai. Hanya dengan cara ini anda dapat mengubah kegagalan kepada kejayaan. kejayaan, kerana ini akan menjadikan anda lupa objektif pelaburan yang seterusnya membawa kepada kegagalan. Ringkasnya, kenal pasti faktor yang membawa kejayaan tersebut dan gunakan ia bagi mendapatkan semula keuntungan yang pernah diperoleh dulu. Selagi apa yang anda lakukan dapat memaksimumkan nilai portfolio dan tidak melibatkan pengambilan risiko yang tinggi, maka kejayaan pasti boleh dicipta semula. Akhirnya, strategi pelaburan yang bersesuaian dengan profil risiko dapat membantu anda untuk bersikap fokus dan berada di landasan yang betul. Buat kajian berkala serta perubahan sekiranya perlu, namun pastikan ia Membina semula kejayaan Jika kerugian boleh menjatuhkan semangat anda dalam pelaburan, kadangkala keuntungan juga boleh memberikan impak yang sama, iaitu ia mengaburi pertimbangan sebagai pelabur. Apabila mendapat keuntungan yang tinggi atau mendapat pulangan dalam pelaburan, anda mungkin menjadi terlalu yakin dalam pelaburan dan beranggapan tidak akan melakukan sebarang kesilapan. Ini akan menjadikan anda terlalu agresif dalam portfolio, yang akhirnya bakal mengakibatkan bencana. Sebaliknya, kejayaan juga boleh menjadikan anda terlalu berhati-hati dan enggan mengambil risiko, kerana mahu kejayaan itu kekal buat selama-lamanya. Walau bagaimanapun, jangan terlalu leka dengan selaras dengan situasi semasa anda. Walaupun faktor emosi boleh mempengaruhi keputusan pelaburan, ia tidak akan memberikan kesan yang mendalam sekiranya anda mempunyai perancangan dan komited dengan pelan tersebut. Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut meningkatkan tahap kesedaran mengenai pelaburan bijak dan pengurusan kewangan melalui seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita dan pekerja kolar putih dan biru. Untuk maklumat lanjut, layari www.min.com.my, hubungi 03-62048889 atau lawati Facebook kami di www.facebook.com/BMWSIDC 6 • S: Mengapakah pihak berkuasa membuat serbuan ke atas syarikat-syarikat tersebut? J: Serbuan dibuat bagi melindungi kepentingan para pelabur daripada melaburkan lebih banyak wang dalam skim yang berisiko, dan juga untuk melindungi kepentingan orang ramai. Syarikat yang terbabit sedang dalam siasatan kerana disyaki melakukan kesalahan, termasuk mengambil deposit secara haram, mengubah wang haram, mengelakkan cukai, memberikan maklumat palsu termasuk pernyataan yang salah, melantik ejen tanpa lesen dan gagal mengemukakan dokumen berkanun. S: Mengapakah timbul kebimbangan terhadap model perniagaan syarikat-syarikat tersebut? J: Kebimbangan ini timbul kerana syarikat-syarikat tersebut dipercayai menjalankan skim yang tidak dapat bertahan lama. Syarikat-syarikat tersebut menjanjikan pelabur pulangan bulanan yang lumayan dan jaminan belian balik emas. Skim tersebut bukan dibiayai oleh jual beli emas yang sebenar, sebaliknya dibiayai dengan menggunakan wang yang baru dilaburkan dalam skim ini. Jumlah aset dan wang yang ada pada syarikat- syarikat ini biasanya tidak sepadan dengan jumlah yang dikumpulkan daripada para pelabur. S: Mengapakah pihak berkuasa hanya mengambil tindakan sekarang? J: Sebarang tindakan penguatkuasaan hanya boleh diambil setelah didapati terdapat sebab-sebab yang boleh dipercayai bahawa sesuatu kesalahan telah dibuat. Ini bagi mengelakkan sebarang tindakan penguatkuasaan yang terburu-buru atau melulu yang mungkin boleh menjejaskan perniagaan yang sah. S: Apakah status tindakan yang diambil oleh pihak berkuasa? J: Siasatan masih lagi berjalan. Orang ramai akan dimaklumkan oleh pihak berkuasa mengenai status terkini siasatan dari semasa ke semasa. Orang ramai dinasihati supaya merujuk kepada kenyataan rasmi yang dikeluarkan oleh agensi penguat kuasa undang-undang sahaja untuk sebarang maklumat terkini kes-kes ini. S: Berapa lamakah tempoh siasatan? J: Tempoh siasatan akan bergantung pada tahap kompleksiti dan keseriusan kes. Tahap kompleksiti telah meningkat disebabkan oleh dimensi antarabangsa kes-kes tersebut. Kerjasama daripada pihak yang terbabit akan membantu proses siasatan. Siasatan ini diberi keutamaan yang tinggi dan semua sumber yang perlu telah digembleng oleh agensi penguat kuasa yang berkenaan untuk mempercepat siasatan. S: Mengapakah aset dibekukan dan dirampas? J: Berhubung dengan kes skim kewangan haram yang disyaki, pihak berkuasa boleh menjalankan operasi mencari dan merampas bagi mendapatkan Soal Lazim Berhubung Skim Kewangan Haram Menggunakan Emas • 7 bukti dan untuk mengelakkan syarikat daripada menyembunyikan atau memusnahkan bahan bukti. Ini juga menghalang aset daripada lesap kerana ia akan memberikan kesan buruk kepada pelabur. Di bawah seksyen 44 Akta Pencegahan Pengubahan Wang Haram dan Akta Pencegahan Pembiayaan Keganasan 2001 (AMLATFA), agensi- agensi penguatkuasaan undang-undang diberikan kuasa untuk membekukan apa-apa aset apabila disyaki bahawa suatu kesalahan pengubahan wang haram telah dilakukan. S: Apakah yang akan terjadi kepada aset dan emas yang dirampas? J: Aset yang dirampas semasa serbuan dibuat akan didokumenkan dengan teliti dan diambil kira serta disimpan di tempat yang selamat. Sekiranya terdapat prosiding jenayah, aset tersebut hanya boleh diuruskan atas perintah Mahkamah. S: Bolehkah pelabur yang terbabit menuntut kembali wang atau emas mereka daripada aset yang dirampas? J: Aset yang dirampas semasa siasatan dijalankan hanya boleh diuruskan atas perintah Mahkamah. Pelabur mungkin boleh memfailkan kepada Mahkamah tuntutan pihak ketiga bagi pemulangan wang atau emas mereka. Maklumat tentang sama ada dan bagaimana untuk memfailkan sesuatu tuntutan akan diberitahu apabila prosiding mahkamah selesai. S: Apakah nasihat kepada orang ramai yang ingin melabur? J: Orang ramai dinasihati supaya sentiasa berhati- hati terhadap skim pelaburan yang menjanjikan pulangan tinggi dengan risiko yang kelihatan rendah, dengan memberikan jaminan bahawa jumlah pokok yang dilaburkan akan dipulangkan. Orang ramai juga dinasihati supaya merujuk kepada agensi yang berkenaan apabila berurusan dengan syarikat atau individu yang menawarkan peluang perniagaan atau perkhidmatan kewangan yang kelihatan menarik tetapi tidak diberikan lesen oleh pihak berkuasa. Sebagai panduan, orang ramai digalakkan mengambil perhatian terhadap perkara berikut apabila menilai sesuatu skim pelaburan: • Ingatlah – sekiranya skim tersebut adalah indah khabar dari rupa, berkemungkinan besar skim tersebut adalah skim palsu; • Berwaspada dengan skim Ponzi. Ia merupakan skim pelaburan yang berunsur penipuan apabila pengendalinya mengambil wang daripada pelabur baharu untuk membayar kepada pelabur awal atau sedia ada. Akhirnya, akan sampai satu peringkat apabila jumlah pelabur baharu tidak mencukupi untuk menyokong skim ini, dan seterusnya keseluruhan skim mengalami kegagalan; • Berurusan hanya dengan institusi kewangan berlesen dan peniaga yang sah; • Rujuk kepada pihak berkuasa yang berkenaan sebelum melabur/mendeposit wang; • Jangan terpengaruh atau terburu-buru untuk melabur; • Hendaklah lebih berhati-hati dengan pelaburan melalui Internet; • Berwaspada dengan apa-apa peluang pelaburan yang tidak bertulis; • Jika pelaburan telah dibuat, simpan salinan semua dokumen pelaburan; dan • Rujuk laman sesawang amaran penipuan kewangan berikut: http://www.bnm.gov.my/microsites/fraudalert/ index.htm http://www.sc.com.my/sub.asp?pageid =&menuid =233&newsid=&linkid=&type= Sekiranya anda mengetahui skim pelaburan yang berunsurkan penipuan, anda digalakkan untuk membuat laporan polis. Sumber: Bank Negara Malaysia 8 • Tujuan • Pengeluaran ini membolehkan ahli mengeluarkan simpanan Akaun 2 untuk membiayai pembinaan sebuah rumah secara individu; atau Pembinaan secara bersama dengan suami/isteri. • Pengeluaran untuk membina rumah kedua dibenarkan setelah rumah pertama dijual atau berlaku pelupusan pemilikan. Pelupusan pemilikan bermaksud “hilang pemilikan ke atas rumah pertama yang dimiliki melalui pengeluaran KWSP sebelum ini” atas sebab rumah tersebut dilelong, penyerahan harta melalui perintah mahkamah, pindah milik dasar kasih sayang, rumah musnah akibat bencana alam atau kebakaran, projek rumah terbengkalai atau pembatalan pembelian rumah. Kelayakan memohon i) Warganegara Malaysia; ATAU ii) Warganegara Malaysia yang telah membuat pengeluaran di bawah Pengeluaran Meninggalkan Negara sebelum 1 Ogos 1995 atau kemudian memilih untuk mencarum semula dengan KWSP; ATAU iii) Bukan warganegara Malaysia yang: - menjadi ahli sebelum 1 Ogos 1998; ATAU - mendapat taraf Penduduk Tetap (PR) • Ahli belum mencapai umur 55 tahun pada tarikh permohonan diterima oleh KWSP; DAN • Ahli mempunyai simpanan sekurang-kurangnya RM500 di dalam Akaun 2. Pengeluaran KPengeluaran KPengeluaran KWSP UntukWSP UntukWSP Untuk Membina RumahMembina RumahMembina Rumah • 9 Syarat Pengeluaran 1. Ahli membina sebuah rumah kediaman/rumah kampung di atas tanah milik sendiri atau milik suami/isteri; ATAU Suami/isteri ahli membina sebuah rumah/rumah kampung di atas tanah milik ahli; ATAU Ahli membina rumah panjang (bagi Sabah dan Sarawak); ATAU Ahli membina sebuah rumah di atas tanah FELDA atau tanah milik agensi kerajaan lain yang diiktiraf dengan syarat mendapat pengesahan daripada agensi tersebut untuk menentukan status pemilikan tanah. 2. Pembiayaan pembinaan rumah melalui :- i) Pinjaman perumahan daripada mana-mana institusi seperti berikut:- • Institusi kewangan yang dilesenkan di bawah Akta Bank dan Institusi Kewangan 1989 (BAFIA). • Kerajaan Pusat/Negeri atau agensi- agensi kewangan kerajaan yang lain. • Majikan ahli • Koperasi/syarikat kerjasama yang berlesen (diluluskan oleh Suruhanjaya Koperasi Malaysia) • Syarikat Insurans berlesen yang diluluskan oleh Bank Negara Malaysia. • Pemberi pinjaman yang dibenarkan oleh KWSP; ATAU ii) Secara tunai 3. Ahli telah menandatangani Surat Perjanjian Membina Rumah tidak melebihi tiga (3) tahun dari tarikh permohonan diterima. 4. Ahli tidak pernah membuat Pengeluaran Perumahan; ATAU Ahli telah membuat pengeluaran untuk membina rumah pertama dan telah menjualnya atau berlaku pelupusan pemilikan dan kemudian membina rumah kedua. Bukti penjualan/pelupusan pemilikan rumah pertama perlu dikemukakan. 5. Kos membina rumah adalah amaun yang dinyatakan di dalam Surat Perjanjian Membina Rumah. Kos membeli tanah juga boleh diambil kira dengan syarat tarikh Perjanjian Jual Beli Tanah adalah dalam tempoh dua (2) tahun dari tarikh Perjanjian Membina Rumah. 6. Ahli tidak layak memohon sekiranya:- • Membeli tanah atau lot tapak rumah sahaja. • Mengubah suai, membaiki/membuat kerja- kerja tambahan kepada rumah yang sedia ada. • Mengambil pinjaman berbentuk Overdraf. • Membina rumah ketiga. • Membina rumah di luar negara. • Membina rumah bersama-sama individu lain yang tiada pertalian suami-isteri. 10 • Amaun Yang Layak Dikeluarkan Ahli boleh mengeluarkan simpanan seperti berikut:- • PEMBINAAN RUMAH MILIK INDIVIDU Amaun perbezaan di antara kos membina rumah dengan jumlah pinjaman dan kos tambahan 10% daripada kos bina rumah ATAU Semua simpanan dalam Akaun 2. (Mengikut mana yang lebih rendah tidak kurang RM500.00) • PEMBINAAN BERSAMA SUAMI/ISTERI Amaun perbezaan di antara kos membina rumah dengan jumlah pinjaman tambahan 10% daripada kos bina rumah ATAU Semua simpanan dalam Akaun 2 masing- masing tertakluk kepada amaun maksimum yang layak dikeluarkan. (Mengikut mana yang lebih rendah tidak kurang RM500.00) • PINJAMAN PERUMAHAN 100% 10% daripada kos bina rumah ATAU Semua simpanan dalam Akaun 2 (Mengikut mana yang lebih rendah tidak kurang RM500.00) • PEMBINAAN RUMAH SECARA TUNAI Kos bina rumah dengan tambahan 10% daripada kos bina rumah. ATAU Semua simpanan dalam Akaun 2 (Mengikut mana yang lebih rendah tidak kurang RM500.00) • Ahli boleh memilih untuk menentukan amaun yang ingin dikeluarkan daripada Akaun 2, tertakluk kepada amaun maksimum yang layak dikeluarkan dengan mengisi amaun yang dipohon dalam borang pengeluaran perumahan KWSP 9C (AHL)(D5). • Ahli pernah membuat pengeluaran perumahan tetapi telah membatalkan pembelian/pembinaan rumah tersebut. Dalam keadaan ini, wang pengeluaran tidak perlu dikembalikan. Amaun kelayakan semasa akan ditolak daripada amaun pengeluaran terdahulu tertakluk kepada baki kelayakan (sekiranya ada). Makluman Kepada Pemohon • Kegagalan Mengembalikan Amaun Yang Tidak Digunakan Bagi Maksud Pengeluaran. Sekiranya pemohon tidak menggunakan bayaran pengeluaran bagi maksud pengeluaran dibuat, pemohon dianggap telah melakukan kesalahan, dan jika disabitkan, boleh dipenjarakan selama suatu tempoh yang tidak melebihi enam bulan atau didenda tidak melebihi RM2,000 atau kedua- duanya. (Seksyen 58A, Akta KWSP 1991 (Pindaan) 2007). • Membuat Kenyataan Yang Tidak Betul Atau Tidak Benar Atau Mengemukakan Dokumen Palsu. Sekiranya pemohon memberi kenyataan yang tidak betul atau tidak benar atau mengemukakan dokumen palsu, pemohon dianggap telah melakukan kesalahan, dan sekiranya disabitkan, pemohon boleh dipenjarakan selama suatu tempoh yang tidak melebihi tiga tahun atau didenda tidak melebihi RM10,000 atau kedua- duanya. (Seksyen 59, Akta KWSP 1991 (Pindaan) 2007). Untuk maklumat lanjut mengenai Pengeluaran Membina Rumah, sila hubungi Pusat Panggilan KWSP di talian 03-8922 6000 atau layari laman sesawang MyEPF di www.kwsp.gov.my. Sumber : Kumpulan Wang Simpanan Pekerja (KWSP) • 11 Dalam usaha mencapai sektor kewangan yang lebih inklusif, Bank Negara Malaysia telah melancarkan rangka kerja perbankan ejen. Sebagai satu saranan dalam Pelan Sektor Kewangan, inisiatif ini membolehkan institusi kewangan meluaskan perkhidmatan mereka kepada golongan yang kurang mendapat perkhidmatan kewangan (underserved), khususnya di kawasan luar bandar dengan cara yang lebih berkesan dari segi kos melalui penggunaan saluran runcit bukan bank. Ejen bank berdaftar akan menyediakan perkhidmatan perbankan asas iaitu menerima deposit dan memudahkan pengeluaran. Perkhidmatan perbankan asas lain yang boleh disediakan oleh ejen bank ialah pemindahan dana, pembayaran bil dan pembayaran balik pembiayaan. Semua transaksi yang dijalankan ialah secara masa nyata bagi melindungi kepentingan orang ramai. Pada akhir bulan Julai, semasa operasi ‘percubaan’ perbankan ejen, lebih daripada satu juta transaksi bernilai lebih daripada RM190 juta telah dijalankan melalui 2,322 ejen bank yang mewakili tiga buah institusi kewangan yang mengambil bahagian. Bagi memastikan perbankan ejen dijalankan secara selamat dan diyakini, Bank Negara Malaysia telah mengeluarkan Garis Panduan Perbankan Ejen kepada institusi kewangan. Garis Panduan ini menggariskan keperluan yang harus dipatuhi oleh institusi kewangan dalam bidang tadbir urus dan pengawasan, pengurusan ejen bank serta perlindungan, kesedaran dan pendidikan pengguna. Semua ejen bank berdaftar akan mempamerkan logo kebangsaan perbankan ejen bersama-sama dengan logo institusi kewangan masing-masing. Ini akan memudahkan orang ramai mengenal pasti ejen bank yang sah dan perkhidmatan perbankan asas yang disediakan. Untuk maklumat lanjut mengenai perbankan ejen, orang ramai boleh menghubungi talian penting institusi kewangan yang mengambil bahagian atau Bank Negara Malaysia di 1-300-88-5465. Sumber: Bank Negara Malaysia Pengenalan Perbankan Ejen Logo untuk Mengenal Pasti Ejen Bank Berdaftar Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
06 Dec 2012
Newly published: Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business (MSB)
https://www.bnm.gov.my/-/newly-published-guidelines-on-risk-management-and-internal-controls-for-conduct-of-money-services-business-msb-
https://www.bnm.gov.my/documents/20124/761703/03_Guidelines_on_Risk_Management_and_Internal_Controls_EN.pdf
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Reading: Newly published: Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business (MSB) Share: Newly published: Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business (MSB) Release Date: 06 Dec 2012 Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business (MSB) has been published. The PDF format document are available for download via the URL provided below: Link © 2024 Bank Negara Malaysia. All rights reserved.
BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business PART A. OVERVIEW ………………………………………………………………2 1. OBJECTIVE ......................................................................................................... 2 2. APPLICABILITY ................................................................................................... 2 3. LEGAL PROVISION ............................................................................................. 2 4. EFFECTIVE DATE ............................................................................................... 2 5. RELATIONSHIP WITH EXISTING POLICIES ...................................................... 3 6. DEFINITION AND INTERPRETATION ................................................................. 3 PART B. RISK MANAGEMENT AND INTERNAL CONTROLS………………4 7. RISK MANAGEMENT AND INTERNAL CONTROLS REQUIREMENTS ............. 4 APPENDIX…………………………………………………………………………….14 Appendix I Appointment of Auditor…………………………………………………..14 BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 2/14 PART A: OVERVIEW 1. OBJECTIVE 1.1 Section 36 of the Money Services Business Act 2011 (the Act) requires all licensees to institute and maintain robust internal control mechanisms, which include risk management arrangements to ensure the integrity and soundness of its money services business. The Money Services Business (Duties of Licensees) Regulations 2012 further prescribe the key requirements that licensees must observe to ensure effective and robust internal control systems that promote the safety and integrity of money services business activities. These requirements also contribute towards strengthening consumer protection and safeguarding the money services business industry from being used as a conduit for illegal activities, money laundering and terrorism financing. 1.2 The objective of these Guidelines is to facilitate compliance by licensees with the above requirements, by setting out minimum standards that licensees must observe in implementing appropriate risk management and internal control systems for their business. 2. APPLICABILITY 2.1 The Guidelines are applicable to all the licensees which carry on money services business activities under the Act. 3. LEGAL PROVISION 3.1 These Guidelines are issued pursuant to section 74 of the Act. 4. EFFECTIVE DATE 4.1 The Guidelines shall take effect from 6 December 2012. BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 3/14 5. RELATIONSHIP WITH EXISTING POLICIES 5.1 These Guidelines are issued to complement the Act and the following Regulations issued by the Bank: (a) The Money Services Business Regulations 2012 on: (i) Duties of Licensees; and (ii) Remittance Business. and shall be read together with the following: (b) The Guidelines on Governance and Operational Requirements on Conduct of Money Services Business; (c) The Standard Guidelines on Anti-Money Laundering and Counter Financing of Terrorism; and (d) Anti-Money Laundering and Counter Financing of Terrorism Sectoral Guidelines 3 for Licensed Money Changers and/or Non-Bank Remittance Operators. 6. DEFINITION AND INTERPRETATION 6.1 “the Bank” means Bank Negara Malaysia. BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 4/14 PART B. RISK MANAGEMENT AND INTERNAL CONTROLS 7. RISK MANAGEMENT AND INTERNAL CONTROLS REQUIREMENTS 7.1 A licensee is required to effectively manage and control all material risks associated with the conduct of money services business, taking into account the size, scope and complexity of its business activities. 7.2 A licensee shall establish appropriate processes, systems and controls that are approved by the board of directors (Board) to manage risks in its business. Such processes, systems and controls shall be properly documented, and reviewed by the management and the Board at regular intervals to ensure that they remain effective. 7.3 Paragraph 7.4 sets out the risk management and internal control measures that must be observed by licensees to address specific risks associated with the conduct of money services business activities as follows: Money services business transactions being carried out for money laundering, terrorism financing and other illegal purposes; Failure of licensees to comply with legal and regulatory requirements applicable to the licensee; Mismanagement and fraud resulting in losses of monies held in trust for customers; and Loss of key information or business records maintained being tampered with due to unauthorised alteration and manipulation. 7.4 Licensees are required to put in place appropriate processes, systems and controls which shall include, at a minimum the following: 7.4.1 Establishment of written internal policies and procedures on the conduct of money services business activities, including: (a) Standard operating procedures (SOP) for the money services business operations to ensure compliance by staff with internal policies and regulatory requirements as well as professional BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 5/14 conduct in dealings with customers. The SOP shall also include the control procedures and processes for detecting and escalating material operational lapses to management and the Board. (b) Policies on branch oversight which include, but are not limited to the following: (i) Mechanisms for monitoring and reporting of the business performance and compliance levels at the branches to head office; (ii) Procedures to support reconciliation and consolidation of business transactions at the branches to ensure all business transactions undertaken by the licensee are properly captured; and (iii) Procedures to support the aggregation of business transactions by a customer at all business premises of the licensee to ensure (i) compliance with AML/CFT requirements on customer due diligence and reporting of suspicious transactions, and (ii) compliance with the daily outward remittance transaction limits of a customer. (c) Policies to ensure proper management of cash at the business premises (principal office and branch), including: (i) Setting of the holding limit of cash (including foreign currencies) at the licensee’s respective business premises, depending on its size and scope of business; (ii) Ensuring that only individuals who are staff of the licensee are allowed to perform transactions and handle cash (including as teller or cashier) for the licensee; and (iii) Putting in place procedures to track and record the stock and movement of cash. BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 6/14 (d) Policies to ensure clear levels of authority are assigned to staff to conduct business transactions in accordance with the risk profile of the transactions. For this purpose, higher level approval is required for: (i) large transactions; and (ii) non face-to-face business transactions conducted through bank accounts or instructions received over e-mail, fax or telephone. (e) Policies on AML/CFT compliance which shall include at a minimum, the following areas: (i) Conduct of customer due diligence (CDD) for business transactions with any customer; (ii) Maintenance of records; (iii) On-going monitoring of customers and business transactions; (iv) Submission of Suspicious Transaction Reports; (v) Staff training on AML/CFT measures; and (vi) Appointment of a competent compliance officer to be responsible for all AML/CFT compliance matters. 7.4.2 Maintenance of proper accounting practices A licensee shall ensure that all business transactions (cash and non- cash) are properly recorded, and can be accounted for and reconciled with relevant source documents (e.g. receipts; invoices; purchase orders; bank and financial statements) through the maintenance of proper accounting practices. In this regard, a licensee shall: (a) Maintain and regularly update its financial account to ensure that it is accurate and reflects the latest financial position; (b) Ensure that the external auditor appointed by the licensee fulfills the requirements as stipulated in the Money Services Business (Duties of Licensees) Regulations 2012. A licensee shall also notify the Bank on the appointment of its external auditor using the format as attached in Appendix I; and BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 7/14 (c) Where a licensee outsources its accounting function to a third party, the Board and management remain responsible to ensure that the accounts properly reflect the financial position and performance of the licensee and are in compliance with the relevant regulatory requirements. In this regard, the Bank expects the Board and management to be able to explain material financial transactions, understand the basis on which the financial accounts have been prepared and ensure that source documents used to prepare the accounts are complete and accurate. 7.4.3 Maintenance of records As stated in section 28 of the Act, a licensee shall maintain all of its accounts, duplicate copies of receipts and other records, including information and documents for each transaction of its money services business which support a proper audit trail. For this purpose: (a) A licensee shall keep all records for at least seven years after the transactions have been completed; and (b) the records must be maintained in a form that will enable the creation of an audit trail on individual transactions that are traceable by the auditor, the Bank and the relevant law enforcement agencies. Records may be maintained: in the form of original documents; duplicate copies of the original documents; in scanned form; in computerised or electronic form; and maintained on microfiche. BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 8/14 7.4.4 Maintenance of robust and reliable management information system As stipulated in the Money Services Business (Duties of Licensees) Regulations 2012, a licensee is required to establish a reliable management information system that is secure and robust to support the licensee’s business operations and capable of performing functions which include, but are not limited to the following: (a) For licensees with branches and agents, the system must be able to record business transactions on a real-time basis, and facilitate the aggregation of business transactions with a customer across all branches and agents of the licensee for purposes of monitoring compliance with internal and regulatory limits; (b) Able to detect and capture any alterations made to the information maintained in the system; and (c) Record details of transactions and generate reports on transaction value and volumes for purposes of identifying, monitoring and reporting suspicious transactions. Licensees that are currently using manual record keeping systems must take steps to put in place a management information system to support their business operations by end of March 2013. 7.4.5 Controlled access to key information and records of licensee A licensee shall put in place adequate controls to protect key information and records maintained in the system, to prevent access by unauthorised parties or unauthorised alterations of records. This shall include at a minimum the following: (a) Limit system access only to relevant personnel to ensure proper staff accountability for the assigned functions. For example, controls should be in place so that staff are only allowed to access the systems for the purpose of carrying out their respective functions, such as to key in business information; BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 9/14 approve transactions, maintain and generate data; and perform data backup; (b) Proper controls over the management of user IDs, whereby each user ID should be unique and passwords must not be allowed to be shared among staff; and (c) A licensee shall not allow its system vendor to have complete and unrestricted access to its system even if the system vendor has been assigned to develop / upgrade its system. Access to a licensee’s live system by the system vendor should be administered and authorised by the staff of the licensee. 7.4.6 Establishment of adequate checks and balances within the licensee Licensees must put in place proper segregation of duties and functions for critical operational functions, including cash handling or management and record keeping, to prevent the likelihood of mismanagement or fraud. Dual controls should be in place such that staff in charge of performing business transactions and record keeping for cash and currency stocks must not be the same person responsible for cash custody and currency stock management. 7.4.7 Adequate level of staff competency A licensee shall ensure that its staff are competent and well trained in carrying out their functions to ensure professional business conduct and compliance with the relevant regulatory and AML/CFT requirements in undertaking money services business activities. At a minimum, a licensee must: (a) Conduct relevant background checks and capability assessments of new recruited staff performing key functions, to ensure that they are persons of integrity and have the required knowledge and experience to perform their roles. The licensee should also ensure that it complies with applicable labour and immigration laws and regulations; BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 10/14 (b) Provide adequate training for staff on: (i) money services business operations, including understanding of licensee’s internal policies and operating procedures such as cash handling; customer service; fraud detection; and (ii) compliance with regulatory requirements under the Act and AML/CFT requirements and other applicable laws and regulations. (c) Monitor closely the performance and compliance of staff to ensure they understand and apply the knowledge acquired in carrying out their respective roles and functions. 7.4.8 Establishment of independent review function The Chief Executive Officer is primarily responsible for ensuring that the operations of the licensee comply fully with applicable laws and regulatory requirements, and that key risks of the business are being effectively managed. The Board of a licensee must, however, be able where appropriate, to obtain independent assurance that the licensee is operating in compliance with its own internal policies, including the effectiveness of risk management and control systems; as well as compliance with the applicable regulatory requirements. For this purpose: (a) The Board shall ensure that regular reviews are conducted to provide the Board with an independent assessment on the following: (i) Compliance with the licensee’s internal policies and other applicable legal and regulatory requirements; (ii) Quality of controls including adequacy and effectiveness of risk management, internal controls and governance processes; (iii) Reliability, integrity and continuity of the management information system; BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 11/14 (iv) Reliability including integrity, comprehensiveness and timeliness of the financial reports, management information and accounting records; and (v) Effectiveness of processes for the escalation of material breaches and gaps relating to the operations, controls and compliance of the licensee to the Board in a timely manner. (b) Licensees which have branches and agents are required to identify dedicated personnel to perform an internal audit and compliance function, reporting directly to the Board. There should be adequate staff responsible for the internal audit and compliance function to conduct regular reviews on the licensee’s other business premises (branches and agents). 7.5 Licensees are also required to put in place appropriate controls and contingency measures as set out in paragraph 7.6 to address risk of system disruption and natural catastrophes resulting in operational failures, business disruptions and loss of key transaction records. 7.6 A licensee shall put in place a robust business continuity plan (BCP) that sets out the contingency arrangements to ensure the continuity of critical business functions and safe keeping of important information relating to the licensee’s business. The BCP shall include the following key features: 7.6.1 Procedures for the regular back up of customer information and business transaction data to ensure that information is not lost and can be retrieved in the event of a system failure or natural disaster; 7.6.2 Clear information on actions and procedures needed for staff to respond to system and operational failures in order to resume business operations in a timely manner. For example, the BCP should outline procedures to be followed by the staff with respect to conducting and recording transactions in the event of a system breakdown, which may include rejecting transactions which are BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 12/14 categorised as high risks by the licensee, based on the “red flags” established for the purpose of AML/CFT compliance. 7.6.3 Instructions to ensure all information of transactions taking place during the disruption period is properly recorded and promptly keyed into the systems once the systems have been restored to full functionality; and 7.6.4 For licensees which carry on remittance business using a third party or correspondent agents’ system, the licensees must conduct appropriate assessments to satisfy themselves that the third party’s system will be able to provide continuous / uninterrupted access to all remittance transactions performed for the licensee. 7.7 Paragraph 7.8 addresses the risks associated with the failure of licensees to honour transactions performed with or on behalf of customers as a result of the non-performance of a currency supplier, correspondent agent or third party system provider, whether due to default or other reasons. 7.8 Licensees shall observe at a minimum the following: 7.8.1 Establish key considerations or criteria for evaluating major counterparties (i.e. currency suppliers, correspondent agents or third party system providers) before entering into a business relationship. This should include a consideration of the financial viability, business and compliance track record and processes within the counterparty to ensure performance of its obligations. Licensees which carry on remittance business shall ensure that the correspondent agent and third party remittance system provider engaged complies fully with the requirements as stated in paragraphs 12.4 and 12.5 respectively on Requirements of Using a Third Party Remittance System and Engagement and Arrangement with Correspondent Agents under the Guidelines on Governance and Operational Requirements on Conduct of Money Services Business issued on 15 October 2012; and BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 13/14 7.8.2 Have adequate alternative arrangements in place for currency sourcing in order to mitigate risks arising from any disruptions to the supply of major currencies transacted. 7.9 Licensees shall install counterfeit detection machines at its business premises to detect counterfeit currencies from being used for exchange. 7.10 Licensees are encouraged to implement adequate security measures, including installation of close circuit cameras (CCTV) at strategic locations within the licensee’s premises as a deterrent against risks of physical harm and financial losses to customers of the licensee. BNM/RH/GL 022-3 Money Services Business Regulation Department Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business Page 14/14 APPENDIX Appendix I Appointment of Auditor Name of licensee : Company’s business registration no. : Type of Money Services Business : Name of auditor (company) Address Contact Name/ Partner-in-charge Telephone No. (Office) Telephone No. (Mobile) Fax No. E-mail Address Declaration by Director I, _______________________________________ (name of director), of NRIC / Passport No. _________________________ as a Director declares that the above mentioned auditor has been appointed with the approval of the Board and the Board is satisfied that the requirements referred to in paragraph 7.4.2 under the “Guidelines on Risk Management and Internal Controls for Conduct of Money Services Business” have been met. Signature : Name : Date : Licensee’s stamp : Form should be submitted to the following address: Pengarah Jabatan Pengawalan Perniagaan Perkhidmatan Wang Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur
Public Notice
03 Dec 2012
Guidelines & Circulars: Schedule of Shariah Advisory Council Meetings for 2013
https://www.bnm.gov.my/-/guidelines-circulars-schedule-of-shariah-advisory-council-meetings-for-2013
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Reading: Guidelines & Circulars: Schedule of Shariah Advisory Council Meetings for 2013 Share: Guidelines & Circulars: Schedule of Shariah Advisory Council Meetings for 2013 Release Date: 03 Dec 2012 Schedule of Shariah Advisory Council Meetings for 2013 has been posted on Bank Negara Malaysia's website.The PDF documents are available for download. Click on the URL below to view the Guidelines & Circulars listing. Link © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
29 Nov 2012
RINGGIT Newsletter (September 2012 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-september-2012-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761703/20121129_sept_Ringgit.pdf
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Reading: RINGGIT Newsletter (September 2012 issue) is now available for download Share: RINGGIT Newsletter (September 2012 issue) is now available for download Release Date: 29 Nov 2012 RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. The highlight for this month is "Pelaburan Emas: Apa Yang Perlu Anda Ketahui?". Other topics of interest include: Wang Tidak Patuh Syariah: Konsep Dan Cara Melupuskannya Pelan Insurans Penyakit Kritikal Tambahan Perlindungan Kepada Insurans Perubatan Membeli Rumah Sebagai Pelaburan Tuntutan Harta Perkahwinan Ke Atas Simpanan KWSP This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - September/2012 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed29 Draft2.PM6 Sh|‘E.PTEMEF¥» 2012 RAKAN KEWANGAN ANDA . P 18897/D5/2018 ED132581] ISSN 2180-8884 ° Bil 9/1 ~s I-'1 / I‘ J -,/ H I! J IN A. _- HIM] | . n "Jr: I‘ . Wang Tidak Patuh Syariah: Konsep Dan Cara Melupuskannya Pelan lnsurans Penyakit Kritikal Tambahan Perlindungan Kepada lnsurans Perubatan hula“ ini Membeli Rumah Sebagai Pelaburan Tuntutan Harta Perkahwinan Ke Atas Simpanan KWSP ISSN 2180-3684 N GABUNGAN $ BANK NEGARA MALAYSIA 3 6 8 0 0 3 EEEEETUUIJ-\AN|;’|F;E|§\SYl-;'||'XAN CENTRAL BANK or MALAYSIA 9 772180 2 • S: Siapakah yang mengawal selia pelaburan emas di Malaysia? Adakah Bank Negara menyelia atau mengawal selia perdagangan emas dan/atau perak di Malaysia? J: Membeli dan menjual emas atau perak tidak berada di bawah bidang kuasa Bank Negara Malaysia (BNM). BNM tidak mengeluarkan sebarang lesen kepada mana- mana syarikat yang ingin menjalankan aktiviti tersebut. Walau bagaimanapun, jika skim pelaburan emas/perak dengan jelas menawarkan peluang pelaburan dengan mengutip wang daripada orang ramai dan pelabur dijanjikan pulangan pelaburan/ keuntungan dalam tempoh masa yang tertentu, yang pelaburan asal akan dibayar balik, atau dalam erti kata lain, jika sesebuah syarikat didapati terlibat dalam pengambilan deposit secara haram dengan menggunakan emas / perak bagi mengaburi aktivitinya, ia mungkin melanggar seksyen 25 (1) Akta Bank dan Institusi Kewangan 1989 (BAFIA). S: Jadi apakah yang perlu dilakukan jika saya berminat dengan apa yang kelihatan sebagai skim pelaburan emas yang sah? J: Pelabur diingatkan supaya lebih berhati-hati dan meneliti risiko yang dikaitkan dengan pelaburan emas sebelum menyertai mana- mana skim pelaburan yang menjanjikan pulangan yang tinggi dalam tempoh jangka pendek. S: Sebagai bakal pelabur emas, Pelaburan Emas: Apa Yang Perlu Anda Ketahui Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 • Adakah sijil emas yang disediakan telah disahkan oleh pihak yang berkelayakan? • Bolehkah ketulenan emas itu disahkan oleh tukang emas? • Mengapa syarikat menjual emas pada harga premium? • Adakah terdapat apa-apa pulangan yang dijanjikan kepada pelabur? • Adakah terdapat jaminan belian balik kepada pelabur? • Bagaimana syarikat menjana keuntungan daripada operasi? • Adakah syarikat mematuhi prinsip shariah?* * Maklumat prinsip shariah berkenaan urus niaga emas boleh didapati di laman sesawang Fatwa Malaysia, Jabatan Kemajuan Islam Malaysia (JAKIM): http://www.e-fatwa.gov.my/fatwa- kebangsaan/parameter-pelaburan-emas S: Jika saya mempunyai bukti bahawa emas yang telah dibeli kelihatan mencurigakan, kepada siapa saya boleh mohon bantuan? J: Jika pelabur mempunyai bukti bahawa emas yang dibeli daripada syarikat pelaburan emas tertentu adalah berkualiti rendah, dia boleh membuat aduan kepada Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK). Ini disebabkan KPDNKK mempunyai kuasa untuk mengambil tindakan ke atas apa-apa pertikaian yang berkaitan dengan kualiti produk. S: Oh, tidak! Saya telah menjadi mangsa kepada skim pelaburan emas haram! Apa yang perlu saya lakukan? J: Anda dinasihatkan supaya: • Buat laporan polis dengan segera; • Laporkan perkara itu kepada agensi penguat kuasa yang berkaitan; • Simpan semua dokumen berkaitan pelaburan seperti bank-in slip, slip deposit, perjanjian, serta baucar yang telah anda terima daripada syarikat atau pelaku kerana ia boleh digunakan untuk mengambil tindakan terhadap syarikat itu. Ini termasuk butir-butir pegawai atau orang penting dalam syarikat. Maklumat ini mungkin berguna untuk tujuan penguatkuasaan undang-undang. Sumber: Bank Negara Malaysia bagaimana saya boleh memeriksa kesahihan skim pelaburan emas dan maklumat penting yang perlu diberikan perhatian jika saya ingin mengambil bahagian dalam skim pelaburan emas? J: Pelabur dinasihatkan supaya memeriksa latar belakang syarikat dan kesahihan aktiviti dengan pihak berkuasa yang berkaitan untuk memastikan pematuhan undang-undang. Sebagai contoh, pelabur boleh menyemak dengan pihak berkuasa seperti Suruhanjaya Syarikat Malaysia (SSM) yang berkaitan dengan pendaftaran syarikat dan aktiviti perniagaan yang didaftarkan dengan SSM. Pelabur juga boleh menyemak perkara-perkara berikut melalui SSM seperti: • Laporan Tahunan yang telah diaudit – Maklumat kewangan untuk pemegang saham sesebuah syarikat dan pelabur berpotensi mengenai pencapaian sepanjang 12 bulan lepas dan juga maklumat penting untuk menaksir sama ada berfaedah untuk melabur dalam syarikat itu. • Memorandum Persatuan – Memorandum yang memaparkan perlembagaan sesebuah syarikat dan menetapkan kuasa dan kewajipannya sebagai sebuah syarikat. • Perkara-perkara Persatuan – Dokumen yang mengandungi peraturan-peraturan yang berhubungan dengan hal-ehwal ‘pengurusan dalaman syarikat’ • Maklumat berkenaan Skim Kepentingan – Mendapat pengesahan sama ada syarikat tersebut berdaftar di bawah Skim Berkepentingan. Skim Kepentingan melibatkan pengumpulan wang daripada orang ramai bertujuan memperoleh satu kepentingan di dalam skim tersebut. Maklumat-maklumat di atas boleh didapati di laman sesawang SSM: www.ssm.com.my S: Sebagai pelabur emas, adakah terdapat sebarang isu berhubung operasi syarikat yang harus saya perhatikan? J: Ya. Sebagai pelabur emas, anda perlu bertanyakan soalan-soalan berikut kepada pihak syarikat mengenai operasi emas syarikat tersebut: • Sumber emas – dari mana syarikat mendapatkan bekalan? • Siapakah pihak berkuasa atau badan rasmi yang mengesahkan ketulenan emas? 4 • Wang Tidak Patuh Syariah: Konsep Dan Cara Melupuskannya Apakah maksud Wang Tidak Patuh Syariah? Prof. Dr. Muhammad Nabil Ghanayim, Profesor di Kuliyyah Syariah Universiti Kaherah, telah mentakrifkan wang atau harta tidak patuh syariah sebagai harta haram yang diperoleh melalui cara yang tidak syarie, iaitu mengambil harta yang terdapat larangan ke atasnya atau terdapat balasan (had) ke atas pelakunya, atau terdapat janji buruk berkaitannya, atau yang dinamakan sebagai batil oleh Allah S.W.T. Pandangan Imam Al-Syafie juga telah menyatakan bahawa syariah telah melarang lapan perkara pokok iaitu riba, gharar, perjudian, penipuan, rampasan, ihtikar (monopoli barangan), rasuah dan perniagaan yang tidak patuh syariah serta mendatangkan kemudaratan (seperti arak, babi, bangkai, makanan yang memudaratkan, pendapatan daripada pelacuran dan seumpamanya). Kebanyakan fuqaha’ mutakhir ini mentakrifkan harta tidak patuh syariah ialah harta yang dimiliki dan diperoleh melalui wasilah yang tidak diiktiraf oleh syarak, seperti rompakan, rampasan, hasil jualan barang curi, rasuah, perjudian, loteri, transaksi riba, perlindungan insurans konvensional, keuntungan pelaburan di dalam sekuriti tidak patuh syariah dan seumpamanya. Menurut Suruhanjaya Sekuriti (SC), sesebuah syarikat diklasifikasikan sebagai sekuriti yang tidak patuh syariah sekiranya syarikat itu menjalankan aktiviti teras yang tidak selaras dengan syariah seperti berikut: i. Perkhidmatan kewangan yang berteraskan riba (faedah); ii. Perjudian dan pertaruhan; iii. Pengeluaran atau penjualan barangan yang tidak halal atau barangan yang berkaitan; iv. Insurans konvensional; v. Aktiviti hiburan yang tidak selaras dengan syariah; vi. Pengeluaran atau penjualan barangan yang berasaskan tembakau atau barangan yang berkaitan; vii. Pembrokeran atau jual beli sekuriti tidak patuh syariah; dan viii. Aktiviti lain yang didapati tidak selaras dengan syariah. Bagaimanakah kaedah melupuskan Wang Tidak Patuh Syariah? Berkenaan dengan kedudukan wang-wang faedah yang diperoleh secara haram, Syeikh Dr. Yusuf Al-Qaradawi, dalam kitabnya Fatawa Mu’asirah, telah memutuskan bahawa wang-wang faedah yang diperoleh secara haram adalah haram secara yakin untuk ditinggalkan begitu sahaja di bank-bank konvensional. Menurut beliau, ia seolah-olah seperti menolong bank- bank konvensional yang akan turut menggunakan wang-wang faedah yang ditinggalkan itu untuk tujuan yang bertentangan dengan hukum syarak. Beliau menegaskan, tidak harus seseorang menggunakannya (wang faedah) tersebut kerana tindakan menggunakan wang tersebut adalah termasuk di dalam kategori memakan harta yang diperoleh melalui jalan kezaliman. Tidak boleh dimanfaatkan melalui jalan makanan, minuman, tempat tinggal, membayar cukai dan sebagainya. Para Fuqaha’ kontemporari juga sependapat dengan beliau yang mana perbuatan yang menyalahi hukum syarak, iaitu melarang tindakan idha’ah al-mal iaitu mensia-siakan harta tanpa dimanfaatkan oleh sesiapa. Menurut Syeikh Dr. Yusuf Al-Qaradawi juga, sesuatu • 5 yang haram itu tidak boleh dimiliki, sebaliknya ia menjadi milik maslahah umum, seperti menggunakan untuk perkara-perkara kebajikan seperti membantu anak-anak yatim, perkembangan dakwah Islam, pembinaan masjid dan pusat Islam, penyediaan para pendakwah, penerbitan kitab-kitab agama dan seumpamanya, yang bersifat kebajikan. Adakah fatwa-fatwa di negara ini telah diputuskan berkenaan Wang Tidak Patuh Syariah? Muzakarah Jawatankuasa Fatwa, Majlis Kebangsaan Bagi Hal Ehwal Islam 2009 Muzakarah Jawatankuasa Fatwa ke-87, Majlis Kebangsaaan bagi Hal Ehwal Islam pada 23-25 Jun 2009, telah memutuskan bahawa: “Setelah meneliti keterangan, hujah-hujah dan pandangan yang dikemukakan, Muzakarah berpandangan bahawa, di dalam Islam harta-harta yang diperoleh dengan cara yang tidak mematuhi syariah, seperti riba, gharar, perjudian, penipuan, rompakan, rampasan, rasuah dan seumpamanya, adalah haram dan tidak boleh digunakan untuk manfaat dan kepentingan diri sendiri serta perlu dibersihkan melalui kaedah-kaedah berikut: i. Diserahkan kepada baitulmal untuk maslahah-maslahah umum umat Islam seperti membiayai pembinaan atau penyelenggaraan jambatan, jalan, tandas dan seumpamanya; ii. Diserahkan kepada golongan fakir miskin; atau iii. Jika harta tersebut merupakan harta rompak, curi dan seumpamanya, maka harta tersebut perlu diserahkan semula kepada pemiliknya. Jika pemiliknya telah meninggal dunia atau tidak dapat dijumpai, maka harta tersebut mestilah dikembalikan kepada ahli warisnya. Sekiranya tidak dapat diketahui pemilik atau ahli waris pemilik, maka harta tersebut hendaklah diserahkan kepada baitulmal.” Majlis Penasihat Syariah Suruhanjaya Sekuriti Baitulmal telah disenaraikan oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti dalam ketetapannya tentang Senarai Sekuriti Patuh Syariah pada 20hb. November 2008. Pengklasifikasian sesuatu pelaburan yang mematuhi syariah (shariah-compliant securities) boleh dilihat dengan jelas melalui Senarai Sekuriti Patuh Syariah yang dikeluarkan Majlis Penasihat Syariah, Suruhanjaya Sekuriti Malaysia (SC) bertarikh 25hb. November 2011 (Layari: http://www.sc.com.my/eng/ html/icm/sas/sc_syariahcompliant_111125.pdf). Selain itu, dinyatakan juga dalam senarai tersebut tentang aras sesuatu sekuriti itu diukur dari segi kehalalan dan kepatuhan prinsip syariahnya. Bukan itu sahaja, senarai tersebut juga dinyatakan syarikat-syarikat yang terkeluar atau tidak mematuhi syariah dengan jelas. Selain itu, Majlis Penasihat Syariah Suruhanjaya Sekuriti juga telah mengeluarkan List of launched funds in relation to unit trust funds yang dikemas kini pada 29 Februari 2012 yang secara jelas menyatakan tentang dana-dana amanah yang mematuhi syariah dan tidak mematuhi syariah. (Layari: http:// www.sc.com.my/eng/html/resources/stats/UTF.pdf) Kesimpulan Penggunaan wang tidak patuh syariah yang dilupuskan oleh mana-mana individu atau institusi adalah terhad bagi tujuan maslahah umum atau kepentingan awam, sama ada digunakan manfaatnya oleh orang Islam, mahupun orang bukan Islam. Setiap umat Islam mempunyai tanggungjawab untuk menjauhkan diri daripada bermuamalah dengan urusan- urusan yang melibatkan perkara-perkara haram atau diragui kehalalannya. Dengan kepesatan pembangunan ekonomi negara dan tumbuhnya pelbagai institusi kewangan Islam pada hari ini, seperti bank-bank Islam, akaun-akaun dan sekuriti-sekuriti patuh syariah, syarikat-syarikat insurans Islam (takaful), syarikat-syarikat pajak gadai Islam (Ar-Rahnu) dan sebagainya, maka menjadi kewajipan (compulsory) kepada umat Islam untuk menggunakan sistem kewangan Islam yang wujud ini dengan sewajarnya. Namun, sekiranya transaksi-transaksi yang berlaku masih mewujudkan elemen-elemen haram atau syubhah, maka hasil daripada aktiviti yang tidak mematuhi syariah tersebut perlu dilupuskan dan diserahkan kepada pihak yang sewajarnya mengikut hukum syarak. Sumber: Artikel ini adalah sumbangan Encik Indera Shahril bin Mohd Shahid, Majlis Agama Islam Selangor (MAIS) 6 • Perlindungan insurans Penyakit Kritikal (CI) memberikan anda manfaat sekali gus (berserta nilai tunai atau dividen, jika ada) apabila anda didapati menghidap mana-mana daripada 36 penyakit kritikal seperti yang ditakrifkan dalam polisi anda (anda boleh merujuk kepada laman sesawang LIAM di www.liam.org.my untuk senarai penyakit tersebut serta takrifnya). Apa yang perlu anda ketahui di sini ialah, apabila anda didiagnosis dengan penyakit tertentu, ia mestilah dibuktikan melalui ujian perubatan atau kriteria tertentu untuk melayakkan anda membuat tuntutan yang sah. Mungkin inilah yang sering kali berlaku pertikaian, terutamanya berkenaan dengan takrif penyakit. Contoh yang lazim ialah kanser. Walaupun kanser dinyatakan sebagai salah satu daripada penyakit yang dilindungi di bawah polisi insurans CI, tetapi ia bergantung kepada tahap atau malignansi penyakit kanser tersebut. Polisi CI yang membayar kepada anda secara sekali gus adalah berbeza dengan polisi Insurans Hospital dan Pembedahan (HIS). Polisi HIS pada umumnya akan membayar ganti perbelanjaan kos perubatan semasa anda dimasukkan ke hospital (kecuali pembedahan harian). Kedua-dua jenis polisi ini tidak bertindan kerana satu polisi menggantikan kehilangan pendapatan yang mungkin dialami akibat penyakit kritikal yang ditakrifkan itu, manakala polisi yang satu lagi membayar ganti perbelanjaan kos. Polisi HSI dan CI ini sebenarnya saling lengkap- melengkapi dan anda dinasihatkan supaya memiliki kedua-dua jenis perlindungan ini dalam portfolio anda. Polisi HSI boleh melindungi anda untuk keadaan yang berkaitan dengan penyakit bukan kritikal juga, seperti apendisitis atau rawatan kanser tahap awal yang tidak dilindungi di bawah polisi CI. Polisi CI pula membayar jumlah wang sekali gus kepada anda (bukan kepada hospital) untuk digunakan sebagai perbelanjaan selepas keluar hospital, seperti rawatan perubatan yang berterusan atau perbelanjaan yang tidak dilindungi oleh polisi HSI anda seperti kos membeli organ untuk pemindahan organ. Justeru, mempunyai salah satu sahaja daripada kedua- dua polisi ini samalah seperti mempunyai garpu tanpa sudu. Sekiranya anda telah dilindungi oleh majikan, seelok- eloknya anda mempunyai polisi HSI dan CI anda sendiri kerana perlindungan majikan anda hanya boleh dipakai semasa anda masih bekerja. Apabila anda meletakkan jawatan atau bersara, anda mungkin tidak mempunyai sebarang perlindungan lagi, dan mungkin juga sudah terlambat untuk membelinya pada ketika itu. Jadi, sebaik-baiknya ambillah perlindungan insurans semasa anda masih boleh diinsuranskan, iaitu ketika masih sihat walafiat! Artikel berikut disediakan sebagai nasihat semata-mata. Untuk butir-butir terperinci, sila dapatkan nasihat daripada ejen insurans profesional. Sumber: Persatuan Insurans Hayat Malaysia (LIAM) Pelan Insurans Penyakit Kritikal Tambahan Perlindungan Kepada Insurans Perubatan • 7 Pelaburan dalam hartanah merupakan salah satu bentuk pelaburan yang membolehkan anda membina kekayaan, terutama jika rumah yang dibeli itu untuk disewakan atau dijual semula. Berikut adalah soalan yang perlu ditanya sebelum anda membeli rumah untuk tujuan pelaburan:- • Apakah jenis hartanah yang boleh meningkatkan nilai kewangan anda? • Berapakah jumlah sewa yang boleh anda peroleh daripada hartanah tersebut? • Adakah anda mampu mengurus dan menyelenggarakan hartanah bagi tempoh jangka panjang, walaupun aliran tunai anda tidak menentu (terutama apabila tiada penyewa?) • Oleh sebab hartanah adalah aset bukan mudah cair (tidak mudah untuk dijual), adakah ini mendatangkan masalah kepada anda sekiranya anda memerlukan wang tunai kelak? Jika anda membeli hartanah dan merancang untuk menjualkannya kemudian, ingat bahawa anda mungkin dikenakan Cukai Keuntungan Harta Tanah (Real Property Gains Tax) ke atas keuntungan bersih daripada penjualan hartanah anda. Faktor yang perlu dipertimbang Terdapat dua faktor yang perlu dipertimbang sebelum membeli rumah, iaitu faktor bukan kewangan dan faktor kewangan. Faktor bukan kewangan 1. Lokasi hartanah Anda perlu menentukan di mana anda hendak tinggal dan jenis kejiranan anda. Terdapat banyak Membeli Rumah Sebagai Pelaburan “Anda perlu menentukan di mana anda hendak tinggal dan jenis kejiranan anda. Terdapat banyak faktor yang boleh mempengaruhi pilihan lokasi anda.” 8 • faktor yang boleh mempengaruhi pilihan lokasi anda. Antaranya ialah:- • Kemudahan asas, seperti kedai, bank, pejabat pos, sekolah, hospital, taman rekreasi dan kawasan kejiranan. • Kemudahan pengangkutan awam • Jarak dari tempat kerja • Kesibukan lalu lintas • Keselamatan 2. Jenis hartanah Harga rumah bertanah biasanya adalah lebih tinggi, terutama jika ia berhampiran dengan kawasan bandar. Manakala harga rumah bertingkat seperti kondominium dan apartmen biasanya lebih mampu dimiliki. Kebiasaannya nilai pasaran rumah bertanah akan meningkat lebih cepat berbanding dengan rumah bertingkat. 3. Jenis pegangan hak milik Membeli hartanah pegangan bebas atau dengan hak milik kekal, bermakna anda mempunyai hak ke atas tanah tersebut untuk selama-lamanya. Hartanah pegangan pajakan pula bermakna anda hanya memiliki tanah tersebut selama tempoh pajakan, biasanya sehingga 99 tahun. Selepas tamat tempoh pajakan, hartanah tersebut hendaklah dipulangkan kepada pihak berkuasa, melainkan tempoh pajakan dilanjutkan dengan membuat bayaran premium. Oleh itu, nilai pasaran hartanah pegangan bebas biasanya lebih tinggi berbanding hartanah pegangan pajakan. Nilai hartanah pegangan pajakan pula biasanya menurun apabila hampir kepada tempoh tamat pajakan. 4. Jenis surat ikatan hak milik Surat ikatan hak milik membuktikan anda pemilik sebuah hartanah. Anda akan diberikan hak milik individu bagi rumah bertanah, sementara hak milik strata kepada pemilik kondominium atau apartmen. Anda perlu memeriksa sama ada terdapat sebarang halangan atau sekatan ke atas hartanah tersebut kerana ia menjejaskan proses pemindahan hak milik atau penjualan hartanah. Sebaik-baiknya, berbincanglah dengan perunding • 9 hartanah, peguam atau dapatkan nasihat daripada pihak yang berpengalaman mengenai pasaran hartanah sebelum anda membayar wang pendahuluan. 5. Reputasi pemaju Kebanyakan pemaju mengamalkan pendekatan “jual dulu bina kemudian”. Jika anda membeli rumah dalam pembinaan, anda akan mula membayar sebelum rumah anda siap dibina. Oleh itu, anda perlu mengkaji latar belakang pemaju dan rekod prestasi mereka. Anda hendaklah memastikan bahawa pemaju mempunyai lesen sah (belum luput) yang dikeluarkan oleh Kementerian Perumahan dan Kerajaan Tempatan (KPKT). Anda boleh melayari laman sesawang KPKT di www.kpkt.gov.my untuk maklumat lanjut. Anda juga perlu selidik projek lampau pemaju sama ada mereka menunaikan janji atau tidak. Periksa:- • Projek mereka disiapkan mengikut jadual ataupun tidak. • Kualiti kerja mereka. • Semua kemudahan disediakan seperti tertera di dalam brosur • Sama ada pembeli terdahulu berpuas hati dengan pembelian mereka. • Jika projek perumahan terbengkalai, anda masih bertanggungjawab untuk membayar balik pinjaman kepada institusi kewangan, walaupun anda tidak mendapat hartanah tersebut. Atas sebab inilah, pemaju terkenal yang memiliki rekod prestasi yang baik biasanya meletakkan premium ke atas harga jualan projek hartanah mereka. Faktor kewangan Nilai kemampuan anda Periksa aliran tunai dan nilai harta bersih anda untuk menentukan keselesaan kewangan anda. Kedua-dua penyata ini merupakan kad skor kewangan dan menjadi rujukan ketika membuat keputusan berkaitan wang. Biasanya terdapat dua persoalan tentang kemampuan yang perlu dipertimbang:- • Bayaran pendahuluan dan kos berkaitan Satu anggaran yang baik untuk bayaran pendahuluan sebuah rumah ialah antara 10% hingga 20% daripada harga rumah. Anda harus menyediakan peruntukan tambahan sebanyak 5% hingga 10% untuk kos sampingan yang berkaitan, terutamanya yuran guaman dan duti setem. Antara sumber kewangan untuk membayar bayaran pendahuluan dan kos berkaitan termasuk:- • Tabungan atau pelaburan peribadi Gunakan tabungan atau pelaburan anda sebanyak mungkin untuk bayaran pendahuluan. Lebih banyak bayaran pendahuluan, maka lebih rendah kos keseluruhan pinjaman anda. • Akaun simpanan KWSP. Anda boleh mengeluarkan wang Akaun 2 sebagai bayaran pendahuluan. Sila dapatkan maklumat lanjut tentang kelayakan pengeluaran anda daripada pejabat KWSP. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) 10 • Tuntutan Harta Perkahwinan (Matrimonial Asset) membolehkan KWSP mematuhi Perintah Mahkamah berhubung tuntutan Harta Perkahwinan ke atas simpanan KWSP bagi ahli bukan Islam. Simpanan ini akan dipindahkan ke akaun simpanan KWSP pemohon dan hanya boleh dikeluarkan apabila memenuhi syarat- syarat yang ditetapkan. Kelayakan Memohon • Warganegara Malaysia atau bukan warganegara Malaysia layak memohon. • Tuntutan Harta Perkahwinan hanya terpakai untuk pemohon bukan Islam sahaja. • Perintah Mahkamah perlu dikemukakan bersama- sama permohonan. • Permohonan Tuntutan Harta Perkahwinan boleh dibuat dalam tempoh 6 tahun daripada tarikh Perintah Mahkamah. Syarat Pengeluaran Anda boleh membuat pengeluaran simpanan daripada Tuntutan Harta Perkahwinan apabila membuat pengeluaran berikut:- • 55 tahun; atau • Meninggalkan Negara; atau • Hilang upaya; atau • Kematian. Lain-lain • Anda atau waris anda tidak layak menerima Bantuan Hilang Upaya/Kematian sekiranya simpanan dalam akaun anda hanya terdiri daripada Tuntutan Harta Perkahwinan sahaja. • Anda boleh membuat penamaan bagi simpanan Harta Perkahwinan. Cara Permohonan Permohonan boleh dihantar di mana-mana cawangan KWSP, sama ada melalui serahan di kaunter atau melalui pos. Tuntutan Harta Perkahwinan Ke Atas Simpanan KWSP • 11 a) Serahan di kaunter Bagi serahan pendaftaran di kaunter, borang dan dokumen yang perlu dikemukakan adalah seperti berikut:- i) Borang KWSP AT(2) – (Borang Permohonan Tuntutan Harta Perkahwinan) ii) Dokumen Sokongan (asal dan salinan fotostat bersaiz A4) iaitu: - Kad pengenalan Awam / MyKad; atau - Kad Pengenalan Polis/Tentera dan Surat Pengesahan Majikan yang menyatakan Nombor Polis/Tentera dan Nombor Kad Pengenalan Awam merujuk kepada orang yang sama. - Pasport bagi penerima bukan warganegara Malaysia. - Surat Perintah Mahkamah. b) Serahan melalui pos i) Sekiranya serahan melalui pos, anda dikehendaki mengemukakan Borang Permohonan KWSP AT(2) yang telah lengkap berserta salinan dokumen dan disahkan oleh pegawai pengesah yang dibenarkan oleh KWSP. ii) Sila pastikan semua salinan dokumen disahkan pegawai yang dibenarkan oleh KWSP. iii) Permohonan melalui pos boleh dialamatkan kepada: KUMPULAN WANG SIMPANAN PEKERJA Beg Berkunci No. 220, Jalan Sultan, 46720 Petaling Jaya, Selangor, Malaysia. Untuk maklumat lanjut mengenai Pengeluaran Tuntutan Harta Perkahwinan, hubungi Pusat Panggilan KWSP di talian 03-8922 6000 atau atau layari laman sesawang MyEPF di www.kwsp.gov.my. Sumber: Kumpulan Wang Simpanan Pekerja (KWSP) Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
16 Oct 2012
RINGGIT Newsletter (August issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-august-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761703/Ringgit+Ed28+Draft4_Aug+2012m.pdf
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Reading: RINGGIT Newsletter (August issue) is now available for download Share: RINGGIT Newsletter (August issue) is now available for download Release Date: 16 Oct 2012 RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. The highlight for this month is "Rumah: Membeli Atau Menyewa?". Other topics of interest include: Langkah Menjamin Kestabilan Kewangan Untuk Pekerja Muda Tip Memilih Saham Syarikat Untuk Pelaburan Zakat Menyucikan Harta Insurans: Kepentingan Membuat Penamaan Senarai Peringatan Kepada Semua Pengguna Kewangan This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - August/2012 ,[PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed28 Draft4.PM6 J ;u;—..: MaJ)y- . 2 ‘A I . .-".'.r.~. ‘._ .\ V -. . < .fll’ » ihjimwrm. . 4 .‘, I - 1/ ISSN 2180-3684 GABUNGAN Q BANK NEGARA MALAYSIA 9 ’"“*° 368°“ §E§ZéL”~“A".ff&‘°’€J.X“" 2 • Memiliki rumah sendiri merupakan suatu kebanggaan kerana hasrat dan matlamat anda telah tercapai, di samping berasa lebih terjamin kerana memiliki tempat tinggal untuk anda sekeluarga. Apabila membeli rumah, anda berpeluang untuk meningkatkan nilai harta bersih sambil membayar balik pinjaman perumahan. Setiap pembayaran akan mengurangkan baki pinjaman dan juga meningkatkan ekuiti rumah anda (lebihan harga pasaran rumah tolak baki pinjaman). Membayar balik pinjaman juga membolehkan anda memohon pembiayaan semula, jika perlu. Walau bagaimanapun, pembiayaan semula harus dipertimbangkan sekiranya ekuiti rumah anda mencukupi dan juga pinjaman tersebut adalah berguna atau amat diperlukan. Jika menyewa, kadar sewa boleh meningkat dari tahun ke tahun. Namun sekiranya anda membeli rumah sendiri, baki pinjaman pokok akan berkurangan setiap kali pembayaran dibuat. Tambahan pula, apabila pasaran hartanah meningkat, harga rumah anda juga turut meningkat sekiranya rumah anda terletak di lokasi yang strategik. Walaupun membeli sebuah rumah merupakan suatu perkara yang hebat, tetapi bukan semua orang mampu melakukannya. Berikut adalah Rumah: Membeli Atau Menyewa? Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 menyebabkan harga rumah jatuh. Contohnya, rumah anda mungkin terletak di kawasan yang sering dilanda banjir atau jalan utama yang menuju ke arah kawasan perumahan anda sesak kerana adanya pembangunan baru. Panduan bila anda harus menyewa • Apabila anda tidak mampu membayar ansuran pinjaman atau menyediakan wang pendahuluan untuk membeli rumah. • Apabila anda menjangkakan pasaran hartanah akan menurun. • Apabila anda masih mencari lokasi yang sesuai sebelum membeli. • Apabila anda tidak mahu memikirkan tentang kos penyelenggaraan dan membaik pulih. Sumber: Agensi Kaunseling dan Pengurusan Kredit beberapa komitmen yang perlu diketahui tentang pembelian rumah:- • Memiliki rumah memerlukan anda meluangkan banyak masa untuk menyelenggara dan membaik pulih rumah. • Kekerapan membuat pengubahsuaian kecil boleh menambahkan kos perbelanjaan. Sebaliknya jika anda menyewa, perbelanjaan ini biasanya ditanggung oleh tuan rumah. • Anda juga “terikat” dengan rumah anda kerana, tidak seperti seorang penyewa, anda tidak bebas berpindah ke mana-mana dan bila-bila masa sahaja. • Jika berasa tidak sesuai dengan kejiranan yang ada, anda akan “terperangkap” dengan situasi itu sehinggalah harga rumah anda meningkat sebelum boleh menjualnya dan berpindah dari situ. • Terdapat banyak kemungkinan yang boleh “Jika menyewa, kadar sewa boleh meningkat dari tahun ke tahun. Namun sekiranya anda membeli rumah sendiri, baki pinjaman pokok akan berkurangan setiap kali pembayaran dibuat.” “Memiliki rumah memerlukan anda meluangkan banyak masa untuk menyelenggara dan membaik pulih rumah.” 4 • Langkah Menjamin Kestabilan Kewangan Untuk Pekerja Muda Pusat Penyelidikan dan Sumber Pengguna (CRRC) dengan kerjasama Citi Foundation telah melancarkan Laporan Kaji Selidik Perilaku dan Tabiat Kewangan Dalam Kalangan Pekerja Muda pada 5 Julai 2012. Kajian ini melaporkan 47% pekerja muda berumur 18 hingga 35 tahun mengalami masalah hutang yang serius sehingga terpaksa membelanjakan 30 peratus atau lebih daripada pendapatan kasar setiap bulan untuk membayar hutang. Kajian tersebut juga mendapati 37 peratus daripada golongan ini, mengalami masalah hutang akibat daripada tabiat berbelanja di luar kemampuan mereka, manakala 15 peratus pula tidak mempunyai tabungan langsung. Hal ini menunjukkan kesedaran pekerja muda dalam pengurusan kewangan sangat membimbangkan dan perlu ditangani dengan segera. Berikut adalah langkah- langkah yang perlu dilakukan bagi mendorong pekerja muda ke arah kestabilan dan keselamatan kewangan pada masa hadapan:- a) Mengutamakan dan tumpukan kepada perkara-perkara penting Pekerja muda yang baru memasuki alam pekerjaan sudah tentu memerlukan masa untuk menyesuaikan diri dalam menguruskan kewangan peribadi pada peringkat awalnya. Anda perlu menyenaraikan perkara-perkara yang paling utama yang ingin anda lakukan untuk menjamin kehidupan anda pada masa hadapan. Buat pilihan yang terbaik dan ambil langkah untuk sentiasa meningkatkan kedudukan kewangan anda. Kenal pasti matlamat, keperluan dan kehendak anda dan senaraikan mengikut keutamaan. Lakukan dengan jujur dan sabar kerana ia melibatkan keputusan kewangan anda akan datang. b) Sentiasa membuat perancangan bagi setiap perkara Merangka anggaran perbelanjaan adalah langkah terbaik untuk berbelanja secara bijak. Anda boleh menentukan keperluan anda dengan sumber kewangan yang terhad dan kehendak yang tidak terhad. Menurut Wong Keng Leong, Pengarah dan Pengurus bagi Standard Financial Planner Sdn Bhd, anda hendaklah menentukan anggaran perbelanjaan anda mengikut nisbah iaitu 20:10:10:60. Tentukan 20 peratus daripada pendapatan anda untuk pelaburan jangka panjang, 10 peratus untuk simpanan (termasuk simpanan kecemasan), 10 peratus lagi untuk perlindungan berisiko, seperti insurans dan 60 peratus untuk keperluan peribadi anda. Walau bagaimanapun, anggaran perbelanjaan anda hanya akan berjaya sekiranya anda berdisiplin mematuhinya. Langkah terbaik adalah bayar untuk diri anda dahulu. Ia bermaksud anda akan menyimpan sebahagian daripada gaji anda ke dalam akaun yang berasingan sebelum anda berbelanja. c) Rancang apabila melibatkan perbelanjaan yang besar Anda perlu merancang sebelum membuat keputusan melibatkan perbelanjaan yang besar, seperti membeli rumah, kereta, melanjutkan pelajaran ke peringkat yang lebih tinggi dan lain- lain lagi. Anda perlu mendapatkan maklumat- maklumat berkaitan secara terperinci agar anda tidak ditipu oleh pemaju atau ejen penjual yang hanya ingin mengaut keuntungan semata-mata. d) Memberi wang kepada ibu dan bapa Walaupun ibu bapa anda tidak mengharapkan pengorbanan mereka semasa membesarkan anda dibalas dengan wang. Namun sebagai anak yang berjasa, anda perlu memperuntuk wang kepada ibu bapa. Sediakan tabung khas untuk ibu bapa anda pada masa hadapan, atau sekiranya diperlukan ketika kecemasan. Jumlah pemberian tersebut bergantung kepada kemampuan kewangan anda. Sekiranya anda tinggal bersama- sama keluarga, bantulah mereka membayar bil- bil utiliti atau membeli barang keperluan rumah. Hal ini dapat membantu anda, merancang perbelanjaan lebih baik apabila memasuki alam rumah tangga kelak. • 5 Sehingga 18 Jun 2012, terdapat 928 buah syarikat tersenarai di Bursa Malaysia. Antara ratusan syarikat atau kaunter tersebut, mana satu yang sesuai untuk anda melabur? Di sini disenaraikan ciri-ciri penting yang perlu diberi perhatian dalam memilih saham syarikat. Berpandukan kepada artikel ini, diharapkan anda dapat menilai syarikat dengan lebih baik, dan seterusnya membuat keputusan pelaburan yang bijak. Memahami Perniagaan Sesebuah Syarikat Sebelum melihat aspek pengiraan dan sebagainya, cuba lihat dan perhatikan produk-produk dan perkhidmatan yang digunakan setiap hari. Anda juga boleh melihat dalam surat khabar atau mana-mana sumber maklumat yang lain untuk mengetahui tentang prestasi syarikat tersebut. Syarikat manakah yang mengeluarkan produk atau perkhidmatan yang paling anda suka? Apakah produk-produk yang memudahkan kehidupan orang ramai dan mempunyai nilai tambah berbanding produk lain? Syarikat-syarikat yang menjadi jawapan kepada persoalan di atas mempunyai peluang cerah untuk berjaya. Jika orang lain masih belum sedar mengenai syarikat tersebut, maka anda mempunyai peluang yang tinggi untuk mengaut keuntungan apabila membeli sahamnya. Pastikan anda membuat kajian- kajian lain sebelum melabur dalam syarikat tersebut. Mesej utama di sini ialah, sentiasa cari syarikat atau industri yang anda biasa dengannya ataupun mudah untuk difahami. Jika sukar bagi anda menerangkan perniagaan syarikat itu, maka elakkan daripada melabur dalam syarikat terbabit. Menganalisis Sesebuah Syarikat Anda kini sudah bersedia untuk beralih kepada perkara yang dipanggil analisis fundamental (fundamental analysis). Terdapat beberapa petunjuk kewangan bagi sesebuah syarikat yang mampu memberikan gambaran tentang prestasinya. 1) Nisbah Harga Perolehan Sebagai permulaan, maklumat yang perlu diperhatikan ialah nisbah harga perolehan sesebuah syarikat. Syarikat yang mempunyai nisbah harga perolehan yang lebih rendah berbanding dengan pasaran keseluruhan ataupun purata industrinya, menggambarkan bahawa saham syarikat tersebut masih terkurang nilai. Oleh itu, sekiranya purata industri ialah pada tahap 15 kali nisbah harga perolehan, anda bolehlah mengabaikan syarikat-syarikat kerana nisbah harga perolehan syarikat-syarikat tersebut melebihi 15. Ini menunjukkan harga saham syarikat-syarikat tersebut sudahpun berada pada tahap yang sama ataupun lebih tinggi daripada nilai pasaran dan boleh dikatakan mahal. 2) Permodalan Pasaran Tentukan sama ada anda ingin melabur dalam syarikat bermodal besar atau kecil. Lazimnya, syarikat-syarikat besar dikatakan lebih berkemampuan untuk mengatasi saingan sengit dan dapat menikmati ekonomi ikut bidangan (economies of scale). Syarikat-syarikat kecil pula mempunyai kelebihan yang tidak dimiliki oleh Tip Memilih Saham Syarikat Untuk Pelaburan 6 • syarikat-syarikat besar. Contohnya, mereka boleh menyesuaikan diri dengan perubahan dalam pasaran dan mempunyai kos tidak langsung (overhead) yang lebih rendah. 3) Rekod Prestasi Anda juga perlu merujuk kepada rekod prestasi syarikat yang konsisten. Sekiranya sesebuah syarikat itu mampu menjana tahap jualan dan perolehan yang baik dan mengalami peningkatan dalam bahagian pasaran, kecuali untuk satu atau dua suku, yang disebabkan oleh keadaan keseluruhan pasaran, maka syarikat tersebut boleh dikatakan syarikat yang baik dan berpotensi. 4) Dividen Anda juga perlu merujuk kepada kadar bayaran dividen yang diberikan oleh syarikat, sekiranya berminat dalam saham pendapatan. Pastikan kadar hasil dividen melebihi tahap inflasi untuk mengelakkan daripada perlunya naik nilai harga yang lebih tinggi. Ini bagi memastikan wang yang telah dilaburkan dalam saham-saham anda terus meningkat daripada segi nilai sebenar. 5) Pihak Pengurusan Pastikan anda membaca seksyen analisis pihak pengurusan dalam laporan tahunan syarikat untuk memahami cara pengurusan syarikat terbabit, apa yang dianggap sebagai risiko dan langkah-langkah yang diambil untuk mencegah risiko-risiko tersebut. Pihak pengurusan yang baik akan sentiasa menjadikan nilai pemegang saham yang maksimum sebagai matlamat utama dan akan menunjukkan sikap yang penuh integriti dalam menguruskan syarikat. Syarikat yang diuruskan oleh pengurusan yang berkualiti tinggi akan mempamerkan prestasi yang baik, walaupun dalam suasana perniagaan yang amat sukar. Dengan mengambil kira faktor yang telah dibincangkan, senarai syarikat untuk anda pilih telah menjadi lebih sedikit. Terdapat pelbagai faktor lain yang perlu diambil kira dalam memilih saham. Ini akan dibincangkan dalam artikel yang akan datang. Selamat berjaya dalam pelaburan! Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut menganjurkan seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita, penduduk luar bandar, pekerja kolar biru serta kakitangan awam dan swasta. Untuk maklumat lanjut, layari www.min.com.my, hubungi 03-62048889 atau lawati Facebook www.facebook.com/BMWSIDC. Syarikat manakah yang mengeluarkan produk atau perkhidmatan yang paling anda suka? Apakah produk-produk yang memudahkan kehidupan orang ramai dan mempunyai nilai tambah berbanding produk lain? Syarikat- syarikat yang menjadi jawapan kepada persoalan di atas mempunyai peluang cerah untuk berjaya. • 7 Zakat atau penyucian harta dalam istilah bahasa bermaksud bersih, suci, subur, berkat dan berkembang. Zakat boleh membersihkan harta dan diri orang kaya daripada bersifat kedekut dan bakhil. Dalam masa yang sama dapat mengekang sifat dengki dan dendam golongan miskin terhadap orang yang kaya. Zakat yang merupakan salah satu rukun Islam seharusnya menjadi satu motivasi bagi setiap Muslim untuk bekerja keras agar dapat membayar zakat. Jenis dan Perkiraan Zakat Terdapat pelbagai jenis zakat, seperti berikut:- • Zakat emas dan perak • Zakat wang simpanan • Zakat pendapatan • Zakat perniagaan • Zakat saham • Zakat KWSP • Zakat padi Syarat-syarat umum wajib membayar zakat seperti yang ditetapkan oleh Pusat Pungutan Zakat, Majlis Agama Islam Wilayah Persekutuan Malaysia seperti berikut:- • Islam Zakat hanya dikenakan ke atas orang Islam. Bagi perniagaan perkongsian orang Islam dengan bukan Islam, hanya peratusan ekuiti orang Islam sahaja yang diambil untuk dikenakan zakat. • Merdeka Hamba abdi tidak wajib berzakat, kecuali zakat fitrah. Walau bagaimanapun, tidak timbul persoalan hamba abdi masa kini, tetapi syarat merdeka masih lagi dikekalkan sebagai salah satu syarat wajib zakat. • Milik sempurna Harta yang dimiliki mestilah sempurna dalam kekuasaan seseorang dan tidak bersangkutan dengan orang lain. Pemilik juga dapat Zakat Menyucikan Harta 8 • memperlaku dan memperoleh manfaat daripadanya. • Cukup nisab Nisab adalah paras nilai minimum yang menentukan sama ada wajib atau tidak sesuatu harta dikeluarkan. Nisab adalah bersamaan dengan 85 gram emas nilai semasa. • Cukup Haul Cukup haul bermaksud genap setahun harta disimpan. • Niat untuk Berniaga Syarat ini hanya bagi zakat perniagaan sahaja. • Zakat emas yang disimpan adalah 2.5% atas nilai emas yang disimpan untuk setahun iaitu nilai bersamaan atau melebihi 85 gram emas. Emas yang dipakai pula tidak dikenakan zakat jika kurang daripada uruf. Uruf bermaksud ‘kadar perlepasan tertentu’ yang dikenakan bagi pemakaian emas. Jika seseorang tinggal di negeri yang corak pemakaian emas adalah sedikit, maka uruf dalam menentukan kewajipan zakat emas bagi perhiasan tersebut adalah rendah; misalnya, 150 gram diwajibkan mengeluarkan zakat. Namun, bagi yang tinggal di negeri yang memang corak pemakaian emas perhiasannya lebih banyak, maka urufnya juga lebih tinggi. Misalnya, perhiasan emas yang seberat 850 gram akan diwajibkan zakat. Zakat wang simpanan adalah 2.5% atas baki terendah semua jenis wang simpanan dalam tempoh satu tahun selepas ditolak dengan dividen atau faedah. Zakat pendapatan dan panduan pembayarannya seperti berikut:- • 2.5.% atas jumlah pendapatan kasar, atau • Membayar zakat setelah ditolak perbelanjaan- perbelanjaan asas yang dibenarkan, atau • Membayar zakat setelah mengambil kira tanggungan sebenar. Rebat cukai pendapatan Di Malaysia, pembayaran zakat boleh mendapat rebat daripada cukai pendapatan individu. Oleh itu simpan resit pembayaran zakat dengan baik. Rebat ialah potongan terus daripada jumlah cukai kena dibayar. Zakat perniagaan mempunyai dua cara perkiraan untuk menentukan jumlah yang harus dikeluarkan. Satu berdasarkan kepada pertumbuhan harta dan satu lagi berdasarkan penggunaan modal. Zakat perniagaan boleh mendapat pengurangan cukai. Sila rujuk pusat zakat berdekatan dengan anda untuk mendapatkan perkiraan bagi perniagaan anda. Zakat saham terbahagi kepada dua kategori:- • Saham yang dimiliki sehingga hujung haul. • Saham yang dijual beli sepanjang haul. Untuk saham yang dimiliki sehingga hujung haul, 2.5% atas harga par atau harga terendah jika bawah par. Bagi saham yang dijual beli sepanjang haul, 2.5% atas nilai jualan saham-saham tersebut setelah ditolak kos belian. Zakat KWSP dan tabungan jangka masa panjang yang lain yang “dipaksa” seperti Lembaga Tabung Angkatan Tentera, atau seumpamanya, dikenakan zakat mengikut kaedah-kaedah ini.:- • 2.5% atas simpanan yang dikeluarkan setelah wang diterima, atau • 2.5% atas wang simpanan KWSP bagi setiap pekerja mengikut penyata tahunan. Zakat Padi adalah 5% daripada hasil yang diperoleh Nisab zakat padi 306 gantang bersamaan 1,306 kg atau 1.306 tan. Sumber: Panduan Kewangan Peribadi dan Keluarga “Cukup Wang Hati Tenang untuk Semua” oleh Hajah Rohani Datuk Hj Mohd Shahir. • 9 Insurans hayat bertujuan untuk memastikan orang yang disayangi dilindungi dari segi kewangan jika terjadi sesuatu terhadap diri anda. Sekiranya anda tidak membuat penamaan dalam polisi insurans anda, maka syarikat insurans berhak untuk tidak melepaskan wang polisi sehinggalah orang yang disayangi itu mendapat Perintah Probet atau Surat Kuasa Mentadbir atau Perintah Pembahagian. Ini mungkin mengambil masa sehingga beberapa tahun. Walau bagaimanapun, sekiranya ada penamaan, wang polisi boleh diagihkan dengan lebih cepat. Bagi pemegang polisi yang bukan beragama Islam, suatu amanah akan diwujudkan untuk penama yang berkeadaan seperti berikut:- • Jika penama adalah suami atau isteri atau anak pemegang polisi, atau • Jika penama adalah ibu bapa pemegang polisi (dengan syarat tidak ada suami / isteri / anak yang masih hidup pada masa penamaan dibuat). Polisi berkenaan dikenali sebagai polisi amanah. Sebagai polisi amanah, wang polisi tidak menjadi sebahagian daripada harta pusaka pemegang polisi yang meninggal dunia. Oleh itu, ia tidak tertakluk kepada hutang-piutang si mati. Polisi amanah tidak diguna pakai bagi kes pemegang polisi yang beragama Islam. Penama bagi pemegang polisi yang beragama Islam menerima wang polisi hanya sebagai wasi dan ia mestilah mengagihkan wang itu mengikut undang-undang Islam. Bilakah anda perlu membuat penamaan? Sekiranya anda berumur 18 tahun ke atas, maka anda boleh menamakan seorang individu atau beberapa individu untuk menerima wang polisi apabila anda meninggal dunia. Penamaan biasanya dilakukan semasa membuat permohonan polisi insurans hayat atau pada bila-bila masa dirasakan perlu. Bagaimanakah cara membuat penamaan? • Isikan borang penamaan yang disediakan oleh syarikat insurans, yang biasanya memerlukan butir-butir penama, seperti nama, tarikh lahir, nombor kad pengenalan atau sijil kelahiran dan alamat. • Pastikan borang penamaan ditandatangani oleh seorang saksi yang berumur 18 tahun dan ke atas, sempurna akal dan juga bukan penama anda. • Pastikan syarikat insurans anda mengesahkan penamaan, sama ada di dalam dokumen polisi atau borang penamaan. • Anda boleh menamakan lebih daripada seorang penama, dan nyatakan kadar bahagian hak bagi setiap penama. • Jika anda tidak menetapkan kadar bahagian yang perlu dibayar kepada setiap penama, wang polisi akan diagihkan sama rata antara kalangan penama. Insurans: Kepentingan Membuat Penamaan 10 • Siapakah yang boleh anda lantik sebagai penama? Anda bebas untuk menamakan sesiapa yang anda kehendaki. Walau bagaimanapun, tidak semua penama akan menerima wang polisi secara benefisial atau untuk kegunaan mereka sendiri. Dalam kes bagi pemegang polisi bukan seorang Islam, tertakluk kepada pertalian antara pemegang polisi dengan penama, seseorang penama boleh menerima bahagian wang polisinya, sama ada secara benefisial atau sebagai pemegang amanah atau wasi. Peranan pemegang amanah Pemegang amanah boleh juga dilantik untuk menerima wang polisi bagi polisi amanah. Apabila pemegang polisi meninggal dunia, tugas pemegang amanah ialah menerima wang polisi dan mengagihkan dengan sewajarnya kepada penama-penama. Pemegang amanah hendaklah bertindak bagi kepentingan penama pada setiap masa. Menukar penamaan Anda boleh meminda penamaan dengan menulis kepada syarikat insurans hayat anda. Penamaan yang terakhir akan menggantikan semua penamaan yang terdahulu. Penamaan akan dianggap batal apabila penama atau semua penama (jika lebih daripada seorang penama) meninggal dunia pada masa pemegang polisi masih hidup. Walau bagaimanapun, dalam kes polisi amanah, penamaan tidak boleh dibatalkan tanpa mendapat persetujuan bertulis daripada pemegang amanah. Apakah akan terjadi jika tiada penamaan? Jika tiada penamaan dibuat, syarikat insurans akan membayar wang polisi kepada pemohon yang mengemukakan Perintah Probet atau Surat Kuasa Mentadbir atau Perintah Pembahagian. Walau bagaimanapun, syarikat insurans, atas budi bicaranya sendiri, boleh membuat bayaran kepada pihak yang menuntut tanpa memerlukan Perintah Probet bagi keadaan-keadaan berikut:- • Jika pihak menuntut adalah suami / isteri, anak atau ibu bapa pemegang polisi, syarikat insurans boleh membayar kepada suami atau isteri, anak atau ibu bapa pemegang polisi mengikut aturan keutamaannya. Jika terdapat lebih daripada seorang dalam mana-mana kategori tersebut di atas, maka semua individu dalam kategori itu akan dibayar bahagian yang sama rata. • Jika tiada suami / isteri, anak atau ibu bapa dan wang polisi tidak melebihi RM100,000, maka syarikat insurans boleh membayar wang polisi kepada seseorang yang syarikat insurans berpuas hati bahawa orang tersebut berhak dan berkemungkinan diberikan Perintah Probet atau Surat Kuasa Mentadbir atau kepada seseorang yang syarikat insurans berpuas hati yang orang itu berhak secara benefisial kepada harta pusaka pemegang polisi yang meninggal dunia. • Jika tiada suami atau isteri, anak atau ibu bapa dan wang polisi melebihi RM100,000:- > syarikat insurans boleh membayar RM100,000 yang pertama kepada seseorang seperti yang dinyatakan dalam perenggan di atas. Baki wang polisi akan dibayar kepada orang yang sama apabila orang itu mengemukakan Perintah Probet atau Surat Kuasa Mentadbir atau Perintah Pembahagian. > Walau bagaimanapun, setelah tamat tempoh 12 bulan selepas bayaran RM100,000 pertama dibuat dan tiada tuntutan untuk baki wang polisi oleh sesiapa yang memegang Perintah Probet atau Surat Kuasa Mentadbir atau Perintah Pembahagian, syarikat insurans akan membayar baki tersebut kepada orang yang telah menerima pembayaran pertama. Jika tidak ada penamaan yang dibuat, orang yang menerima wang polisi hanya sebagai wasi dan ia hendaklah mengagihkannya mengikut wasiat si mati. Jika tiada wasiat, wang polisi tersebut akan diagihkan mengikut undang-undang pembahagian yang berkaitan. Sumber : info insurans • 11 Bank Negara Malaysia telah mengeluarkan Senarai Peringatan kepada Semua Pengguna Kewangan. Senarai ini diperkenal bertujuan sebagai panduan dan rujukan segera bagi orang ramai apabila membuat keputusan berhubung dengan pelbagai perkhidmatan kewangan yang ditawarkan oleh pihak yang tidak berlesen. Senarai Peringatan kepada Semua Pengguna Kewangan ini merujuk kepada senarai individu atau syarikat yang telah disalah anggap sebagai mendapat lesen atau dibenarkan oleh pengawal selia termasuk Suruhanjaya Sekuriti Malaysia, Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan, Suruhanjaya Syarikat Malaysia dan Suruhanjaya Koperasi Malaysia, untuk menjalankan aktiviti perniagaan mereka. Senarai Peringatan kepada Semua Pengguna Kewangan ini mengandungi maklumat syarikat atau individu yang tidak mendapat lesen daripada mana- mana pengawal selia dan pihak Bank Negara Malaysia telah menerima pelbagai pertanyaan mengenai mereka daripada orang ramai. Senarai ini bukanlah senarai sepenuhnya dan akan dikemaskinikan dari semasa ke semasa untuk rujukan orang ramai. Untuk maklumat lanjut, orang ramai boleh menghubungi BNMTELELINK di talian 1-300-88-5465. Senarai Peringatan kepada Semua Pengguna Kewangan ini boleh didapati di laman sesawang Bank Negara Malaysia (www.bnm.gov.my/ consumeralert). Bank Negara Malaysia juga menyatakan bahawa orang ramai boleh membeli dan menjual emas. Walau bagaimanapun, orang ramai perlu berhati-hati terhadap pelbagai skim pengambilan deposit dan pelaburan haram, khususnya dalam logam berharga seperti emas, yang menjanjikan pulangan lumayan kepada pelabur. Skim-skim ini menawarkan pulangan yang lumayan dalam tempoh masa yang pendek berserta opsyen belian balik emas tersebut. Skim-skim ini mungkin merupakan “skim cepat kaya” atau dipanggil “skim Ponzi”, yakni wang pelaburan yang terkumpul digunakan untuk membayar “pulangan lumayan” kepada pelabur lain. Skim-skim sebegini adalah haram dan merupakan suatu penipuan, dan orang ramai mungkin kehilangan semua wang mereka. Orang ramai dinasihatkan supaya menghubungi pihak berkuasa yang berkenaan apabila berurusan dengan syarikat atau individu yang menawarkan peluang perniagaan atau perkhidmatan kewangan yang kelihatan sangat menarik. Walau bagaimanapun, sebenarnya mereka tidak mendapat lesen daripada pihak berkuasa yang berkenaan. Sumber : Bank Negara Malaysia Senarai Peringatan Kepada Semua Pengguna Kewangan C O N T O H Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
12 Oct 2012
Call for Public Feedback: Concept Paper - Risk Management and Internal Controls for Conduct of Money Services Business
https://www.bnm.gov.my/-/call-for-public-feedback-concept-paper-risk-management-and-internal-controls-for-conduct-of-money-services-business
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Reading: Call for Public Feedback: Concept Paper - Risk Management and Internal Controls for Conduct of Money Services Business Share: Call for Public Feedback: Concept Paper - Risk Management and Internal Controls for Conduct of Money Services Business Release Date: 12 Oct 2012 Effective Date The consultation period for this concept paper ends on 29 October 2012 Applicability All MSB Licensees under the Money Services Business Act 2011 Summary This concept paper details out the proposed regulatory requirements relating to risk management and internal controls on money services business, in line with the related governance and operational requirements as stipulated in the Money Services Business Act 2011 and Money Services Business Regulations. Bank Negara Malaysia (the Bank) invites written comments and feedback on this concept paper, including suggestions for particular issues/areas to be clarified/elaborated further and any alternative proposals that the Bank should consider. To facilitate the Bank’s assessment, please support each comment with a clear rationale, accompanying evidence or illustration, as appropriate. Comments and feedback on this concept paper should be forwarded by 29 October 2012 to the following address: Pengarah Jabatan Pengawalan Perniagaan Perkhidmatan Wang Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur Email: [email protected] Issuing Department Money Services Business Regulation Department   Download Attachment(s) Risk Management and Internal Controls for Conduct of Money Services Business ( English ) Attachment : Feedback form (English) Kertas Konsep bagi Pengurusan Risiko dan Kawalan Dalaman untuk Perniagaan Perkhidmatan Wang(Bahasa Malaysia) Lampiran : Borang Maklum Balas (Bahasa Malaysia)© 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
28 Sep 2012
Download the 2013 Budget Speech by Prime Minister of Malaysia
https://www.bnm.gov.my/-/download-the-2013-budget-speech-by-prime-minister-of-malaysia
https://www.bnm.gov.my/documents/20124/761703/bs13.pdf
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Reading: Download the 2013 Budget Speech by Prime Minister of Malaysia Share: Download the 2013 Budget Speech by Prime Minister of Malaysia Release Date: 28 Sep 2012 The 2013 Budget Speech by YAB Dato' Sri Mohd. Najib Tun Abdul Razak, Prime Minister and Minister of Finance. Click on the hyperlink below to download. The 2013 Budget Speech © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed30 Draft5.PM6 2 • Adakah Simpanan KWSP Mencukupi Untuk Persaraan? Simpanan Kumpulan Wang Simpanan Pekerja (KWSP) merupakan tabungan dengan elemen pelaburan untuk persaraan. Caruman ini telah ditetapkan oleh undang-undang dan perlu dibuat pada setiap bulan oleh majikan. Setiap bulan 11% daripada pendapatan bulanan anda perlu dicarumkan ke dalam akaun KWSP anda. Persoalannya, adakah simpanan KWSP anda mencukupi untuk menampung keperluan anda ketika persaraan kelak? Berpandukan kepada jadual perbelanjaan asas, diterangkan cara bagaimana untuk membolehkan anda merancang persaraan dengan menggunakan kalkulator pengiraan persaraan. Anda boleh merujuk laman sesawang www.fomca.org.my/ kewangan untuk keterangan lanjut. Berdasarkan jadual pengiraan persaraan ilustrasi di sebelah, anda perlu mencapai matlamat simpanan persaraan anda sebanyak RM1,173,280 sebelum mencapai umur persaraan. Ini bermakna, anda hanya mempunyai 25 tahun untuk membuat persediaan persaraan. Dengan mengambil kira kadar inflasi sebanyak 3.6% (anggaran) pada masa sekarang, anda memerlukan komitmen sebanyak RM2,025 sebulan dan RM24,300 setahun. Dalam tempoh 25 tahun dan kadar inflasi yang meningkat, anda memerlukan komitmen sebanyak RM4,888 sebulan dan RM58,664 setahun. Adakah simpanan anda mencukupi untuk menampung baki usia anda sehingga berumur 75 tahun lagi? Jangka hayat rakyat Malaysia bagi lelaki dijangkakan berumur 75 tahun dan 78 tahun bagi wanita. Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 Mengapa pentingnya membuat simpanan dari awal? Berdasarkan jadual di bawah, anda perlu membuat simpanan pada awal usia 20 tahun. Nilai Umur Kadar Nilai pada Umur Jumlah Kos Semasa 30 tahun Inflasi 3.6% masa akan 55 ketika sehingga datang bersara berumur (25 tahun) 75 tahun (20 tahun) Kos Tahunan Kos Tahunan (RM) (RM) Kos makanan harian 20 7,300 3.6 48 17,520 350,400 Kos Bayaran Bulanan Utiliti Bil elektrik, air, telefon, penyelenggaraan rumah dll 300 3,600 3.6 726 8,712 174,240 Kos Perubatan Bulanan Andaikan sekiranya tidak mempunyai penyakit kritikal 100 1,200 3.6 242 2,904 58,080 Perbelanjaan Bulanan Petrol, Penyelenggaraan kereta, Cukai, Insurans, wang saku dll. 600 7,200 3.6 1,452 17,424 348,480 Kos Gaya Hidup Tahunan Melancong, bermain Golf, hobi dan kecemasan 5,000 5,000 3.6 12,104 12,104 242,080 JUMLAH (RM) 24,300 58,664 1,173,280 RM2,025 setiap bulan RM4,888 setiap bulan www.einsuran.com Nota: Jadual pengiraan di atas adalah untuk tujuan ilustrasi sahaja. Keperluan anda mungkin berbeza daripada jadual di atas. Anda dicadangkan untuk berhubung dengan Perunding Kewangan anda sebelum membuat keputusan dalam kewangan. Permulaan Matlamat Simpanan Simpanan umur persaraan setahun sebulan (RM) (RM) (RM) 20 981,320 8,806 733 25 981,320 12,412 1,034 30 981,320 17,886 1,490 35 981,320 26,676 2,223 40 981,320 42,160 3,513 45 981,320 74,450 6,204 50 981,320 174,082 14,506 55 981,320 981,319 81,776 www.einsuran.com Perincian diri anda Umur semasa? 30 Umur Bersara? 55 Lelaki / Perempuan? Perbelanjaan Asas (tidak termasuk pembayaran pinjaman kerana semua pembayaran pinjaman mesti dilangsaikan sebelum anda bersara) Simpanan bulanan ini dapat dikurangkan jika anda menyimpan pada usia yang lebih muda, berbanding sekiranya anda mula membuat simpanan pada usia 30 tahun, yang memerlukan anda menyimpan lebih banyak untuk mencapai matlamat persaraan yang sama. Masa adalah nilai untuk wang. Bagi mendisiplinkan diri dengan membuat simpanan, anda perlu memastikan untuk sentiasa membuat simpanan sekurang-kurangnya 10% daripada pendapatan bulanan anda. Ingat! semua orang memerlukan jumlah wang yang besar untuk bersara dengan selesa. Terdapat dua elemen utama yang memberi kesan terhadap dana persaraan anda, iaitu Kadar Faedah dan Kadar Inflasi. Kedua-dua elemen ini tidak dapat dikawal oleh anda. Oleh itu, sentiasa pastikan anda mempunyai simpanan bulanan secara tetap sebagai persediaan persaraan anda. 4 • Kaedah Menangani Kejayaan Dan Kegagalan Ketika Melabur Bagi pelabur yang berpengalaman, untung rugi serta naik jatuh sesuatu pelaburan adalah suatu lumrah. Walau bagaimanapun, setiap individu pasti akan memberi reaksi berbeza apabila berhadapan dengan keuntungan atau kerugian. Ada pelabur yang tidak mahu melabur lagi setelah mengalami kegagalan, namun ada juga yang terus melabur dan menyifatkan kejayaan dan kegagalan pelaburan sebagai satu proses pembelajaran yang berterusan. Apa yang penting ialah anda perlu memantapkan tahap emosi supaya lebih bersedia menghadapi jatuh bangun pasaran saham. Pada akhir artikel ini, anda sebagai pelabur akan dapat mengenal pasti: • perbezaan utama antara pelabur berjaya dan tidak berjaya; • kaedah untuk mengubah kegagalan kepada kejayaan dalam pelaburan; dan • bagaimana untuk membina semula dan mengekalkan kejayaan dalam pelaburan Menangani Kegagalan Umum mengetahui, anda tidak akan sentiasa untung dalam pasaran saham. Sebagai contoh, ada masanya nilai pelaburan anda menurun apabila keadaan pasaran merudum kesan daripada kemelesetan ekonomi. Anda mungkin juga melakukan sedikit kesilapan dan terpaksa membelanjakan wang yang banyak dalam proses tersebut. Sebagai seorang pelabur, anda perlu belajar mengenal pasti perbezaan antara kerugian sementara yang disebabkan oleh kitaran menurun pasaran, dengan kerugian akibat daripada kesilapan yang dilakukan dalam pelaburan. Sekiranya ia berpunca daripada kitaran pasaran, anda tidak perlu membuat apa-apa tindakan jika asas-asas pasaran masih kukuh dan penurunan tidak drastik. Walau bagaimanapun, sekiranya kerugian itu berpunca daripada kesilapan diri sendiri, anda perlu belajar menerima kenyataan dan bangun semula. Namun demikian, ramai pelabur cenderung menjadi takut dan menyesal apabila menghadapi kegagalan. Sekiranya terus dibelenggu oleh emosi negatif ini, anda mungkin akan diselubungi ketakutan untuk mengalami kerugian sekali lagi, dan melupakan strategi asal pelaburan anda. Ada juga yang panik, sehingga mendorong mereka membuat keputusan yang bakal dikesali kelak. Tambahan pula, tidak semua orang yang mampu untuk mengelak daripada mengalami kesan emosi akibat daripada kegagalan. Walau bagaimanapun, perbezaan • 5 utama antara pelabur berjaya dengan pelabur yang lain ialah, mereka mampu mengenal pasti dan mengakui kesilapan yang telah dilakukan. Anda akan mempunyai fikiran yang lebih tenang untuk memikirkan langkah seterusnya sekiranya mampu melakukan perkara yang sama, iaitu mengurangkan kerugian. Tindakan perlu diambil untuk mengurangkan kerugian, iaitu dengan memastikan keseluruhan kerugian portfolio berada pada tahap minimum. Di samping itu, anda juga perlu mengkaji dan menstrukturkan semula strategi pelaburan. Seandainya sukar, dapatkan bantuan daripada penasihat pelaburan profesional. Aspek yang paling penting adalah untuk melakukan sesuatu yang dapat membantu anda menentukan apa yang benar- benar ingin dicapai. Hanya dengan cara ini anda dapat mengubah kegagalan kepada kejayaan. kejayaan, kerana ini akan menjadikan anda lupa objektif pelaburan yang seterusnya membawa kepada kegagalan. Ringkasnya, kenal pasti faktor yang membawa kejayaan tersebut dan gunakan ia bagi mendapatkan semula keuntungan yang pernah diperoleh dulu. Selagi apa yang anda lakukan dapat memaksimumkan nilai portfolio dan tidak melibatkan pengambilan risiko yang tinggi, maka kejayaan pasti boleh dicipta semula. Akhirnya, strategi pelaburan yang bersesuaian dengan profil risiko dapat membantu anda untuk bersikap fokus dan berada di landasan yang betul. Buat kajian berkala serta perubahan sekiranya perlu, namun pastikan ia Membina semula kejayaan Jika kerugian boleh menjatuhkan semangat anda dalam pelaburan, kadangkala keuntungan juga boleh memberikan impak yang sama, iaitu ia mengaburi pertimbangan sebagai pelabur. Apabila mendapat keuntungan yang tinggi atau mendapat pulangan dalam pelaburan, anda mungkin menjadi terlalu yakin dalam pelaburan dan beranggapan tidak akan melakukan sebarang kesilapan. Ini akan menjadikan anda terlalu agresif dalam portfolio, yang akhirnya bakal mengakibatkan bencana. Sebaliknya, kejayaan juga boleh menjadikan anda terlalu berhati-hati dan enggan mengambil risiko, kerana mahu kejayaan itu kekal buat selama-lamanya. Walau bagaimanapun, jangan terlalu leka dengan selaras dengan situasi semasa anda. Walaupun faktor emosi boleh mempengaruhi keputusan pelaburan, ia tidak akan memberikan kesan yang mendalam sekiranya anda mempunyai perancangan dan komited dengan pelan tersebut. Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut meningkatkan tahap kesedaran mengenai pelaburan bijak dan pengurusan kewangan melalui seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita dan pekerja kolar putih dan biru. Untuk maklumat lanjut, layari www.min.com.my, hubungi 03-62048889 atau lawati Facebook kami di www.facebook.com/BMWSIDC 6 • S: Mengapakah pihak berkuasa membuat serbuan ke atas syarikat-syarikat tersebut? J: Serbuan dibuat bagi melindungi kepentingan para pelabur daripada melaburkan lebih banyak wang dalam skim yang berisiko, dan juga untuk melindungi kepentingan orang ramai. Syarikat yang terbabit sedang dalam siasatan kerana disyaki melakukan kesalahan, termasuk mengambil deposit secara haram, mengubah wang haram, mengelakkan cukai, memberikan maklumat palsu termasuk pernyataan yang salah, melantik ejen tanpa lesen dan gagal mengemukakan dokumen berkanun. S: Mengapakah timbul kebimbangan terhadap model perniagaan syarikat-syarikat tersebut? J: Kebimbangan ini timbul kerana syarikat-syarikat tersebut dipercayai menjalankan skim yang tidak dapat bertahan lama. Syarikat-syarikat tersebut menjanjikan pelabur pulangan bulanan yang lumayan dan jaminan belian balik emas. Skim tersebut bukan dibiayai oleh jual beli emas yang sebenar, sebaliknya dibiayai dengan menggunakan wang yang baru dilaburkan dalam skim ini. Jumlah aset dan wang yang ada pada syarikat- syarikat ini biasanya tidak sepadan dengan jumlah yang dikumpulkan daripada para pelabur. S: Mengapakah pihak berkuasa hanya mengambil tindakan sekarang? J: Sebarang tindakan penguatkuasaan hanya boleh diambil setelah didapati terdapat sebab-sebab yang boleh dipercayai bahawa sesuatu kesalahan telah dibuat. Ini bagi mengelakkan sebarang tindakan penguatkuasaan yang terburu-buru atau melulu yang mungkin boleh menjejaskan perniagaan yang sah. S: Apakah status tindakan yang diambil oleh pihak berkuasa? J: Siasatan masih lagi berjalan. Orang ramai akan dimaklumkan oleh pihak berkuasa mengenai status terkini siasatan dari semasa ke semasa. Orang ramai dinasihati supaya merujuk kepada kenyataan rasmi yang dikeluarkan oleh agensi penguat kuasa undang-undang sahaja untuk sebarang maklumat terkini kes-kes ini. S: Berapa lamakah tempoh siasatan? J: Tempoh siasatan akan bergantung pada tahap kompleksiti dan keseriusan kes. Tahap kompleksiti telah meningkat disebabkan oleh dimensi antarabangsa kes-kes tersebut. Kerjasama daripada pihak yang terbabit akan membantu proses siasatan. Siasatan ini diberi keutamaan yang tinggi dan semua sumber yang perlu telah digembleng oleh agensi penguat kuasa yang berkenaan untuk mempercepat siasatan. S: Mengapakah aset dibekukan dan dirampas? J: Berhubung dengan kes skim kewangan haram yang disyaki, pihak berkuasa boleh menjalankan operasi mencari dan merampas bagi mendapatkan Soal Lazim Berhubung Skim Kewangan Haram Menggunakan Emas • 7 bukti dan untuk mengelakkan syarikat daripada menyembunyikan atau memusnahkan bahan bukti. Ini juga menghalang aset daripada lesap kerana ia akan memberikan kesan buruk kepada pelabur. Di bawah seksyen 44 Akta Pencegahan Pengubahan Wang Haram dan Akta Pencegahan Pembiayaan Keganasan 2001 (AMLATFA), agensi- agensi penguatkuasaan undang-undang diberikan kuasa untuk membekukan apa-apa aset apabila disyaki bahawa suatu kesalahan pengubahan wang haram telah dilakukan. S: Apakah yang akan terjadi kepada aset dan emas yang dirampas? J: Aset yang dirampas semasa serbuan dibuat akan didokumenkan dengan teliti dan diambil kira serta disimpan di tempat yang selamat. Sekiranya terdapat prosiding jenayah, aset tersebut hanya boleh diuruskan atas perintah Mahkamah. S: Bolehkah pelabur yang terbabit menuntut kembali wang atau emas mereka daripada aset yang dirampas? J: Aset yang dirampas semasa siasatan dijalankan hanya boleh diuruskan atas perintah Mahkamah. Pelabur mungkin boleh memfailkan kepada Mahkamah tuntutan pihak ketiga bagi pemulangan wang atau emas mereka. Maklumat tentang sama ada dan bagaimana untuk memfailkan sesuatu tuntutan akan diberitahu apabila prosiding mahkamah selesai. S: Apakah nasihat kepada orang ramai yang ingin melabur? J: Orang ramai dinasihati supaya sentiasa berhati- hati terhadap skim pelaburan yang menjanjikan pulangan tinggi dengan risiko yang kelihatan rendah, dengan memberikan jaminan bahawa jumlah pokok yang dilaburkan akan dipulangkan. Orang ramai juga dinasihati supaya merujuk kepada agensi yang berkenaan apabila berurusan dengan syarikat atau individu yang menawarkan peluang perniagaan atau perkhidmatan kewangan yang kelihatan menarik tetapi tidak diberikan lesen oleh pihak berkuasa. Sebagai panduan, orang ramai digalakkan mengambil perhatian terhadap perkara berikut apabila menilai sesuatu skim pelaburan: • Ingatlah – sekiranya skim tersebut adalah indah khabar dari rupa, berkemungkinan besar skim tersebut adalah skim palsu; • Berwaspada dengan skim Ponzi. Ia merupakan skim pelaburan yang berunsur penipuan apabila pengendalinya mengambil wang daripada pelabur baharu untuk membayar kepada pelabur awal atau sedia ada. Akhirnya, akan sampai satu peringkat apabila jumlah pelabur baharu tidak mencukupi untuk menyokong skim ini, dan seterusnya keseluruhan skim mengalami kegagalan; • Berurusan hanya dengan institusi kewangan berlesen dan peniaga yang sah; • Rujuk kepada pihak berkuasa yang berkenaan sebelum melabur/mendeposit wang; • Jangan terpengaruh atau terburu-buru untuk melabur; • Hendaklah lebih berhati-hati dengan pelaburan melalui Internet; • Berwaspada dengan apa-apa peluang pelaburan yang tidak bertulis; • Jika pelaburan telah dibuat, simpan salinan semua dokumen pelaburan; dan • Rujuk laman sesawang amaran penipuan kewangan berikut: http://www.bnm.gov.my/microsites/fraudalert/ index.htm http://www.sc.com.my/sub.asp?pageid =&menuid =233&newsid=&linkid=&type= Sekiranya anda mengetahui skim pelaburan yang berunsurkan penipuan, anda digalakkan untuk membuat laporan polis. Sumber: Bank Negara Malaysia 8 • Tujuan • Pengeluaran ini membolehkan ahli mengeluarkan simpanan Akaun 2 untuk membiayai pembinaan sebuah rumah secara individu; atau Pembinaan secara bersama dengan suami/isteri. • Pengeluaran untuk membina rumah kedua dibenarkan setelah rumah pertama dijual atau berlaku pelupusan pemilikan. Pelupusan pemilikan bermaksud “hilang pemilikan ke atas rumah pertama yang dimiliki melalui pengeluaran KWSP sebelum ini” atas sebab rumah tersebut dilelong, penyerahan harta melalui perintah mahkamah, pindah milik dasar kasih sayang, rumah musnah akibat bencana alam atau kebakaran, projek rumah terbengkalai atau pembatalan pembelian rumah. Kelayakan memohon i) Warganegara Malaysia; ATAU ii) Warganegara Malaysia yang telah membuat pengeluaran di bawah Pengeluaran Meninggalkan Negara sebelum 1 Ogos 1995 atau kemudian memilih untuk mencarum semula dengan KWSP; ATAU iii) Bukan warganegara Malaysia yang: - menjadi ahli sebelum 1 Ogos 1998; ATAU - mendapat taraf Penduduk Tetap (PR) • Ahli belum mencapai umur 55 tahun pada tarikh permohonan diterima oleh KWSP; DAN • Ahli mempunyai simpanan sekurang-kurangnya RM500 di dalam Akaun 2. Pengeluaran KPengeluaran KPengeluaran KWSP UntukWSP UntukWSP Untuk Membina RumahMembina RumahMembina Rumah • 9 Syarat Pengeluaran 1. Ahli membina sebuah rumah kediaman/rumah kampung di atas tanah milik sendiri atau milik suami/isteri; ATAU Suami/isteri ahli membina sebuah rumah/rumah kampung di atas tanah milik ahli; ATAU Ahli membina rumah panjang (bagi Sabah dan Sarawak); ATAU Ahli membina sebuah rumah di atas tanah FELDA atau tanah milik agensi kerajaan lain yang diiktiraf dengan syarat mendapat pengesahan daripada agensi tersebut untuk menentukan status pemilikan tanah. 2. Pembiayaan pembinaan rumah melalui :- i) Pinjaman perumahan daripada mana-mana institusi seperti berikut:- • Institusi kewangan yang dilesenkan di bawah Akta Bank dan Institusi Kewangan 1989 (BAFIA). • Kerajaan Pusat/Negeri atau agensi- agensi kewangan kerajaan yang lain. • Majikan ahli • Koperasi/syarikat kerjasama yang berlesen (diluluskan oleh Suruhanjaya Koperasi Malaysia) • Syarikat Insurans berlesen yang diluluskan oleh Bank Negara Malaysia. • Pemberi pinjaman yang dibenarkan oleh KWSP; ATAU ii) Secara tunai 3. Ahli telah menandatangani Surat Perjanjian Membina Rumah tidak melebihi tiga (3) tahun dari tarikh permohonan diterima. 4. Ahli tidak pernah membuat Pengeluaran Perumahan; ATAU Ahli telah membuat pengeluaran untuk membina rumah pertama dan telah menjualnya atau berlaku pelupusan pemilikan dan kemudian membina rumah kedua. Bukti penjualan/pelupusan pemilikan rumah pertama perlu dikemukakan. 5. Kos membina rumah adalah amaun yang dinyatakan di dalam Surat Perjanjian Membina Rumah. Kos membeli tanah juga boleh diambil kira dengan syarat tarikh Perjanjian Jual Beli Tanah adalah dalam tempoh dua (2) tahun dari tarikh Perjanjian Membina Rumah. 6. Ahli tidak layak memohon sekiranya:- • Membeli tanah atau lot tapak rumah sahaja. • Mengubah suai, membaiki/membuat kerja- kerja tambahan kepada rumah yang sedia ada. • Mengambil pinjaman berbentuk Overdraf. • Membina rumah ketiga. • Membina rumah di luar negara. • Membina rumah bersama-sama individu lain yang tiada pertalian suami-isteri. 10 • Amaun Yang Layak Dikeluarkan Ahli boleh mengeluarkan simpanan seperti berikut:- • PEMBINAAN RUMAH MILIK INDIVIDU Amaun perbezaan di antara kos membina rumah dengan jumlah pinjaman dan kos tambahan 10% daripada kos bina rumah ATAU Semua simpanan dalam Akaun 2. (Mengikut mana yang lebih rendah tidak kurang RM500.00) • PEMBINAAN BERSAMA SUAMI/ISTERI Amaun perbezaan di antara kos membina rumah dengan jumlah pinjaman tambahan 10% daripada kos bina rumah ATAU Semua simpanan dalam Akaun 2 masing- masing tertakluk kepada amaun maksimum yang layak dikeluarkan. (Mengikut mana yang lebih rendah tidak kurang RM500.00) • PINJAMAN PERUMAHAN 100% 10% daripada kos bina rumah ATAU Semua simpanan dalam Akaun 2 (Mengikut mana yang lebih rendah tidak kurang RM500.00) • PEMBINAAN RUMAH SECARA TUNAI Kos bina rumah dengan tambahan 10% daripada kos bina rumah. ATAU Semua simpanan dalam Akaun 2 (Mengikut mana yang lebih rendah tidak kurang RM500.00) • Ahli boleh memilih untuk menentukan amaun yang ingin dikeluarkan daripada Akaun 2, tertakluk kepada amaun maksimum yang layak dikeluarkan dengan mengisi amaun yang dipohon dalam borang pengeluaran perumahan KWSP 9C (AHL)(D5). • Ahli pernah membuat pengeluaran perumahan tetapi telah membatalkan pembelian/pembinaan rumah tersebut. Dalam keadaan ini, wang pengeluaran tidak perlu dikembalikan. Amaun kelayakan semasa akan ditolak daripada amaun pengeluaran terdahulu tertakluk kepada baki kelayakan (sekiranya ada). Makluman Kepada Pemohon • Kegagalan Mengembalikan Amaun Yang Tidak Digunakan Bagi Maksud Pengeluaran. Sekiranya pemohon tidak menggunakan bayaran pengeluaran bagi maksud pengeluaran dibuat, pemohon dianggap telah melakukan kesalahan, dan jika disabitkan, boleh dipenjarakan selama suatu tempoh yang tidak melebihi enam bulan atau didenda tidak melebihi RM2,000 atau kedua- duanya. (Seksyen 58A, Akta KWSP 1991 (Pindaan) 2007). • Membuat Kenyataan Yang Tidak Betul Atau Tidak Benar Atau Mengemukakan Dokumen Palsu. Sekiranya pemohon memberi kenyataan yang tidak betul atau tidak benar atau mengemukakan dokumen palsu, pemohon dianggap telah melakukan kesalahan, dan sekiranya disabitkan, pemohon boleh dipenjarakan selama suatu tempoh yang tidak melebihi tiga tahun atau didenda tidak melebihi RM10,000 atau kedua- duanya. (Seksyen 59, Akta KWSP 1991 (Pindaan) 2007). Untuk maklumat lanjut mengenai Pengeluaran Membina Rumah, sila hubungi Pusat Panggilan KWSP di talian 03-8922 6000 atau layari laman sesawang MyEPF di www.kwsp.gov.my. Sumber : Kumpulan Wang Simpanan Pekerja (KWSP) • 11 Dalam usaha mencapai sektor kewangan yang lebih inklusif, Bank Negara Malaysia telah melancarkan rangka kerja perbankan ejen. Sebagai satu saranan dalam Pelan Sektor Kewangan, inisiatif ini membolehkan institusi kewangan meluaskan perkhidmatan mereka kepada golongan yang kurang mendapat perkhidmatan kewangan (underserved), khususnya di kawasan luar bandar dengan cara yang lebih berkesan dari segi kos melalui penggunaan saluran runcit bukan bank. Ejen bank berdaftar akan menyediakan perkhidmatan perbankan asas iaitu menerima deposit dan memudahkan pengeluaran. Perkhidmatan perbankan asas lain yang boleh disediakan oleh ejen bank ialah pemindahan dana, pembayaran bil dan pembayaran balik pembiayaan. Semua transaksi yang dijalankan ialah secara masa nyata bagi melindungi kepentingan orang ramai. Pada akhir bulan Julai, semasa operasi ‘percubaan’ perbankan ejen, lebih daripada satu juta transaksi bernilai lebih daripada RM190 juta telah dijalankan melalui 2,322 ejen bank yang mewakili tiga buah institusi kewangan yang mengambil bahagian. Bagi memastikan perbankan ejen dijalankan secara selamat dan diyakini, Bank Negara Malaysia telah mengeluarkan Garis Panduan Perbankan Ejen kepada institusi kewangan. Garis Panduan ini menggariskan keperluan yang harus dipatuhi oleh institusi kewangan dalam bidang tadbir urus dan pengawasan, pengurusan ejen bank serta perlindungan, kesedaran dan pendidikan pengguna. Semua ejen bank berdaftar akan mempamerkan logo kebangsaan perbankan ejen bersama-sama dengan logo institusi kewangan masing-masing. Ini akan memudahkan orang ramai mengenal pasti ejen bank yang sah dan perkhidmatan perbankan asas yang disediakan. Untuk maklumat lanjut mengenai perbankan ejen, orang ramai boleh menghubungi talian penting institusi kewangan yang mengambil bahagian atau Bank Negara Malaysia di 1-300-88-5465. Sumber: Bank Negara Malaysia Pengenalan Perbankan Ejen Logo untuk Mengenal Pasti Ejen Bank Berdaftar Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
27 Sep 2012
RINGGIT Newsletter (July issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-july-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761703/7_Ringgit_2012_s.pdf
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Reading: RINGGIT Newsletter (July issue) is now available for download Share: RINGGIT Newsletter (July issue) is now available for download Release Date: 27 Sep 2012 RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. The highlight for this month is "Panduan Pengguna Untuk Membuat Pinjaman". This publication is in Bahasa Malaysia. Click on the link below to get the latest issue: Issue - July/2012 ,[PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed27 Draft5.PM6 131,73 A. * ¢Panduan P_éngggna/ .‘!.E"-’"'<\ ‘e_mbuat Phfianun L/ [H dalam - Sudahkah Anda Menulis Wasiat? - Takaful Keluarga hula" ini - Bagaimana Saya Boleh Membiayai Pembelian Ker-eta Saya? Lima Cara Mengur-us Wang ISSN 2180-3684 M GABUNGAN BANK NEGARA MALAYSIA 9 7 7 2 1 8 0 3 6 8 0 0 3 PERSATUAN-PERSATUAN CENTRAL BANK or MALAYSIA PENGGUNA MALAYSIA 2 • Pada suatu peringkat kehidupan, seseorang terpaksa meminjam daripada institusi kewangan. Bagaimanakah anda menyediakan diri anda dalam hal ini? Berikut adalah panduan yang boleh membantu anda dalam memilih produk pembiayaan yang sesuai. Apa yang perlu anda sematkan dalam fikiran? • Semua pinjaman mesti dibayar balik. • Pinjaman wang melibatkan kos. Oleh itu, jangan meminjam melebihi jumlah yang anda perlu atau mampu. • Anda perlu mengambil kira jumlah pembayaran bulanan yang anda mampu bayar berdasarkan jumlah pendapatan boleh guna, perbelanjaan dan tanggungan hutang yang lain. Jika tidak, anda mungkin menghadapi masalah dalam pembayaran balik pinjaman anda kelak. • Anda perlu peka bahawa peningkatan dalam kadar pembiayaan atau apa-apa perubahan yang mungkin mempengaruhi pendapatan atau perbelanjaan masa hadapan. Buat perbandingan untuk mendapatkan pakej pinjaman terbaik • Ambil masa untuk membandingkan kadar pembiayaan, tempoh ‘lock-in’ dan penalti, ciri-ciri produk yang ditawarkan, fi dan caj. • Perubahan yang sedikit dalam kadar pembiayaan boleh mengakibatkan perubahan besar dalam jumlah pembayaran balik. • Untuk membantu anda membuat perbandingan produk kewangan, institusi kewangan dikehendaki memberi anda satu Lembaran Panduan Pengguna Untuk Membuat Pinjaman Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 Penzahiran Produk (Product Disclosure Sheet) yang mengandungi maklumat-maklumat utama mengenai sesuatu produk pembiayaan. • Anda juga boleh merujuk kepada jadual perbandingan produk pembiayaan di laman sesawang infoperbankan, www.bankinginfo. com.my bagi membantu anda memilih produk yang paling sesuai untuk memenuhi keperluan dan kehendak anda. • Anda perlu membaca dan memahami terma-terma utama, caj-caj berkaitan dan tanggungjawab anda sebagai peminjam. • Sekiranya anda tidak memahami mana-mana terma, dapatkan penjelasan daripada institusi kewangan tersebut. • Pastikan anda memahami produk pembiayaan terlebih dahulu sebelum membuat sebarang keputusan untuk menerima produk tersebut. Apakah maklumat yang perlu dikemukakan semasa membuat permohonan pinjaman? • Slip gaji untuk 3 bulan yang terkini dan bukti-bukti pendapatan lain. • Penyata EPF terkini atau penyata cukai pendapatan. • Jika anda bekerja sendiri, penyata bank untuk 6 bulan terakhir dan penyata kewangan. • Hutang lain anda (contohnya pinjaman daripada koperasi, pelan pembayaran ansuran dengan pedagang dan lain-lain). Apakah tanggungjawab anda sebagai peminjam? • Memberi maklumat yang benar, tepat dan mencukupi di dalam borang permohonan. Maklumat yang tidak tepat mungkin menjejaskan profil risiko anda, yang menyebabkan institusi kewangan akan mengenakan kadar pembiayaan yang lebih tinggi. Institusi kewangan mungkin juga menolak permohonan pinjaman anda. • Anda mesti membaca dokumen pembiayaan sebelum menandatanganinya. • Membuat pembayaran sebelum atau pada tarikh pembayaran untuk mengelakkan daripada dikenakan penalti bayaran lewat. • Sekiranya anda mempunyai duit yang lebih, buat pembayaran balik pinjaman dahulu. Ini akan menjimatkan bayaran faedah. Semak dengan institusi kewangan anda untuk mengetahui sama ada fi akan dikenakan jika anda membuat penyelesaian awal. • Jelaskan ansuran tertunggak terlebih dahulu. Apakah hak anda sebagai peminjam? • Institusi kewangan mesti memberi anda notis 21 hari sebelum menukar terma-terma dan syarat- syarat perjanjian pinjaman (termasuk fi dan caj). • Institusi kewangan mesti memberi penyata akaun sekurang-kurangnya sekali setahun. Penyata tersebut mesti menunjukkan jumlah pembayaran yang telah dibuat dan jumlah yang dicajkan ke dalam akaun pinjaman anda. Apa yang akan berlaku jika kadar pembiayaan meningkat? • Jika pembiayaan anda berdasarkan kadar terapung, kadar pembiayaan mungkin berubah mengikut pertukaran dalam kadar rujukan atau profil risiko anda. • Apabila kadar pembiayaan meningkat, jumlah pembayaran balik dan kos pembiayaan adalah lebih tinggi pada akhir tempoh pinjaman. • Andaian anda meminjam RM250,000 untuk tempoh 20 tahun dengan kadar pembiayaan 6%, pembayaran ansuran bulanan anda adalah RM1,791. Jika kadar pembiayaan meningkat 1%, anda akan membuat bayaran tambahan sebanyak RM147 sebulan. Sekiranya kadar pembiayaan meningkat 2%, anda akan membuat bayaran tambahan sebanyak RM300 sebulan. Kini (Kadar=6%) Jika kadar naik 1% Jika kadar naik 2% Bayaran bulanan RM1,791 RM1,938 RM2,091 Jumlah kos faedah pada akhir 20 tahun Jumlah pembayaran balik pada akhir 20 tahun RM179,859 RM215,179 RM251,864 RM429,859 RM465,179 RM501,864 4 • “Jika anda menghadapi masalah dalam membuat pembayaran ansuran pinjaman, hubungi institusi kewangan anda dengan segera untuk membincangkan skim pembayaran balik yang sesuai.” Apa yang akan berlaku jika anda gagal membuat ansuran pinjaman? Jika anda menghadapi masalah dalam membuat pembayaran ansuran pinjaman, hubungi institusi kewangan anda dengan segera untuk membincangkan skim pembayaran balik yang sesuai. Jika tidak, institusi kewangan anda mungkin: • Mengenakan penalti bayaran lewat 1% setahun ke atas jumlah tunggakan. Ini akan meningkatkan baki pinjaman belum jelas anda. • Meningkatkan kadar pembiayaan. Faedah yang dikenakan ke atas pinjaman akan meningkat dan akhirnya anda akan membayar lebih tinggi. • Tolak selesai (set-off) baki pinjaman belum jelas anda dengan duit dalam akaun simpanan anda. • Mengambil tindakan undang-undang terhadap anda. Institusi kewangan anda mungkin menarik balik kereta (untuk pinjaman sewa beli) atau merampas dan melelong rumah anda (untuk pinjaman perumahan). Anda dikehendaki membayar semua kos berkaitan penarikan balik kereta atau lelongan rumah. Seandainya hasil lelongan tidak mencukupi, anda masih perlu membayar baki hutang kepada institusi kewangan. Anda mungkin ingin mendapat perkhidmatan Agensi Kaunseling dan Pengurusan Kredit (AKPK). AKPK adalah sebuah agensi yang ditubuhkan oleh Bank Negara Malaysia bagi menyediakan perkhidmatan pengurusan kewangan, kaunseling kredit, pendidikan kewangan dan penstrukturan semula pinjaman kepada individu. Semua perkhidmatan AKPK adalah percuma. Anda boleh menghubungi AKPK di: Aras 8, Maju Junction Mall 1001 Jalan Sultan Ismail 50250 Kuala Lumpur Tel : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Di mana anda boleh rujuk untuk membuat aduan? • Jika anda mempunyai pertanyaan atau masalah berhubung kontrak pembiayaan anda, hubungi unit aduan atau perkhidmatan pelanggan institusi kewangan anda terlebih dahulu. • Sekiranya anda tidak berpuas hati dengan keputusan dan penjelasan yang diberikan oleh institusi kewangan, anda boleh menghubungi Bank Negara Malaysia LINK atau TELELINK di: Blok D, Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel : 1-300-88-5465 E-mel : [email protected] • Anda juga boleh menghubungi Persatuan Bank- Bank Dalam Malaysia di: Tingkat 34, UBN Tower 10, Jalan P. Ramlee 50250 Kuala Lumpur Tel : 1-300-88-9980 Faks : 03-2078 8004 Sumber: infoperbankan • 5 Sudahkah Anda Menulis Wasiat? Ramai dalam kalangan anda tentu menganggap menulis wasiat adalah perkara yang tidak begitu penting dalam menguruskan perancangan masa hadapan. Maka, tidak hairanlah dilaporkan ramai orang Melayu tidak membuat persiapan menulis wasiat kerana beranggapan urusan harta diletakkan di bawah hukum faraid (pembahagian harta menurut Islam) sahaja. Penulisan wasiat seharusnya perlu dilakukan sekarang, iaitu semasa hayat anda masih ada dan semasa tubuh anda masih sihat. Ada pula yang mendakwa bahawa mereka tidak mempunyai harta yang hendak diwasiatkan. Sebagai seorang yang bertanggungjawab dan selagi anda mempunyai hutang, anda mestilah menyediakan satu penulisan berbentuk pesanan untuk waris anda menjelaskan hutang yang bakal ditinggalkan. Apakah Wasiat? Wasiat merupakan dokumen penyelesaian pusaka berbentuk arahan kepada Wasi (penama) untuk menyempurnakan segala hasrat pewasiat, termasuklah melaksanakan segala strategi perancangan dan pengagihan harta selepas kematian. Syarat-syarat Wasiat Islam • Pembahagian harta boleh dibuat dengan wasiat kepada bukan waris dan ahli waris yang terlindung daripada menerima harta pusaka melalui faraid. • Hanya satu pertiga (1/3) daripada baki harta selepas ditolak segala hutang yang masih belum diselesaikan boleh diwasiatkan. Dua pertiga (2/3) daripada harta pewasiat adalah merupakan hak ahli waris menurut Hukum Faraid. • Pewasiat boleh mewasiatkan hartanya melebihi satu pertiga (1/3) sekiranya semua ahli waris bersetuju dengan pembahagian tersebut selepas kematian pewasiat. • Pewasiat juga boleh mewasiatkan hartanya kepada ahli waris yang layak menerima faraid sekiranya dipersetujui oleh ahli-ahli waris yang lain selepas kematian pewasiat. Wasiat Bukan Islam • Pembahagian harta pusaka boleh dibuat melalui wasiat mengikut hasrat dan keinginan pewasiat kepada sesiapa sahaja yang dikehendaki. Ini adalah tertakluk kepada Akta Wasiat 1959. • Tanpa dokumen Wasiat, harta pusaka akan dibahagikan mengikut Akta Harta Pusaka Kecil (Pembahagian) 1955 dan Akta Pembahagian 1958. Berikut adalah perkara-perkara penting yang perlu anda ketahui untuk menulis wasiat:- Kelayakan Pewasiat (Musi) • Berumur lebih 18 tahun; • Sempurna akal; 6 • • Sukarela dan tidak dipaksa; • Tidak dihalang mengurus hartanya; dan • Jika pewasiat sedang sakit, dia hendaklah waras fikiran, baik ingatan dan memahami wasiat yang dibuat. Syarat Penerima Wasiat (Musolahu) Penerima wasiat hendaklah orang atau kumpulan orang yang:- • Wujud dan dikenali; • Mempunyai kelayakan memiliki harta yang diwasiatkan menurut mana-mana undang-undang bertulis; • Boleh menerima harta yang diwasiatkan menurut Hukum Syarak; dan • Jika ditentukan, dia hendaklah wujud semasa wasiat dibuat, dan jika tidak ditentukan, penerima wasiat tidak perlu wujud sama ada ketika wasiat itu dibuat atau ketika musi meninggal dunia. Harta Yang Boleh Diwasiatkan • Harta alih seperti kenderaan, wang tunai, wang simpanan, barang kemas, saham, insurans, dan lain-lain. • Harta tak alih seperti rumah, tanah, bangunan dan lain-lain. Galakan Berwasiat • Orang yang berharta • Orang yang lanjut usia • Orang yang tidak berkahwin • Orang yang mempunyai anak angkat • Orang yang berhutang • Orang yang tiada waris • Muallaf Mengapa Wasiat itu penting Berwasiat merupakan suatu tindakan mulia untuk menzahirkan keinginan pewasiat terhadap pembahagian harta yang dikumpul semasa hidup. Perwarisan harta yang dirancang melalui wasiat dapat diagihkan untuk tujuan kebajikan dan kepada keluarga yang tersayang selepas kematian. Faedah Penulisan Wasiat • Pelantikan wasi melalui dokumen wasiat akan memudahkan pengurusan dan pentadbiran harta pusaka selepas kematian. • Dapat menzahirkan hasrat pengagihan harta untuk tujuan kebajikan dan keluarga tersayang. • Menjamin masa depan insan yang anda sayangi dengan pembahagian yang dihasratkan. • Pelantikan penjaga yang dipercayai melalui wasiat akan menjamin kebajikan anak-anak di bawah umur selepas kematian anda. • Mengurangkan bebanan yang ditanggung oleh waris-waris yang ditinggalkan. Ciri-ciri Wasiat Islam Terdapat beberapa ciri dan prinsip wasiat Islam yang perlu dipatuhi: 1. Harta yang hendak diwasiatkan mestilah tidak lebih daripada sepertiga (1/3) daripada harta pusaka bersih, kecuali mendapat persetujuan daripada ahli-ahli waris. 2. Penerimanya hendaklah bukan waris, iaitu mereka yang tiada hak faraid atas pusaka si mati, kecuali mendapat persetujuan daripada ahli-ahli waris yang lain. 3. Jika penerima wasiat meninggal dunia semasa hayat pewasiat, maka wasiat tersebut adalah terbatal. 4. Jika penerima wasiat meninggal dunia selepas menerima wasiat dan selepas kematian pewasiat, maka haknya boleh diwarisi oleh waris penerima. 5. Selepas kematian pewasiat, perlu ditolak dahulu kos perbelanjaan pengkebumian dan pembayaran hutang si mati. 6. Wasiat boleh ditarik balik pada bila-bila masa kerana ia hanya berkuat kuasa selepas kematian pewasiat dan wasiat tersebut perlulah dibuat secara sukarela. Sumber: Majlis Agama Islam Negeri Selangor “Perwarisan harta yang dirancang melalui wasiat dapat diagihkan untuk tujuan kebajikan dan kepada keluarga yang tersayang selepas kematian.” • 7 Takaful keluarga memberikan anda perlindungan serta memperoleh simpanan jangka panjang. Anda atau waris akan mendapat manfaat dalam bentuk kewangan jika anda ditimpa kemalangan. Pada masa yang sama, anda akan menikmati simpanan persendirian jangka panjang kerana sebahagian daripada caruman anda akan didepositkan ke dalam sebuah akaun untuk tujuan simpanan. Anda akan menikmati pulangan pelaburan daripada caruman simpanan berdasarkan nisbah yang telah dipersetujui. Konsep Takaful dalam Takaful Keluarga Apabila anda menyertai takaful keluarga, anda akan mencarum sejumlah wang ke dalam dana takaful. Anda akan memeterai perjanjian (aqad) bagi sebahagian daripada caruman anda sebagai caruman penyertaan (tabarru’) dan sebahagian lagi sebagai simpanan pelaburan. Caruman anda dalam bentuk tabarru’ akan dimasukkan ke dalam sebuah dana (Akaun Khas Peserta atau AKP) yang akan digunakan untuk memenuhi tanggungjawab anda dalam saling membantu sekiranya salah seorang peserta ditimpa musibah, seperti kematian atau hilang upaya kekal. Jika anda masih hidup sehingga tarikh matang pelan tersebut, anda layak untuk berkongsi lebihan bersih daripada dana itu, jika ada. Pengendali takaful akan melaburkan caruman simpanan dan pelaburan anda (Akaun Peserta atau AP) dan keuntungan akan dikongsi antara anda dan pengendali takaful berdasarkan nisbah yang telah dipersetujui. Jenis perlindungan Takaful keluarga boleh dibahagikan seperti berikut:- • Takaful keluarga individu (perseorangan) – termasuk pelan pelajaran, gadai janji, kesihatan dan “rider”. Anda akan menerima manfaat kewangan jika berlaku kematian atau hilang upaya kekal, serta simpanan jangka panjang (pelaburan) dan keuntungan pelaburan yang akan diberikan sekiranya dituntut, matang atau serahan awal. • Takaful keluarga berkumpulan (majikan, kelab, persatuan dan kesatuan) – termasuk pelan pelajaran berkumpulan, perubatan berkumpulan, kesihatan dan “rider”. Jumlah minimum peserta dikehendaki untuk layak memasuki pelan ini. Anda akan mendapat perlindungan dalam bentuk manfaat kewangan sekiranya berlaku kematian atau hilang upaya kekal. • Anuiti – pelan yang memberi pendapatan tetap selepas anda bersara. Takaful Keluarga Anda akan menikmati pulangan pelaburan daripada caruman simpanan berdasarkan nisbah yang telah dipersetujui. 8 • • Berkaitan pelaburan – sebahagian daripada caruman anda akan digunakan untuk membeli unit-unit pelaburan seperti unit saham atau sekuriti pendapatan tetap. Perlindungan takaful merangkumi kematian dan hilang upaya kekal. Takaful keluarga “rider” merupakan tambahan kepada pelan takaful keluarga asas. “Rider” memberi perlindungan sekiranya berlaku kemalangan diri dan hilang upaya, perubatan dan kesihatan. Terma dan syarat utama Sebahagian daripada terma-terma penting ialah:- • Caruman – ialah ansuran caruman takaful anda yang dibayar kepada pengendali takaful. Anda boleh memilih untuk membayar caruman secara bulanan, suku-tahunan, separuh-tahunan ataupun tahunan. • Tempoh tangguh – anda akan dibenarkan tempoh tangguh selama 30 hari untuk menjelaskan bayaran ansuran caruman takaful. Jika anda meninggal dunia semasa tempoh tangguh, ansuran caruman takaful yang belum dijelaskan akan ditolak daripada jumlah manfaat takaful anda. • Tempoh matang – Anda boleh memilih sebarang tempoh matang yang sesuai untuk keperluan anda. Tempoh ini biasanya ialah dari 10 tahun hingga 40 tahun. Ciri-ciri penting takaful keluarga Sebahagian daripada ciri-ciri penting takaful keluarga ialah:- • Terbuka kepada semua individu berumur antara 18 hingga 55 tahun. • Anda mempunyai pilihan tempoh matang. • Tidak ada pelucutan hak (non-forfeiture) jika berlaku pembatalan. • Kemudahan untuk mengeluarkan sebahagian daripada caruman. • Perkongsian lebihan dengan pengendali takaful. • Menyediakan simpanan dan pelaburan jangka panjang. Pengecualian Takaful keluarga pada lazimnya tidak melindungi perkara-perkara berikut:- • Percubaan membunuh diri atau mencederakan diri sendiri dengan sengaja sama ada semasa anda siuman atau tidak. • Jika anda melanggar undang-undang. • Jika anda memprovokasi serangan. • Jika anda berada di bawah pengaruh dadah atau alkohol. • Jika anda menghidap AIDS atau HIV. • Sebab-sebab lain yang dilarang oleh undang- undang Syariah. Beritahu penama (wasi) anda • Beritahu penama anda tentang takaful keluarga yang anda sertai, sebarang perubahan yang telah dibuat dan tempat di mana anda menyimpan dokumen-dokumen tersebut. • Simpan dokumen-dokumen tersebut di tempat yang selamat. Letakkan maklumat-maklumat asas seperti nama pengendali takaful, jenis pelan, nombor sijil dan nama-nama penama di tempat yang berasingan. • Pastikan anda memaklumkan alamat penama anda dan pertukaran, jika ada, kepada pengendali takaful anda. Bagaimana anda boleh membuat tuntutan? Pengendali takaful akan membuat pembayaran kepada anda atau penama anda, bergantung kepada terma dan syarat di dalam sijil anda. Perkara-perkara yang perlu dilakukan semasa membuat tuntutan:- • Maklumkan kejadian kepada pengendali takaful anda dengan segera. • Untuk tuntutan matang, sediakan salinan sijil takaful keluarga. • Untuk tuntutan kematian, penama anda hendaklah menyediakan dokumen-dokumen berikut:- - Salinan sijil kematian yang disahkan; - Salinan kad pengenalan si mati; - Sijil takaful asal; - Bukti hubungan antara orang yang membuat tuntutan dan si mati; dan - Dokumen-dokumen lain yang diminta oleh pengendali takaful. Sumber: infoinsurans • 9 Lazimnya, orang akan membeli kereta dengan menggunakan pinjaman sewa beli. Sewa beli adalah penyewaan barangan dengan pilihan untuk membelinya pada akhir tempoh pinjaman. Dengan mengambil pinjaman sewa beli, anda dikenali sebagai penyewa dan institusi kewangan yang memberi pinjaman sebagai tuan punya kenderaan. Sebagai penyewa, anda perlu membuat bayaran ansuran berdasarkan terma dan syarat yang telah dipersetuju di bawah perjanjian sewa beli. Setelah semua bayaran ansuran dijelaskan, hak milik kereta tersebut akan dipindahkan kepada anda. Berapakah kemampuan anda? Kadar faedah untuk pinjaman kereta biasa berasaskan kadar sama rata. Mengikut Akta Sewa Beli 1967 (Pindaan 2010), kadar faedah maksimum yang dibenarkan ialah 10% setahun. Kiraan faedah adalah berdasarkan faedah atas jumlah pokok untuk sepanjang tempoh pinjaman sewa beli. Pengiraan boleh dilihat dalam contoh berikut:- Harga kereta RM50,000 Bayaran pendahuluan @ 10% RM5,000 Jumlah pinjaman sewa beli RM45,000 Kadar faedah (kadar sama rata) 5% setahun Tempoh pinjaman 5 tahun (60 bln) Pengiraan: Jumlah faedah yang dikenakan = Jumlah pinjaman x kadar x tahun = RM45,000 x 5% x 5 = RM11,250 Jumlah pinjaman + Faedah = RM45,000 + RM11,250 = RM56,250 Jumlah ansuran bulanan = RM56,250 / 60 bulan = RM938 Ansuran bulanan yang perlu dibayar ialah RM938 sebulan. Untuk mengetahui sama ada anda mampu membayar ansuran tersebut, gunakan formula berikut untuk memperoleh pendapatan bulanan minimum yang anda perlukan. Pengiraan jumlah pendapatan minimum ini atas andaian bahawa anda tidak ada ansuran lain. Jika anda mempunyai pinjaman lain, pastikan jumlah ansuran semua pinjaman tidak melebihi 40% daripada pendapatan bersih bulanan anda. Contoh: Pendapatan bersih bulanan = Bayaran ansuran bulanan kereta / 40% = RM938 / 40% = RM2,345 Dengan pendapatan RM2,345 tanpa komitmen pinjaman yang lain, anda mampu membayar ansuran tersebut. Walau bagaimanapun, anda masih perlu Bagaimana Saya Boleh Membiayai Pembelian Kereta Saya? 10 • KOS TETAP RM CATATAN 1. Bayaran Ansuran (dibundarkan) 938 RM45K @ 5% selama 5 tahun 2. Insurans 125 RM1,500 setahun / 12 bulan 3. Cukai Jalan 8 RM90 setahun / 12 bulan Jumlah kecil 1,071 KOS BOLEH UBAH 1. Petrol 225 Andaian RM0.15/km x 50km/hari x 30hari 2. Servis dan Penyelenggaraan 100 Berdasarkan anggaran 3. Parkir kereta/ tol 100 Berdasarkan anggaran Jumlah kecil 425 JUMLAH 1,496 Ilustrasi di atas tidak mengambil kira susut nilai kereta dan kos pembaikan. mengambil kira perbelanjaan berkaitan yang ditunjukkan di atas. Kiraan di atas menunjukkan bahawa kos memiliki kereta tersebut adalah jauh melebihi bayaran ansuran bulanan yang berjumlah RM938. Penyelesaian awal Anda berhak mendapat rebat ke atas faedah jika anda memilih untuk menyelesaikan lebih awal baki hutang di bawah perjanjian pinjaman sewa beli. Ini berdasarkan kiraan mengikut formula “Peraturan 78” yang sebahagian besar daripada faedah dikenakan pada peringkat awal pinjaman. Jika anda memutuskan untuk menjual kereta semasa tempoh pinjaman, anda perlu:- • Periksa jumlah penebusan dengan pihak pembiaya • Periksa nilai pasaran kereta • Bersedia untuk menjelaskan sepenuhnya baki pinjaman, jika ada, sebelum memindahkan hak milik atau menjual kenderaan kepada orang lain. Anda bertanggungjawab ke atas baki pinjaman selagi pinjaman sewa beli masih dibawah nama anda. Apa perkara lain yang perlu diawasi? Caj bayaran lewat Mengikut Akta Sewa Beli 1967 (Pindaan 2010), caj bayaran lewat maksimum terhadap ansuran tertunggak yang dikira setiap hari ialah 8% setahun. Oleh itu, disarankan anda membayar ansuran sewa beli sebelum tarikh akhir pembayaran bagi mengelakkan caj bayaran lewat dan penarikan balik kereta anda. Klausa penarikan balik Institusi kewangan boleh menarik balik kereta dalam keadaan seperti berikut:- • Apabila penyewa gagal membayar dua ansuran berturut-turut. Jika jumlah ansuran telah dibayar melebihi 75% daripada harga tunai kenderaan, pengambilan semula milikan boleh dibuat setelah mendapat Perintah Mahkamah; atau • Sekiranya penyewa meninggal dunia dan ansuran tidak berbayar selama empat bulan berturut-turut. Penyewa dikehendaki membayar kos penarikan balik dan kos penyimpanan di samping pembayaran ansuran tertunggak dan caj bayaran lewat untuk menuntut semula kereta tersebut. Sumber: Buku POWER! Pengurusan Wang Ringgit anda oleh Agensi Kaunseling dan Pengurusan Kredit (AKPK) • 11 Artikel ini akan membincangkan cara-cara yang boleh anda gunakan untuk mengurus wang dengan bijak. Dengan menggunakan panduan yang diberikan, anda akan dapat mengenal pasti teknik yang boleh diguna dalam mengurus wang dan memikirkan cara-cara lain yang bersesuaian dengan diri sendiri. 1. Urus Perbelanjaan Anda Dengan Bijak Kaji semula perbelanjaan anda dan kenal pasti perbelanjaan tetap dan boleh ubah. Bagi perbelanjaan boleh ubah seperti makan di tempat kesukaan atau membeli belah, kurangkan atau hadkan kekerapannya dan apa yang diperlukan adalah sedikit disiplin dan perubahan kepada aktiviti sosial anda. Bagaimana pula dengan perbelanjaan tetap? Ia adalah perbelanjaan yang tidak boleh dielak atau dikurangkan terus untuk disesuaikan dengan keadaan kewangan anda. Perkara yang selalunya dalam kategori ini melibatkan perbelanjaan besar seperti: • Pembiayaan rumah, kenderaan atau pinjaman pendidikan; • Pembayaran insurans; dan • Bil-bil lain yang tetap bayarannya, seperti bil pembetungan, cukai pintu dan cukai tanah Walaupun anda tidak boleh menghapuskan perbelanjaan sebegini, ada cara-cara yang boleh digunakan untuk mengurangkan perbelanjaan ini. 2. Kawal Perbelanjaan Anda Anda sepatutnya tidak berbelanja dengan sewenang- wenangnya. Segala usaha anda dalam berjimat cermat akan menjadi tidak berguna jika wang tunai berkurangan dan komitmen lain bertambah. Ingat! Hanya berbelanja untuk keperluan dan tangguhkan apa yang boleh. 3. Hadkan Penggunaan Kad Kredit Jika anda gemar berbelanja menggunakan kad kredit tanpa sebarang rasa bersalah, sudah tiba masanya sifat tersebut dikikis. Kad kredit memang memberi kemudahan, namun ia boleh menyusahkan jika anda tidak berdisiplin apabila menggunakannya. Dengan kad kredit, anda sebenarnya berbelanja menggunakan duit yang anda tidak ada pada masa ini. Lagi banyak anda berbelanja dan berhutang dengan bank, lagi tinggi bayaran dikenakan selepas dicampur dengan bayaran kadar faedah dan caj-caj lain. Hadkan penggunaan kad kredit kepada satu atau dua kad sahaja. Elakkan hutang kad kredit anda daripada terus bertambah dan jika boleh, jelaskan semua hutang kad kredit setiap bulan. 4. Bina Simpanan Anda Apabila telah mampu menguruskan wang, besar kemungkinan anda mempunyai lebihan wang tunai. Gunakan lebihan ini untuk membina simpanan. Pastikan simpanan ini mampu bertahan selama sekurang-kurangnya tiga bulan untuk menanggung perbelanjaan kehidupan seharian. Jika anda mempunyai lebihan daripada simpanan, anda boleh ke langkah seterusnya. 5. Cari Peluang-Peluang Pelaburan Yang Ada “Di mana ada masalah, di situ ada peluang” – Robert Kiyosaki. Kebanyakan orang gagal untuk melihat peluang yang ada daripada sesuatu krisis. Sebenarnya, ketika waktu yang tidak menentu, terdapat peluang-peluang yang baik dalam pelaburan, tidak kira dalam pasaran saham, hartanah atau produk pelaburan yang lain. Oleh itu, jika mempunyai lebihan wang, pelajari kaedah dan cari peluang-peluang pelaburan yang ada dengan mengambil kira tahap toleransi risiko anda. Sebenarnya, terdapat pelbagai lagi teknik dan cara yang boleh anda gunakan untuk mengurus wang dengan bijak. Setiap satunya terpulang kepada cara hidup dan apa yang anda anggap penting dalam hidup. Berhubung dengan kami melalui Facebook dengan menaip “Bijak Mengurus Wang SIDC” dan ketahui lebih banyak maklumat mengenai topik pengurusan kewangan dan pelaburan bijak. © Securities Industry Development Corporation. Untuk maklumat lanjut tentang pengurusan kewangan dan pelaburan bijak, layari laman web Pelabur Malaysia (www.min.com.my). Jika anda ingin berkongsi, menerbit atau mengedarkan artikel ini sila e-mel ke: [email protected]. Lima Cara Mengurus Wang Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
16 Aug 2012
Newly published: Guidelines on Representative Offices
https://www.bnm.gov.my/-/newly-published-guidelines-on-representative-offices-1
https://www.bnm.gov.my/documents/20124/938039/01_Rep_Office_Guideline_20151105.pdf
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Reading: Newly published: Guidelines on Representative Offices Share: Newly published: Guidelines on Representative Offices Release Date: 16 Aug 2012 BNM recently published the Guideline for the Establishment and Operations of Representative Offices in Malaysia.   © 2024 Bank Negara Malaysia. All rights reserved.
SEPTEMBER 2015 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 8 /1 5 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Macau Scam Sidang Redaksi Penasihat YBhg. Prof Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan SS1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan SS1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Pada Disember 2014, media melaporkan tentang penipuan yang dikenali sebagai sindiket ‘Macau Scam’. Pada pertengahan tahun 2015, laporan media mengatakan bahawa markas sindiket geng Macau telah diserbu dan ahli sindiket dapat ditangkap oleh pihak polis. Menurut laporan Ibu Pejabat Polis Kontijen (IPK) Selangor, pada tahun tahun 2014, sebanyak 416 laporan berkaitan ‘Macau Scam’ dibuat dengan jumlah kerugian sebanyak RM15.2 juta, manakala sehingga bulan April, 66 laporan polis diterima dengan kerugian RM2.68 juta. Sindiket penipuan ‘Macau Scam’ ini didalangi oleh warga tempatan dan warga asing. Sindiket cuba membuat panggilan telefon secara rambang kepada bakal mangsanya dengan mendakwa mereka mewakili mana- mana institusi kewangan. Panggilan tersebut dibuat bagi mendapatkan pengesahan transaksi kad kredit yang kononnya milik pengguna. Taktik ini digunakan untuk mempedaya mangsa dan boleh menyebabkan kerugian berjumlah ribuan ringgit. Modus Operandi 1. Mangsa mendapat panggilan telefon mengatakan kad kreditnya di sebuah bank tempatan telah digunakan di sebuah pusat membeli- belah. Macau Scam 2 • Ringgit 2. Mangsa menafikan beliau mempunyai sebarang kad kredit di bank tersebut dan sindiket berjanji akan berhubung dengan Bank Negara mengenai masalah tersebut. 3. Beberapa minit kemudian, mangsa menerima panggilan telefon daripada seorang lelaki atau perempuan yang mendakwa kononnya daripada Bank Negara dan meminta semua maklumat peribadi mangsa. 4. Bagi melindungi simpanan yang lain kononnya, mangsa diarahkan pergi ke mesin pengeluaran wang automatik (ATM). 5. Apabila sampai di ATM, mangsa sekali lagi menerima satu panggilan telefon yang memberikan arahan untuk memindahkan wang ke satu akaun yang telah ditetapkan sehingga transaksi selesai. 6. Mangsa hanya sedar telah ditipu setelah transaksi selesai. Tanpa disedari mangsa telah membuat pemindahan wang kepada akaun pihak ketiga. Nasihat Pihak Polis 1. Berhati-hati dan tidak mudah percaya dengan panggilan telefon oleh mana-mana individu yang mendakwa diri sebagai pegawai kerajaan atau swasta (pegawai polis, pegawai Bank Negara Malaysia atau pegawai bank) memaklumkan akaun bank anda digunakan oleh orang lain. 2. Semak dengan pihak yang bertanggungjawab terlebih dahulu. 3. Jangan menghubungi nombor telefon yang diberikan oleh mana-mana individu melalui telefon, sebaliknya anda hendaklah menghubungi nombor rasmi agensi tersebut. 4. Untuk pertanyaan lanjut dan nasihat, sila hubungi Pusat Hubungan Pelangan Bank Negara Malaysia (BNMTELELINK) di talian 1300 88 5465 dan Jabatan Siasatan Jenayah Komersial Bukit Aman, Polis Diraja Malaysia di talian 03-2610 1222. Sumber: Diolah daripada artikel Polis Diraja Malaysia. Sebahagian daripada peralatan yang digunakan oleh sindiket Phone Scam yang berjaya dirampas pihak polis dalam serbuan di sekitar ibu negara baru-baru ini. Ringgit • 3 Bantuan Penjadualan dan Penyusunan Semula Pembiayaan oleh Institusi Kewangan untuk Perusahaan Kecil dan Sederhana (PKS) Dalam persekitaran perniagaan yang kian mencabar dengan pelbagai risiko dan persaingan yang semakin kompetitif, turun naik kejayaan dalam perniagaan merupakan cabaran yang perlu dihadapi oleh usahawan. Malang sekali apabila mengalami situasi tidak mampu bersaing, ada entiti perniagaan yang terpaksa dibubarkan. Ada di antara perniagaan yang masih berdaya saing namun memerlukan khidmat sokongan pihak ketiga bagi memastikan kesinambungan dan perniagaan terus berdaya maju. Bagi syarikat yang mempunyai kemudahan pembiayaan dengan institusi kewangan, masalah aliran tunai yang terjejas ditambah pula dengan prestasi perniagaan yang merosot sudah pasti membebankan kedudukan kewangan syarikat. Oleh yang demikian, beberapa perkara perlu dilihat dan diteliti bagi menyelesaikan masalah tekanan kewangan dalam perniagaan agar syarikat dapat terus maju dan berkembang walaupun berdepan persekitaran yang sukar. Institusi kewangan menyediakan khidmat nasihat serta bantuan penjadualan dan penyusunan semula pembiayaan PKS perlu mengambil tindakan segera supaya kewangan syarikat dapat dipulihkan. Antara langkah- langkah awal yang boleh dilakukan adalah dengan membuat penjadualan dan penyusunan semula pembiayaan perniagaan seperti kemudahan Overdraf, Pembiayaan Berjangka dan Pembiayaan Sewa Beli Mesin. Dalam konteks pembiayaan dengan institusi kewangan lazimnya pihak institusi kewangan amat menggalakkan perbincangan pada peringkat awal dalam menangani masalah tekanan kewangan yang dihadapi oleh pelanggan. Pihak institusi kewangan kebiasaannya akan sedaya upaya memberi khidmat nasihat dan cadangan penyelesaian yang bersesuaian 4 • Ringgit supaya peminjam terus berupaya memenuhi obligasi bayaran balik pembiayaan pada terma yang lebih munasabah dan mengikut kemampuan semasa. Antara kaedah penjadualan atau penyusunan adalah menerusi pengurangan ansuran bulanan, lanjutan tempoh pembayaran balik dan pengurangan baki pembiayaan melalui pelupusan aset cagaran seperti deposit tetap (fixed deposit). Sebagai contoh: Senario 1: Syarikat A mempunyai baki pembiayaan RM1,000,000 dengan tempoh pembiayaan selama 10 tahun. Selepas 2 tahun, syarikat A tidak mampu membayar balik pembiayaan bulanan berjumlah RM14,000 sebulan disebabkan kekangan kewangan. Sekiranya syarikat A berjumpa dengan pihak institusi kewangan, berkemungkinan pihak bank boleh melakukan penjadualan atau penyusunan semula pembiayaan tersebut mengikut kesesuaian unjuran perolehan dan melaraskan bayaran bulanan pada amaun yang lebih rendah. Senario 2: Syarikat B mempunyai Overdraf dengan bank berjumlah RM500,000 yang mempunyai cagaran deposit tetap bernilai RM200,000. Jumlah baki Overdraf adalah RM510,000. Pihak bank akan meminta kebenaran dari syarikat B bagi mencairkan deposit cagaran untuk mengurangkan jumlah pembiayaan. Bank boleh melakukan penjadualan atau penyusunan semula baki pembiayaan berjumlah RM310,000 dalam bentuk bayaran bulanan mengikut kemampuan syarikat. Tanda-tanda Awal Tekanan Kewangan PKS mestilah peka terhadap tekanan kewangan ke atas syarikat supaya mampu mengambil tindakan segera untuk mengawal kedudukan kewangan dengan lebih efektif. Antara tanda-tanda awal tekanan kewangan yang selalunya menyebabkan kegagalan dalam perniagaan adalah seperti berikut: a) Lebihan stok dan jumlah penghutang yang banyak • Tempoh simpanan stok yang ideal ialah antara 2 hingga 3 bulan bergantung pada jenis perniagaan. Tetapi, sekiranya stok yang ada melebihi kitaran stok yang sepatutnya, ia akan mengakibatkan hasil jualan jatuh. • Stok yang tidak dapat dijual mengakibatkan peningkatan jumlah pemiutang. Ini kerana syarikat masih perlu membayar pemiutang untuk semua stok sama ada mampu atau tidak mampu dijual. b) Kekerapan penggunaan pembiayaan melebihi had kredit dan kelewatan pembayaran • Penggunaan pembiayaan yang melebihi had yang ditetapkan seperti kemudahan Overdraf dan kelewatan dalam mematuhi pembayaran balik jumlah faedah serta prinsipal pada tarikh pembayaran yang ditetapkan. c) Kadar perolehan syarikat dalam trend menurun • Perolehan syarikat selalunya akan turun naik. Tetapi, sekiranya perolehan syarikat dalam trend menurun ia akan menjadi petunjuk awal prestasi kedudukan kewangan syarikat yang lemah. d) Perkembangan industri yang kurang menyakinkan • Faktor seperti ketidaktentuan pasaran bahan mentah, permintaan dan harga permintaan yang lemah, kapasiti berlebihan, produk baru yang kurang diterima, perang harga akan menyebabkan ketidakstabilan dalam sesebuah industri. Ringgit • 5 Faktor-faktor yang menyumbang kepada masalah pengurusan kewangan serta tekanan kewangan ke atas perniagaan adalah seperti berikut: a) Amalan perakaunan yang tidak memuaskan Perniagaan akan gagal beroperasi dengan sebaiknya jika tiada rekod aktiviti kewangan atau simpan kira-kira secara sistematik dan konsisten. Lembaran Kewangan atau Penyata Kewangan (Kunci Kira-kira serta Penyata Untung Rugi) sepatutnya dijadikan sebagai rekod kewangan untuk menganalisa serta mengawal keluar masuk perolehan pendapatan dan perbelanjaan. b) Aliran tunai yang tidak stabil Aliran tunai adalah kadar wang masuk dan keluar (penerimaan dan pembayaran) dalam sesuatu perniagaan. Aliran tunai yang positif mampu melancarkan aktiviti perniagaan seharian manakala aliran tunai yang negatif menunjukkan arah aliran wang keluar melebihi aliran wang masuk. Situasi ini memberi isyarat awal masalah tekanan kewangan kepada syarikat. c) Bajet dan harga yang tidak realistik Dalam membuat unjuran jualan, hasil dan perbelanjaan yang tidak realistik boleh membawa kepada masalah kewangan yang mungkin sukar diatasi. Tidak mudah untuk mengurangkan perbelanjaan apabila pendapatan yang diperolehi adalah rendah, terutamanya dalam situasi apabila sesebuah syarikat telah bersetuju melaksanakan kontrak atau projek yang diterima dari sesuatu badan atau organisasi yang mana syarat dan termanya sukar untuk diubah. d) Kelemahan pengurusan kewangan Sekiranya pemilik atau pengurusan syarikat tidak mampu menguruskan kewangan perniagaan dengan baik maka ia akan menyukarkan kedudukan kewangan syarikat dalam memenuhi tanggungjawab pembayaran pembiayaan serta komitmen kewangan yang lain. e) Pengurusan kos Faktor ketara yang menyumbang kepada tekanan kewangan syarikat ialah apabila kos operasi perniagaan meningkat lebih cepat daripada pendapatan syarikat. Kesimpulannya, PKS harus peka kepada tanda- tanda awal tekanan kewangan supaya tindakan segera dapat diambil untuk menyelamatkan syarikat daripada masalah kewangan yang lebih rumit hingga menjejaskan daya maju perniagaan. PKS yang menghadapi masalah dalam mematuhi obligasi pembayaran balik pembiayaan perlu segera berbincang dengan pihak institusi kewangan untuk mencari jalan penyelesaian yang munasabah dan dipersetujui oleh kedua-dua pihak, bersesuaian dengan keupayaan kewangan dan prestasi semasa perniagaan. Langkah ini diharapkan dapat membantu PKS dalam memastikan perniagaan terus beroperasi dan dapat mengelakkan implikasi seperti tindakan undang-undang yang boleh diambil oleh pihak institusi kewangan. Sumber: Persatuan Bank-Bank dalam Malaysia 6 • Ringgit Semakin hari masyarakat semakin terbeban dengan kenaikan kos sara hidup yang tinggi disebabkan kenaikan harga barangan. Manakala gaji pula tidak naik setimpal dengan kenaikan kos. Hal ini menyukarkan pihak yang menerima kesan akibat keadaan ini. Terdapat dua cara untuk anda memperbaiki kedudukan kewangan, iaitu meningkatkan simpanan dan menambah pendapatan. Dengan meningkatkan simpanan, anda perlu berjimat cermat supaya lebih banyak simpanan dapat dilakukan. Dari segi menambah pendapatan pula, anda perlu melipatgandakan usaha, sama ada dalam kerjaya atau berniaga. Bergantung kepada keadaan dan kemampuan, dalam memperbaik keadaan kewangan, anda perlu melakukan dua cara ini. 1. Pilihan pertama adalah menambahkan penjimatan Meningkatkan penjimatan perlu dipertimbangkan bagi mereka yang mampu. Caranya, mengurangkan makan di luar, mengurangkan perbelanjaan, membeli barangan yang perlu sahaja, memilih barangan yang lebih murah dan menjimatkan elektrik. Cara ini juga sering menjadi pilihan ramai kerana ia boleh dilaksanakan dengan mengubah sedikit gaya hidup. Dua Cara Perbaiki Kewangan Perancangan kewangan memang penting untuk anda melakukan penjimatan. Anda perlu merancang pembelian dan perbelanjaan pada bulan ini dan akan datang. Pada masa yang sama, persetujuan dan kerjasama keluarga amat diperlukan supaya perancangan dapat dilaksanakan dengan sempurna. Angka yang sering disaran untuk melakukan tabungan adalah sekurang-kurangnya 10 peratus daripada pendapatan isi rumah, dan selebihnya akan digunakan untuk perbelanjaan harian. Tidak semua orang mampu menyimpan 10 peratus daripada pendapatan, terutama yang mempunyai keluarga yang besar dan tanggungan yang ramai. Golongan ini disarankan untuk menyimpan dua peratus dahulu dan meningkatkan peratusan ini pada bulan yang akan datang. Bagi mereka yang sudah menjadikan amalan menabung, kadangkala simpanan anda menjadi susut dengan kenaikan kos sara diri. Contohnya, pendapatan isi rumah sebanyak RM6,000 sebulan sebelum ini, dan anda dapat menyimpan RM600 sebulan dengan penjimatan dan kurang berbelanja. Tetapi dengan kenaikan harga barangan dan sebagainya, simpanan RM600 sebelum ini mungkin hanya menjadi RM400 sebulan. Ringgit • 7 Bagi meningkatkan penjimatan, ia perlu dilakukan setiap bulan tanpa mengira tahap hidup anda. Sekiranya anda tidak mampu lakukan simpanan yang banyak, ambil langkah secara perlahan-lahan demi memperbaiki keadaan kewangan keluarga. 2. Pi l ihan kedua adalah menambah pendapatan Pelbagai cara untuk menambah pendapatan, namun ia tidak semudah pilihan pertama, iaitu berjimat. Berjimat cermat bergantung kepada diri anda dan keluarga. Ia juga sesuatu yang boleh dikawal dengan usaha. Namun, menambah pendapatan bergantung kepada faktor luaran. Contohnya, kenaikan gaji, melabur atau memulakan perniagaan tidak semudah anda berjimat. Walaupun agak sukar, dengan cara yang betul, anda dapat memperbaiki keadaan kewangan anda dengan berlipat kali ganda. Contohnya, cara menambah pendapatan melalui peniagaan di internet dari rumah secara separuh masa. Kos perniagaan internet yang rendah dengan capaiannya yang tinggi membolehkan usahawan memulakan perniagaan dengan risiko yang lebih rendah berbanding jika anda membuka kedai atau premis yang memerlukan kos sewa dan belanja yang tinggi. Memulakan perniagaan sangat memerlukan ilmu bagi memastikan kejayaan. Dengan ilmu perniagaan, pendapatan dapat dilipatgandakan. Bayangkan sekiranya anda menjalankan perniagaan internet dan mendapat pendapatan RM400 sebulan. Digabungkan dengan penjimatan RM400 seperti yang dibincangkan pada awal tadi, jumlah peningkatan simpanan anda menjadi RM800 sebulan. Hebatnya menjalankan perniagaan ialah pendapatannya tiada had. Bergantung kepada ilmu yang dimiliki oleh usahawan, pendapatan boleh diperoleh bukan sahaja RM400 sebulan, malah RM4,000 sebulan atau RM40,000 sebulan boleh dicapai Kesimpulannya, dalam keadaan ekonomi sekarang, ramai tertekan dengan bebanan kos sara hidup dan keluarga, di samping ada yang mengharap bantuan daripada pihak lain untuk membantu. Apa sahaja cabaran yang mendatang, anda perlu menjadikan ia sebagai peluang untuk anda berubah menjadi insan yang terbaik. Sumber: artikel Wang Anda, Harian Metro, penulis Irfan Khairi “Walaupun agak sukar, dengan cara yang betul, anda dapat memperbaiki keadaan kewangan anda dengan berlipat kali ganda.” 8 • Ringgit Ruangan Bersama NCCC Membeli sesuatu produk atau barangan dari kedai dilihat sebagai urus niaga yang mudah. Walau bagaimanapun, anda baru sahaja terlibat dalam pertukaran kontrak. Kontrak bukan sahaja berlaku apabila anda menandatangani perjanjian, tetapi setiap kali anda membeli barangan dan perkhidmatan. Sebahagian besar kontrak yang anda mungkin terlibat tanpa disedari adalah kontrak lisan. Kontrak lisan Kontrak tidak perlu dibuat secara bertulis untuk menjadi peraturan yang boleh dikuatkuasakan. Malah, kontrak boleh dibuat tanpa mana-mana pihak mengucapkan atau mengata sesuatu. Sebahagian besar aduan yang diterima oleh NCCC berpunca daripada rasa tidak berpuas hati terhadap kontrak apabila pengguna mendapati bahawa penjual tidak memenuhi atau mengikut syarat yang ditetapkan dalam kontrak. Pengguna masuk dalam kontrak apabila mereka membeli barangan daripada penjual. Peranan seorang pengguna dalam kontrak adalah untuk Kontrak – Hak anda sebagai pengguna (Bahagian 1) membayar harga dan mengambil barangan yang dibayar olehnya. Penjual sebaliknya perlu memenuhi beberapa obligasi kontrak tertentu yang dikehendaki dalam Akta Perlindungan Pengguna 1999. Barang- barang yang dijual kepada pengguna hendaklah mempunyai kualiti yang boleh diterima, sesuai untuk tujuan yang dicadangkan, dan barang mematuhi deskripsi seperti ditetapkan dalam Akta. Adakah barangan yang dipamerkan untuk jualan dianggap sebagai tawaran? Harga yang dipamerkan pada barang-barang di kedai bukan tawaran untuk dijual. Dari segi undang-undang, ia adalah ‘pelawaan untuk tawaran’, yang bermaksud mengundang pengguna untuk membeli barangan pada harga yang tertentu. Pembeli telah membuat tawaran untuk membeli apabila dia membawa produk ke kaunter daftar keluar atau kaunter bayaran. Kedai tersebut dikatakan telah menerima tawaran anda apabila pembantu jualan mengimbas harga jualan atau anda telah membuat pembayaran untuk barang tersebut. Ringgit • 9 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Bolehkah tawaran tersebut ditarik balik? Suatu tawaran boleh ditarik balik pada bila-bila masa sebelum ia diterima atau sebelum proses jualan selesai. Begitu juga pembantu jualan itu boleh enggan menerima tawaran anda (iaitu untuk menjual kepada pembeli pada harga yang ketara). Pembantu kedai boleh, misalnya, mengatakan bahawa ‘harga barang dagangan itu tersilap; ia perlu menjadi lebih mahal’. Pengguna tidak boleh mendesak bahawa kedai menjual kepadanya pada harga tertentu kerana dia hanya membuat tawaran dan tawaran itu sentiasa boleh ditolak. Walaupun kedai itu boleh menolak untuk menjual, ia mungkin melakukan kesalahan melabelkan barangannya secara palsu. Bolehkah saya menukar fikiran saya? Anda boleh menukar fikiran anda bila-bila masa sebelum tawaran diterima. Sebaik sahaja tawaran itu diterima (juruwang terima barang dan mengimbas harga jualan) anda perlu membayar untuk barang- barang. Anda tidak boleh memaksa kedai untuk mengambil kembali barang tersebut hanya kerana anda telah menukar fikiran anda. Bolehkah saya menggantikan barang yang dibeli dengan sesuatu yang lain yang mempunyai nilai yang sama? Kedai-kedai ini bukan di bawah obligasi undang- undang untuk menukar barang-barang untuk anda, kecuali apabila barang tersebut rosak atau mempunyai kecacatan. Tetapi seringkali kedai akan membenarkan anda untuk menukar barangan yang rosak berdasarkan budi bicara kedai tersebut. Sumber: Pusat Khidmat Aduan Pengguna Nasional “Anda tidak boleh memaksa kedai untuk mengambil kembali barang tersebut hanya kerana anda telah menukar fikiran anda.” 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] .\t..J}..d 3/_| x©nnc©mc@Ux__f B3» P E .S_,:©_ EE:_EmE 5:5 ; z<2_zw... 35.55 .cm.§omcoE 35.“, m,E_E_c «cc: 9% 296232 om; cmE§ €53 mcmcmomw Esp cmmcms .o.m3 ._..u.mm_om Z<xDm<xw$_ Em_m.o 9. 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Public Notice
15 Aug 2012
Newly published: Guidelines on Agent Banking
https://www.bnm.gov.my/-/newly-published-guidelines-on-agent-banking-1
https://www.bnm.gov.my/documents/20124/761703/FAQs_agent_banking_20150430.pdf, https://www.bnm.gov.my/documents/20124/761703/01_agent_banking_20150430_1.pdf
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Reading: Newly published: Guidelines on Agent Banking Share: Newly published: Guidelines on Agent Banking Release Date: 15 Aug 2012 Guidelines on Agent Banking has been published. The PDF format document are available for download via the URL provided below: Agent Banking FAQs on Agent Banking © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed27 Draft5.PM6 131,73 A. * ¢Panduan P_éngggna/ .‘!.E"-’"'<\ ‘e_mbuat Phfianun L/ [H dalam - Sudahkah Anda Menulis Wasiat? - Takaful Keluarga hula" ini - Bagaimana Saya Boleh Membiayai Pembelian Ker-eta Saya? Lima Cara Mengur-us Wang ISSN 2180-3684 M GABUNGAN BANK NEGARA MALAYSIA 9 7 7 2 1 8 0 3 6 8 0 0 3 PERSATUAN-PERSATUAN CENTRAL BANK or MALAYSIA PENGGUNA MALAYSIA 2 • Pada suatu peringkat kehidupan, seseorang terpaksa meminjam daripada institusi kewangan. Bagaimanakah anda menyediakan diri anda dalam hal ini? Berikut adalah panduan yang boleh membantu anda dalam memilih produk pembiayaan yang sesuai. Apa yang perlu anda sematkan dalam fikiran? • Semua pinjaman mesti dibayar balik. • Pinjaman wang melibatkan kos. Oleh itu, jangan meminjam melebihi jumlah yang anda perlu atau mampu. • Anda perlu mengambil kira jumlah pembayaran bulanan yang anda mampu bayar berdasarkan jumlah pendapatan boleh guna, perbelanjaan dan tanggungan hutang yang lain. Jika tidak, anda mungkin menghadapi masalah dalam pembayaran balik pinjaman anda kelak. • Anda perlu peka bahawa peningkatan dalam kadar pembiayaan atau apa-apa perubahan yang mungkin mempengaruhi pendapatan atau perbelanjaan masa hadapan. Buat perbandingan untuk mendapatkan pakej pinjaman terbaik • Ambil masa untuk membandingkan kadar pembiayaan, tempoh ‘lock-in’ dan penalti, ciri-ciri produk yang ditawarkan, fi dan caj. • Perubahan yang sedikit dalam kadar pembiayaan boleh mengakibatkan perubahan besar dalam jumlah pembayaran balik. • Untuk membantu anda membuat perbandingan produk kewangan, institusi kewangan dikehendaki memberi anda satu Lembaran Panduan Pengguna Untuk Membuat Pinjaman Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 Penzahiran Produk (Product Disclosure Sheet) yang mengandungi maklumat-maklumat utama mengenai sesuatu produk pembiayaan. • Anda juga boleh merujuk kepada jadual perbandingan produk pembiayaan di laman sesawang infoperbankan, www.bankinginfo. com.my bagi membantu anda memilih produk yang paling sesuai untuk memenuhi keperluan dan kehendak anda. • Anda perlu membaca dan memahami terma-terma utama, caj-caj berkaitan dan tanggungjawab anda sebagai peminjam. • Sekiranya anda tidak memahami mana-mana terma, dapatkan penjelasan daripada institusi kewangan tersebut. • Pastikan anda memahami produk pembiayaan terlebih dahulu sebelum membuat sebarang keputusan untuk menerima produk tersebut. Apakah maklumat yang perlu dikemukakan semasa membuat permohonan pinjaman? • Slip gaji untuk 3 bulan yang terkini dan bukti-bukti pendapatan lain. • Penyata EPF terkini atau penyata cukai pendapatan. • Jika anda bekerja sendiri, penyata bank untuk 6 bulan terakhir dan penyata kewangan. • Hutang lain anda (contohnya pinjaman daripada koperasi, pelan pembayaran ansuran dengan pedagang dan lain-lain). Apakah tanggungjawab anda sebagai peminjam? • Memberi maklumat yang benar, tepat dan mencukupi di dalam borang permohonan. Maklumat yang tidak tepat mungkin menjejaskan profil risiko anda, yang menyebabkan institusi kewangan akan mengenakan kadar pembiayaan yang lebih tinggi. Institusi kewangan mungkin juga menolak permohonan pinjaman anda. • Anda mesti membaca dokumen pembiayaan sebelum menandatanganinya. • Membuat pembayaran sebelum atau pada tarikh pembayaran untuk mengelakkan daripada dikenakan penalti bayaran lewat. • Sekiranya anda mempunyai duit yang lebih, buat pembayaran balik pinjaman dahulu. Ini akan menjimatkan bayaran faedah. Semak dengan institusi kewangan anda untuk mengetahui sama ada fi akan dikenakan jika anda membuat penyelesaian awal. • Jelaskan ansuran tertunggak terlebih dahulu. Apakah hak anda sebagai peminjam? • Institusi kewangan mesti memberi anda notis 21 hari sebelum menukar terma-terma dan syarat- syarat perjanjian pinjaman (termasuk fi dan caj). • Institusi kewangan mesti memberi penyata akaun sekurang-kurangnya sekali setahun. Penyata tersebut mesti menunjukkan jumlah pembayaran yang telah dibuat dan jumlah yang dicajkan ke dalam akaun pinjaman anda. Apa yang akan berlaku jika kadar pembiayaan meningkat? • Jika pembiayaan anda berdasarkan kadar terapung, kadar pembiayaan mungkin berubah mengikut pertukaran dalam kadar rujukan atau profil risiko anda. • Apabila kadar pembiayaan meningkat, jumlah pembayaran balik dan kos pembiayaan adalah lebih tinggi pada akhir tempoh pinjaman. • Andaian anda meminjam RM250,000 untuk tempoh 20 tahun dengan kadar pembiayaan 6%, pembayaran ansuran bulanan anda adalah RM1,791. Jika kadar pembiayaan meningkat 1%, anda akan membuat bayaran tambahan sebanyak RM147 sebulan. Sekiranya kadar pembiayaan meningkat 2%, anda akan membuat bayaran tambahan sebanyak RM300 sebulan. Kini (Kadar=6%) Jika kadar naik 1% Jika kadar naik 2% Bayaran bulanan RM1,791 RM1,938 RM2,091 Jumlah kos faedah pada akhir 20 tahun Jumlah pembayaran balik pada akhir 20 tahun RM179,859 RM215,179 RM251,864 RM429,859 RM465,179 RM501,864 4 • “Jika anda menghadapi masalah dalam membuat pembayaran ansuran pinjaman, hubungi institusi kewangan anda dengan segera untuk membincangkan skim pembayaran balik yang sesuai.” Apa yang akan berlaku jika anda gagal membuat ansuran pinjaman? Jika anda menghadapi masalah dalam membuat pembayaran ansuran pinjaman, hubungi institusi kewangan anda dengan segera untuk membincangkan skim pembayaran balik yang sesuai. Jika tidak, institusi kewangan anda mungkin: • Mengenakan penalti bayaran lewat 1% setahun ke atas jumlah tunggakan. Ini akan meningkatkan baki pinjaman belum jelas anda. • Meningkatkan kadar pembiayaan. Faedah yang dikenakan ke atas pinjaman akan meningkat dan akhirnya anda akan membayar lebih tinggi. • Tolak selesai (set-off) baki pinjaman belum jelas anda dengan duit dalam akaun simpanan anda. • Mengambil tindakan undang-undang terhadap anda. Institusi kewangan anda mungkin menarik balik kereta (untuk pinjaman sewa beli) atau merampas dan melelong rumah anda (untuk pinjaman perumahan). Anda dikehendaki membayar semua kos berkaitan penarikan balik kereta atau lelongan rumah. Seandainya hasil lelongan tidak mencukupi, anda masih perlu membayar baki hutang kepada institusi kewangan. Anda mungkin ingin mendapat perkhidmatan Agensi Kaunseling dan Pengurusan Kredit (AKPK). AKPK adalah sebuah agensi yang ditubuhkan oleh Bank Negara Malaysia bagi menyediakan perkhidmatan pengurusan kewangan, kaunseling kredit, pendidikan kewangan dan penstrukturan semula pinjaman kepada individu. Semua perkhidmatan AKPK adalah percuma. Anda boleh menghubungi AKPK di: Aras 8, Maju Junction Mall 1001 Jalan Sultan Ismail 50250 Kuala Lumpur Tel : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Di mana anda boleh rujuk untuk membuat aduan? • Jika anda mempunyai pertanyaan atau masalah berhubung kontrak pembiayaan anda, hubungi unit aduan atau perkhidmatan pelanggan institusi kewangan anda terlebih dahulu. • Sekiranya anda tidak berpuas hati dengan keputusan dan penjelasan yang diberikan oleh institusi kewangan, anda boleh menghubungi Bank Negara Malaysia LINK atau TELELINK di: Blok D, Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel : 1-300-88-5465 E-mel : [email protected] • Anda juga boleh menghubungi Persatuan Bank- Bank Dalam Malaysia di: Tingkat 34, UBN Tower 10, Jalan P. Ramlee 50250 Kuala Lumpur Tel : 1-300-88-9980 Faks : 03-2078 8004 Sumber: infoperbankan • 5 Sudahkah Anda Menulis Wasiat? Ramai dalam kalangan anda tentu menganggap menulis wasiat adalah perkara yang tidak begitu penting dalam menguruskan perancangan masa hadapan. Maka, tidak hairanlah dilaporkan ramai orang Melayu tidak membuat persiapan menulis wasiat kerana beranggapan urusan harta diletakkan di bawah hukum faraid (pembahagian harta menurut Islam) sahaja. Penulisan wasiat seharusnya perlu dilakukan sekarang, iaitu semasa hayat anda masih ada dan semasa tubuh anda masih sihat. Ada pula yang mendakwa bahawa mereka tidak mempunyai harta yang hendak diwasiatkan. Sebagai seorang yang bertanggungjawab dan selagi anda mempunyai hutang, anda mestilah menyediakan satu penulisan berbentuk pesanan untuk waris anda menjelaskan hutang yang bakal ditinggalkan. Apakah Wasiat? Wasiat merupakan dokumen penyelesaian pusaka berbentuk arahan kepada Wasi (penama) untuk menyempurnakan segala hasrat pewasiat, termasuklah melaksanakan segala strategi perancangan dan pengagihan harta selepas kematian. Syarat-syarat Wasiat Islam • Pembahagian harta boleh dibuat dengan wasiat kepada bukan waris dan ahli waris yang terlindung daripada menerima harta pusaka melalui faraid. • Hanya satu pertiga (1/3) daripada baki harta selepas ditolak segala hutang yang masih belum diselesaikan boleh diwasiatkan. Dua pertiga (2/3) daripada harta pewasiat adalah merupakan hak ahli waris menurut Hukum Faraid. • Pewasiat boleh mewasiatkan hartanya melebihi satu pertiga (1/3) sekiranya semua ahli waris bersetuju dengan pembahagian tersebut selepas kematian pewasiat. • Pewasiat juga boleh mewasiatkan hartanya kepada ahli waris yang layak menerima faraid sekiranya dipersetujui oleh ahli-ahli waris yang lain selepas kematian pewasiat. Wasiat Bukan Islam • Pembahagian harta pusaka boleh dibuat melalui wasiat mengikut hasrat dan keinginan pewasiat kepada sesiapa sahaja yang dikehendaki. Ini adalah tertakluk kepada Akta Wasiat 1959. • Tanpa dokumen Wasiat, harta pusaka akan dibahagikan mengikut Akta Harta Pusaka Kecil (Pembahagian) 1955 dan Akta Pembahagian 1958. Berikut adalah perkara-perkara penting yang perlu anda ketahui untuk menulis wasiat:- Kelayakan Pewasiat (Musi) • Berumur lebih 18 tahun; • Sempurna akal; 6 • • Sukarela dan tidak dipaksa; • Tidak dihalang mengurus hartanya; dan • Jika pewasiat sedang sakit, dia hendaklah waras fikiran, baik ingatan dan memahami wasiat yang dibuat. Syarat Penerima Wasiat (Musolahu) Penerima wasiat hendaklah orang atau kumpulan orang yang:- • Wujud dan dikenali; • Mempunyai kelayakan memiliki harta yang diwasiatkan menurut mana-mana undang-undang bertulis; • Boleh menerima harta yang diwasiatkan menurut Hukum Syarak; dan • Jika ditentukan, dia hendaklah wujud semasa wasiat dibuat, dan jika tidak ditentukan, penerima wasiat tidak perlu wujud sama ada ketika wasiat itu dibuat atau ketika musi meninggal dunia. Harta Yang Boleh Diwasiatkan • Harta alih seperti kenderaan, wang tunai, wang simpanan, barang kemas, saham, insurans, dan lain-lain. • Harta tak alih seperti rumah, tanah, bangunan dan lain-lain. Galakan Berwasiat • Orang yang berharta • Orang yang lanjut usia • Orang yang tidak berkahwin • Orang yang mempunyai anak angkat • Orang yang berhutang • Orang yang tiada waris • Muallaf Mengapa Wasiat itu penting Berwasiat merupakan suatu tindakan mulia untuk menzahirkan keinginan pewasiat terhadap pembahagian harta yang dikumpul semasa hidup. Perwarisan harta yang dirancang melalui wasiat dapat diagihkan untuk tujuan kebajikan dan kepada keluarga yang tersayang selepas kematian. Faedah Penulisan Wasiat • Pelantikan wasi melalui dokumen wasiat akan memudahkan pengurusan dan pentadbiran harta pusaka selepas kematian. • Dapat menzahirkan hasrat pengagihan harta untuk tujuan kebajikan dan keluarga tersayang. • Menjamin masa depan insan yang anda sayangi dengan pembahagian yang dihasratkan. • Pelantikan penjaga yang dipercayai melalui wasiat akan menjamin kebajikan anak-anak di bawah umur selepas kematian anda. • Mengurangkan bebanan yang ditanggung oleh waris-waris yang ditinggalkan. Ciri-ciri Wasiat Islam Terdapat beberapa ciri dan prinsip wasiat Islam yang perlu dipatuhi: 1. Harta yang hendak diwasiatkan mestilah tidak lebih daripada sepertiga (1/3) daripada harta pusaka bersih, kecuali mendapat persetujuan daripada ahli-ahli waris. 2. Penerimanya hendaklah bukan waris, iaitu mereka yang tiada hak faraid atas pusaka si mati, kecuali mendapat persetujuan daripada ahli-ahli waris yang lain. 3. Jika penerima wasiat meninggal dunia semasa hayat pewasiat, maka wasiat tersebut adalah terbatal. 4. Jika penerima wasiat meninggal dunia selepas menerima wasiat dan selepas kematian pewasiat, maka haknya boleh diwarisi oleh waris penerima. 5. Selepas kematian pewasiat, perlu ditolak dahulu kos perbelanjaan pengkebumian dan pembayaran hutang si mati. 6. Wasiat boleh ditarik balik pada bila-bila masa kerana ia hanya berkuat kuasa selepas kematian pewasiat dan wasiat tersebut perlulah dibuat secara sukarela. Sumber: Majlis Agama Islam Negeri Selangor “Perwarisan harta yang dirancang melalui wasiat dapat diagihkan untuk tujuan kebajikan dan kepada keluarga yang tersayang selepas kematian.” • 7 Takaful keluarga memberikan anda perlindungan serta memperoleh simpanan jangka panjang. Anda atau waris akan mendapat manfaat dalam bentuk kewangan jika anda ditimpa kemalangan. Pada masa yang sama, anda akan menikmati simpanan persendirian jangka panjang kerana sebahagian daripada caruman anda akan didepositkan ke dalam sebuah akaun untuk tujuan simpanan. Anda akan menikmati pulangan pelaburan daripada caruman simpanan berdasarkan nisbah yang telah dipersetujui. Konsep Takaful dalam Takaful Keluarga Apabila anda menyertai takaful keluarga, anda akan mencarum sejumlah wang ke dalam dana takaful. Anda akan memeterai perjanjian (aqad) bagi sebahagian daripada caruman anda sebagai caruman penyertaan (tabarru’) dan sebahagian lagi sebagai simpanan pelaburan. Caruman anda dalam bentuk tabarru’ akan dimasukkan ke dalam sebuah dana (Akaun Khas Peserta atau AKP) yang akan digunakan untuk memenuhi tanggungjawab anda dalam saling membantu sekiranya salah seorang peserta ditimpa musibah, seperti kematian atau hilang upaya kekal. Jika anda masih hidup sehingga tarikh matang pelan tersebut, anda layak untuk berkongsi lebihan bersih daripada dana itu, jika ada. Pengendali takaful akan melaburkan caruman simpanan dan pelaburan anda (Akaun Peserta atau AP) dan keuntungan akan dikongsi antara anda dan pengendali takaful berdasarkan nisbah yang telah dipersetujui. Jenis perlindungan Takaful keluarga boleh dibahagikan seperti berikut:- • Takaful keluarga individu (perseorangan) – termasuk pelan pelajaran, gadai janji, kesihatan dan “rider”. Anda akan menerima manfaat kewangan jika berlaku kematian atau hilang upaya kekal, serta simpanan jangka panjang (pelaburan) dan keuntungan pelaburan yang akan diberikan sekiranya dituntut, matang atau serahan awal. • Takaful keluarga berkumpulan (majikan, kelab, persatuan dan kesatuan) – termasuk pelan pelajaran berkumpulan, perubatan berkumpulan, kesihatan dan “rider”. Jumlah minimum peserta dikehendaki untuk layak memasuki pelan ini. Anda akan mendapat perlindungan dalam bentuk manfaat kewangan sekiranya berlaku kematian atau hilang upaya kekal. • Anuiti – pelan yang memberi pendapatan tetap selepas anda bersara. Takaful Keluarga Anda akan menikmati pulangan pelaburan daripada caruman simpanan berdasarkan nisbah yang telah dipersetujui. 8 • • Berkaitan pelaburan – sebahagian daripada caruman anda akan digunakan untuk membeli unit-unit pelaburan seperti unit saham atau sekuriti pendapatan tetap. Perlindungan takaful merangkumi kematian dan hilang upaya kekal. Takaful keluarga “rider” merupakan tambahan kepada pelan takaful keluarga asas. “Rider” memberi perlindungan sekiranya berlaku kemalangan diri dan hilang upaya, perubatan dan kesihatan. Terma dan syarat utama Sebahagian daripada terma-terma penting ialah:- • Caruman – ialah ansuran caruman takaful anda yang dibayar kepada pengendali takaful. Anda boleh memilih untuk membayar caruman secara bulanan, suku-tahunan, separuh-tahunan ataupun tahunan. • Tempoh tangguh – anda akan dibenarkan tempoh tangguh selama 30 hari untuk menjelaskan bayaran ansuran caruman takaful. Jika anda meninggal dunia semasa tempoh tangguh, ansuran caruman takaful yang belum dijelaskan akan ditolak daripada jumlah manfaat takaful anda. • Tempoh matang – Anda boleh memilih sebarang tempoh matang yang sesuai untuk keperluan anda. Tempoh ini biasanya ialah dari 10 tahun hingga 40 tahun. Ciri-ciri penting takaful keluarga Sebahagian daripada ciri-ciri penting takaful keluarga ialah:- • Terbuka kepada semua individu berumur antara 18 hingga 55 tahun. • Anda mempunyai pilihan tempoh matang. • Tidak ada pelucutan hak (non-forfeiture) jika berlaku pembatalan. • Kemudahan untuk mengeluarkan sebahagian daripada caruman. • Perkongsian lebihan dengan pengendali takaful. • Menyediakan simpanan dan pelaburan jangka panjang. Pengecualian Takaful keluarga pada lazimnya tidak melindungi perkara-perkara berikut:- • Percubaan membunuh diri atau mencederakan diri sendiri dengan sengaja sama ada semasa anda siuman atau tidak. • Jika anda melanggar undang-undang. • Jika anda memprovokasi serangan. • Jika anda berada di bawah pengaruh dadah atau alkohol. • Jika anda menghidap AIDS atau HIV. • Sebab-sebab lain yang dilarang oleh undang- undang Syariah. Beritahu penama (wasi) anda • Beritahu penama anda tentang takaful keluarga yang anda sertai, sebarang perubahan yang telah dibuat dan tempat di mana anda menyimpan dokumen-dokumen tersebut. • Simpan dokumen-dokumen tersebut di tempat yang selamat. Letakkan maklumat-maklumat asas seperti nama pengendali takaful, jenis pelan, nombor sijil dan nama-nama penama di tempat yang berasingan. • Pastikan anda memaklumkan alamat penama anda dan pertukaran, jika ada, kepada pengendali takaful anda. Bagaimana anda boleh membuat tuntutan? Pengendali takaful akan membuat pembayaran kepada anda atau penama anda, bergantung kepada terma dan syarat di dalam sijil anda. Perkara-perkara yang perlu dilakukan semasa membuat tuntutan:- • Maklumkan kejadian kepada pengendali takaful anda dengan segera. • Untuk tuntutan matang, sediakan salinan sijil takaful keluarga. • Untuk tuntutan kematian, penama anda hendaklah menyediakan dokumen-dokumen berikut:- - Salinan sijil kematian yang disahkan; - Salinan kad pengenalan si mati; - Sijil takaful asal; - Bukti hubungan antara orang yang membuat tuntutan dan si mati; dan - Dokumen-dokumen lain yang diminta oleh pengendali takaful. Sumber: infoinsurans • 9 Lazimnya, orang akan membeli kereta dengan menggunakan pinjaman sewa beli. Sewa beli adalah penyewaan barangan dengan pilihan untuk membelinya pada akhir tempoh pinjaman. Dengan mengambil pinjaman sewa beli, anda dikenali sebagai penyewa dan institusi kewangan yang memberi pinjaman sebagai tuan punya kenderaan. Sebagai penyewa, anda perlu membuat bayaran ansuran berdasarkan terma dan syarat yang telah dipersetuju di bawah perjanjian sewa beli. Setelah semua bayaran ansuran dijelaskan, hak milik kereta tersebut akan dipindahkan kepada anda. Berapakah kemampuan anda? Kadar faedah untuk pinjaman kereta biasa berasaskan kadar sama rata. Mengikut Akta Sewa Beli 1967 (Pindaan 2010), kadar faedah maksimum yang dibenarkan ialah 10% setahun. Kiraan faedah adalah berdasarkan faedah atas jumlah pokok untuk sepanjang tempoh pinjaman sewa beli. Pengiraan boleh dilihat dalam contoh berikut:- Harga kereta RM50,000 Bayaran pendahuluan @ 10% RM5,000 Jumlah pinjaman sewa beli RM45,000 Kadar faedah (kadar sama rata) 5% setahun Tempoh pinjaman 5 tahun (60 bln) Pengiraan: Jumlah faedah yang dikenakan = Jumlah pinjaman x kadar x tahun = RM45,000 x 5% x 5 = RM11,250 Jumlah pinjaman + Faedah = RM45,000 + RM11,250 = RM56,250 Jumlah ansuran bulanan = RM56,250 / 60 bulan = RM938 Ansuran bulanan yang perlu dibayar ialah RM938 sebulan. Untuk mengetahui sama ada anda mampu membayar ansuran tersebut, gunakan formula berikut untuk memperoleh pendapatan bulanan minimum yang anda perlukan. Pengiraan jumlah pendapatan minimum ini atas andaian bahawa anda tidak ada ansuran lain. Jika anda mempunyai pinjaman lain, pastikan jumlah ansuran semua pinjaman tidak melebihi 40% daripada pendapatan bersih bulanan anda. Contoh: Pendapatan bersih bulanan = Bayaran ansuran bulanan kereta / 40% = RM938 / 40% = RM2,345 Dengan pendapatan RM2,345 tanpa komitmen pinjaman yang lain, anda mampu membayar ansuran tersebut. Walau bagaimanapun, anda masih perlu Bagaimana Saya Boleh Membiayai Pembelian Kereta Saya? 10 • KOS TETAP RM CATATAN 1. Bayaran Ansuran (dibundarkan) 938 RM45K @ 5% selama 5 tahun 2. Insurans 125 RM1,500 setahun / 12 bulan 3. Cukai Jalan 8 RM90 setahun / 12 bulan Jumlah kecil 1,071 KOS BOLEH UBAH 1. Petrol 225 Andaian RM0.15/km x 50km/hari x 30hari 2. Servis dan Penyelenggaraan 100 Berdasarkan anggaran 3. Parkir kereta/ tol 100 Berdasarkan anggaran Jumlah kecil 425 JUMLAH 1,496 Ilustrasi di atas tidak mengambil kira susut nilai kereta dan kos pembaikan. mengambil kira perbelanjaan berkaitan yang ditunjukkan di atas. Kiraan di atas menunjukkan bahawa kos memiliki kereta tersebut adalah jauh melebihi bayaran ansuran bulanan yang berjumlah RM938. Penyelesaian awal Anda berhak mendapat rebat ke atas faedah jika anda memilih untuk menyelesaikan lebih awal baki hutang di bawah perjanjian pinjaman sewa beli. Ini berdasarkan kiraan mengikut formula “Peraturan 78” yang sebahagian besar daripada faedah dikenakan pada peringkat awal pinjaman. Jika anda memutuskan untuk menjual kereta semasa tempoh pinjaman, anda perlu:- • Periksa jumlah penebusan dengan pihak pembiaya • Periksa nilai pasaran kereta • Bersedia untuk menjelaskan sepenuhnya baki pinjaman, jika ada, sebelum memindahkan hak milik atau menjual kenderaan kepada orang lain. Anda bertanggungjawab ke atas baki pinjaman selagi pinjaman sewa beli masih dibawah nama anda. Apa perkara lain yang perlu diawasi? Caj bayaran lewat Mengikut Akta Sewa Beli 1967 (Pindaan 2010), caj bayaran lewat maksimum terhadap ansuran tertunggak yang dikira setiap hari ialah 8% setahun. Oleh itu, disarankan anda membayar ansuran sewa beli sebelum tarikh akhir pembayaran bagi mengelakkan caj bayaran lewat dan penarikan balik kereta anda. Klausa penarikan balik Institusi kewangan boleh menarik balik kereta dalam keadaan seperti berikut:- • Apabila penyewa gagal membayar dua ansuran berturut-turut. Jika jumlah ansuran telah dibayar melebihi 75% daripada harga tunai kenderaan, pengambilan semula milikan boleh dibuat setelah mendapat Perintah Mahkamah; atau • Sekiranya penyewa meninggal dunia dan ansuran tidak berbayar selama empat bulan berturut-turut. Penyewa dikehendaki membayar kos penarikan balik dan kos penyimpanan di samping pembayaran ansuran tertunggak dan caj bayaran lewat untuk menuntut semula kereta tersebut. Sumber: Buku POWER! Pengurusan Wang Ringgit anda oleh Agensi Kaunseling dan Pengurusan Kredit (AKPK) • 11 Artikel ini akan membincangkan cara-cara yang boleh anda gunakan untuk mengurus wang dengan bijak. Dengan menggunakan panduan yang diberikan, anda akan dapat mengenal pasti teknik yang boleh diguna dalam mengurus wang dan memikirkan cara-cara lain yang bersesuaian dengan diri sendiri. 1. Urus Perbelanjaan Anda Dengan Bijak Kaji semula perbelanjaan anda dan kenal pasti perbelanjaan tetap dan boleh ubah. Bagi perbelanjaan boleh ubah seperti makan di tempat kesukaan atau membeli belah, kurangkan atau hadkan kekerapannya dan apa yang diperlukan adalah sedikit disiplin dan perubahan kepada aktiviti sosial anda. Bagaimana pula dengan perbelanjaan tetap? Ia adalah perbelanjaan yang tidak boleh dielak atau dikurangkan terus untuk disesuaikan dengan keadaan kewangan anda. Perkara yang selalunya dalam kategori ini melibatkan perbelanjaan besar seperti: • Pembiayaan rumah, kenderaan atau pinjaman pendidikan; • Pembayaran insurans; dan • Bil-bil lain yang tetap bayarannya, seperti bil pembetungan, cukai pintu dan cukai tanah Walaupun anda tidak boleh menghapuskan perbelanjaan sebegini, ada cara-cara yang boleh digunakan untuk mengurangkan perbelanjaan ini. 2. Kawal Perbelanjaan Anda Anda sepatutnya tidak berbelanja dengan sewenang- wenangnya. Segala usaha anda dalam berjimat cermat akan menjadi tidak berguna jika wang tunai berkurangan dan komitmen lain bertambah. Ingat! Hanya berbelanja untuk keperluan dan tangguhkan apa yang boleh. 3. Hadkan Penggunaan Kad Kredit Jika anda gemar berbelanja menggunakan kad kredit tanpa sebarang rasa bersalah, sudah tiba masanya sifat tersebut dikikis. Kad kredit memang memberi kemudahan, namun ia boleh menyusahkan jika anda tidak berdisiplin apabila menggunakannya. Dengan kad kredit, anda sebenarnya berbelanja menggunakan duit yang anda tidak ada pada masa ini. Lagi banyak anda berbelanja dan berhutang dengan bank, lagi tinggi bayaran dikenakan selepas dicampur dengan bayaran kadar faedah dan caj-caj lain. Hadkan penggunaan kad kredit kepada satu atau dua kad sahaja. Elakkan hutang kad kredit anda daripada terus bertambah dan jika boleh, jelaskan semua hutang kad kredit setiap bulan. 4. Bina Simpanan Anda Apabila telah mampu menguruskan wang, besar kemungkinan anda mempunyai lebihan wang tunai. Gunakan lebihan ini untuk membina simpanan. Pastikan simpanan ini mampu bertahan selama sekurang-kurangnya tiga bulan untuk menanggung perbelanjaan kehidupan seharian. Jika anda mempunyai lebihan daripada simpanan, anda boleh ke langkah seterusnya. 5. Cari Peluang-Peluang Pelaburan Yang Ada “Di mana ada masalah, di situ ada peluang” – Robert Kiyosaki. Kebanyakan orang gagal untuk melihat peluang yang ada daripada sesuatu krisis. Sebenarnya, ketika waktu yang tidak menentu, terdapat peluang-peluang yang baik dalam pelaburan, tidak kira dalam pasaran saham, hartanah atau produk pelaburan yang lain. Oleh itu, jika mempunyai lebihan wang, pelajari kaedah dan cari peluang-peluang pelaburan yang ada dengan mengambil kira tahap toleransi risiko anda. Sebenarnya, terdapat pelbagai lagi teknik dan cara yang boleh anda gunakan untuk mengurus wang dengan bijak. Setiap satunya terpulang kepada cara hidup dan apa yang anda anggap penting dalam hidup. Berhubung dengan kami melalui Facebook dengan menaip “Bijak Mengurus Wang SIDC” dan ketahui lebih banyak maklumat mengenai topik pengurusan kewangan dan pelaburan bijak. © Securities Industry Development Corporation. Untuk maklumat lanjut tentang pengurusan kewangan dan pelaburan bijak, layari laman web Pelabur Malaysia (www.min.com.my). Jika anda ingin berkongsi, menerbit atau mengedarkan artikel ini sila e-mel ke: [email protected]. Lima Cara Mengurus Wang Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman web : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman web : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman web : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman web : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
13 Jul 2012
Financial Consumer Alert: Be alert of the common features of illegal schemes
https://www.bnm.gov.my/-/financial-consumer-alert-be-alert-of-the-common-features-of-illegal-schemes-1
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Reading: Financial Consumer Alert: Be alert of the common features of illegal schemes Share: Financial Consumer Alert: Be alert of the common features of illegal schemes Release Date: 13 Jul 2012 More info © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
29 May 2012
BNM Portal Post System Upgrade: Kindly update all your bookmark/favourite links
https://www.bnm.gov.my/-/bnm-portal-post-system-upgrade-kindly-update-all-your-bookmark/favourite-links
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Reading: BNM Portal Post System Upgrade: Kindly update all your bookmark/favourite links Share: BNM Portal Post System Upgrade: Kindly update all your bookmark/favourite links Release Date: 29 May 2012 Arising from BNM portal system wide upgrade last Friday, old/existing bookmarked links to BNM portal may not be working correctly. Hence users are encouraged to remove or update their old bookmarks/favourites to BNM portal and create fresh bookmarks in their chosen web browsers. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
25 May 2012
BNM Portal Scheduled System Upgrade from Friday, 25 May (10 p.m.) until Sunday, 27 May 2012 (10 a.m.)
https://www.bnm.gov.my/-/bnm-portal-scheduled-system-upgrade-from-friday-25-may-10-p.m.-until-sunday-27-may-2012-10-a.m.-
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Reading: BNM Portal Scheduled System Upgrade from Friday, 25 May (10 p.m.) until Sunday, 27 May 2012 (10 a.m.) Share: BNM Portal Scheduled System Upgrade from Friday, 25 May (10 p.m.) until Sunday, 27 May 2012 (10 a.m.) Release Date: 25 May 2012 Please be informed that Bank Negara Malaysia portal will undergo a scheduled system upgrade starting 10 p.m. Friday, 25 May until 10 a.m. Sunday, 27 May 2012. Mitigation measures have been taken to ensure smooth transition to the new system. Nevertheless, during this period users may experience intermittent service disruption or occasionally unavailability of the portal. Any inconvenience caused by this upgrading activity is deeply regretted. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
20 Apr 2012
Academic Visit Calendar 2012
https://www.bnm.gov.my/-/academic-visit-calendar-2012
https://www.bnm.gov.my/documents/20124/761703/BNM_form_2012.pdf, https://www.bnm.gov.my/documents/20124/761703/en_bnm_academic_cal.pdf, https://www.bnm.gov.my/documents/20124/761703/en_bnm_procedures.pdf
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Reading: Academic Visit Calendar 2012 Share: Academic Visit Calendar 2012 Release Date: 20 Apr 2012 Bank Negara Malaysia is pleased to invite higher learning institutions/secondary schools (A-Level) to attend series of talks as per Academic Visit Calendar 2012. Delegation will be briefed on the specific topic identified by a subject matter expert. The place is limited. Therefore, enrolment is based on first come, first serve basis. Details of the visit programme are as follows: Duration AM Session - 9.30 a.m.-12.00 p.m. PM Session - 2.30 p.m.-5.00 p.m. Programme 1-2 hours - Briefing session with a respective subject matter expert 1 hour - Tour at the Museum and Arts Gallery of Bank Negara Malaysia Venue A - BNM HQ Auditorium B - Sasana Kijang Auditorium Institutions intent to hold this academic excursion based on the following fixed dates to Bank Negara Malaysia should forward the application by filling up the registration form, enclosed together with a cover letter (using respective institution's letter head) and to the address below: Director Facilities Management Department Sasana Kijang Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur Tel: 603 9179 2910 (Mr. Arman Shah Mahat)/603 9179 2919 (Mr. Ahmad Khusyairi Mohd Ali) Fax: 603 9179 2157 E-mail: [email protected] / [email protected] Please read the visit procedures and guidelines. For any enquires, please contact the officers in-charge as stated above.  © 2024 Bank Negara Malaysia. All rights reserved.
Microsoft Word - lawatan.doc Facilities Management Department   Academic Visit 2012  (Sila tanda (√ ) di ruangan berkenaan/Please tick (√ ) on boxes where applicable) Lampiran 2 BORANG PENDAFTARAN/REGISTRATION FORM (Borang hendakhlah diisi oleh pensyarah/ketua projek/ Form to be fill up by the respective lecturer/project leader) Nama/Name : Jawatan/Designation : Institusi/Institution : Rekod Lawatan/ Visit History : Kali Pertama/First Visit Lain-lain/Others (please specify the date) _________________________ Topik/Topic : Sesi/Session (Tarikh/Date) : MAKLUMAT DELEGASI/DELEGATION DETAILS Fakulti/Faculty : Tahap Belajar/ Level of Study : Semester/Semester : Jumlah Peserta/ No. of Pax : Maklumat Tambahan/Additional Information : Tandatangan Pemohon/ Applicant’s Signature …………………………………………… Tarikh/Date : KELULUSAN/APPROVAL Ketua Program/Head of Programme atau/or Pengetua/Principal Nama/Name : Jawatan/Position : Ketua Program/Head of Program Pengetua/Principal Tandatangan/ Signature …………………………………………… Tarikh/Date : (Seksyen ini untuk kegunaan dalaman BNM/ This section is to be filled up by BNM Officer in charge) PENGESAHAN PENERIMAAN BORANG/ACKNOWLEDGEMENT OF FORM RECIEVAL (Disahkan oleh Pegawai BNM bertugas/To be acknowledged by BNM Officer on duty) Name : Date : Signature …………………………………………… PENGESAHAN PENYERTAAN/CONFIRMATION OF ENROLMENT (Disahkan oleh Pengurus Seksyen/To be confirmed by Section Manager) Name : Date : Signature …………………………………………… Microsoft Word - lawatan.doc Facilities Management Department               Jabatan Pengurusan Fasiliti  Academic Visit 2012  Academic Visit Calendar 2012 Date Session Venue Topic AM B Introduction to Islamic Banking and Finance 8 May 2012 PM A POWER! Programme AM A Introduction to the Malaysian Currency 5 June 2012 PM B POWER! Programme AM B Career Opportunities in the Banking and Finance Industry 4 July 2012 PM A POWER! Programme AM B Roles and Functions of Bank Negara Malaysia 6 August 2012 PM A POWER! Programme AM B Introduction to Islamic Banking and Finance 11 September 2012 PM A POWER! Programme AM A Introduction to the Malaysian Currency 3 October 2012 PM A POWER! Programme AM B Career Opportunities in the Banking and Finance Industry 6 November 2012 PM A POWER! Programme AM A Introduction to Islamic Banking and Finance 11 December 2012 PM A POWER! Programme Microsoft Word - lawatan.doc Facilities Management Department   Academic Visit 2012  (Sila tanda (√ ) di ruangan berkenaan/Please tick (√ ) on boxes where applicable) Lampiran 2 BORANG PENDAFTARAN/REGISTRATION FORM (Borang hendakhlah diisi oleh pensyarah/ketua projek/ Form to be fill up by the respective lecturer/project leader) Nama/Name : Jawatan/Designation : Institusi/Institution : Rekod Lawatan/ Visit History : Kali Pertama/First Visit Lain-lain/Others (please specify the date) _________________________ Topik/Topic : Sesi/Session (Tarikh/Date) : MAKLUMAT DELEGASI/DELEGATION DETAILS Fakulti/Faculty : Tahap Belajar/ Level of Study : Semester/Semester : Jumlah Peserta/ No. of Pax : Maklumat Tambahan/Additional Information : Tandatangan Pemohon/ Applicant’s Signature …………………………………………… Tarikh/Date : KELULUSAN/APPROVAL Ketua Program/Head of Programme atau/or Pengetua/Principal Nama/Name : Jawatan/Position : Ketua Program/Head of Program Pengetua/Principal Tandatangan/ Signature …………………………………………… Tarikh/Date : (Seksyen ini untuk kegunaan dalaman BNM/ This section is to be filled up by BNM Officer in charge) PENGESAHAN PENERIMAAN BORANG/ACKNOWLEDGEMENT OF FORM RECIEVAL (Disahkan oleh Pegawai BNM bertugas/To be acknowledged by BNM Officer on duty) Name : Date : Signature …………………………………………… PENGESAHAN PENYERTAAN/CONFIRMATION OF ENROLMENT (Disahkan oleh Pengurus Seksyen/To be confirmed by Section Manager) Name : Date : Signature ……………………………………………
Public Notice
28 Mar 2012
BNM to host the 3rd Global Islamic Finance Forum (GIFF) from 18th to 20th September 2012
https://www.bnm.gov.my/-/bnm-to-host-the-3rd-global-islamic-finance-forum-giff-from-18th-to-20th-september-2012-1
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Reading: BNM to host the 3rd Global Islamic Finance Forum (GIFF) from 18th to 20th September 2012 Share: BNM to host the 3rd Global Islamic Finance Forum (GIFF) from 18th to 20th September 2012 Release Date: 28 Mar 2012 Bank Negara Malaysia will host the third Global Islamic Finance Forum (GIFF) in Kuala Lumpur from 18th to 20th September 2012. Following the success of GIFF in 2007 and 2010, this hallmark event will feature not only intellectual discourse among the industry experts but also provide a viable platform to seize business opportunities with the renowned market leaders from the business community. GIFF 2012 is themed "Bridging Economies through Internationalisation of Islamic Finance" in recognition of the tremendous international prospect surrounding this thriving industry. Click on the link below for further information. http://bit.ly/GIFF © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
23 Mar 2012
Briefing slides are now available for download
https://www.bnm.gov.my/-/briefing-slides-are-now-available-for-download-2
https://www.bnm.gov.my/documents/20124/761703/press_conference_slides_20120321.pdf
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Reading: Briefing slides are now available for download Share: Briefing slides are now available for download Release Date: 23 Mar 2012 The briefing slides for Annual Report 2011 and Financial Stability and Payment Systems Report 2011 are now available for download: Press Conference - Briefing by Governor, 21 March 2012 [ PDF, 738KB ] © 2024 Bank Negara Malaysia. All rights reserved.
Slide 1 1 Taklimat Laporan Tahunan 2011 dan Laporan Kestabilan Kewangan dan Sistem Pembayaran 2011 Gabenor Bank Negara Malaysia 21 Mac 2012 2 Global growth projection for 2012 Key challenge for 2012 : To sustain the economic recovery Source: National authorities, IMF World Economic Outlook, January 2012 Update 2010 2011 2012f Annual change (%) World GDP 5.2 3.8 3.3 World Trade 12.7 6.9 3.8 US 3.0 1.7 1.8 Euro area 1.9 1.5 -0.5 Japan 4.4 -0.9 1.7 Developing Asia 1/ 9.5 7.9 7.3 China 10.3 9.2 8.2 ASEAN-5 2/ 6.9 4.8 5.2 Note: Forecasts for 2012 are IMF’s projections 1/ IMF: Asia ex-NIEs 2/ IMF: Indonesia, Malaysia, Philippines, Thailand and Vietnam • Recent improvements :  Lower volatility in the global financial markets  Progress in addressing the European sovereign debt crisis, including alleviating the risks of a disorderly default in Greece  Emerging signs of recovery in the US • Factors affecting growth in several major economies: Fiscal austerity in economies  Deleveraging activity by private sector  Structural reforms that result in near-term economic dislocation 3 3 5 7 9 11 13 D ec -0 7 Ju n- 08 D ec -0 8 Ju n- 09 D ec -0 9 Ju n- 10 D ec -1 0 Ju n- 11 D ec -1 1 0 1 2 3 4 5 6 US Euro area Japan (RHS) %% -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 D ec -0 7 Ju n- 08 D ec -0 8 Ju n- 09 D ec -0 9 Ju n- 10 D ec -1 0 Ju n- 11 D ec -1 1 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 % 70 90 110 130 150 Q 1- 00 Q 3- 01 Q 1- 03 Q 3- 04 Q 1- 06 Q 3- 07 Q 1- 09 Q 3- 10 70 90 110 130 150 % Advanced economies: Structural issues continue to affect the pace of economic recovery % Restrained credit conditionsHigh unemployment rate Continued deleveraging activity1 32 Source: National authorities, Haver, IMF Unemployment rate (%) Household debt (% of disposable income) Credit (yoy, %) % 4 Asia: Continued growth amid the weaker external environment -8 -6 -4 -2 0 2 4 6 8 10 12 4Q 2 00 8 1Q 2 00 9 2Q 2 00 9 3Q 2 00 9 4Q 2 00 9 1Q 2 01 0 2Q 2 01 0 3Q 2 01 0 4Q 2 01 0 1Q 2 01 1 2Q 2 01 1 3Q 2 01 1 4Q 2 01 1 ppt Region ex-China: Contribution to GDP growth Net exports Changes in Stocks Government Investment Private Consumption GDP growth (yoy, %) • Spillovers from the advanced economies are via the trade and financial channels • Domestic demand to be the main contributor to growth, mitigating the impact of weaker external demand. • Several Asian economies have announced fiscal measures to support domestic demand. 5 Asia: Volatility in international capital flows amid uncertain global environment USD mn Total cumulative flows (USD mn) Source: EPFR 6 Global inflation to moderate amid lower commodity prices 0 50 100 150 200 250 300 350 400 450 500 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 Metals Crude oil Food US Euro UK East Asia-9 … containing inflationary pressures Index (Jan ’03 = 100) Yoy (%) Despite the increase in recent months, global commodity prices are expected to be lower 7 BoE’s QE expansion: +₤75 bn 0.00 2.00 4.00 6.00 8.00 10.00 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 US (0-0.25%) Korea (3.25%) P.R. China (6.56%) % India (8.50%) Thailand (3.00%) Indonesia (5.75%) Source: National authorities Dec ‘11Oct ‘11 Nov ‘11 ECB’s LTRO: Gross liquidity injection +€489 bn BoE’s QE expansion: +₤50 bn ECB’s 2nd LTRO: +€530 bn Liquidity easing measures announced by the advanced economies since end-2011 Jan ‘12 Fed extended low interest rate to 2014 Feb ‘12 Coordinated central bank action to increase liquidity Monetary authorities shifting policy focus towards supporting growth Policy Interest Rates 8 The Malaysian economy to register a growth of 4−5% in 2012 despite the weaker external environment Source: Department of Statistics, Malaysia and Bank Negara Malaysia 4.0% 5.0% 5.1% p preliminary f forecast • Domestic demand to remain resilient and will continue to be the anchor for growth • Weaker demand in the global economy to weigh down Malaysia’s export sector 9 Domestic demand to remain resilient and will continue to be the main driver of growth in 2012 2011p 2012f 2011p 2012f Annual change (%) Contribution to growth (p.p) Domestic demand (excluding stocks) 8.2 6.6 7.2 6.0 Private sector 8.2 6.6 5.2 4.4 Consumption 6.9 6.2 3.7 3.4 Investment 14.4 8.3 1.6 1.0 Public Sector 8.2 6.7 2.0 1.7 Consumption 16.8 0.2 2.2 0.0 Investment -2.4 16.2 -0.3 1.6 Net exports -14.4 -1.4 -1.4 -0.1 Exports of goods & services 3.7 1.4 4.0 1.5 Imports of goods & services 5.4 1.6 5.4 1.6 Real GDP 5.1 4.0 ~5.0 5.1 4.0 ~ 5.0 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast • Sustained expansion in domestic demand following continued expansion in private and public expenditure • Private investment remains strong • Public sector to remain supportive of growth, driven by higher capital expenditure 10 Private consumption will remain strong The continued strength of consumption is underpinned by: • Sustained income growth in the private sector • Stable labour market with continued job creation • Higher public sector wages • Continued access to financing p preliminary f forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia 11 Private investment to expand further Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary; f forecast RM bil Annual change (%) 2010 2011p 2012f Real private investment 17.7 14.4 8.3 Private investment to be underpinned by: • Capital spending in consumer-related services and manufacturing industries • Investment in the mining and agriculture sectors • Implementation of ETP projects • Reinforced by inflows of FDI 12 FDI to remain sizeable in 2012 Net FDI inflows into Malaysia 29.5 24.1 5.0 29.3 30.032.9 0 10 20 30 40 50 2007 2008 2009 2010 2011p 2012f RM billion p preliminary; f forecast Source: Department of Statistics, Malaysia and Bank Negara Malaysia • Net inflows of FDI to moderate but remain sizeable in 2012 - Moderation in global FDI flows - Inflows into new growth areas - ETP projects in the oil and gas sector to support FDI inflows. • Further liberalisation of several services sub-sectors will also spur FDI inflows 13 Public sector remains supportive of growth 2011p 2012f Annual change (%) Public sector 8.2 6.7 Consumption 16.8 0.2 Investment -2.4 16.2 Contribution to growth (p.p) Public sector 2.0 1.7 Despite fiscal rationalisation to contain deficit, public investment to expand significantly in 2012: • Supported by higher Fed. Govt. development expenditure and investments by NFPEs • Implementation of Special Stimulus Package through Private Financing Initiative Public consumption to register a positive growth: • Significant moderation in expenditure on supplies and services 14 % share of GDP (2011) 2011p 2012f Annual change (%) Services 58.6 6.8 5.1 Manufacturing 27.5 4.5 3.9 Agriculture 7.3 5.6 3.8 Mining 6.3 -5.7 0.6 Construction 3.2 3.5 6.6 Real GDP 100.0 5.1 4.0 ~ 5.0 Continued expansion across most sectors • Performance of domestic- oriented industries expected to remain firm • Weaker external conditions to adversely affect the export- oriented manufacturing industries and trade-related services • Construction sector to be lifted by civil engineering projects Source: Department of Statistics, Malaysia and Bank Negara Malaysia p Preliminary f Forecast 15 Domestic-oriented industries to continue to support growth • Growth in domestic-oriented industries expected to remain firm going forward: – Construction-related manufacturing industry to benefit from civil engineering projects – Resilient domestic demand to support consumer-related manufacturing and distributive trade services activity Source: Department of Statistics, Malaysia Industrial Production Index and Sales 16 External trade to moderate in 2012 • Exports to moderate on weak external demand • E&E exports to decline, but non- E&E exports will support manufactured exports • Imports to moderate faster than exports, widening the trade balance Annual change (%) 2011p 2012f Gross exports 8.7 3.2 Manufactured 3.4 4.5 E&E -4.1 -1.0 Non-E&E 12.8 10.4 Commodities 26.4 -1.7 Agriculture 32.9 -9.3 Minerals 20.4 6.1 Gross Imports 8.6 3.0 Capital 9.7 6.8 Intermediate 5.4 2.5 Consumption 19.0 3.7 Trade balance (RM bn) 120.3 125.6 Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 17 Current account surplus to remain large Large surplus in the current account to be supported by • Sustained large trade surplus • Lower deficits in services and income accounts 12.2%11.8% RM97.9b RM109.5b Source: Department of Statistics, Malaysia and Bank Negara Malaysia p preliminary f forecast 18 Headline inflation to range between 2.5 – 3.0% in 2012 3.0% Note: Inflation forecast refers to the central bank’ official forecast. The inflation forecast for China is its central bank’s inflation target 19 Headline inflation to range between 2.5 – 3.0% in 2012 3.0% Note: Inflation forecast refers to the central bank’ official forecast. The inflation forecast for China is its central bank’s inflation target 20 Monetary policy in 2012 1.5 2.0 2.5 3.0 3.5 4.0 Ju l-0 8 O ct -0 8 Ja n- 09 Ap r- 09 Ju l-0 9 O ct -0 9 Ja n- 10 Ap r- 10 Ju l-1 0 O ct -1 0 Ja n- 11 Ap r- 11 Ju l-1 1 O ct -1 1 Ja n- 12 % Overnight Policy Rate (OPR) • The OPR was normalised and raised further to 3.00% in 2011 • For 2012, monetary policy will focus on: – Promoting sustainable growth amidst the more challenging external environment – Ensuring price stability – Preventing a build-up in financial imbalances 3.00% 21 Financing conditions to continue to remain favourable Net financing growth sustained… 30 40 50 60 70 80 90 100 110 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Businesses Households Loans Applications by Businesses and Households RM billion 20102009 2011 … supported by robust demand for loans by businesses and households 6 9 12 15 Ja n- 09 M ar -0 9 M ay -0 9 Ju l-0 9 Se p- 09 N ov -0 9 Ja n- 10 M ar -1 0 M ay -1 0 Ju l-1 0 Se p- 10 N ov -1 0 Ja n- 11 M ar -1 1 M ay -1 1 Ju l-1 1 Se p- 11 N ov -1 1 Ja n- 12 Loan growth: 12.1% Net financing growth: 13.5% Total Financing Annual change (%) 22 Volatile portfolio flows expected to persist Portfolio flows largely driven by global events in 2011… …in line with regional trend 1 Malaysia: Portfolio Capital Flows in 2011 Period in 2011 Net Portfolio flows (RM billion) Drivers 1H +56.4 • Emerging economies’ (EE) strong stock market performance • Strong economic data by EE • Fed announcement to keep interest rates low 2H -26.1 • Downgrade of US credit rating • News on possible downgrade of France • Concerns over Greek sovereign debt crisis Year +30.2 - -0.5 0.0 0.5 1.0 1.5 2.0 2.5 -40 0 40 80 120 160 200 D ec -0 6 A pr -0 7 A ug -0 7 D ec -0 7 A pr -0 8 A ug -0 8 D ec -0 8 A pr -0 9 A ug -0 9 D ec -0 9 A pr -1 0 A ug -1 0 D ec -1 0 A pr -1 1 A ug -1 1 USD billionUSD billion Cumulative net equity fund flows (since Jan 07) All Emerging Economies (LHS) Malaysia (RHS) Source: DOSM Source: EPFR Note: Numbers may not necessarily add up due to rounding 23 Ringgit performance driven by external developments • Despite volatile capital flows, ringgit adjustments remained orderly • Ringgit has strengthened in 2012 amid inflows MYR performance against selected currencies in 2010 and 2011 % MYR appreciation% MYR depreciation 24 International reserves remain at healthy levels Net International Reserves (Jan’08 - Feb12) Source: BNM • International reserves remain high, mainly supported by current account surplus – Also reflected inflow of portfolio and foreign direct investments. – Partially offset by higher outflow of direct investment abroad. 25 Financial position remained strong in 2011 : • Total assets of BNM amounted to RM473 billion with International Reserves of RM423.4 billion (USD133.6 billion) • Net profit of RM4.7 billion • Dividend of RM2 billion to the Government Bank Negara Malaysia : Annual Financial Statements 2011 26 FINANCIAL STABILITY AND PAYMENT SYSTEMS REPORT 2011 Press Conference 3/22/2012 27 Financial stability was preserved throughout 2011 Banking Sector (%) 2010 Jan-12 Capital Adequacy Risk-Weighted Capital Ratio Core Capital Ratio Capital Buffer (RM bil) 14.8 13.0 64.8 14.7 12.9 71.1 Profitability Return on Assets Return on Equity 1.5 16.6 1.6^ 17.4^ Asset Quality Net impaired loans ratio Loan in arrears (1-<3 months) 2.3 4.1 1.9 3.6 Liquidity Position Liquidity buffer (<1 mth, % of deposits) 16.2 17.5 Insurance/Takaful Sector (%) 2010 2011 Capital Adequacy Capital Adequacy Ratio Capital Buffer (RM bil) 224.6 18.6 222.5 20.1 Profitability Profits (RM bil) 16.3 14.5 Source: Bank Negara Malaysia • Financial indicators at strong levels • Financial intermediation supportive of the economy • Orderly functioning of financial markets despite higher volatility • Confidence in banking system preserved • Stress tests reaffirm financial sector resilience under adverse market and credit risk scenarios ^ Reflects 2011 position 28 Early implementation of wide-ranging measures have begun to show results • More moderate expansion in indebtedness – HH debt grew 12.5% (2010: 13.7%) – HH debt-to-GDP: 76.6% • Lower growth in borrowers with multiple housing loans (2011: 2.9%; 2010: 14.9%) • Slower increase in house prices – The MIER residential property index moderated to 120 points in 4Q 2011 (1Q 2011: 130 points) 0 50 100 150 200 2009 2010 2011 % 0 5 10 15 20 25 Annual  growth, % HH debt to GDP HH Financial Assets to GDP HH Debt Growth (RHS) HH Fin Asset Growth (RHS) HH Deposits Growth (RHS) Household financial assets and debt (growth and as % of GDP) 6.6 10.6 ‐5 0 5 10 15 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q National Average Kuala Lumpur Selangor Johor Penang Annual Growth  % Malaysian House Price Index Source: NAPIC 2009 2010 2011 MIER: Malaysian Institute of Economic Research 29 Risks to financial stability from household indebtedness remains contained • Households continue to maintain sound financials – Household financial asset-to-debt ratio of 2.3 times • Banks maintain prudent loan underwriting standards and risk management practices • Trends in delinquency declining – Declining loan-in-arrears – Credit card revolving balances grew at slower pace (Apr-Dec 2011: 11.9%, Jan- Mar 2011: 20.3%) Household Delinquencies Ratio 2.6 1.8 0 2 4 2008 2009 2010 2011 Ratio % LIA ratio ILR ratio ILR = Impaired loans ratio 2.3 1.2 1.9 1.8 0.4 0 3 6 2008 2009 2010 2011 % Housing loans Car financing Personal use Credit cards Purchase of securities 30 Lower income households in urban centres face greater challenges • More highly leveraged, with borrowings mainly concentrated in hire purchase and/ or personal loans • But exposure to the banking system is relatively small – Bank exposures to borrowers earning <RM3,000 account for less than 13% of total banking system loans • Responsible lending guidelines to contain accumulation of debt above levels that are affordable, particularly for more vulnerable households • Further supported by established and well-functioning debt management mechanisms at individual banks and AKPK, and Government initiatives to ease financial burden Source: Bank Negara Malaysia, Department of Statistics, Malaysia and Internal Estimate Leverage Position Estimate by Income Group Monthly  Income Total Leverage (times of annual income) Outstanding Loans (RM bil) % Banking System Loans < RM3k 4.4 – 9.6 127.4 12.7 > = RM 3k 2.3 ‐ 4.1 425.5 42.4 31 Contagion risks from external developments well-contained Volatility in prices and portfolio flows effectively intermediated Volatility remains elevated but well below levels at height of the global financial crisis 90-day volatility (%) 0 5 10 15 20 25 30 35 40 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 KLCI MGS (5-year yield) [RHS] Lehman collapse European sovereign debt crisis Favourable trading liquidity Source: Bloomberg Intensification of European sovereign debt crisis 2010 average 2011 average Monthly turnover ratio (%) • FBM KLCI 2.0 2.1 • Public debt 21.1 27.6 Bid ask spread (bps) • FBM KLCI 4.4 4.7 • MGS 12.1 10.0 1 32 ‐25 ‐20 ‐15 ‐10 ‐5 0 5 10 15 All maturity < 1‐week < 1‐month 8.2 0 500 1,000 1,500 2,000 2,500 2008 2009 2010 2011 0 2 4 6 8 10 Domestic External External funding as % total funding (RHS) Low reliance by banks on external funding RM billion Overall USD funding and liquidity mismatches are manageable RM billion 2008          2009               2010             2011       2 Contagion risks from external developments well-contained Foreign currency liquidity conditions tighter but manageable 33 Limited credit exposure to counterparties in Europe • External claims of Malaysian banks on counterparties in Europe totalled RM 23.1 bil or 16.9% of external assets • Banks’ credit exposures to businesses with trade relations in Europe represented only 1.6% of total financing • Insurance counterparty risks mainly to Euro reinsurers with strong ratings – Reinsurance exposures to Europe account for only 11.6% of total capital available for general insurers US 5.5% Others 6.6%MENA 4.5% GIIPS 0.1% Other Europe 6.3% EU-3 10.5% Labuan 10% Asia 56.4% Banking system: Composition of External Claims by  Region or Country Foreign Reinsurance Exposures  (by Claims Outstanding) 0 100 200 300 400 500 Germany Switzerland Japan France Tunisia United Kingdom United States Australia Hong Kong SAR India Singapore RM Million 34 Impact from European banks’ deleveraging lower than implied by international statistics • Excluding UK banks, foreign claims by European banks on Malaysia were 5% of GDP – Mainly comprising claims of locally incorporated European banks (LIEBs) on Malaysian entities • Low likelihood of material scale back by LIEBs – Dedicated capital for domestic operations – Mainly funded by domestic sources – Stable market share through 2011, with continued healthy profits – No material increase in capital repatriation observed • Other banks in Malaysia have strong capacity to ensure continued financial intermediation 0 10 20 30 40 50 Si ng ap or e H on g K on g S A R C hi ne se Ta ip ei P hi lip pi ne s Ja pa n K or ea M al ay si a In do ne si a Th ai la nd Euro Area (excluding UK) Banks’ Foreign  Claims As % GDP Source: Moody’s Investor Service and BIS Total Assets, Financing and Deposits  Accepted by LIEBs as % of Banking System 8.9 7.2 8.7 0 2 4 6 8 10 Total assets Total financing Total deposits accepted % 2010 2011 35 Strengthened regulatory and supervisory framework to support financial stability Basel III Risk management and governance Consumer and market conduct Integrity of financial system Continuous improvements to standards and practices Enhanced legal framework to reduce risk of misuse of financial system Continued efforts to ensure responsible financial behaviour and fair outcomes for consumers Implementation of reform package in Malaysia 36 Malaysian banking system to implement Basel III • Implementation will be consistent with globally agreed timelines – Gradual phasing-in of standards from 2013 until 2019 • Key components of Basel III – Higher levels and quality of capital with greater capacity to absorb losses – Minimum leverage ratio to be observed as a backstop to risk-based capital requirement – Sufficient high quality liquid assets to withstand stressed funding scenarios and with greater emphasis on more stable funding sources to address liquidity mismatches • Banks in Malaysia are well positioned to meet new standards – Majority of banking institutions already operating at levels consistent with Basel III targets Common equity Tier 1 capital Total capital Leverage Minimum requirement 4.5% 6% 8% 3% Minimum requirement + conservation buffer 7% 8.5% 10.5% - Estimated position (Dec 2011) 9.0% 9.0% 13.2% 5.9% 37 Financial sector development initiatives focused on reinforcing growth potential and stability of the financial sector • Launch of the Financial Sector Blueprint 2011-2020 Outstanding Financing by Banking System Value (RM bil) Annual Growth TOTAL 1,003.5 13.6% Large Enterprises 224.7 9.8% SMEs 153.2 19.4% Pembiayaan Mikro 0.9 14.3% Households 552.6 12.9% • Continuous access to financing to meet changing needs of economy – Enhancements to SME financing environment – Enhanced capacity of financial sector to support new growth areas and innovative industries • Enhanced market structure – Further consolidation and rationalisation of banks and insurers – New motor cover framework to ensure continuous access to affordable motor cover and to enhance sustainability of motor insurance industry – Annual tax relief to further spur development of robust pension framework • Talent development in financial sector a key priority – Enhanced programme offerings by FSTEP, AIF, INCEIF and Iclif – Establishment of Financial Inclusion Centre in AIF 38 Increased depth and diversity of financial markets • Malaysia has the largest bond market in Southeast Asia accounting for 103.8% of GDP • Robust growth in foreign exchange market – Average daily turnover increased 44.2% to USD12.3 billion • Positive developments in collaboration between financial institutions and Danajamin in enhancing access to long term funding through the bond market 0% 20% 40% 60% 80% 100% 2001 2011 Corporate debt securities & sukuk Corporate loans Diversified sources of corporate funding 46.4% 58.3% Significant growth in bond and sukuk markets Outstanding Debt Securities and Sukuk 0 200 400 600 800 1000 2006 2007 2008 2009 2010 2011 Public Sector Private Sector RM Bil 39 Significant growth and broader innovation in Islamic finance • Growing multi-currency sukuk market • Foreign currency sukuk issued in Malaysia grew by 33.4% to USD 4.07 billion • Outside GCC, Malaysia has the highest USD-denominated sukuk Total Outstanding USD Sukuk Globally (end Oct 2011) Issuance of Wakala Global Sukuk World’s first renminbi sukuk out of Malaysia Bank Negara Monetary Notes-Istithmar Increased product diversity in Islamic financial markets 40 Strengthened position as international Islamic financial hub reinforced by multi-pronged strategic initiatives Enhancing international liquidity management in Islamic finance Building sustainable supply of global talent for Islamic finance Strengthening linkages through strategic cooperation & continued initiatives to develop a common global Shariah understanding Malaysia remains at forefront of the global Islamic finance industry • 39 Malaysian Islamic FIs in the world’s top 500 largest Islamic financial institutions • 21 institutions within top 100 - The Banker’s Report No. 1No. 1 Sukuk Outstanding No. 2No. 2 Islamic Banking Assets Takaful AssetsNo. 3No. 3 Global Ranking 41 • Value of e-payment transactions increased from 0.6 times GDP in 2005 to 14.8 times in 2011 • Declining cheque usage • Continue to focus on priority sectors • Enhance operational efficiency and user convenience E-payment and Cheque: Turnover to GDP (Times) 0 2 4 6 8 10 12 14 16 2005 2006 2007 2008 2009 2010 2011 2005 Payment cards & e- money 71% ATM, Internet and Mobile Channels 3% Interbank Giro and Direct Debit 1% Cheque 25% Cheque E-payment 2011 Payment cards & e- money 70% ATM, Internet and Mobile Channels 13% Interbank Giro and Direct Debit 4% Cheque 13% Share of Non-cash Retail Payments by Volume Electronic payments continue to gain momentum 42 Strengthened financial inclusion Achievements in 2011 • Outreach of financial services All districts in Malaysia now have access to essential financial services • Pembiayaan Mikro Framework Increased by 14.3% to benefit 71,535 accounts • Consumer education and literacy – Continued collaboration with relevant agencies in implementing consumer education initiatives nationwide – Targeted initiatives such as POWER! Programme for young adults and first-time borrowers ‘Getting Credit’ World Bank Doing Business Report since 2007 ‘Getting Credit’ World Bank Doing Business Report since 2007 ‘Ease of Access to Loans’ WEF Global Competitiveness Report 2011/2012 ‘Ease of Access to Loans’ WEF Global Competitiveness Report 2011/2012 of Malaysians have deposit accounts BNM Survey of Malaysians have deposit accounts BNM Survey High financial inclusion levels by global standards Holistic Financial Inclusion Strategy Moving Forward • Develop cost-effective agent banking and mobile banking channels to enhance outreach of affordable financial services • Expand product and services to meet distinct financial needs of the underserved • Introduce greater operational flexibility for financial institutions to establish delivery channels • Promote fair and responsible practices among financial service providers 1 8 92% 43 Outlook for domestic financial stability in 2012 remains positive • Risks to financial stability to be largely externally-driven • Wide-ranging measures have begun to take effect, with strong institutional arrangements in place, including an effective financial safety net and debt resolution mechanism • Financial system well-placed with sufficient capacity and flexibility to respond to emerging risks • Macrosurveillance and supervisory activities in 2012 will focus on: – Promoting prudent and responsible risk-taking and market conduct by FIs – Ensuring resilience and robustness of major payment and settlement systems – Further strengthening of regulatory laws and prudential guidelines – Further enhancing cooperation and coordination with domestic regulators and regional authorities in regulation, supervision and crisis management 3/22/2012 44 Supported by a robust surveillance, regulatory & supervisory framework and robust cross-border arrangements to ensure preservation of financial stability Financial Sector Blueprint : “Strengthening our Future” A re as o f g ro w th Financial inclusion for greater shared prosperity Effective and efficient intermediation Strengthened regional and international financial integration Internationalisation of Islamic finance Deep and dynamic financial markets E-payments for greater economic efficiency Talent development Regulatory and supervisory regime to safeguard financial system stability Empowering consumers 1 2 3 4 5 6 7 8 9 MALAYSIA ASEAN ASIA & DEVELOPING ECONOMIES INTERNATIONAL Strong, stable, competitive & inclusive financial system that supports effective & efficient intermediation of funds, the development of financial markets and contributes toward meeting needs of the economy Integrated ASEAN financial market driven by ASEAN Economic Community Strong financial linkages to facilitate trade & investment and supporting effective intra-regional intermediation Evolving into an international Islamic financial hub with strong connectivity, diversity and specialisation in areas with strong competitive advantage ..to serve beyond domestic needs towards regional & international aspirations Enabling environm ent Safeguards for stability 45 Press Release 46 Renminbi Settlement Services in RENTAS New Services Purpose • Renminbi (RMB) Settlement Services for • Real time Inter-bank funds transfer • Real time securities settlement services • Scripless securities depository for all unlisted debt instruments • Provide a safe and efficient clearing and settlement platform to support trade and investment flows in RMB • Promote the use of RMB as a currency for trade settlement • Enhance financial stability by eliminating settlement risk • Facilitate RMB securities issuance Launch date • 21 March 2012 47 Thank you Taklimat �Laporan Tahunan 2011 dan�Laporan Kestabilan Kewangan �dan Sistem Pembayaran 2011� Slide Number 2 Advanced economies: Structural issues continue to affect the pace of economic recovery Slide Number 4 Slide Number 5 Global inflation to moderate amid lower �commodity prices Slide Number 7 The Malaysian economy to register a growth of 4−5% in 2012 despite the weaker external environment Domestic demand to remain resilient and will continue to be the main driver of growth in 2012 Private consumption will remain strong Private investment to expand further FDI to remain sizeable in 2012 Public sector remains supportive of growth Continued expansion across most sectors Domestic-oriented industries to continue to support growth External trade to moderate in 2012 Current account surplus to remain large Headline inflation to range between 2.5 – 3.0% �in 2012 Headline inflation to range between 2.5 – 3.0% �in 2012 Monetary policy in 2012 Financing conditions to continue to remain favourable Volatile portfolio flows expected to persist Slide Number 23 International reserves remain at healthy levels Slide Number 25 FINANCIAL STABILITY AND PAYMENT SYSTEMS REPORT 2011��Press Conference Financial stability was preserved throughout 2011 Early implementation of wide-ranging measures have begun to show results Risks to financial stability from household indebtedness remains contained Lower income households in urban centres face greater challenges Contagion risks from external developments well-contained� Volatility in prices and portfolio flows effectively intermediated Slide Number 32 Limited credit exposure to counterparties in Europe Impact from European banks’ deleveraging lower than implied by international statistics Strengthened regulatory and supervisory framework to support financial stability Malaysian banking system to implement Basel III Financial sector development initiatives focused on reinforcing growth potential and stability of the financial sector Increased depth and diversity of financial markets Slide Number 39 Slide Number 40 Electronic payments continue to gain momentum Strengthened financial inclusion� Outlook for domestic financial stability in 2012 remains positive Financial Sector Blueprint : “Strengthening our Future” Slide Number 45 Slide Number 46 Slide Number 47
Public Notice
15 Mar 2012
Newly published: Guidelines on Statistical Reporting for Money Services Business
https://www.bnm.gov.my/-/newly-published-guidelines-on-statistical-reporting-for-money-services-business-1
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Reading: Newly published: Guidelines on Statistical Reporting for Money Services Business Share: Newly published: Guidelines on Statistical Reporting for Money Services Business Release Date: 15 Mar 2012 Guidelines on Statistical Reporting for Money Services Business has been published. The PDF format document are available for download via the URL provided below: Link © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
04 Mar 2012
Bank Negara Malaysia Scholarship 2012/2013 Academic Session - Nurturing Malaysian Talents
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Reading: Bank Negara Malaysia Scholarship 2012/2013 Academic Session - Nurturing Malaysian Talents Share: Bank Negara Malaysia Scholarship 2012/2013 Academic Session - Nurturing Malaysian Talents Release Date: 04 Mar 2012 The online application for BNM Scholarship 2012/2013 will be made available starting 10 a.m. Sunday 4 March 2012. For more information on requirements, field of studies and how to apply, kindly visit the following page. [ Application is now closed ] Biasiswa Bank Negara Malaysia Sesi Akademik 2012/2013 - Pemimpin Masa Depan Sistem permohonan dalam talian untuk Biasiswa BNM 2012/2013 akan dibuka kepada umum mulai jam 10 pagi hari Ahad 4 Mac 2012. Untuk maklumat lanjut berkenaan syarat-syarat kelayakan, bidang pembelajaran dan cara memohon, sila layari laman berikut [ Permohonan telah ditutup ] © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
17 Feb 2012
The Bank's Shariah Advisory Council (SAC) Meeting Schedule for 2012
https://www.bnm.gov.my/-/the-bank-s-shariah-advisory-council-sac-meeting-schedule-for-2012-1
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Reading: The Bank's Shariah Advisory Council (SAC) Meeting Schedule for 2012 Share: The Bank's Shariah Advisory Council (SAC) Meeting Schedule for 2012 Release Date: 17 Feb 2012 No. Date Date (Hijri) Day Time 1 20 January 2012 26 Safar 1433 Friday 3.00 p.m. 2 29 February 2012 7 Rabiul Akhir 1433 Wednesday 2.30 p.m. 3 27 March 2012 4 Jamadil Awal 1433 Tuesday 9.30 a.m. 4 24 April 2012 2 Jamadil Akhir 1433 Tuesday 9.30 a.m. 5 22 May 2012 1 Rejab 1433 Tuesday 9.30 a.m. 6 26 June 2012 6 Syaaban 1433 Tuesday 9.30 a.m. 7 24 July 2012 4 Ramadan 1433 Tuesday 9.30 a.m. 8 28 August 2012 10 Syawal 1433 Tuesday 9.30 a.m. 9 25 September 2012 9 Zulkaedah 1433 Tuesday 9.30 a.m. 10 30 October 2012 14 Zulhijjah 1433 Tuesday 9.30 a.m. 11 27 November 2012 14 Muharam 1434 Tuesday 9.30 a.m. 12 18 December 2012 4 Safar 1434 Tuesday 9.30 a.m. Note: Any correspondence to seek the SAC's resolution should be submitted to the SAC Secretariat at least one month prior to the meeting. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
31 Jan 2012
Perkhidmatan LINK Bergerak BNM (BNM MobileLINK) akan berada di negeri Pahang
https://www.bnm.gov.my/-/perkhidmatan-link-bergerak-bnm-bnm-mobilelink-akan-berada-di-negeri-pahang-1
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Reading: Perkhidmatan LINK Bergerak BNM (BNM MobileLINK) akan berada di negeri Pahang Share: Perkhidmatan LINK Bergerak BNM (BNM MobileLINK) akan berada di negeri Pahang Release Date: 31 Jan 2012         This article is currently only available in Bahasa Malaysia.         © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
26 Dec 2013
Working Paper : External Risks and Macro-Financial Linkages in the ASEAN-5 Economies
https://www.bnm.gov.my/-/working-paper-external-risks-and-macro-financial-linkages-in-the-asean-5-economies
https://www.bnm.gov.my/documents/20124/761700/External_Risks_in_the+ASEAN-5-Economies.pdf
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Reading: Working Paper : External Risks and Macro-Financial Linkages in the ASEAN-5 Economies Share: Working Paper : External Risks and Macro-Financial Linkages in the ASEAN-5 Economies Release Date: 26 Dec 2013 Abstract Using an SVAR approach, I examine spillovers of 3 external shocks in the ASEAN-5 economies - global demand, commodity price and global financial stress - and the role of domestic bank credit in the transmission of global financial stress to the real economy. I find that external influences drive a majority of the variation in both output and prices in all the economies, although their relative importance varies across countries. An adverse external demand shock leads to lower output and prices, with the output effects proportionate to the countries’ degree of trade openness. Higher commodity prices are inflationary and lead to lower output, except in Malaysia and Indonesia where output initially benefits from exports of primary food and fuel commodities. An adverse external financial shock spills over to domestic financial markets, leads to lower credit and, consequently, to lower output. In countries with large and open financial sectors, such as Singapore, an adverse external financial shock also affects output through lower profits in the financial sector from reduced intermediation activities. Attachment External Risks and Macro-Financial Linkages in the ASEAN-5 Economies © 2024 Bank Negara Malaysia. All rights reserved.
1 Bank Negara Malaysia Working Papers WP1/2013 External Risks and Macro-Financial Linkages in the ASEAN-5 Economies By Tng Boon Hwa December 2013 Working papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Any views expressed are solely those of the author(s) and so cannot be taken to represent those of the Bank Negara Malaysia. This paper should therefore not be reported as representing the views of the Bank Negara Malaysia. 2 External Risks and Macro-Financial Linkages in the ASEAN-5 Economies Tng Boon Hwa 1 Abstract Using an SVAR approach, I examine spillovers of 3 external shocks in the ASEAN-5 economies – global demand, commodity price and global financial stress – and the role of domestic bank credit in the transmission of global financial stress to the real economy. I find that external influences drive a majority of the variation in both output and prices in all the economies, although their relative importance varies across countries. An adverse external demand shock leads to lower output and prices, with the output effects proportionate to the countries’ degree of trade openness. Higher commodity prices are inflationary and lead to lower output, except in Malaysia and Indonesia where output initially benefits from exports of primary food and fuel commodities. An adverse external financial shock spills over to domestic financial markets, leads to lower credit and, consequently, to lower output. In countries with large and open financial sectors, such as Singapore, an adverse external financial shock also affects output through lower profits in the financial sector from reduced intermediation activities. JEL Classification: E30, E44, G10 Key Words: External shocks; Financial spillovers; Small-Open Economies 1 An earlier version of this paper was presented at the 2012 Bank Negara Malaysia Economics Research Workshop. I would like to thank Fraziali Ismail, Ahmad Razi, Mohamad Hasni Sha’ari, Ahmad Othman and an external reviewer for helpful comments. I am also grateful to Chew Mei Lien and Lim Wei Meen for their research assistance. All remaining errors and omissions are mine. Correspondence: [email protected] mailto:[email protected] 3 1. Introduction The global economic environment in recent years can be characterized within three themes. First, financial markets have undergone periodic episodes of stress, notably the Global Financial Crisis (GFC) and the sovereign debt crisis in the Euro Area. Secondly, commodity prices have been volatile with at least two episodes of sharp increases and moderations in the last decade. Finally, real economic activity especially in the advanced economies has been markedly slower. As a consequence, small-open economies (SOEs) such as the ASEAN-5 countries have been affected by these aspects of the global environment, despite playing little to no role in their genesis. Figure 1.1 plots growth and inflation in the ASEAN-5 countries. It is clear that GDP growth contracted in 2008-2009 during the GFC while inflation has been volatile in tandem with the commodity price cycle. Yet, the confluence of the financial episodes, weaker external demand and high commodity prices in close succession with each other raises the question of how each of these factors have affected SOEs. Figure 1.1. GDP Growth and Inflation in the ASEAN-5 Economies (yoy, %) Source: Haver and International Monetary Fund (IMF) Understanding the distinct effects of each of the external risks is an ever-present concern to policymakers in SOEs. For instance, the monetary policy response to slower growth caused by an external demand shock is arguably more straightforward than if slower growth was caused by a financial crisis in the advanced economies. Addressing risks arising from the latter scenario may require additional targeted measures to manage spillovers to domestic financial markets to complement conventional counter-cyclical policies. Thus, prescribing the -15 -10 -5 0 5 10 15 20 1Q-05 1Q-06 1Q-07 1Q-08 1Q-09 1Q-10 1Q-11 GDP Growth Indonesia Malaysia Philippines Singapore Thailand -60 -40 -20 0 20 40 60 80 100 -5 0 5 10 15 20 1Q-05 1Q-06 1Q-07 1Q-08 1Q-09 1Q-10 1Q-11 Consumer Price Index Indonesia Malaysia Philippines Singapore Thailand Commodity Index (Rhs) 4 correct policies in response to external shocks requires a clear understanding of their effects on the economy and the transmission mechanisms. This paper analyzes the spillover of three external shocks to SOEs: demand, financial and commodity prices. I adopt a Structural Vector Autoregression (SVAR) approach and use the ASEAN-5 countries as case studies to address two main issues. First, I estimate the macroeconomic effects of the three external shocks and analyze their overall importance relative to country-specific domestic influences. Second, I examine more closely the role of domestic financial markets in the transmission of external financial shocks to real economic activity, and document how the size of financial markets may influence the strength of the different transmission mechanisms. This paper builds from the existing open-economy VAR literature by using Financial Stress Indices (FSIs), continuous indicators of stress in financial markets, to reflect financial cycles in global financial markets and in the ASEAN-5 countries. Through the FSIs, the SVAR model captures in a parsimonious manner distinct features of financial episodes, such as the underlying level of risk appetite and uncertainty, globally and domestically. I find that a majority of the variation in output and prices over the period studied are driven by external shocks in all the sample countries, although the individual effects and relative importance differ across countries. An external demand shock leads to lower output with effects that are proportionate to the country’s level of trade openness. Commodity prices are inflationary and lead to lower output. Malaysia and Indonesia are outliers as their output initially benefit from higher commodity prices. I argue that this is because these countries are net exporters of primary food and fuel commodities, and because global demand for these commodities is relatively price inelastic in the short-run. An adverse external financial shock causes domestic output and prices to decline. I find that the role of domestic financial stress in transmitting the effects of external financial shocks to output varies significantly across the sample economies. In addition to domestic financial markets, having a more open and larger financial sector such as in Singapore means that external financial shocks affect output more directly as well, through lower profitability of the sector arising from reduced financial intermediation activities. The remaining paper is organized as follows: Section 2 explores the transmission channels of external shocks to small-open economies. In section 3, I describe the methodology. I begin by describing the variables used before detailing the SVAR model and 5 discussing some estimation issues. The results are presented in section 4. The last section concludes. 2. External Shocks in Small-Open Economies: The Transmission Mechanisms 2.1 External Demand and Commodity Prices The transmission of external demand and commodity price shocks to small-open economies (SOEs) can be gleaned through a conventional open-economy IS-LM framework. In the IS equation, output is a function of past and expected future output, the natural and real interest rate, the exchange rate and foreign demand. Output benefits from foreign demand through higher exports. In the open economy Philips curve, inflation can be expressed as a function of past and expected future inflation, output, the exchange rate and commodity prices. An increase in output leads to higher demand-driven inflationary pressures. Inflation is thus affected by external demand indirectly through its influence on domestic output. Higher commodity prices, whether driven by demand or supply-side reasons, causes higher inflation by increasing production input costs which are passed on to the price of final goods 2 . Figure 2.1 depicts these aspects of the transmission for output (left figure) and prices (right figure) in the ASEAN-5 countries. The left figure illustrates a high degree of co- movement between ASEAN-5 GDP and exports. Two periods of slow growth seem to coincide with noted external demand shocks – the technology bubble burst in 2001 and the Global Financial Crisis in 2008-2009. These episodes led to recessions in the US and the global economy as well during the latter episode. The right figure plots a global commodity price index consisting of fuel and non-fuel commodities with consumer prices in the ASEAN-5 countries. Again, there is a clear pro-cyclical relationship between commodity prices and consumer prices. The exception is during the Asian Financial Crisis (AFC) in 1998 when consumer prices increased while commodity prices moderated. This is attributable to the large exchange rate depreciations in the sample countries during this period, which led to higher imported inflation. 2 The external influences on output and prices in open-economies are discussed in detail in Svensson (2000) and Genberg (2005) 6 Figure 2.1. Exposure of the ASEAN-5 Economies to External Demand and Commodity Prices Source: Haver and International Financial Statistics Note: The variables are the average year-on-year growth of the ASEAN-5 countries. Global commodity price is an index of commodity prices that comprises of food, fuel and raw metals. 2.2 The Financial Channels The transmission channels of external financial episodes to SOEs are more numerous. External financial episodes can manifest by affecting external demand and consequently SOEs through the trade channel, as described previously. In addition, the transmission through domestic financial markets occurs by adversely affecting domestic financing conditions and by inducing firms and consumers to delay expenditures amid higher economic uncertainty during episodes of financial stress. 2.2.1 Access to Financing Borrowing premiums can increase under financial stress due to weaker balance sheet positions and higher information asymmetries in financial markets, which exacerbate the perverse effects of adverse selection and moral hazard 3 . From borrowers’ perspectives, the financial accelerator mechanism posits that financing premiums increase when an adverse shock, such as an external financial shock, leads to deteriorating balance sheet positions 3 Adverse selection occurs when investors demand a rate of return equivalent to the average observable credit risk. This prices out more credit worthy borrowers and leaving only “low-quality” borrowers in the market (Stiglitz & Weiss, 1981). Moral hazard arises when lenders cannot observe how the borrowed funds are going to be used. If potential creditors think that firms will use borrowed funds for high risk investments that benefit shareholders in good outcomes but hurt them (creditors) in bad outcomes, they will demand a higher rate of return commensurate with the excess risk-taking that creditors think borrowers will potentially undertake (Jensen & Meckling, 1976). -10 -5 0 5 10 15 20 1993 1997 2001 2005 2009 % yoy Real GDP Real exports -40 -20 0 20 40 60 0 2 4 6 8 10 12 1993 1997 2001 2005 2009 % yoy % yoy Consumer prices Global commodity prices (Rhs) 7 (Bernanke & Gertler, 1989; Bernanke, Gertler, & Gilchrist, 1999). The higher cost of finance then leads to a decline in spending that is more persistent compared to the initial size of the shock. Meanwhile, the bank capital and bank lending channels emphasize the role of lenders. Adverse financial shocks erode banks’ capital base through lower profits, losses on existing loans and other assets on their balance sheets, which force them to reduce lending (Bernanke & Gertler, 1992; Kashyap & Stein, 1995; Van Den Heuvel, 2002). Through these mechanisms, higher borrowing costs resulting from weaker balance sheet positions during periods of financial stress reduces the supply of funds from the banking system. This forces firms to reduce capital expenditures and households to reduce spending 4 . Since the balance sheet positions of lenders and borrowers are the focal points in these mechanisms, they apply similarly to bond markets and non-depository lending financial institutions as well. In equity markets, the Tobin’s q mechanism depicts how financial stress can affect the cost of equity and suppress economic activity (Tobin, 1969). This mechanism establishes a positive link between equity prices and investments by relating the market value of firms to the replacement cost of capital goods. Since equity prices decline during stress episodes, the market value of firms relative to their cost of capital goods also declines. As a result, firms need to issue more equity relative to periods when their market value is higher. This depresses fund raising in equity markets which leads to a decline in investments. Since funds can be sourced from domestic and foreign financial markets, economies with higher external liabilities (reliance on international financial markets for funds) are more vulnerable through these channels during external financial episodes. If an external shock spills over to domestic financial markets, the supply of funds is potentially affected as well through similar channels, within the domestic financial market. Figure 2.2 shows how the size and composition of financing in the ASEAN-5 economies have evolved since the AFC in 1997. The corresponding country-specific figures are presented in Appendix 1. Two broad trends are worth noting here: First, total financing as a percentage of GDP has declined, from an average of 269% of GDP during 1997-2001 to 257% of GDP during the most recent period of 2007-2010. Second, the region’s direct exposure to external financial markets has been declining, from an average of 29% of total financing from 1997-2001 to 19% from 2007-2010. Note, however, that a decline in the direct exposure does not necessarily imply a 4 See Dell'Ariccia, Detragiache and Rajan (2008) and Mendoza and Terrones (2008) for other selected examples of empirical studies that address the relationship between credit and real economy. 8 lower total exposure of financing conditions to the external environment. This is because the indirect exposures through domestic capital markets have increased with the higher volume of foreign capital inflows vis-à-vis foreign participation in domestic capital markets. This is illustrated in the increase in external portfolio liabilities in the ASEAN-5 economies over the past decade, with the exception of the Philippines (Figure 2.3). Through this indirect channel, an external financial shock that triggers capital outflows from domestic capital markets will result in a deterioration in financing conditions as domestic asset prices decline. Figure 2.2. Major Sources of Funds in the ASEAN-5 Economies Source: Author’s calculations based on data from International Financial Statistics, World Federation of Exchanges, Bank for International Settlements Note: Figures in black are total outstanding funds as a percentage of GDP. Figures in red and blue on the side of the bar charts are the relative sizes of funds sourced from foreign and domestic markets. 0 50 100 150 200 250 300 1997-2001 2002-2006 2007-2010 % of GDP External Loans International Bonds Bank Credit Domestic Stock Market Cap Domestic Bonds 19% 81% 78% Foreign 29% 22% Domestic 71% 269% 260% 257% 9 Figure 2.3. External Portfolio Liabilities in the ASEAN-5 Economies (International Investment Position) Source: Haver 2.2.2 Uncertainty Financial stress can also be transmitted to the economy through higher uncertainty in financial markets and the economic outlook. Hakkio and Keaton (2009) distinguish between two types of uncertainties – uncertainty over the fundamental value of financial assets and uncertainty over the behavior of other investors – and note that they are reflected in higher asset price volatility which increase with financial stress. To the extent that volatility reflects uncertainty, higher financial stress thus induces firms to delay hiring and investing amid uncertain demand conditions, and consumers to delay spending amid uncertain employment and wealth statuses. Bloom (2009) measures uncertainty shocks using actual and implied volatility of the Standard & Poor’s index, and estimates its effect on the US economy from a reduced form VAR model and a structural firm level model of investment. In both cases, he finds a sharp fall, a rebound and an overshoot in employment, output and productivity 5 . He explains that hiring and investment levels initially fall rapidly as firms hold back on planned projects and adopt a wait-and-see approach. Lower employment and investment by high productivity 5 For instance, industrial production falls rapidly for 4 months, rebounds after 7 months and subsequently overshoots before its effects gradually dissipates approximately 3 years after the uncertainty shock. 8.3 16.6 20.9 14.8 62.9 20.8 51.7 18.2 80.9 26.6 0 20 40 60 80 100 120 Indonesia Malaysia Philippines Singapore Thailand % of GDP 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 10 firms cause a fall in productivity. As the uncertainty dissipates, an overshoot occurs as firms react to pent-up demand for capital and labor, hence causing an overshoot in productivity. From a household perspective, Lee, Rabanal and Sandri (2010) estimate a 3 variable VAR and find that uncertainty shocks lead to a hump-shaped decline in household wealth and consumption over approximately two years. 3. Methodology In this study, I use a Structural Vector Autoregression (SVAR) framework to assess the impact of external shocks. This approach draws from recent efforts to study linkages between financial markets and economic activity through VAR based models. Representative papers are Li and St-Amant (2010), Davig and Hakkio (2010), Hollo, Kremer and Duca (2011), Mallick and Sousa (2011) and Roye (2011). These studies use composite indices to measure underlying conditions in financial markets. Although the indices used vary with studies, all reflect stress in financial markets through declining and volatile asset prices, and higher bond yields/spreads. Existing analyses have thus far focused on large developed economies, particularly in the Euro area and United States, perhaps unsurprisingly given the recent financial episodes there. I contribute to this literature by adapting the model structure to become suited for application to small-open economies by including external variables to explicitly account for their large exposures to the foreign environment. 3.1 Data The sample consists of the ASEAN-5 countries of Indonesia, Malaysia, Philippines, Singapore and Thailand. The variables used in the econometric analysis are in monthly frequency and are listed in Table 3.1. Three variables characterize the external environment: A global commodity price index (GCP), a world industrial production index (IPIw) and a financial stress index for the US economy (FSIus). GCP captures prices of food, fuel and metal commodities. IPIw captures global economic conditions. This global measure is preferred to the more commonly used US focused indicator (either US industrial production or GDP) as it implicitly accounts for the diversification of ASEAN-5 economies’ trade away from the US economy. In addition, focusing on US demand alone risks erroneous identification of commodity price shocks, as high commodity prices are increasingly being attributed to demand from large emerging markets such as China. 11 Table 3.1. List of Variables used for Estimation Variable Abbreviation Definition Source External Commodity prices GCP Commodity price index (sa, log) International Monetary Fund World output IPIW World industrial production index (sa, log) CPB Netherlands Bureau for Economic Policy Analysis US Financial stress FSIUS US Financial stress index Hakkio and Keaton (2009) Domestic Output IPI Industrial production index (sa, log) International Financial Statistics Prices CPI Consumer price index (sa, log) International Financial Statistics Interest rate IR Short-term interest rate International Financial Statistics Real credit C Bank credit, deflated by CPI (sa, log) International Financial Statistics Exchange rate EX Nominal effective exchange rate (log) Bank for International Settlements Financial stress FSI Financial stress index Tng, Kwek and Sheng (2012) The final external variable is an index of financial stress for the US economy, FSIus, to proxy for global financial conditions. To be sure, financial episodes occur in other countries as well, especially in emerging markets. However, Kaminsky and Reinhart (2003) finds that financial episodes tend to remain confined within their regions unless they first spill over to major financial centers. This suggests that ASEAN-5 financial markets should remain unaffected by financial episodes which originate from outside the region, and that financial spillovers to the region only occur when major financial markets are affected. Therefore, I do not attempt to measure global financial stress and assume that stress in US financial markets aptly reflect global financial conditions. The remaining six variables characterize the domestic environment: the industrial production index (IPI) captures real economic activity, the consumer price index (CPI) reflects the price level, the short-term interest rate (IR) is the monetary policy instrument, Credit (C) is claims from domestic banks, and the exchange rate (EX) is the nominal effective exchange rate. The last variable, an index of financial stress (FSI), is a summary indicator of stress in financial markets from Tng, Kwek and Sheng (2012) 6 . This index comprises of indicators of stress in four major segments of domestic financial markets: the banking sector, foreign exchange market, bond market and equity market. The market-specific indicators of 6 The only difference is the weights are now updated every quarter instead of annually. 12 stress are then weighted according to their markets’ relative sizes, as reflected by the amount of financing outstanding in each of the market segments. The FSIs for the ASEAN-5 economies and the United States are depicted in Figure 3.1. The variables are standardized prior to aggregation. Thus, a value of 0 reflects neutral financial conditions, high values reflect financial stress and low values reflect tranquility/buoyance in financial markets. The FSIs indicate that higher stress in the ASEAN- 5 countries is historically seen during three periods. In order of severity, they are the Asian Financial Crisis (1997-1998), the technology bubble burst in the US (2000-2001) and the recent Global Financial Crisis (GFC) (2008-2009). Compared with the FSIus, the regional FSIs suggest that the latter two episodes are external in origin, while the AFC was a country- specific and regional episode 7 . Figure 3.1. Financial Stress in the ASEAN-5 Economies (1997-2011) Source: Author’s calculation, Hakkio and Keaton (2009) 7 See Tng, Kwek and Sheng (2012) for a discussion of financial stress in the ASEAN-5 economies during these three financial episodes. -2 0 2 4 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Indonesia -2 -1 0 1 2 3 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Philippines -2 -1 0 1 2 3 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Thailand -2 0 2 4 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Malaysia -2 -1 0 1 2 3 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Singapore -2 0 2 4 6 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 United States 13 3.2 The SVAR Model A schematic summarizing the structure and causality assumptions of the SVAR model is illustrated in Figure 3.2. Output and prices are influenced by two groups of variables: The first group reflects the external environment, consisting of commodity prices, world demand and global financial conditions. The second group characterizes domestic financial markets with a short-term interest rate, the exchange rate, credit and an index of financial stress. Figure 3.2. Schematic Illustration of the Causality Assumptions in the SVAR Model The sample countries are taken to be small-open economies and are thus assumed to be affected by, but do not affect external conditions. The external variables directly affect domestic output and prices through the trade and price channels. They also have indirect effects through domestic financial markets. External conditions may influence monetary policy, as reflected by the interest rate, which in turn affect domestic financial conditions, output and prices. Meanwhile, external conditions may affect the exchange rate and domestic asset prices through cross-border capital flow movements. This consequently affects the terms of trade, wealth and financing conditions, which in turn affect output and prices. The financial accelerator mechanism may also amplify the direct effects of external shocks through a feedback effect from interactions between the real economy and financial markets. For example, when faced with an adverse external demand shock, the lower profits and deteriorating balance sheet positions of export-oriented companies’ potentially leave them External Environment  Commodity prices  Global output  External financial stress Domestic Economy  Output & Prices Domestic Financial Market  Interest rate  Exchange rate  Credit  Domestic financial stress 14 faced with higher borrowing premiums and a lower access to desired funds. This consequently causes a moderation in investment and credit-financed trade activities. To empirically characterize these channels, consider the following Structural VAR (SVAR) model for each of the ASEAN-5 economies: ( ) is a vector of variables with a similar ordering as Table 1. A is a matrix of the contemporaneous coefficients in structural form. ( ) is a matrix polynomial in the lag operator, L. is a vector of structural disturbances, such that: is a vector of residuals from the corresponding reduced-form VAR. The equations can be organized into the external and domestic sub-blocks. The structural shocks are identified using the approach suggested by Sims (1986), Bernanke (1986) and applied by many others thereafter, by placing restrictions on the contemporaneous coefficients. That is, restrictions are placed on to identify the disturbances and parameters of the underlying structural model from the reduced-form VAR. The assumptions made on A are: [ ] [ ] [ ] Commodity prices are contemporaneously exogenous to the other variables. World output and US financial stress are identified recursively by assuming the former is contemporaneously affected by commodity prices, while US financial stress is contemporaneously affected by both commodity prices and world industrial production. The external variables are not affected contemporaneously by the country-specific variables. The first 4 variables in the domestic block – IPI, CPI, IR, C, EX and the FSI – are ordered 15 recursively and are contemporaneously unaffected by the external variables. The short-term interest rate broadly follows a “Taylor Rule” principle as it reacts contemporaneously to economic activity (IPI) and prices (CPI) 8 . The exchange rate, EX, and financial stress, FSI, are allowed to react contemporaneously to the external and domestic variables. The exchange rate is ordered before financial stress to model the narrative that a financial shock may trigger capital outflows and affect the exchange rate with a lag. A VAR model with 9 variables requires 36 (( ) ⁄ ) restrictions for exact identification. The current specification thus leads to over-identifying restrictions imposed on A 9 . Block-exogeneity restrictions are also imposed on the domestic variables in the external equations to strictly impose the small-open economy assumption for the ASEAN-5 countries. Specifically, the external variables are all allowed to affect each other in lags, but are assumed to be unaffected by the domestic variables in lags as well as contemporaneously. This follows from Cushman and Zha (1997), Genberg (2005), Maćkowiak (2007) and Raghavan, Silvapulle and Athanasopoulos (2012). The block-exogeneity restrictions translate to the following structure on the matrix of lagged coefficients, ( ) with the variables ordered similar to Table 2: ( ) [ ] 3.3 Estimation Issues The first issue concerns the estimation of the reduced-form VAR. I estimate this system by Seemingly Unrelated Regression (SUR) since the VAR’s regressors are not identical due 8 This reaction function is not exactly the same as the one originally suggested in Taylor (1993) as other variables enter the function in lags. 9 This model makes 48 restrictions. 16 to the block exogeneity restrictions. Another issue is whether to estimate the SVAR in levels, first-differences or with error-correction terms (if diagnostic tests suggest cointegration exists). Sims, Stock and Watson (1990) and Ramaswamy and Sloek (1997), among others, recommend estimating the VAR in levels. They argue that differencing discards information about the inter-relationships among the variables. Moreover, the parameter estimates are not commonly focused on in VARs since they are usually over-parameterized. Nonetheless, the parameter estimates are consistent with standard asymptotic distributions while the impulse response functions in VARs with non-stationary and possibly cointegrated variables are consistent estimates of the true functions in short- and medium-term horizons. However, this is not true in the long-run (Phillips, 1998). The impulse response functions can thus be used for inference over short- and medium-term horizons. This is true even in the presence of cointegrated variables as the VAR implicitly accounts for these relationships (Sims et al., 1990). I therefore estimate the SVAR in levels since I am interested in the short- and medium run dynamics of the impulse responses. The estimations are carried out with 4 lags. The Akaike Information Criterion and Schwarz Criterion selected between 1 and 4 lags depending on the country. The ceiling within this subset was chosen to capture as much of the underlying interactions as possible. The data used for estimations range from 1997-2011. Country-specific characteristics warranted a change in the baseline specification in Indonesia’s model. In Indonesia, government administered petrol prices were adjusted counter to crude oil prices several times between 1997 and 2001, while the magnitude of the upward adjustment in October 2005 was disproportionate relative to the trend of crude oil prices during that period (Figure 3.3). Not accounting for this discrepancy may lead to a specification error, resulting in erroneous inference on the effects of global commodity prices on domestic prices. To address this, I incorporate a series of administered petrol prices into Indonesia’s model 10 . This variable is modeled to be affected contemporaneously and in lags by global oil prices and by itself in lags. It does not affect external demand, global commodity prices and global financial conditions. The domestic variables are only affected 10 Domestic petrol prices in Malaysia and Thailand are subsidized as well. In Malaysia’s case, the trend of petrol prices tracked crude oil prices with less volatility. In Thailand, petrol prices moved in lockstep with crude oil prices. In both cases, over the period studied, domestic petrol prices were never adjusted counter to the global trend. The global commodity price index is therefore seen as an appropriate proxy to capture domestic petrol prices in these countries. 17 by this series in lags except for the exchange rate and financial stress, which are allowed to react in the same period to this series. Figure 3.3. Domestic Petrol Prices in Indonesia and Global Crude Oil Prices Source: CEIC and International Monetary Fund Note: Price of crude oil is the average of price of Brent, Dubai and WTI benchmarks 4. Results 4.1 The Impact of External Shocks This section presents the baseline estimation results and discusses the exposure of the ASEAN-5 countries to the 3 external shocks. Impulse response functions are analyzed over 3 years after the shocks with 95 th percentile bootstrapped confidence intervals 11 . 4.1.1 The Impact of External Demand Shocks Figure 4.1 illustrates the responses of IPI in the ASEAN-5 countries to a one standard deviation shock in global output. Broadly, domestic output increases in response to a positive external demand shock with the largest effects experienced in the first 6 months. There are, however, differences in the profile of the responses across countries. Output in Malaysia, Singapore and Thailand increase immediately and persistently after the shock. The effects are statistically significant almost throughout the 3 year period. In the Philippines, a positive 11 The bootstrap methodology applied is from Hall (1992) using 100 replications. Increasing the number of replications to 500 does not materially change the results. 0 5 10 15 20 25 30 35 0 200 400 600 800 1,000 1,200 1,400 1,600 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 USD per barrel Rupiah Gasoline 88 (Indonesia) Crude Oil (Rhs) 0 20 40 60 80 100 120 140 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 USD per barrel Rupiah 18 external demand shock leads to an increase in domestic output. The effect, however, is transitory with the benefits dissipating after about 1 year after the shock. The response of output in Indonesia is the most muted as it remains insignificant throughout the 3 year period. This implies that Indonesia is the most resilient to external demand shocks compared to the other sample countries. These responses are in line with the countries’ reliance on external demand, as reflected by exports as a percentage of GDP. Using this metric indicates that Singapore is the most exposed to external demand, followed by Malaysia, Thailand, Philippines and Indonesia 12 . The response of consumer prices to a positive external demand shock is more uniform. Consumer prices increase in all of the countries. This likely reflects positive spillovers from export demand to the domestic-oriented sectors in the economy, resulting in higher demand- driven inflationary pressures. Figure 4.1. Responses of Output and Prices to an External Demand Shock Output 12 The ratios of exports of goods and services to GDP from 2000-2010 for Singapore, Malaysia, Thailand, Philippines and Indonesia averaged at 211.3%, 109.2%, 70.0%, 43.6% and 31.7%, respectively. -0.015 -0.010 -0.005 0.000 0.005 0.010 0 4 8 12 16 20 24 28 32 36 Indonesia -0.005 0.000 0.005 0.010 0.015 0.020 0.025 0 4 8 12 16 20 24 28 32 36 Malaysia -0.01 0.00 0.01 0.02 0.03 0 4 8 12 16 20 24 28 32 36 Philippines 0.00 0.01 0.02 0.03 0.04 0 4 8 12 16 20 24 28 32 36 Singapore 0.00 0.01 0.02 0.03 0 4 8 12 16 20 24 28 32 36 Thailand 19 Figure 4.1. (Continued) Prices Source: Author’s estimates 4.1.2 The Impact of Commodity Price Shocks Movements in commodity prices represent exogenous shocks to the ASEAN-5 economies to the extent that they do not possess sufficient market size to influence global prices 13 . The inflation response to commodity price shocks depends on many possible country-specific factors, ranging from the composition of the CPI basket, monetary policy responses to such shocks, the exchange rate policy, and government administered price controls/subsidies on food and energy commodities. The last aspect, in particular, is not captured in the estimations due to the sometimes eclectic nature in which these policies are undertaken. But to the extent that these policies suppress the true market price and reflect a lagged and partial response to market prices, the estimated responses of global commodity prices to inflation will potentially be lower in magnitude, less volatile and passed-through with longer lags compared to the flexible price scenario. All these aspects differ with varying degrees across 13 Possible exceptions are crude palm oil for Indonesia and Malaysia, and rubber for Malaysia. However, both commodities carry a small weight of 0.7% and 0.5% in the index used. -0.02 0.00 0.02 0.04 0.06 0 4 8 12 16 20 24 28 32 36 Indonesia -0.002 0.000 0.002 0.004 0.006 0.008 0 4 8 12 16 20 24 28 32 36 Malaysia -0.005 0.000 0.005 0.010 0.015 0 4 8 12 16 20 24 28 32 36 Philippines -0.002 0.000 0.002 0.004 0.006 0.008 0.010 0 4 8 12 16 20 24 28 32 36 Singapore -0.002 0.000 0.002 0.004 0.006 0.008 0.010 0.012 0 4 8 12 16 20 24 28 32 36 Thailand 20 the 5 sample countries, suggesting a diverse mix in the responses of inflation to a common commodity price shock 14 . The results confirm this a priori prediction. Figure 4.2 displays the responses of consumer prices and output to a one standard deviation increase in global commodity prices. For Indonesia, I also show the consumer price and output responses to a shock in domestic fuel prices 15 . The initial response of consumer prices to a commodity price shock is similar for all the sample countries except Indonesia – consumer prices increase the most 4-6 months after the shock. However, the dynamics thereafter differ substantially. In Malaysia, the impact on consumer prices eventually dissipate but the adjustment is more persistent compared to the other economies. The inflationary effect of higher commodity prices in Thailand persists for about a year, while this effect is present for 1-3 years in the Philippines, Indonesia (for fuel) Singapore. Figure 4.2. Responses of Consumer Prices and Output to a Commodity Price Shock Output 14 Running the estimations on core inflation (inflation excluding food and energy) results in a more persistent but with similar cross-country differences in the dynamics in the responses of core inflation to a global commodity price shock. Details of these results are available upon request. 15 As mentioned earlier, the domestic fuel price is controlled by the government and has, over the sample period, been adjusted counter to the world oil price. Shocks from this variable are thus arguably a better measure of a price shock compared to global commodity prices. -0.03 -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Indonesia (GCP) -0.02 -0.02 -0.01 -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Indonesia (Fuel) -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Malaysia -0.03 -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Philippines -0.03 -0.02 -0.01 0.00 0.01 0.02 0.03 0 4 8 12 16 20 24 28 32 36 Singapore -0.03 -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Thailand 21 Figure 4.2. (Continued) Consumer Prices Source: Author’s estimates The effects of a commodity price shock on output also differ. Overall, higher commodity prices leads to lower output with a lag. The downward response of output is statistically significant in the Philippines and Thailand, while the position of the error bands suggests that this is likely the case in Singapore as well. In the initial months after the price shock, Indonesia’s output remains stable while Malaysia’s output increases during the first 6 months after the shock. The output benefits in Malaysia are especially large and statistically significant. These initial responses may be in part explained by the trade position on food and fuel commodities (Figure 4.3). Indonesia and Malaysia are net exporters of food and fuel, while Thailand, the Philippines and Singapore are net importers of these commodities. Thus, Malaysia initially benefits from higher global commodity prices as the demand for these commodities are likely price inelastic in the short-run. However, the initial benefits eventually wear off, presumably due to slower global growth caused by the higher prices. In Indonesia’s case, the resilience of output to global price shocks is shown clearly by comparing its output responses to commodity price shocks and to domestic fuel price shocks. The initial resilience of output disappears when the shock is changed from an external (GCP) to a domestic price shock (Fuel). -0.10 -0.08 -0.06 -0.04 -0.02 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Indonesia (GCP) -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Indonesia (Fuel) -0.002 -0.001 0.000 0.001 0.002 0.003 0.004 0.005 0 4 8 12 16 20 24 28 32 36 Malaysia -0.015 -0.010 -0.005 0.000 0.005 0.010 0 4 8 12 16 20 24 28 32 36 Philippines -0.004 -0.002 0.000 0.002 0.004 0 4 8 12 16 20 24 28 32 36 Singapore -0.010 -0.005 0.000 0.005 0 4 8 12 16 20 24 28 32 36 Thailand 22 Figure 4.3. Net Trade Position of Food and Fuel Commodities (Avg. 2001-2010, % of GDP) Source: World Trade Atlas Note: Energy includes crude oil and gas. Food includes all food items in crude & non-processed form, and oil derived from vegetables & animals 4.1.3 The Effects of External Financial Shocks Figure 4.4 displays the responses of output and prices to an external financial shock. Output declines after the shock in a similar pattern in all the countries, except in Indonesia where the effect is insignificant. In the remaining 4 sample economies, the decline is steepest in the first 6 months. Meanwhile, consumer prices decline continuously in all the countries after an external financial shock. However, the error bands tend to be large in many of the countries, making inference difficult. The position of the error bands nonetheless suggests a negative response of prices in Indonesia, Malaysia and Thailand. The impulse responses illustrated thus far point to similarities and differences in the effects of the regional economies to common external shocks. The responses of output to external demand shocks are positive and proportionate to the economies’ dependence on exports. Singapore stands out as the most exposed in this respect. Higher commodity price shocks are inflationary, but there are differences in the magnitude and persistence of the pass- through to consumer prices. This likely reflects cross-country differences in the policy responses and nature of government subsidies on food and fuel. Meanwhile, a global financial shock has a contractionary effect on output. In all 5 countries, output declines 5.5 11.0 -2.9 -12.8 -6.8 2.3 4.2 0.6 -1.2 0.9 3.1 6.8 -3.4 -11.6 -7.7 -15 -10 -5 0 5 10 15 Indonesia Malaysia Philippines Singapore Thailand % of GDP Total Food Energy 23 steeply during the initial months and persistently remains below the pre-shock levels while prices decline after the shock. Figure 4.4. Responses of Output and Prices to an External Financial Shock Output Prices Source: Author’s estimates -0.005 0.000 0.005 0.010 0 4 8 12 16 20 24 28 32 36 Indonesia -0.025 -0.020 -0.015 -0.010 -0.005 0.000 0.005 0 4 8 12 16 20 24 28 32 36 Malaysia -0.015 -0.010 -0.005 0.000 0.005 0.010 0.015 0 4 8 12 16 20 24 28 32 36 Philippines -0.04 -0.03 -0.02 -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Singapore -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Thailand -0.05 -0.04 -0.03 -0.02 -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Indonesia -0.006 -0.004 -0.002 0.000 0.002 0 4 8 12 16 20 24 28 32 36 Malaysia -0.010 -0.005 0.000 0.005 0 4 8 12 16 20 24 28 32 36 Philippines -0.006 -0.004 -0.002 0.000 0.002 0.004 0 4 8 12 16 20 24 28 32 36 Singapore -0.008 -0.006 -0.004 -0.002 0.000 0.002 0 4 8 12 16 20 24 28 32 36 Thailand 24 In general, the impulse response analyses establish that the external influences analyzed here affect small open-economies in an intuitive and plausible manner. But it still begs the question of their overall influence relative to domestic factors on the macroeconomic performance of these economies. External shocks may materially affect growth and inflation, but explain only a small fraction of their overall variation if they occur infrequently. I analyze a decomposition of the forecast error variances of IPI and CPI to provide insight to the overall importance of external influences in these economies. The results of the decompositions at the 24- and 36-month horizons are presented in Table 4.1. A majority of the variation in output can be attributed to common external factors, accounting for an average of 68% and 71% of the total variation in output at the 24- and 36-month horizons. On average, external demand and commodity prices emerge as more dominant factors compared to global financial stress. These observations are similar for consumer prices. Meanwhile, domestic financial factors – the interest rate, real domestic credit, the exchange rate and financial stress – contribute an average of 9% and 11% of the variation in output, and 13% and 10% of the variation in consumer prices at the 24- and 36-month horizons. However, these averages mask the substantial cross-country variations in the contributions. For example, domestic financial factors contribute 21% and 14% of the movements in output and inflation at the 24-month horizon in Indonesia. In comparison, domestic financial factors in Thailand account for merely 3% and 10% of the movements in output and inflation. A comparison of the shares attributed to global financial stress and the domestic financial factors illustrate that output in Malaysia and Singapore have been affected significantly more by external financial conditions, while the reverse is true for Indonesia and the Philippines. 4.2 Domestic Financial Stress as a Conduit in Transmitting External Financial Shocks The wide range across countries in the contributions of domestic financial factors in driving output hints at a varied role of domestic financial markets in transmitting the effects of external shocks to the economy. In this section, I provide insight into the role of domestic financial markets in transmitting the effects of external financial shocks to domestic output. 25 Table 4.1. Decomposition of the Forecast Error Variance of Output and Consumer Prices (%) Output (IPI) Total External of which due to Total Domestic of which due to Commodity Prices External Demand Global Financial Stress Financial Factors 24 months Indonesia 64 53 9 2 36 21 Malaysia 74 9 30 35 26 8 Philippines 54 34 18 2 46 13 Singapore 72 10 43 19 28 2 Thailand 76 26 45 5 24 3 Average 68 26 29 13 32 9 36 months Indonesia 61 51 8 2 39 27 Malaysia 79 8 42 29 21 8 Philippines 55 38 15 2 45 14 Singapore 78 12 46 20 22 1 Thailand 83 27 49 7 17 3 Average 71 27 32 12 29 11 Consumer Prices (CPI) Total External of which due to Total Domestic of which due to Commodity Prices External Demand Global Financial Stress Financial Factors 24 months Indonesia 83 41 34 8 17 14 Malaysia 80 25 44 11 20 5 Philippines 64 12 52 0 36 28 Singapore 50 7 38 5 50 9 Thailand 77 5 57 15 23 10 Average 71 18 45 8 29 13 36 months Indonesia 95 54 31 10 6 6 Malaysia 87 18 54 15 13 4 Philippines 71 10 59 2 29 25 Singapore 59 4 46 9 41 8 Thailand 87 8 62 17 13 5 Average 80 19 50 11 20 10 Source: Author’s estimates Note: Financial factors refer to the total contributions from the interest rate, real credit, domestic financial stress and the NEER. Percentages may not add to 100 due to rounding errors. 26 The schematic in Figure 4.5 outlines 3 main channels in which global financial episodes may affect output beyond the direct trade effects 16 . In the first channel, an adverse external financial shock spills over to domestic financial markets. The resulting volatility and decline in domestic asset prices causes deterioration in domestic financing conditions in capital markets, negative wealth effects and hence lower real economic activity. Domestic credit conditions also become more restrictive as balance sheets of firms/households and the economic outlook deteriorate. The second channel is similar to the first, except that the external financial shock affects resident firms/households with direct financing, credit and wealth exposures to foreign banks and capital markets. Finally, an external financial shock leads to lower profitability in the financial sector through a decline in financial market activities. In reality, the transmission likely occurs through a combination of these three depicted scenarios. Figure 4.5. Transmission Channels of the Impact of External Financial Shocks to Output 16 This schematic abstracts from second round effects for simplicity. Global Financial Stress Domestic Output Domestic Financial Stress Credit and wealth effects from domestic markets Credit and wealth effects from external markets External demand and sectoral linkages 1 2 3 27 Figures 4.6 and 4.7 give some insight to the first channel. Figure 4.6 depicts the impulse responses of an external financial shock on domestic financial stress, thus providing evidence of spillovers from external to domestic financial markets. The results broadly show that domestic financial stress increases 6-9 months after an external financial shock and reverts back to its mean within one year. The transmission for Malaysia is consistently statistically significant 4-12 months after the shock. In contrast, domestic financial stress in Singapore, Indonesia, Philippines and Thailand are insignificant over most of the period studied, although stress increases during the initial months. The impact is the most muted in Indonesia. Nonetheless, domestic financial stress displays some spillover from external financial markets, especially during the initial months after the shock. Figure 4.7 shows the adverse effects on credit when spillovers occur, by illustrating the response of domestic credit to an adverse domestic financial shock. Higher domestic financial stress has a negative effect on domestic credit in all the sample economies. Singapore is an exception, with credit increasing in response to higher financial stress. The error bands, however, are especially large in this case. Figure 4.6. Effects of an External Financial Shock on Domestic Financial Stress Source: Author’s estimates -0.15 -0.10 -0.05 0.00 0.05 0.10 0 4 8 12 16 20 24 28 32 36 Indonesia -0.10 -0.05 0.00 0.05 0.10 0.15 0 4 8 12 16 20 24 28 32 36 Malaysia -0.10 -0.05 0.00 0.05 0.10 0 4 8 12 16 20 24 28 32 36 Philippines -0.10 -0.05 0.00 0.05 0.10 0.15 0 4 8 12 16 20 24 28 32 36 Singapore -0.10 -0.05 0.00 0.05 0.10 0 4 8 12 16 20 24 28 32 36 Thailand 28 Figure 4.7. Effects of a Domestic Financial Shock on Domestic Credit Source: Author’s estimates Given the evidence of financial spillovers, I now try to distinguish the first from the second and third paths of transmission shown in Figure 4.5, by quantifying the effects of an external financial shock on domestic output that is attributable to domestic financial stress. I achieve this by comparing the impulse response functions from the baseline model a restricted model. The restricted model is similar to the baseline, except that domestic financial stress is treated as an exogenous variable. The remaining contemporaneous, block- exogeneity and lag length assumptions are similar to the baseline specification. In doing so, I block off the responses of output to the external financial shock that passes-through domestic financial stress. The extent that the impulse responses from the restricted SVAR model are smaller reflects the degree of the pass-through via domestic financial stress (Chow, 2006; Morsink & Bayoumi, 2001; Raghavan, Silvapulle & Athanasopoulos, 2012). To characterize the pass-through of the external financial shock to domestic output through domestic financial stress, I compute the difference between the accumulated responses of output from the baseline and restricted specification for the first 12 months after the shock, expressed as a percentage of the accumulated response from the baseline. I choose a 12 month period because this is when the estimated impact of external financial shocks on output is most often significant (Figure 4.4). -0.03 -0.02 -0.01 0.00 0.01 0.02 0 4 8 12 16 20 24 28 32 36 Indonesia -0.004 -0.003 -0.002 -0.001 0.000 0.001 0.002 0 4 8 12 16 20 24 28 32 36 Malaysia -0.02 -0.01 -0.01 0.00 0.01 0.01 0 4 8 12 16 20 24 28 32 36 Philippines -0.002 -0.001 0.000 0.001 0.002 0.003 0.004 0 4 8 12 16 20 24 28 32 36 Singapore -0.010 -0.005 0.000 0.005 0.010 0 4 8 12 16 20 24 28 32 36 Thailand 29 Figure 4.8 presents the results, with the associated incremental impulse responses from the baseline and restricted SVARs over a 36 month period in Appendix 2. There is substantial cross-country difference in the pass-through. The largest pass-through is found in Malaysia, where 20.9% of the impact of an external financial shock on output occurs through domestic financial stress. Meanwhile, the lowest pass-through is found in Singapore at 9.2%. There are many potential reasons why the pass-through is so diverse across countries, which warrant further research. For example, policies aside from conventional monetary policy and structural characteristics of the economy as well as domestic financial markets that influence this pass-through are also not captured. Figure 4.8. Pass-through of External Financial Shocks to Output through Domestic Financial Stress Source: Author’s estimates Figure 4.9 briefly explores the third channel of the schematic in Figure 4.5 separate from the econometric analysis. Here, the performances of financial sectors are affected directly during financial episodes through lower transactions, fee-based income and profits. This is reflected in lower value-added in the sector and hence in GDP. This channel applies most to Singapore as it operates as a regional financial centre. Its finance sector also comprises the largest share of GDP compared to the other 4 sample countries. Shocks that affect the performance of the sector therefore have the largest bearing on its economy. Figure 4.9 shows 20.9 13.2 11.1 9.8 9.2 0 5 10 15 20 25 Malaysia Indonesia Philippines Thailand Singapore Percentage (%) 30 the size and performance of the financial sectors in the ASEAN-5 economies. Singapore’s financial market is the largest and was most affected during the GFC. Figure 4.9. Size and Performance of Financial Sectors in the ASEAN-5 Economies during the GFC period Source: Haver, CEIC 5. Robustness of the SVAR Model Results The assumptions about the exogeneity of the foreign to the domestic variables and the precedence of the real over the financial variables are intuitive and common practice in existing literature. However, the ordering of the FSI variable within the financial block is not as self-evident. For instance, financial stress can be hypothesized to have contemporaneous effects on the exchange rate and credit. Monetary policy may also react contemporaneously to financial stress if the Central Bank takes it as a forward looking signal of growth and inflation prospects. To investigate the robustness of the findings from the baseline model, I estimate the SVAR with alternative orderings of the FSI variable within the financial block. Appendix 3 replicates the impulse response functions that are shown thus far and compared with impulse responses from SVARs with the FSI ordered before the exchange rate, credit and the interest rate. The results show that the responses of output, prices and domestic financial stress are similar to the baseline. The largest divergence from the baseline results is in the response of credit to a domestic financial shock. Although the direction of the trajectory is similar, the magnitude and persistence differ in some cases. 3.3 8.6 6.9 10.8 4.1 0 2 4 6 8 10 12 In d o n es ia M al ay si a P h il ip p in es S in g ap o re T h ai la n d % of GDP Size of Financial Sector (2010) -20 -10 0 10 20 30 40 50 60 1Q-08 3Q-08 1Q-09 3Q-09 1Q-10 3Q-10 % yoy Value Added of Financial Sector Indonesia Malaysia Philippines Singapore Thailand 31 6. Concluding Remarks In this paper, I estimate SVAR models to give insight to the exposure of the ASEAN-5 economies to the external environment. External demand broadly emerges as the most important driver of domestic output and prices, followed by commodity prices and global financial conditions. In all cases, more than half of domestic output and prices are driven by external factors, although the importance among the three studied external variables differ across countries. Countries with a higher dependence on exports are proportionately more sensitive to external demand shocks. Positive commodity price shocks are found to be inflationary. They also lead to a decline in output, except in Indonesia and Malaysia where output initially increases. I argue that this is because these economies initially benefit from higher commodity prices through the trade channel, as reflected in their positive net trade positions in primary food and fuel commodities and the short-run inelasticity in the demand for these commodities. Adverse external financial shocks are found to spill over to domestic financial markets and cause output and prices to decline. However, the role of domestic financial stress in transmitting higher global financial stress to lower domestic output differs among the ASEAN-5 countries. Explaining this diversity warrants further research. Overall, the significant influence of external factors on the countries studied here suggests a need for policy institutions to closely monitor such risks. One challenge for small open economies is that while external headwinds may be identifiable as risks build up, their exogenous nature makes it more difficult to assess when and whether they will materialize into economically impactful events and the exact timing of their occurrence. Being able to identify them early is necessary for the implementation of pre-emptive policies to limit their macroeconomic consequences. Equally necessary is an understanding of the magnitude and duration of such shocks on the domestic economy and, in particular, how they will be transmitted. Only with this information can policymakers deliberate on the appropriate instrument and the magnitude of their application needed to address the risks at hand in a targeted manner. 32 References Bernanke, B. S. (1986). 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H., & Watson, M. W. (1990). Inference in Linear Time Series Models with Some Unit Roots. Econometrica: Journal of the Econometric Society, 58(1), 113-144. Stiglitz, J., & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. American Economic Review, 71(3), 393-410. Svensson, L. E. O. (2000). Open-economy Inflation Targeting. Journal of International Economics, 50(1), 155-183. Taylor, J. B. (1993). Discretion Versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy, 39, 195-214. Tng, B. H., Kwek, K. T., & Sheng, A. (2012). A Credit Approach to Measuring Financial Stress in Malaysia: A Comparison from Asian Crisis to Global Crisis. Singapore Economic Review, 57(2), 1250013-1-1250013-24. Tobin, J. (1969). A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15-29. Van Den Heuvel, S. J. (2002). Does Bank Capital Matter for Monetary Transmission? Economic Policy Review, 8(1), 259–265. 34 Appendix 1: Composition of the Major Sources of Financing in the ASEAN-5 Countries 0 20 40 60 80 100 120 140 1997-2001 2002-2006 2007-2010 % of GDP Indonesia External Loans International Bonds Bank Credit Domestic Stock Market Cap Domestic Bonds Foreign 13% 15% Domestic 87% 85% 30% 70% 124% 103% 101% 0 100 200 300 400 500 1997-2001 2002-2006 2007-2010 % of GDP Malaysia External Loans International Bonds Bank Credit Domestic Stock Market Cap Domestic Bonds Foreign 8% 10% Domestic 92% 90% 11% 89% 371% 372% 387% 35 0 50 100 150 200 1997-2001 2002-2006 2007-2010 % of GDP Philippines External Loans International Bonds Bank Credit Domestic Stock Market Cap Domestic Bonds Foreign 18% 27% Domestic 82% 73% 24% 76% 155% 164% 163% 0 100 200 300 400 500 600 700 800 1997-2001 2002-2006 2007-2010 % of GDP Singapore External Loans International Bonds Bank Credit Domestic Stock Market Cap Domestic Bonds Foreign 35% 40% Domestic 65% 60% 46% 54% 596% 617% 664% 0 50 100 150 200 250 300 1997-2001 2002-2006 2007-2010 % of GDP Thailand External Loans International Bonds Bank Credit Domestic Stock Market Cap Domestic Bonds Foreign 5% 7% Domestic 95% 93% 19% 81% 223% 238% 239% 36 Appendix 2: Impulse Response of Output to a 1 Standard Deviation External Financial Shock from the Baseline and Restricted SVARs Source: Author’s estimates -0.001 0.000 0.001 0.001 0.002 0.002 0.003 0 4 8 12 16 20 24 28 32 36 Indonesia Baseline FSI restricted -0.015 -0.010 -0.005 0.000 0 4 8 12 16 20 24 28 32 36 Malaysia Baseline FSI restricted -0.010 -0.005 0.000 0.005 0.010 0 4 8 12 16 20 24 28 32 36 Philippines Baseline FSI restricted -0.020 -0.015 -0.010 -0.005 0.000 0 4 8 12 16 20 24 28 32 36 Singapore Baseline FSI restricted -0.010 -0.005 0.000 0 4 8 12 16 20 24 28 32 36 Thailand Baseline FSI restricted 37 Appendix 3: Robustness of Impulse Reponses to Alternative Ordering Assumptions Response of Output to External Demand Shocks Response of Prices to External Demand Shocks Response of Output to Commodity Price Shocks Response of Prices to Commodity Price Shocks -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Malaysia 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Philippines 0.00 0.05 0 4 8 12 16 20 24 28 32 Singapore 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Thailand 0.00 0.05 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Malaysia 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Philippines 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Singapore 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Thailand -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B -0.02 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Malaysia -0.05 0.00 0.05 0 4 8 12 16 20 24 28 32 36 Philippines -0.02 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Singapore -0.05 0.00 0.05 0 4 8 12 16 20 24 28 32 36 Thailand -0.10 0.00 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Malaysia -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Philippines -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Singapore -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Thailand 38 Response of Output to External Financial Shocks Response of Prices to External Financial Shocks Response of Domestic Financial Stress to External Financial Shocks Response of Domestic Credit to Domestic Financial Shocks Source: Author’s estimates Note: B refers to impulse responses from the baseline model. 1, 2 and 3 are impulse responses from specifications with the FSI ordered respectively before the NEER, the NEER and real credit, and the NEER, real credit and the interest rate. Other assumptions remain similar to the baseline model. -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B -0.02 0.00 0 4 8 12 16 20 24 28 32 36 Malaysia -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 Philippines -0.02 0.00 0 4 8 12 16 20 24 28 32 36 Singapore -0.01 0.00 0 4 8 12 16 20 24 28 32 36 Thailand -0.05 0.00 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B -0.01 0.00 0 4 8 12 16 20 24 28 32 36 Malaysia -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Philippines -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Singapore -0.01 0.00 0 4 8 12 16 20 24 28 32 36 Thailand -0.10 0.00 0.10 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B -0.10 0.00 0.10 0 4 8 12 16 20 24 28 32 36 Malaysia -0.10 0.00 0.10 0 4 8 12 16 20 24 28 32 36 Philippines -0.10 0.00 0.10 0 4 8 12 16 20 24 28 32 36 Singapore 0.00 0.05 0 4 8 12 16 20 24 28 32 36 Thailand -0.03 0.02 0 4 8 12 16 20 24 28 32 36 Indonesia 1 2 3 B -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Malaysia -0.02 0.00 0.02 0 4 8 12 16 20 24 28 32 36 Philippines -0.01 0.00 0.01 0 4 8 12 16 20 24 28 32 36 Singapore -0.01 0.01 0 4 8 12 16 20 24 28 32 36 Thailand
Public Notice
27 Nov 2013
RINGGIT Newsletter (October 2013 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-october-2013-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/Ringgit_10.pdf
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Persediaan Kewangan Sebelum Persaraan OKTOBER 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 0 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Mahu atau tidak, semua orang akan bersara pada satu hari nanti. Tetapi adakah anda telah bersedia daripada segi kewangan untuk bersara? Kebanyakan orang bergantung sepenuhnya kepada faedah persaraan (retirement benefits) yang diperoleh untuk menampung kehidupan selepas bersara. Menurut laporan Jabatan Perangkaan Malaysia pada tahun 2011, jangka hayat penduduk Malaysia dianggarkan selama 72.0 tahun untuk lelaki dan 77.1 tahun untuk perempuan. Oleh sebab jangka hayat manusia yang semakin meningkat, persoalan yang mungkin timbul ialah adakah wang yang dikumpulkan untuk tujuan persaraan atau pencen mencukupi untuk menampung tahap kualiti kehidupan yang diinginkan, ditambah pula dengan meningkatnya kos perubatan serta sara hidup. Oleh itu, sama ada anda bercadang untuk bersara pada usia 55 tahun atau lebih awal lagi, apa yang penting adalah anda perlu melengkapkan diri dengan perancangan kewangan yang dapat menjamin kehidupan yang memuaskan serta bebas daripada bebanan hutang setelah bersara. Bagaimana untuk menyiapkan diri untuk bersara? Soalan ini kerap bermain dalam fikiran orang ramai apabila membincangkan isu persaraan. Namun, tiada jawapan yang khusus untuk soalan ini kerana ia banyak bergantung kepada gaya hidup yang diinginkan, tahap kesihatan dan juga keadaan seseorang itu selepas bersara. Berikut adalah beberapa langkah yang boleh diambil untuk menyiapkan diri anda dari segi kewangan sebelum bersara: Persediaan Kewangan Sebelum Persaraan 2 • Ringgit Langkah 1: Tetapkan keperluan kewangan anda Perkara pertama yang perlu dilakukan ialah menilai keperluan kewangan anda. Setelah bersara, perbelanjaan seperti pakaian ke pejabat, kos pengangkutan / perjalanan ke tempat kerja, makanan dan sebagainya sudah tiada lagi. Walau bagaimanapun, perbelanjaan lain seperti kos perubatan, insurans dan lain-lain lagi mungkin akan meningkat. Secara amnya, keperluan perbelanjaan seorang pesara itu dianggarkan dalam lingkungan 75% hingga 80% keperluannya ketika masih bekerja. Berdasarkan keperluan ini, anda perlu membuat penyelarasan yang sesuai dengan mengambil kira situasi unik anda, seperti kos pendidikan anak- anak dan pembayaran pinjaman perumahan untuk menganggarkan perbelanjaan bulanan yang perlu ditampung. Selain perbelanjaan tetap yang dikenakan, anda juga perlu mengambil kira jika terdapat kemungkinan gaya hidup anda akan berubah. Jika anda berhajat untuk mengembara, bercuti, ataupun mempunyai hobi-hobi lain yang melibatkan wang, anda perlu mengambil kira kos-kos ini ketika membuat perancangan persaraan. Langkah 2: Menilai status semasa Setelah menetapkan keperluan kewangan, langkah seterusnya ialah menilai kedudukan kewangan semasa dan membuat pelan untuk menampung keperluan persaraan kelak. Di sini, anda perlu memberi perhatian kepada portfolio pelaburan yang merangkumi simpanan tambahan serta pendapatan anda. Senaraikan juga semua komitmen kewangan yang perlu dijelaskan. Sekiranya anda masih bekerja, anggarkan jumlah wang Kumpulan Wang Simpanan Pekerja (KWSP) atau pencen yang bakal anda terima. Langkah 3: Mengira wang yang diperlukan Setelah selesai mengumpulkan semua maklumat di atas, anda boleh mendapatkan nasihat daripada perancang kewangan ataupun mana-mana laman web yang menyiarkan artikel-artikel mengenai perancangan persaraan yang boleh anda contohi dalam usaha untuk menyiapkan diri daripada segi kewangan sebelum bersara. Ini penting untuk menilai sama ada wang anda sekarang mencukupi atau tidak untuk memenuhi keperluan persaraan kelak. Jika jawapannya tidak, sekurang-kurangnya, anda boleh mengira berapa banyak lagi wang yang diperlukan. Sebagai contoh, keperluan tahunan Ali ialah RM50,000 (lebih kurang RM4,000 sebulan). Dia menganggarkan bahawa wang simpanan persaraannya akan menjana pulangan sebanyak 7% setiap tahun. Oleh itu, Ali memerlukan sekurang-kurangnya RM714,286 (RM50,000 / 0.07) dalam simpanannya untuk menampung perbelanjaan persaraannya. Langkah 4: Berdisiplin dalam Merancang Kewangan Untuk mengekalkan kuasa beli wang anda, pastikan ia berkembang sekurang-kurangnya pada kadar yang sama dengan kadar inflasi untuk mengimbangi kesan negatif inflasi. Ini berdasarkan kepada andaian bahawa anda ingin mengekalkan wang simpanan persaraan sepanjang hidup dan menyimpan amaun prinsipal untuk anak-anak anda. Sebaliknya, jika anda tidak keberatan untuk membelanjakan wang persaraan anda, jumlah wang yang diperlukan pastinya lebih kecil. Namun, dalam masa yang sama, berhati-hati dalam merancang kewangan anda. Elakkan daripada membuat pengeluaran wang sewenang-wenangnya dan pastikan ia mencukupi untuk menampung perbelanjaan sehingga akhir hayat anda. Di samping itu juga, anda mungkin mahu mengambil kira kesan kuasa pengkompaunan kerana lebih awal anda memulakan pelan simpanan persaraan, maka lebih mudahlah anda mencapai matlamat kewangan yang ditetapkan. Setelah menetapkan jumlah wang yang diperlukan, langkah seterusnya ialah untuk memberikan komitmen penuh kepada jumlah yang hendak disimpan dan menguruskan portfolio pelaburan anda dengan cara yang sepatutnya. Semakin hampir kepada umur persaraan, maka semakin rendahlah risiko yang perlu diambil. Oleh itu, elakkan daripada mengambil risiko yang tinggi hanya kerana anda kini dalam peringkat pertengahan umur dan baru mula untuk merancang wang yang diperlukan. Jika anda mengalami situasi ini, dapatkan nasihat profesional kewangan yang berlesen. Akhir kata, berbelanjalah mengikut keperluan dan cuba maksimumkan simpanan anda untuk waktu persaraan. Apa tunggu lagi? Mulakan pelan persaraan anda sekarang! Artikel ini ditulis oleh SIDC dan En. Ooi Kok Hwa, pemegang Lesen Wakil Perkhidmatan Pasaran Modal untuk menjalankan urusan nasihat pelaburan di bawah Akta Pasaran Modal dan Perkhidmatan 2007. Maklumat yang terkandung di dalam atikel ini ialah untuk tujuan pendidikan semata-mata dan tidak boleh dianggap sebagai pengganti untuk nasihat perundangan atau mana-mana nasihat profesional yang lain. Ringgit • 3 Akhir-akhir ini, terdapat pelbagai bentuk penyelewengan dan penipuan yang melibatkan panggilan telefon dan e-mel di internet. Walaupun kes-kes ini berlaku secara bermusim, namun ia akan muncul dari semasa ke semasa. Hakikatnya, ramai mangsa tidak berani membuat laporan kerana dibelenggu oleh perasaan malu dan mereka dikategorikan dalam golongan yang berpelajaran. Berikut adalah modus operandi yang biasa digunakan oleh pihak yang tidak bertanggungjawab ini. a) Membuat panggilan telefon Panggilan telefon merupakan cara paling mudah untuk memperdayakan mangsa. Selain daripada kosnya yang rendah, identiti syarikat atau pihak yang menelefon juga tidak diketahui. Alasan yang biasa digunakan apabila anda bertanyakan daripada mana maklumat anda diambil, ia diperoleh daripada kedai menjual barangan elektrik atau menggunakan nama syarikat-syarikat yang terkenal bagi meyakinkan anda. b) Waktu panggilan pada hujung minggu atau pada cuti umum Hujung minggu dan cuti umum adalah masa anda berehat di rumah dan tiada gangguan kerja-kerja pejabat. Anda juga tidak boleh membuat panggilan kepada syarikat yang terlibat untuk pengesahan (jika menggunakan nama syarikat terkenal). c) Menawarkan hadiah percuma Syarikat tersebut tidak meminta wang anda secara terus, tetapi menawarkan hadiah percuma untuk memikat hati anda. Syarikat juga menyatakan bahawa keinginan mereka untuk memberikan hadiah percuma bagi mengurangkan cukai syarikat. Syarikat tersebut mendakwa bahawa cabutan tersebut bersempena dengan perayaan ulang tahun syarikat dan sebagainya. d) Memujuk atau meminta anda membuat keputusan segera Syarikat menyatakan bahawa tawaran adalah terhad atau tawaran hanya untuk hari itu sahaja. Anda tidak berpeluang untuk berfikir dan menyemak latar belakang syarikat tersebut. e) Meminta maklumat buku akaun atau membawa buku akaun bank / ASB dan sebagainya Dengan cara ini, anda boleh membayar kepada syarikat tersebut secara terus atau pada hari yang sama. f) Meminta wang anda terlebih dahulu Langkah terakhir dan terpenting adalah mereka akan meminta wang daripada anda. Anda perlu membayar wang sebelum menerima hadiah percuma. Syarikat akan mendakwa bahawa pembayaran tersebut sebagai ‘bayaran pendahuluan’ atau pelbagai nama lagi. Langkah di atas adalah panduan untuk anda lebih berhati-hati. Jika anda sudah mula berurusan dengan mereka, letakkan gagang telefon atau beredar secepat mungkin. Waspada Terhadap Hadiah Percuma 4 • Ringgit Hutang boleh menjejaskan kesihatan serta menyebabkan tekanan hidup jikalau anda gagal menguruskannya dengan baik. Akibat tidak dapat menghadapi tekanan hidup kerana beban hutang yang banyak, menyebabkan ada yang mengambil jalan singkat, seperti meminjam dengan Ah Long – yang sebenarnya menjerat diri sendiri. Malahan, jika pegangan agama tidak kuat, ada yang sanggup membunuh diri. Bertenang! Walau apa pun tindakan yang anda ingin lakukan, anda perlu memikirkan tentang buruk dan baiknya. Fikirlah bahawa setiap masalah, termasuk hutang, ada cara penyelesaiannya. Berikut adalah tiga langkah yang boleh digunakan untuk menangani masalah hutang yang tidak terkawal. 1) Mengaku anda banyak hutang Anda harus mengakui sekiranya anda mempunyai masalah hutang yang tidak terkawal. Jangan menafikannya. Jangan menambahkan lagi hutang. Ini termasuk membeli barangan dan perkhidmatan dengan menggunakan kad kredit. 2) Periksa status kewangan Analisis kedudukan kewangan anda. Kemas kini semua penyata hutang anda untuk mengetahui jumlah semua hutang yang sebenarnya. Bandingkan jumlah pembayaran balik hutang dengan pendapatan anda. Bayar balik hutang mengikut keutamaan. Bayar dahulu pinjaman dan hutang tertunggak yang mempunyai kadar faedah yang lebih tinggi. 3) Segera betulkan keadaan Ambil tindakan segera untuk membetulkan keadaan. Sediakan bajet, sekiranya anda masih belum berbuat demikian. Bajet anda mesti mengambil kira semua pembayaran bulanan dalam senarai perbelanjaan anda. Pertimbangkan untuk menggunakan tabungan atau menjual aset pelaburan bagi mengurangkan hutang. Kurangkan perbelanjaan anda. Berbelanja untuk barangan dan perkhidmatan yang penting sahaja. Berusaha untuk meningkatkan pendapatan, seperti membuat kerja sambilan. Berunding dengan institusi kewangan untuk memohon penstrukturan atau penjadualan semula pinjaman yang bersesuaian dengan kedudukan aliran tunai anda. Dapatkan bantuan Agensi Kaunseling dan Pengurusan Kredit (AKPK) jika institusi kewangan tidak dapat membantu. Jangan Panik Dengan Hutang Bertenang Dan Fikirkan Kaedah Terbaik Untuk Mengatasinya Ringgit • 5 Terdapat beberapa organisasi yang boleh dihubungi sekiranya anda memerlukan bantuan dan nasihat untuk menyelesaikan hutang. Bagaimanapun, anda perlu mengambil langkah proaktif sebagaimana yang dinyatakan di atas untuk menyelesaikan masalah, termasuk berbincang dengan pihak institusi kewangan. Berikut adalah organisasi yang boleh membantu menguruskan kedudukan hutang. Peranan mereka bukanlah menyediakan wang untuk melangsaikan hutang anda, tetapi untuk memberi nasihat dan panduan bagaimana hutang anda boleh diuruskan. AKPK Organisasi ini ditubuhkan oleh Bank Negara Malaysia (BNM) dengan visi: Amalkan Pengurusan Kewangan Berhemat Sebagai Budaya Hidup. Ia bertujuan untuk memastikan warga Malaysia menjalani kehidupan dengan mempunyai kemahiran pengurusan kewangan yang baik dan hutang terkawal. AKPK menawarkan tiga jenis perkhidmatan secara percuma kepada individu sahaja untuk membantu menguruskan kewangan dengan lebih baik: • Mendidik atau mengajar mengenai penggunaan kredit dan asas pengurusan wang, termasuk petua menggunakan kredit (hutang) secara bertanggungjawab. • Memberi kaunseling dan nasihat mengenai pengurusan kewangan, membuat penilaian mendalam mengenai masalah kewangan anda dan cara untuk mengatasinya. • Program Pengurusan Kredit (PPK), iaitu peminjam dan AKPK bekerjasama untuk menyediakan pelan penstrukturan atau penjadualan semula pinjaman menerusi rundingan dengan institusi kewangan. Untuk layak mendapatkan perkhidmatan PPK, anda perlu memenuhi syarat berikut: • Tidak mampu menguruskan tanggungan hutang. • Mempunyai pinjaman daripada institusi kewangan yang dikawal selia oleh BNM dan bukan hutang daripada ceti haram atau Ah Long. • Mempunyai jumlah pinjaman tidak lebih daripada RM2 juta. • Mempunyai sumber pendapatan positif selepas menolak perbelanjaan. • Tidak berada dalam peringkat tindakan undang- undang yang sudah lanjut. • Belum diisytiharkan bankrap. Bagi mendapatkan maklumat lanjut, layari laman sesawang www.akpk.org.my Laman informasi dan Khidmat Nasihat BNM (BNMLINK) Ini adalah saluran penting BNM untuk berhubung dengan orang ramai. Ia berperanan sebagai pusat perhubungan untuk memudahkan maklum balas kepada orang ramai dan perusahaan kecil dan sederhana (PKS) berhubung dengan perkara berkaitan dengan sektor kewangan. Layari BNMLINK di www.bnm.gov.my/bnmlink/ index.tm. Petikan artikel daripada Berita Harian, 25 Mei 2013, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Agensi Kaunseling Dan Pengurusan Kredit (729811-P) Aras 8.2-8.9, Maju Junction Mall, 1001 Jalan Sultan Ismail, 50250 Kuala Lumpur. www.akpk.org.my Talian Bebas Tol: 1800-88-2575 6 • Ringgit Deposit merupakan terma yang sering digunakan bagi apa jua transaksi komersial sebagai bayaran muka atau bayaran awal (downpayment). Bayaran deposit adalah mengikut persetujuan kedua–dua pihak, namun lazimnya bayaran yang dibuat adalah 10 peratus daripada harga jualan yang sebenar. Penjualan aset seperti kereta telah menetapkan satu konsep pembayaran yang baru dikenali sebagai ‘booking fee’ untuk mengelakkan pembeli daripada mengalami kerugian secara keseluruhan. Ini kerana, berdasarkan amalan pembayaran deposit yang dilakukan, pembeli tidak akan menerima semula deposit yang dibayar sekiranya permohonan pinjaman ditolak oleh pihak bank. Berdasarkan Akta Sewa Beli 1967 (pindaan 2010), pembeli boleh membuat bayaran sebanyak 1 peratus yang dikenali sebagai caj tempahan atau ‘booking fee’ kepada penjual. Caj tempahan bertindak sebagai tempahan awal untuk membeli aset, sementara menunggu keputusan permohonan pinjaman daripada bank. Oleh sebab nilai aset yang dijual di pasaran adalah tinggi, Akta Sewa Beli dipinda bagi memastikan pembeli tidak menanggung terlalu banyak kerugian jika permohonan pinjaman ditolak. Bagi pembeli yang membuat pembayaran caj tempahan, anda berhak untuk mendapatkan kembali 90 peratus daripada 1 peratus bayaran yang dibuat kepada penjual. Manakala baki 10 peratus tersebut akan menjadi milik penjual apabila transaksi jual beli tersebut tidak berjaya. Penerangan: 1. Pembeli membuat bayaran sebanyak RM500 (1%) kepada penjual sebagai ‘booking fee’. 2. Pembeli akan membuat permohonan pinjaman kepada bank bagi membiayai pembelian. 3. Pihak bank akan memberikan notis bahawa permohonan pinjaman telah gagal kepada pembeli. Pembeli akan memaklumkan kepada penjual bahawa pinjaman gagal. 4. RM450 akan dipulangkan kepada pembeli, iaitu 90% daripada RM500 (1% ‘booking fee’) 5. RM50 akan diserahkan kepada penjual, iaitu 10% daripada RM500 (1% ‘booking fee’) Ruangan Bersama NCCC Deposit dan Caj Tempahan (Booking Fees) Ilustrasi: Aset bernilai RM50,000 Ringgit • 7 Ruangan Masalah Kewangan Anda Saya ialah seorang warga emas dan pesara kerajaan. Beberapa hari yang lalu, saya telah menerima satu panggilan telefon daripada sebuah syarikat X. Pihak syarikat mendakwa saya merupakan pembeli bertuah. Sebelum ini, saya pernah membeli barangan elektrik. Syarikat menyatakan tujuan pemberian hadiah percuma ini adalah untuk mengelakkan pembayaran cukai yang dikenakan terhadap syarikat. Saya telah diminta untuk memberikan maklumat butiran akaun, seperti Amanah Saham Bumiputera (ASB), Tabung Haji dan akaun simpanan milik persendirian. Saya mulai berasa curiga dengan panggilan ini. Bagaimanakah saya ingin mengetahui adakah ini merupakan salah satu penipuan? Dan bagaimanakah syarikat tersebut mempunyai data dan maklumat peribadi saya. Mohon nasihat. Terima kasih. Jawapan: Maklumat-maklumat seperti ASB, akaun bank atau apa jua simpanan merupakan maklumat yang menjadi hak peribadi bagi seseorang individu. Lazimnya maklumat sedemikian tidak diperlukan bagi pemberian hadiah percuma. Anda dinasihatkan supaya tidak Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda mengikut permintaan pemanggil kerana kes penipuan pada masa ini menggunakan modus operandi yang sedemikian. Salah satu cara untuk mengetahui sama ada panggilan tersebut merupakan satu penipuan ialah dengan mendapatkan maklumat syarikat tersebut terlebih dahulu. Anda perlu bertanya tentang cara pemberian hadiah dilakukan. Perhatikan jika terdapat sebarang keraguan, seperti penerima hadiah perlu mendepositkan wang terlebih dahulu atau pemberian hadiah akan dibuat tanpa melibatkan pertemuan kedua-dua belah pihak, atau anda diminta untuk hadir ke pejabat syarikat dengan membawa buku simpanan ASB, akaun bank dan sebagainya. Ia meningkatkan lagi kemungkinan bahawa panggilan tersebut adalah satu penipuan. Lebih wajar jika dipastikan terlebih dahulu bahawa syarikat tersebut benar-benar wujud dan beroperasi secara sah. Jika benar terdapat pemberian hadiah percuma, anda akan diberikan masa dan akan dimaklumkan secara terperinci tentang pemberian hadiah tersebut. Anda juga tidak akan dipujuk untuk memberikan apa jua maklumat atau persetujuan secara mengejut tanpa dibenarkan membuat sebarang pertimbangan. Berkenaan dengan maklumat yang diperoleh pula, terdapat kemungkinan bahawa syarikat tersebut mendapat maklumat itu daripada syarikat asal yang menyimpan maklumat anda. Untuk melindungi kepentingan data peribadi pengguna daripada disalahgunakan oleh pihak ketiga / syarikat lain, Akta Perlindungan Data Peribadi telah diluluskan oleh Parlimen pada tahun 2010. Akta tersebut telah dikuatkuasakan pada 15 November 2013 dan pihak syarikat boleh dikenakan tindakan dan diwajibkan untuk meminta kebenaran daripada pelanggan untuk berkongsi data dengan pihak ketiga. Pengguna diminta supaya berhati-hati apabila menerima panggilan atau mesej yang menawarkan hadiah percuma. Panggilan Yang Tidak Diundang 8 • Ringgit Ringgit • 9 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected]
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15 Nov 2013
You Got "Phished"! Protect yourself from phishing scams..
https://www.bnm.gov.my/-/you-got-phished-protect-yourself-from-phishing-scams.
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25 Oct 2013
Download the 2014 Budget Speech by Prime Minister of Malaysia
https://www.bnm.gov.my/-/download-the-2014-budget-speech-by-prime-minister-of-malaysia
https://www.bnm.gov.my/documents/20124/761700/bs14_en.pdf
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Reading: Download the 2014 Budget Speech by Prime Minister of Malaysia Share: Download the 2014 Budget Speech by Prime Minister of Malaysia Release Date: 25 Oct 2013 The 2014 Budget Speech by YAB Dato' Sri Mohd. Najib Tun Abdul Razak, Prime Minister. Click on the hyperlink below to download. The 2014 Budget Speech © 2024 Bank Negara Malaysia. All rights reserved.
1 THE 2014 BUDGET SPEECH By YAB DATO’ SRI MOHD NAJIB TUN HAJI ABDUL RAZAK PRIME MINISTER AND MINISTER OF FINANCE INTRODUCING THE SUPPLY BILL (2014) IN THE DEWAN RAKYAT FRIDAY, 25 OCTOBER 2013 “STRENGTHENING ECONOMIC RESILIENCE, ACCELERATING TRANSFORMATION AND FULFILLING PROMISES” Mr. Speaker Sir, I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2014 and to appropriate that sum for the service of that year” be read a second time. 2 INTRODUCTION Mr. Speaker Sir, I begin the 2014 Budget Speech by reciting the holy kalimah Bismillahirrahmanirrahim. Surah al-Qasas from the holy Quran, verse 77 says, “But seek, through that which Allah has given you, the home of the Hereafter; and [yet], do not forget your share of the world. And do good as Allah has done good to you…” Philosophers often say: “Unity is the beginning, staying united reflects progress while working together is the recipe for success.” 1. Let us begin by expressing our gratitude to Allah Subhanahu Wa Taala for with His Blessings, my colleagues and I are able to gather in this august House, a symbol of our vibrant democracy in our sovereign and independent nation. 2. On behalf of the Government, I would like to record our highest appreciation and thank the rakyat for supporting and giving the mandate to Barisan Nasional in the 13th General Election to continue to lead the country. 3. This proves that though faced with various obstacles and challenges as well as allegations hurled at us, with God’s grace and the transformative leadership of Barisan Nasional, we prevailed and continue to be resilient and strong as the party chosen by the rakyat for the next five years. 4. Indeed, we went through a challenging General Election. We take pride that we observed all the rules and regulations in the true spirit of democracy as provided 3 for under the Federal Constitution. This election has been acknowledged by friend and foe alike as the mother of all elections. 5. The Government is certainly aware that in an environment of global political and economic uncertainties, and if we are not vigilant, we will be adversely affected. Hence, we are most grateful that our nation has not been dragged into civil unrest which can destroy the country. 6. We are also grateful that our nation remains blessed, as we are free from natural calamities unlike in other countries. We pray that we are always protected by Him. 7. We have implemented 10 Malaysia Plans and 3 Outline Perspective Plans, since 1965 to 2010. 8. The National Development Policy was implemented from 1991 to 2000. Next came the National Vision Policy which spanned the period from 2001 to 2010. When tabling the 2010 Budget, I launched the National Transformation Policy, the bedrock and catalyst towards achieving Vision 2020. 9. I must stress explicitly that all these plans would not have been realised without careful planning and clear strategies by the Government. In fact, for decades the Barisan Nasional Government has taken relentless efforts to develop the nation from an agriculture-base to a modern industrial economy and further grow to upper middle-income status. We are now poised to become a high-income and developed nation. 10. On 14 September 2013, I presented the Agenda on Bumiputera Economic Empowerment at the Dewan Agong Tuanku Cancelor in the main campus of UiTM. In my speech, I explained the demographics of the nation, particularly in relation to the Malays and Bumiputeras. 4 11. Currently, the demographics beginning from Arau, Perlis to Kudat and Tawau in Sabah, through Bintulu and Batang Ai, Sarawak, indicate that Malays comprise 41 subgroups within nine major groups, Chinese 10 subgroups, Indians 8 subgroups, Orang Asli 18 categories, Bumiputera Sabah more than 60 ethnic groups and in Sarawak, more than 40 subgroups. 12. The truth is, irrespective of whether we are Malays, Chinese, Indians, Kadazans, Murut, Dusun, Iban, Bidayuh, Orang Ulu, Orang Asli, Sikhs, Eurasians, Siamese, Baba Nyonya and Chitty, we are all Malaysians. Every ethnic or subgroup irrespective of numbers is important in our journey towards success. 13. According to the 2010 Population and Housing Census, estimates for 2013 indicate that there are 18.6 million Malays and Bumiputera (67.9% of total population) including Muslims and non-Muslims, Chinese, 6.6 million (24%) Indians, 2 million (7.2%), while there are 259,000 (0.9%) people of other ethnic groups (0.9%). This means there are about 27.4 million Malaysian citizens. 14. However, this does not include the 40,000 Bangladeshis who were brought in as phantom voters in the recent 13th General Election as alleged by the Opposition. Till today no one has even seen them or their shadow. Enough of lies. Ask for forgiveness from Him. 15. Indeed, for more than five decades, there has been an agreement forged by our former leaders in full wisdom and knowledge, supported by statistical evidence and our multiracial society. Therefore based on the solid premise, we present you this important document. 16. As in previous years, the tabling of this document of national importance falls on a Friday afternoon, a blessed day. This is the first Budget to be presented by the Barisan Nasional Government, after gaining the trust and confidence of the rakyat, once again. This is also my fifth budget as the Minister of Finance since 2009. 5 2014 BUDGET THRUSTS 17. The 2014 Budget is formulated to ensure that the economy continues to expand at a strong pace, and to reduce the fiscal deficit, with the overall objective of prospering the nation and promoting the well-being of the rakyat. Towards this, the 2014 Budget is formulating based on the theme “Strengthening Economic Resilience, Accelerating Transformation And Fulfilling Promises”, outlining five main thrusts: First Thrust: Invigorating Economic Activity Second Thrust: Strengthening Fiscal Management Third Thrust: Inculcating Excellence in Human Capital Fourth Thrust: Intensifying Urban and Rural Development Fifth Thrust: Ensuring Well-Being of the Rakyat 2013 ECONOMIC PERFORMANCE AND 2014 PROSPECTS 18. Allow me to highlight the current global and domestic economic prospects. The global economy is expected to grow at a slower pace of 2.9% in 2013. As a highly open economy, Malaysia is not spared from the modest growth. Nevertheless, the country’s strong economic fundamentals and accommodative monetary policy will enable us to grow at a sustainable pace. In fact, the economy grew 4.2% in the first half of 2013. 19. Economic indicators reflect trends that support growth. For example, the FBMKLCI reached 1,818 points on 24 October 2013, with market capitalisation of RM1.66 trillion, a new record high in terms of level and value. This underscores the increasing local and foreign investors' confidence in the economy. 20. Net foreign direct investment was higher at RM18.2 billion in the first half of 2013 compared with RM15.9 billion during the same period in 2012. International 6 reserves remained strong at RM444.9 billion at 14 October 2013, sufficient to finance 9.7 months of retained imports and is 3.9 times the short-term external debt. 21. For the whole of 2013, the domestic economy is expected to expand between 4.5% and 5%. Growth is supported by private investment, increasing 16.2% to an estimated RM165 billion. In addition, private and public consumption are expected to grow 7.4% and 7.3%, respectively mainly supported by strong domestic economic activity. 22. In 2014, in tandem with an improved global economic outlook, the domestic economy is projected to grow at a stronger pace of 5% to 5.5%. Growth will be driven by private investment expanding 12.7%, and private consumption at 6.2%. 23. Exports of goods are expected to grow 2.5% due to improving external demand. On the supply side, the construction sector is expected to grow 9.6%, followed by the services sector at 5.7%. The unemployment rate is estimated at 3.1% while the inflation rate will remain low between 2% and 3%. 24. The per capita income for 2014 is expected to reach RM34,126 compared with RM24,879 in 2009, an increase of 37% over 6 years. In this regard, we are confident of achieving the target per capita income of RM46,500 or USD15,000 in 2020. It is even possible that we will achieve developed nation status much earlier than 2020. 2014 BUDGET ALLOCATION 25. The 2014 Budget will allocate a total of RM264.2 billion to implement programmes and projects for the well-being of the rakyat and national development. Of this amount, RM217.7 billion is for Operating Expenditure while RM46.5 billion for Development Expenditure. 7 26. Under Operating Expenditure, RM63.6 billion is allocated for Emoluments and RM36.6 billion for Supplies and Services. Meanwhile, RM114.5 billion is allocated for Fixed Charges and Grants, while RM1.4 billion is for the Purchase of Assets. The remaining RM1.5 billion is for Other Expenditures. 27. From the Development Expenditure of RM46.5 billion, a sum of RM29 billion is allocated to the economic sector. A sum of RM10.5 billion is allocated to the social sector for education and training, health, welfare, housing and community development. In addition, RM3.9 billion is allocated to the security sector. The balance of RM1.1 billion is for general administration and RM2 billion for contingencies. 28. In 2014, the Federal Government revenue collection is estimated at RM224.1 billion, an increase of RM4 billion from 2013. Taking into account the estimated revenue and expenditure, the Federal Government fiscal deficit will further decline from 4% of GDP in 2013 to 3.5% in 2014. This clearly indicates the Government’s commitment towards fiscal consolidation to further strengthen the financial position of the nation. 29. Taking into account the current international and domestic economic environment, I will now present the five thrusts which will be the basis of the 2014 Budget. FIRST THRUST: INVIGORATING ECONOMIC ACTIVITY 30. The Government will continue to provide a conducive environment to attract more domestic and foreign investment. The Government’s efforts have led to an increase in private investment. For example, the share of private investment to GDP has grown from 12.4% in 2010 to 16.7% currently. 8 31. In 2014, private investment is expected to increase further to RM189 billion or 17.9% of GDP, particularly in oil and gas, textile industry, transport equipment and real estate development. 32. Public investment is estimated to reach RM106 billion. Projects to be implemented include construction of the 316-kilometre West Coast Expressway from Banting to Taiping as well as double-tracking projects from Ipoh to Padang Besar, and later from Gemas to Johor Bahru. 33. In the oil and gas sector, among projects to be undertaken by Petronas include the Sabah Ammonia Urea Project (SAMUR) in Sipitang; the integrated oil and gas production development project in Kebabangan; the regasification plant project in Lahad Datu, Sabah; and RAPID in Pengerang, Johor, which is the largest investment in Malaysia. 34. The Government will continue to encourage investments in the five regional economic corridors by providing basic infrastructure and implementing high-impact projects. As at end-2012, investments worth RM124 billion or 41% of the total committed investments were realised in the regional corridors. 35. In the first nine months of 2013, the regional corridors attracted committed investments of RM53.4 billion with almost 50% realised. Among the important projects in Iskandar Region are Pinewood Studio, Gleneagles Medini Hospital and Pegasus International School. In addition, sewerage and flood mitigation projects will be carried out. 36. In 2014, the Government will allocate RM1.6 billion for development in the five regional corridors. Among the main projects to be implemented include the agropolitan project and oil palm-based industries in the Sabah Development Corridor as well as Samalaju Industrial Park and a halal hub in the Sarawak Regional Corridor. 9 37. Meanwhile, in the East Coast Corridor, Kuantan Port will be expanded. An integrated petrochemical complex will be built in Gebeng and Kertih. In the Northern Corridor, the main projects include planting of commercial crops and fertigation system. Invigorating Services Sector 38. The services sector is the key contributor to economic growth and has huge potential for further development. The sector's contribution to GDP has increased from 49.3% in 2000 to 55% in 2013. To further promote growth in the sector, the Government will launch the Services Sector Blueprint in 2014 which outlines strategies and measures as well as identifies the following potential subsectors to be developed. Logistics Sector 39. Malaysia is currently ranked 29th in the World Bank Logistics Performance Index Report 2012. The Index benchmarks the performance of logistics activities, including shipping, infrastructure, timeliness, customs clearance and competencies. Though lagging behind developed nations, our performance can be improved. 40. To ensure a more efficient logistics sector, the Government will formulate a Logistics Sector Master Plan. The Plan will provide the strategic direction for the development of logistics infrastructure and supply chain as well as review regulations and laws. In addition, the Government will allocate RM3 billion in soft loans under the Maritime Development Fund through Bank Pembangunan Malaysia. The Fund will provide financing to encourage the development of the shipping industry, shipyard construction, oil and gas as well as maritime-related support activities. 10 Promoting Aviation Industry 41. Malaysia has potential to be an aviation hub in the region. The industry will have a multiplier effect on the economy in line with growing demand for passengers and air cargo. For the period January to July 2013, passenger traffic at airports nationwide increased to 43.9 million from 38.6 million passengers during the same period in 2012. 42. Total air cargo handled increased to 529,000 tonnes during the first seven months of 2013. When KLIA2 is operational, passenger traffic is expected to increase to more than 70 million. To further develop the industry, the Government will formulate a National Aviation Policy, which will outline measures to strengthen the ecosystem and services network in the aviation industry. 43. To improve operations management and air traffic control, the Government will replace the existing air traffic control management system in Subang that is almost 20 years old. A new air traffic management centre costing RM700 million will be built at KLIA. The new system will facilitate an increase in air traffic from 68 to 108 movements per hour on 3 runways. This will be among the highest capacity in handling air traffic worldwide. 44. To increase passenger comfort, the Government will upgrade several airports, such as Kota Kinabalu and Sandakan in Sabah as well as Miri, Sibu and Mukah in Sarawak. For this, the Government will allocate RM312 million. In addition, the passenger terminals in Langkawi International Airport and Kuantan Airport will be upgraded. 11 Promoting Tourism Sector 45. In 2013, the tourism sector is expected to generate revenue of RM65 billion and has the potential to contribute further. In 2012, Malaysia attracted 25 million tourists. In view of the encouraging performance, 2014 has been declared Visit Malaysia Year (VMY), targeting 28 million tourists. 46. To implement the VMY programmes, the Government will allocate RM1.2 billion for operating and development expenditure in 2013 and 2014, including for promotion and advertising. 47. In continuous efforts to attract more tourists, I am pleased to announce 2015 as the Year of Festivals. In this regard, we will organise and showcase a variety of cultural programmes and festivals in the country. 48. Malaysia is among the preferred tourist destinations for shopping. According to the Globe Shopper Index 2012 and CNN Travel 2013 Report, Kuala Lumpur is ranked the 4th most popular city in the world for shopping after New York, Tokyo and London. 49. To further promote Malaysia as a preferred tourist destination, the Government will continue to encourage investments particularly in new 4 and 5-star hotels. The measure will ensure adequate supply of international standard accommodation and increase tourist arrivals, especially from the luxury and high- spending category. To support this, the Government proposes the application period for Pioneer Status and Investment Tax Allowance incentives be extended for another 3 years until 31 December 2016. 50. To further promote the tourism industry, a sum of RM2 billion will be provided to the Special Tourism Infrastructure Fund under Bank Pembangunan Malaysia. The Fund will provide soft loans at low interest rates between 4% and 6%, with the 12 Government providing a subsidy of 2%. The Fund will be used to finance the cost of building infrastructure such as hotels, resorts and theme parks as well as purchase and replacement of equipment related to the tourism sector. Expanding Internet Access 51. In a borderless world, information can be obtained instantaneously. Therefore the requisite infrastructure will be upgraded to meet consumer demand. Hence, the Government has implemented the High-Speed Broadband (HSBB) project under the National Broadband Initiative. 52. The collaboration with the private sector has involved investment of RM11.3 billion since the 9th Malaysia Plan. The HSBB project has been implemented with Internet access speed of 4 megabits per second (Mbps) and benefiting 2.3 million premises, particularly in urban areas. 53. To expand coverage in major towns, the Government will implement the second phase of HSBB project in collaboration with the private sector involving an investment of RM1.8 billion. The initiative is expected to provide additional coverage and facilities mainly in urban areas, benefiting 2.8 million households nationwide. The Internet speed will be increased to 10 Mbps. 54. The HSBB network will be expanded to suburban areas with an Internet access speed increasing to between 4 and 10 Mbps, which will benefit 2 million consumers at a cost of RM1.6 billion. 55. To increase Internet coverage in rural areas, 1,000 telecommunication transmission towers will be built over the next 3 years, with an investment of RM1.5 billion. To increase Internet access in Sabah and Sarawak, new underwater cables will be laid within 3 years, at a cost of RM850 million. These investments will utilise 13 the Universal Services Provision Fund, which is under the purview of the Malaysia Communications and Multimedia Commission. Strengthening Financial Market 56. Currently, the domestic bond market is the largest in Southeast Asia with a value exceeding RM1 trillion, while daily transactions in the foreign exchange and money markets are more than RM30 billion. To ensure efficient operations of financial markets, a clear regulatory framework is required. 57. In this regard, amendments will be made to existing laws and Bank Negara Malaysia will lead the initiative in formulating the Netting Act to protect enforcement rights of “close-out netting” under the financial contract. This is to reduce credit risk and promote the derivatives market, thereby reducing systemic risks in the domestic financial market as well as reduce the cost of doing business. 58. Malaysia’s position as a leader in the Islamic capital market is an advantage in attracting funds and issuance of securities. To enhance global competitiveness, efforts will be intensified to promote Malaysia as a market for Social Responsible Investment (SRI). 59. Among the measures which will be implemented include introducing the Environmental, Social and Governance Index (ESG) to raise the profile of listed companies which have high socially responsible practices. 60. The Securities Commission will introduce the Framework of Socially Responsible Sukuk Instrument or SRI Sukuk to finance various sustainable and responsible investment initiatives. In addition, the Government will establish a SRI Fund to be invested in listed companies which demonstrate high accountability, transparency and sustainability, including inclusiveness in diversity encompassing gender, age and ethnicity. 14 61. For a start, Valuecap will allocate RM1 billion to invest in companies that score high on the ESG Index. I trust this will encourage more companies to show high commitment towards social responsibility. Pension Scheme 62. In 2010, the Government established the 1Malaysia Pension Scheme (SP1M), for the self-employed without fixed income to contribute voluntarily to the Employees Provident Fund (EPF). To date, about 66,000 contributors have participated in the scheme with total savings exceeding RM240 million. 63. To encourage more people to participate in the scheme, I propose that the Government increases its contribution from 5% to 10%, or from a maximum of RM60 to RM120 per year. This will be effective from 1 January 2014 to end-2017 and is expected to attract 30,000 new contributors. 64. The Government recognises the importance of savings from an early age to ensure sufficient savings after retirement. To further increase savings, the Government encourages youth to undertake long-term investment through the Private Retirement Scheme (PRS). 65. Towards this, the Government proposes a one-off incentive of RM500 to contributors who participate in the PRS scheme with a minimum cumulative investment of RM1,000 within a year. The incentive, which is available for individuals aged between 20 and 30 years, is expected to attract 420,000 youth contributors nationwide. The incentive will be implemented from 1 January 2014, for a period of 5 years, involving an allocation of RM210 million. 15 Moving Up the Value Chain in Agriculture Sector 66. According to an old proverb, if you work on the land diligently, you will reap the harvest. As such, agriculture is always included in the annual budget. 67. An allocation of RM6 billion will be provided for the implementation of high value-added and commercially viable agriculture programmes. Among the main initiatives are as follows: First: Establish the Food and Agro Council for Export (FACE) which will be chaired by the Minister of Agriculture and Agro-based Industry. The Council will act as a facilitator to increase exports of local agriculture produce; Second: Strengthen FAMA to play a more strategic role, in line with the concept of “from farm to export market”. For instance, FAMA will organise an Agro Bazaar in Singapore; and In line with the high price and demand for durians, we will increase exports to China. To ensure that agriculture produce remains fresh, the Government will provide cold room facilities in KLIA. In addition to increasing exports, this will give higher return to farmers; Third: Ensure fair prices of food products by opening an additional 60 farmers’ markets, 50 fish markets, 50 agriculture caravans as well as 100 fresh fruit stalls nationwide. The initiative to be undertaken by FAMA and LKIM will provide facilities to traders to sell food products directly to consumers. 68. The Government will allocate a sum of RM2.4 billion for subsidies and incentives, including subsidies for fertilisers, seeds, price of paddy and rice as well 16 as incentives for higher production of paddy and fish landing. In addition, the Government will allocate RM243 million for the replanting programme of rubber, palm oil and cocoa as well as forest plantation programme. 69. To increase productivity as well as to promote agriculture produce with high demand, the Government will allocate RM634 million under the National Key Economic Area. Among the projects include paddy and fish cage farming, seaweed and birds’ nest, high-value herbs, vegetables and fruits for the export market. 70. The Government will also implement a lobster rearing project at Semporna, Sabah in collaboration with a multinational company to produce 18,000 metric tonnes yearly which will create 20,000 jobs. The project is expected to benefit more than 6,000 local entrepreneurs and increase their monthly income up to RM4,000 over the long term. 71. To increase competitiveness and the contribution of Bioeconomy to economic growth, the Government will implement the Bioeconomy Community Development programme. Under the programme, idle lands will be developed through the application of biotechnology as well as for contract farming to increase the value- added of the agro-based industry and income of farmers. 72. Recognising the importance of research and development (R&D) for the development of Bioeconomy, the Government will provide the following R&D incentives for viable projects which will be assessed by BiotechCorp: First: Tax deduction for companies that invest to acquire technology platform in bio-based industry; Second: Exemption on import duty on R&D equipment for companies that invest in pilot plants for the purpose of pre-commercialisation in Malaysia; and 17 Third: Special incentive to companies to partially cover the operational cost for human capital development for Centre of Excellence for R&D. The incentives are for applications received by Biotech Corp from 1 January 2014 to 31 December 2018. Entrepreneur Development 73. According to Hadith, out of ten parts, nine parts of one’s sustenance is in business. In this respect, we will train and nurture more young entrepreneurs so that they will become successful businessmen. Thus, the Government is committed to ensuring that entrepreneur development remains a key element in generating economic growth. 74. An entrepreneur development plan will be formulated to provide a conducive ecosystem which emphasises the generation of ideas which can be commercialised, infrastructure for training and incubators, entrepreneurship modules, financing facilities as well as marketing. To formulate the entrepreneur development plan, an entity called the National Entrepreneur Development Office will be established under the National Strategy Unit, Ministry of Finance which will plan and coordinate all activities related to entrepreneurship. 75. During the recent 4th Global Entrepreneurship Summit, I had announced the establishment of the Malaysian Global Innovation and Creativity Centre (MaGIC), a one-stop centre to empower entrepreneurs. MaGIC will monitor the performance of entrepreneurs; house an integrated database; provide incubators; registration and patenting of intellectual property; funding facilities; business matching process; and guidance, counselling and training. For this purpose, the Government will provide an allocation of RM50 million. 18 76. To make Malaysia an Entrepreneurial Nation, the 1Malaysia Entrepreneurs (1MeT) programme was implemented to expose entrepreneurship to youth who are interested to venture into business. Through the 1MeT Programme, a database of participants has been created. 77. The Government targets 5,000 young entrepreneurs to be trained yearly. In this regard, committed 1MeT entrepreneurs will be given further guidance at MaGIC. In addition, Malaysia will host the 5th Global Social Business Summit from 7 to 9 November 2013, which will provide a platform for social entrepreneur development, especially among youth in the country. 78. To reduce graduate unemployment, the Government encourages graduates to venture into entrepreneurship upon graduation. For this, I am pleased to announce that the Government will allocate RM50 million under the Graduate Entrepreneurship Fund which will be managed by SME Bank. The Fund will provide soft loans of up to RM500,000 at an interest rate of 4%. Strengthening Small and Medium Enterprises 79. Currently, while SMEs account for 97.3% of the total registered businesses, their contribution to GDP is 32.4%. Following the new SME definition, the percentage of registered SMEs will increase to 98.5%. The Government is committed to ensuring that SMEs contribute 40% to GDP by 2020. 80. The Government proposes an allocation of RM120 million for an integrated package to increase innovation and productivity of SMEs. The package will provide financing for mechanisation and automation as well as upgrading capacity of SMEs. In addition, the Government provides various assistance and incentives under the Green Lane Policy programme for financing, tax incentives and procurement including: 19 First: Subsidy on interest rate of 2% or a maximum of RM200,000 per year; Second: Stamp duty exemption for loan agreements under the soft loan incentive scheme; Third: Tax deduction on expenses incurred for obtaining 1-InnoCERT certification; Fourth: Government procurement incentives encompassing approved manufacturers status company registration without site visit as well as bonus marks given in technical evaluation; and Fifth: Priority incentives to participate in procurement exercise by Minister of Finance Incorporated Companies. The Government plans to extend these incentives until 31 December 2017. 81. The Government has implemented the Minimum Wage Policy on 1 January 2013. The monthly minimum wage is RM900 in Peninsular Malaysia, and RM800 in Sabah, Sarawak and Labuan. To encourage compliance with this new policy, and to reduce the financial impact to SME employers, co-operatives, societies and associations, the Government proposes that the difference in the wages paid by employers for the period of 1 January 2014 to 31 December 2014 be given further tax deduction. 82. To help the night market traders, the Government will create a Night Market Traders Entrepreneur Scheme with an allocation of RM100 million under Bank Simpanan Nasional. The soft loans will carry a 4% interest rate, with maximum loans of up to RM30,000. The facility is to cover business costs such as revolving capital, site rental, raw materials and business equipment. 20 SECOND THRUST: STRENGTHENING FISCAL MANAGEMENT Transformation of Civil Service 83. To achieve this objective, we first need to transform the civil service. To improve the service delivery system, the Government will implement the transformation plan in every ministry. This is important to strengthen and restructure the organisation to remain relevant in line with current developments. 84. The Government views seriously the issues highlighted in the 2012 Auditor General’s Report. To enhance confidence of the rakyat as well as uphold the image and credibility of the civil service, a special committee has been established, chaired by the Chief Secretary to the Government, to investigate and take stern action against errant civil servants. 85. The Public Service Department (JPA) is investigating and taking action on more than 100 cases for non-compliance with financial procedures including procurement procedures. Meanwhile, 15 cases are under the investigation of the Malaysia Anti-Corruption Commission (MACC) for prosecution. 86. To enhance integrity, the Government will establish an Integrity Management Unit in each ministry to increase compliance and adherence with established procedures. MACC officers will be represented in the Unit. Improving Budget Management 87. To improve budget management, the Outcome-Based Budgeting (OBB) was introduced to ensure that allocation is based on outcomes; improve the efficiency of implementation; reduce redundancy as well as systematically evaluate performance of all Government programmes and projects. In 2014, three ministries, namely 21 Ministry of Health, Ministry of International Trade and Industry as well as Ministry of Finance will undergo performance evaluation based on the OBB. 88. Last June, the Government established the Fiscal Policy Committee (FPC). The role of the FPC is to strengthen the Government’s financial position, ensure fiscal sustainability and long-term macroeconomic stability. The Government is committed to reducing the fiscal deficit gradually, with the aim of achieving a balanced budget by 2020. The Government will also ensure that Federal debt level will remain low and not exceed 55% of GDP. 89. In addition, the Government will continue to ensure a strong operating surplus where revenue will always exceed operating expenditure. Emphasis will be given to improving efficiency in spending, prioritising implementation of high-impact projects as well as improving auditing methods. 90. Currently, audit is only undertaken after a project or programme is completed. As a proactive measure, the Government will conduct audit on projects valued at more than RM100 million during its implementation. Monthly Tax Deduction as Final Tax 91. Currently, tax payers with employment income and subject to monthly tax deduction (MTD) are required to submit tax returns before or on 30 April of each year. The requirement to submit tax returns has confused tax payers from whom MTD has already been made and yet they are still required to submit the tax returns to the Inland Revenue Board. 92. To facilitate tax payers with employment income whose MTD have been made, it is proposed that these tax payers are not required to submit tax returns if satisfied their MTD is a final tax. This proposal is effective from year assessment 2014. 22 Subsidy Rationalisation. 93. In general, subsidies impede growth if not well targeted. The Government has allocated almost RM47 billion in 2013 for various types of subsidies, incentives and assistance, including subsidies for petroleum products, food, health, agriculture and fisheries, utilities, toll as well as welfare and education. 94. Of this amount, the largest allocation of RM24.8 billion or 53% is to subsidise petroleum products that are enjoyed by all segments of society, including the high- income group, businessmen and foreigners. In addition, subsidised products are also smuggled by irresponsible people. Subsidy is rakyat’s money and should be used to improve the well-being of the rakyat. However, if subsidies lead to wastage and losses, the Government will not hesitate to take appropriate action. 95. To ensure a targeted subsidy system, the Government will gradually restructure the subsidy programme. This is to ensure that only those who truly deserve will enjoy it. A portion of the savings from the restructuring of the subsidy system will be distributed in the form of direct cash assistance, while the other half will be used to finance development projects. For a start, the Government has reduced the subsidy on petroleum products by 20 sen a litre on 3 September 2013. 96. In addition, to ensure that there is no duplication in providing assistance and no deserving welfare assistance recipient is left out, the Government will establish a comprehensive database system, including integrating the databases of e-Kasih, recipients of welfare assistance; and BR1M recipients. For this, the Implementation and Coordination Unit, JPM will lead the initiative. 23 Goods and Services Tax (GST) 97. The Government takes cognisance that the current sales tax and service tax have certain weaknesses such as the impact of double taxation on consumers, the absence of full tax relief on exported goods and transfer pricing issue. These weaknesses ultimately will result in losses to the consumers and the Government. 98. In Budget 2013, the Government intended to take bold measures to strengthen the fiscal position of the nation. In fact a Bill in relation to the GST had been previously read in this august House. Since then we have received various views, both positive and negative. 99. The Government has taken a few years to conduct detailed and comprehensive studies, and has considered the views of all segments of society, including the chambers of commerce, investors, economists, academicians, consumer associations and NGOs. 100. Thus, based on the principal of People First, the Government has decided to expeditiously implement a fair and comprehensive tax system that benefits all Malaysians. 101. In this regard, the Government proposes that the sales tax and service tax be abolished. These two taxes will be replaced by a single tax known as the Goods and Services Tax (GST). I must stress that GST is not a new tax. 102. Currently, the inflation rate is low at 2%. The Government believes that this is the best time to implement GST as the inflation rate is low and contained. 103. With the implementation of GST, the Government will be able to address the weaknesses in the current taxation system. As an example, if we were to buy a 24 carbonated drink in a restaurant today, we would not notice that we are paying double taxes which are sales tax and service tax. 104. Put differently or explained in simple terms, with the GST system, consumers will only need to pay tax once and the price of goods should be cheaper. 105. We feel disheartened that certain irresponsible groups tried to take advantage by confusing the general public on the understanding of GST. They claimed that when GST is implemented, the price of goods will rise, and that the poor and low-income group will bear the burden. 106. More than 160 countries have already implemented GST. This clearly demonstrates that GST is proven to be a transparent, effective and fair tax system. The vast majority of nations in the world would not have implemented GST, if it is disadvantageous to the people and the country. Most of the developed nations have long implemented GST or Value Added Tax (VAT). Even ASEAN countries such as Indonesia, the Philippines, Laos and Cambodia, as well as countries such as Burkina Faso, Burundi, Zimbabwe, Rwanda and Kenya have implemented GST. 107. On the part of the Government, GST legislation, computerised systems, training of officers, GST infrastructure and a comprehensive communication plan have been completed. 108. The proposed GST model to be implemented in Malaysia is as follows: First: The GST rate is fixed at 6% and to be effective from 1 April 2015, approximately 17 months from today. This rate is the lowest among ASEAN countries compared with 10% in Indonesia, Vietnam, Cambodia, the Philippines, and Laos and 7% in Singapore and Thailand; 25 Second: GST will not be imposed on basic food items such as rice, sugar, salt, flour, cooking oil, lentils, herbs and spices, salted fish, cencalok, budu and belacan; Third: GST will not be imposed on piped water supply, and the first 200 units of electricity per month for domestic consumers; Fourth: GST will not be imposed on services provided by the Government such as the issuance of passports, licences, health services and school education; Fifth: Transportation services such as bus, train, LRT, taxi, ferry, boat, highway toll as well as education and health services are exempted from GST; and Sixth: Sale, purchase and rental of residential properties as well as selected financial services are exempted from GST. 109. Upon the implementation of GST, the Government is committed to providing various forms of assistance to the rakyat during the GST transition period. The assistance and support are as follows: First: One-off cash assistance of RM300 to households who are BR1M recipients; Second: Individual income tax rates be reduced by 1 to 3 percentage points for all tax payers to increase their disposable income. With this measure, 300,000 persons who currently pay income tax will no longer pay tax. Generally, families with monthly income of RM4,000 will no longer have tax liability. Other existing tax payers will also enjoy tax savings; and 26 Third: Individual income tax structure will be reviewed to enhance the competitiveness of the nation as well as to retain and attract talent and skilled workers into the country. To ensure a more progressive tax structure, the chargeable income subject to the maximum rate will be increased from exceeding RM100,000 to exceeding RM400,000. The current maximum tax rate at 26% will be reduced to 24%, 24.5% and 25%. These measures will be effective from 2015. 110. In this regard, to ensure smooth implementation of GST by businesses, the Government proposes the following additional packages: First: Corporate income tax rate be reduced by 1 percentage point from 25% to 24%. Whereas income tax rate for small and medium companies will be reduced by 1 percentage point from 20% to 19% from the year of assessment 2016; Second: Cooperative income tax rate be reduced by 1 to 2 percentage points from the year of assessment 2015; Third: Secretarial fee and tax filing fee are allowed as tax deductions from the year of assessment 2015; Fourth: Cost of purchasing ICT equipment and software is given Accelerated Capital Allowance until year of assessment 2016; Fifth: Expenses incurred for training in accounting and ICT relating to GST be given further tax deduction for years of assessment 2014 and 2015; and 27 Sixth: Training grant of RM100 million will be provided to businesses that send their employees for GST training in 2013 and 2014. In addition, financial assistance amounting to RM150 million will be provided to SMEs for the purchase of accounting software in 2014 and 2015. 111. With the various special packages provided by the Government, certainly no parties should take opportunity to increase prices of goods and services unscrupulously. Prices of goods will be constantly monitored. The Government will publish prices of goods and services as a guide for consumers to compare prices. 112. Consumers are urged to make rational choices, spend prudently and report unethical traders to the authorities. In this regard, the Ministry of Domestic Trade, Cooperatives and Consumerism will intensify enforcement efforts through the Price Control and Anti-Profiteering Act 2011. 113. In addition, to ensure the smooth implementation of GST, a GST Monitoring Committee will be established and chaired by the Honourable Second Minister of Finance with members from Government agencies as well as representatives from industries and NGOs. THIRD THRUST: INCULCATING EXCELLENCE IN HUMAN CAPITAL 114. The biggest challenge for Malaysia is holistic human capital. Holistic human capital development includes intellectual capital, artistic skills, communication skills, interpersonal skills, thinking, innovation and creativity. In essence, physical and technological developments must be balanced with noble values. Otherwise, there will be a vacuum and material success will not be rooted in universal human values. 115. The Government will continue to provide quality and advanced skills training to meet the demands of the job market. In addition, the physical, spiritual and 28 intellectual aspects will be honed from young to tertiary level. The workforce will also be infused with noble values so that society lives in peace and harmony. Enhancing Educational Excellence 116. In achieving the third thrust, the first initiative is enhancing educational excellence. Indeed, every Budget has provided the largest allocation to the education sector. Education is important. Since ancient times, a civilisation will not last if not imbued with knowledge and wisdom. 117. The Government is committed to accelerating academic achievement, competencies and skills. Towards this, the Government will allocate a sum of RM54.6 billion or 21% of the total allocation in 2014. In addition, the Government will ensure that the implementation of the Malaysia Education Blueprint achieves the objective of ranking Malaysia in the top one third category of the world's best education, within a span of 15 years. 118. To continue upholding excellence in education beginning from preschool to the secondary level, programmes to be implemented include: First: The Government recognises that early education is critical for physical and mental development. In this regard, we allocate RM530 million for preschool programmes as well as set up 93 preschools in national- type primary school; Second: Implementing programmes to enhance the teaching profession with emphasis on teaching, improving teaching methods and proficiency in Bahasa Malaysia and English. For this, a sum of RM209 million is provided; 29 Third: Expanding internet access in schools especially in rural areas with an allocation of RM168 million; and Fourth: Build 33 new schools and upgrading existing ones, including dilapidated schools with an allocation of RM831 million. 119. In the 2012 and 2013 Budget, respectively the Government provided RM1 billion under the Special Fund for Building, Upgrading and Maintenance of Schools specifically for urgent repairs and maintenance of school buildings; purchase of equipment and construction of additional blocks. 120. To follow up on the Government’s commitment, I am pleased to announce an additional RM450 million for this Special Fund. Of this, RM100 million will be channelled to national schools and RM50 million each to national-type Chinese schools, RM50 million to national-type Tamil schools; mission schools; Government- assisted religious schools; boarding schools; and Maktab Rendah Sains MARA as well as People’s Religious Schools (SAR). Tertiary Education 121. The Government will focus on strengthening public and private higher learning institutions towards producing quality graduates who meet the demands of the job market. Among programmes to be implemented include: First: Improving the status of research universities by increasing research and the number of articles for publications in international journals. For this, the Government will provide an allocation of RM600 million in research grants for public institutions of higher learning; and 30 Second: The Government will continue the MyBrain15 programme which finances tuition fees at post-graduate level, especially for executives in the private sector. For this, a sum of RM110 million is allocated. 122. Publishing articles in international academic journals is an important aspect in promoting the works of local academicians. Recognising the importance of establishing a world-class scholarly centre, the Government will establish a Malaysian Citation Centre to increase publication of local scholarly works and assist researchers publish articles in renowned international journals. Strengthening Skills Training 123. Continuous efforts will be made to improve the quality of training in order to produce a highly skilled workforce. The Government will therefore implement the following measures: First: Implement a single tier for the Malaysian Skills Certificate course Levels 1 to Level 3 for 6 months in all Industrial Training Institutes under the purview of Manpower Department (JTM); Second: Upgrade and replace equipment at JTM training institutes with the latest technology involving an allocation of RM178 million; and Third: Allocate a sum of RM330 million to Skills Development Fund under the Ministry of Human Resource. The fund will provide loans for SPM leavers to enrol in skills training courses. 124. Youth are the nation’s hope, asset and heir for the future. According to religious scholars, good behaviour of youth today will reflect the future of the nation. 31 125. A sum of RM200 million is allocated to upgrade and implement a two-shift approach at the National Youth Skills (IKBN). Among the areas that have been identified include automotive, marine maintenance, welding and electrical wiring which will benefit more than 15,000 IKBN trainees nationwide. 126. At present, there are 13,000 registered employers who contribute a levy of 1% of the monthly wages of workers to the Human Resource Development Fund (HRDF). The levy is used to train and upgrade the skills of workers. 127. HRDF will provide RM400 million for registered companies to give opportunities to employees to enrol in upskilling and reskilling programmes. The allocation can also be used by these companies to train apprentices and future workers. 128. To ensure employees are able to balance between career and family commitments, a flexible work environment is important. Therefore, it is proposed that employers implement the Flexible Work Arrangement (FWA) to give flexibility in terms of duration, place and working hours at the workplace. 129. The FWA may be implemented through compressed work week, flexi hours and weekend work. To encourage more Malaysian companies to adopt FWA as the norm, the Government proposes that training expenses and consultancy fees incurred by employers in implementing FWA be given further tax deduction. Schooling Assistance 130. The Government will continue giving RM100 to all primary and secondary school students to ease the burden of schooling expenses. For this, the Government will allocate RM540 million which will benefit about 5.4 million students. I understand some parents have donated the sum to the Parent-Teachers Association (PIBG). The Government appreciates the kind gesture. 32 1Malaysia Book Voucher 131. A reading culture among the rakyat should be enhanced. Make the book your friend, your torch in the dark and a lifelong mind stimulant. 132. To ease the burden of students in pre-university and institutions of higher learning in purchasing books and reference materials, the Government will continue to provide the 1Malaysia Book Voucher Programme valued at RM250 to each student. The initiative is expected to benefit 1.3 million students involving an allocation of RM325 million. FOURTH THRUST: INTENSIFYING URBAN AND RURAL DEVELOPMENT National Blue Ocean Strategy (NBOS) 133. The National Blue Ocean Strategy (NBOS) is an integrated approach by the Government in formulating policies and initiatives through smart partnership between the ministries and agencies. 134. The strategy complements the National Transformation Policy. To date, 56 initiatives have been implemented using the NBOS approach of low cost, speedy implementation and high impact programmes. In 2014, the Government will allocate RM278 million to implement various programmes including: First: Launching of the Urban Transformation Centre (UTC) in Sabah at the end of the year and 4 more UTCs with one each in Sarawak, Johor, Terengganu and Perlis, in addition to the existing 5 UTCs; Second: Launching an additional three Rural Transformation Centres (RTCs) with one each in Sabah, Sarawak and Negeri Sembilan, bringing the total to 8 RTCs; and 33 Third: Implementing Mobile Community Transformation Centre or Mobile CTC by increasing the number of modified buses and vans. The main services to be provided include MyKad registration, driving licence renewal, health screening and business advisory services. Strengthening the Public Transport Network 135. An efficient public transport system facilitates mobility, saves time and travel costs. The Government is therefore committed to improving public transport, including providing quality and comfortable facilities. Among the initiatives taken are: First: Constructing the Ipoh-Padang Besar double-tracking project and later extending to Johor Bahru as well as upgrading rail tracks nationwide with an allocation of RM2.9 billion; Second: Providing ‘park and ride’ facilities at LRT stations, KTM commuter stations and ERL stations with an allocation of RM62 million; Third: Introducing a Centralised Taxi Service System with an allocation of RM15.3 million to ensure efficient mobilisation of taxi services; Fourth: Building ‘last city terminals’ and upgrading bus stops as well as providing ‘drop-and-ride’ facilities involving an allocation of RM28 million; and Fifth: Refurbishing Electric Multiple Units (EMUs) trains at a cost of RM28 million to ensure frequency and efficiency of services. 136. To ensure a seamless network between urban and rural areas, the Government will allocate RM130 million to subsidise rural air transport, especially for rural population in Sabah and Sarawak. Holding firm to the principle of People First, 34 the Government will also continue to subsidise uneconomical train routes in East Coast, namely Pahang and Kelantan. The move will benefit about 600,000 commuters involving an allocation of RM52.9 million. Enhancing Urban Well-being 137. Currently, there are various local community groups such as Residents’ Associations, Jawatankuasa Kemajuan dan Keselamatan Kampung, as well Neighbourhood Watch, which focus on administration as well as promote unity and harmony among local residents. 138. To enhance coordination and community well-being, particularly in urban areas the Government proposes the establishment of Jawatankuasa Perwakilan Penduduk (JPP) in local authorities (PBT). JPP will be represented by members of the local community to support community development programmes, apart from addressing issues in their areas. For this, the Government will establish 24 JPP zones in each local authority with an allocation of RM63 million. 139. Currently, treated water supply reserves nationwide have not met the 20% target with water supply disruptions, particularly during peak periods. Therefore, to increase the coverage of water supply to 100%, especially in urban areas, the Government will build and upgrade dams and water treatment plants involving an allocation of RM1.2 billion. Rural Development 140. To further strengthen and improve basic infrastructure as well as improve the living standards of people in rural areas, a sum of RM4.1 billion is provided for rural development programmes for basic infrastructure projects such as: 35 First: A sum of RM980 million is allocated for the refurbishment and upgrading of 437 kilometers of rural road networks nationwide. In addition, a total of RM500 million is provided for the Pan-Borneo Highway project; Second: A sum of RM457 million is allocated for the provision of potable water to 8,000 houses in rural areas. In addition, RM75 million is allocated for the supply of water tanks in Sarawak; Third: A sum of RM865 million is allocated for the provision of uninterrupted 24-hour electricity supply to more than 16,000 homes nationwide. In addition, to address the frequent electricity supply disruption in Sabah, a sum of RM265 million is allocated to strengthen the generation and transmission system such as upgrading of the Tenom Pangi Hydro Power Station, construction of Kimanis electricity transmission lines and construction of main switch station in Sandakan; Fourth: A sum of RM179 million is allocated to build and refurbish 20,000 houses for poor people in rural areas; Fifth: To encourage entrepreneurship among the rural populace and increase their incomes, a sum of RM20 million is allocated for Rural Business Challenge programme which includes food production, fish farming, auto repair and agro-tourism; and Sixth: A sum of RM109 million is provided for the economic development as well as to upgrade the infrastructure, facilities and living standard for the Orang Asli community. 141. The Government will continue with the flood mitigation programme (RTB) in Sungai Muda in Kedah, RTB Lembangan Sungai Muar in Johor, RTB Sungai Bunus in Kuala Lumpur and RTB Pekan in Pahang. For this, the Government will allocate 36 RM659 million. In addition, the Government will provide an allocation of RM79 million for dredging and deepening river estuaries. 142. The Government is aware that the Bumiputera minority particularly in Sabah and Sarawak face challenges in owning customary land. For this, the Government will allocate RM50 million for land surveying and customary land ownership verification. FIFTH THRUST: ENSURING THE WELL-BEING OF THE RAKYAT Malaysia Happiness Index 143. The nation’s prosperity does not only depend on economic progress, but also the quality of life and the well-being of the rakyat. In this regard, the Malaysian Well- being Index (MWI 2012) was developed. The Government will continue to formulate policies and strategies to improve the quality of life and well-being of the rakyat. Enhance Security and Public Order 144. The Government appreciates the contribution of the security forces. Priority is also given to security and public order. The Government is committed to combatting crime and averting foreign threat which may disrupt national security and harmony. 145. For this, the Government will allocate a sum of RM8.8 billion to the Royal Malaysia Police (PDRM) and RM13.2 billion to the Malaysian Armed Forces (ATM) to reduce crime and enhance military preparedness. 146. To further strengthen the police force, the Government will build and upgrade the Police Headquarters, District Police Headquarters (IPD) and staff quarters involving an allocation of RM128 million. The sum includes the construction of a new IPD in Pasir Mas, Kota Setar, Johor Bahru Selatan, Sipitang and Nusajaya as well 37 as building a new Police Station in Pengerang, Tongod and Country Homes Rawang. 147. In the fight against serious crime, the Government has allocated RM200 million to equip PDRM with the latest tools and equipment such as firearms, ammunition, bulletproof vests, narcotic detectors, biometric systems and forensic vehicles. The Government also will provide 496 closed-circuit cameras (CCTV) in 25 local authorities involving an allocation of RM20 million. 148. In addition to the 1,000 motorcycles purchased this year for the Police Motorcycle Patrol Unit, the Government has agreed to procure an additional 800 motorcycles with an allocation of RM20 million this year. The Government will also procure an additional 200 motorcycles bringing it to a total of 2,000 motorcycles for 2 years. 149. The armed intrusion in Lahad Datu is a black mark for Malaysia. The sacrifices and the patriotic deeds of the armed forces in defending the nation is highly appreciated. What is important is that we will not allow even an inch of our land to be taken away by anyone. Sabah will remain with Malaysia forever. 150. To safeguard our territorial waters from foreign threat, particularly in Sabah and Sarawak, the Government established the East Coast Special Security Area (ESSCOM) early this year. To further strengthen ESSCOM operations, the Government will allocate a sum of RM75 million for 2014. 151. In addition, the Government will continue to enhance national security of our territorial waters and borders by strengthening surveillance and upgrading defence equipment. This includes the purchase of six offshore patrol vessels; four cargo aircrafts and support equipment; as well as armoured vehicles with an allocation of RM2.4 billion. 38 152. The Government is concerned about the welfare of armed forces personnel and veterans. In recognition of their contribution to the nation, the Government will allocate RM48 million to cater for the welfare of 20,000 ATM veterans, including health payments, ex-gratia and education. 153. In addition, a total of RM202 million will be allocated to build and refurbish ATM quarters. The Government will also provide school bus services for the children of military personnel to replace the army trucks. Environmental Conservation and Resource Management 154. The Government is committed to providing a clean, safe and healthy environment for the present and future generations. Among the programmes to be implemented are the National Carbon Reporting Programme or MyCarbon by the corporate sector, establishment of a National Conservation Trust Fund for conservation of degraded areas and permanent forest reserves, as well as natural resource management. 155. To strengthen the development of green technology, the Government will provide investment tax allowance for the purchase of green technology equipment and income tax exemption on the use of green technology services and system. 156. To encourage a green lifestyle, Malaysian Green Foundation will be established to promote and enhance use of green technology by the corporate sector and the general public. For this, a launching grant of RM15 million will be provided to the Foundation. 157. As an immediate measure to prevent the recurrence of the recent tragedy in Cameron Highlands, the Government will approve an allocation of RM40 million to widen and deepen Sungai Bertam. 39 158. To improve efficiency and electricity energy conservation, the Government will undertake energy audits as well as install retrofit in ministry buildings. For 2014, the Ministry of Health; Ministry of Youth and Sports; Ministry of Human Resources; Ministry of Domestic Trade, Co-operatives and Consumerism; and the Ministry of Agriculture and Agro-based Industry have been identified for the implementation of the initiative. In addition, the Government will install solar panels on rooftops of ministry buildings as well as replace existing lights with LED lights in stages. Quality Healthcare Services 159. The Government will continue to provide quality healthcare and medical services for the rakyat. For this, a sum of RM22.1 billion will be allocated for the health sector under operating and development expenditure. The allocation will be channelled to programmes and projects, including the construction of Hospital Tanjung Karang and additional blocks for Hospital Jeli; as well as the upgrading of Hospital Kuala Lipis and 30 rural clinics. 160. In addition, the Government will allocate RM66 million for the purchase of equipment and the construction of additional blocks in Hospital Queen Elizabeth in Kota Kinabalu. The Government has set up 234 1Malaysia clinics, and another 50 additional 1Malaysia clinics will be established in 2014. To address the shortage of parking lots at Hospital Kuala Lumpur, a total of 1,950 new parking lots will be completed in 2014. Meanwhile, hospitals in Rompin and Tampin as well as National Cancer Institute will be operational early next year. 161. To improve the quality of nursing care and reduce the nurses’ workload of working continuously in two shifts, the Government will appoint 6,800 more nurses with an allocation of RM150 million. Apart from this, a total of RM3.3 billion will be allocated for the purchase of medicine and medical equipment to ensure patients receive appropriate treatment including expanding the cardiothoracic services in Hospital Ipoh, Kuala Terengganu, Kuantan and Kuching. 40 162. The Government recognises the difficulty of patients with kidney failure having to go to the haemodialysis centre for dialysis 3 times a week. Patients spend up to RM400 for each treatment. To facilitate patients with end state kidney failure, the Government will provide free treatment kits called Continuous Ambulatory Peritoneal Dialysis (CAPD) costing RM19,000 per unit. The initiative which is expected to benefit over 1,000 patients will allow them to be treated at home. 163. Statistics indicate that 2.6 million Malaysians under the age of 30 are diabetic. If left untreated, patients will face various complications such as heart disease, kidney failure, blindness and amputation. In relation to this, the Government proposes to abolish the sugar subsidy of 34 sen effective 26 October 2013. I urge all Malaysians to take care of their health and reduce sugar in your food and drinks. Development of National Sports 164. Sports development requires a comprehensive ecosystem, including infrastructure, management and coaching, talent building and welfare of athletes from an early age. Therefore, a sum of RM239 million is allocated to pursue excellence in sports including upgrading sports complexes and courts, establishing Pilot Talent Identification Programme in primary schools and to implement the Future Professional Coach Programme to hone the skills of potential coaches for selected sports. 165. In addition, the Government will allocate RM150 million to the Sports Trust Fund for the development of elite sports, medical treatment and research. Furthermore, the Government will make thorough preparations to ensure the success of athletes in international sports competitions, including 2014 Asian Games in Incheon; 2014 Youth Olympics in Nanjing; and the 2015 Commonwealth Games in Glasgow. 41 Enhancing the Role of Women and Well-being of Families 166. Women not only play an important role in their families but also contribute significantly to nation building. Their contribution has been highly recognised. In this regard, programmes for the development of women and family institution will be continued with an allocation of RM2.2 billion to the Ministry of Women, Family and Community Development. 167. Various programmes will be implemented, including Akademi Inovasi Wanita under the purview of Institut Tadbiran Awam Negara (INTAN). The academy will draw up programmes relating to leadership, entrepreneurship, and innovation. 168. Some of the programmes include the Women Directors Programme which prepares women to be members of Board of Directors; Purple DNA Entrepreneurship Programme such as "Purple Licious", a mobile food kiosk; and an additional 23 Senior Citizens Activity Centres. 169. The Government will also double the rate of daily allowance for children in institutions under the Department of Social Welfare (JKM) from RM1.50 per day to RM3 per day for school going children and from RM0.50 to RM1.00 per day for children who have not started schooling. The scheme will benefit 4,500 children in JKM institutions nationwide. In addition, the daily allowance for senior citizens in JKM institutions will be raised from RM10 to RM30 a month to cater for their daily needs. 170. To ease the burden of civil servants, the eligibility to qualify for the subsidy of public sector TASKA fee of RM180 per month is now extended to households with a monthly income of RM5,000 compared with RM3,000 previously. 171. In addition, the Government is proposing a monthly assistance of RM250 in nursery fees, to parents with a monthly income of not more than RM900 and who 42 enrol their children in private nurseries registered under JKM. The move will benefit 3,334 children under the age of 4, and involve an allocation of RM15 million. 172. As an addition to the Human Papilloma Virus immunization services and mammogram screening, the Government is proposing a free breast prostheses and special bras for breast cancer patients. The initiative will assist in offsetting the cost of purchasing the support material which is estimated to cost about RM1,200 and will benefit more than 8,000 breast cancer patients. The allocation set aside for this is RM9 million. 173. I would like to announce that the Government will purchase four special buses for the implementation of the Mobile Family Centre which will provide advisory services related to family matters; dietary requirements; screening for chronic disease; as well as testing for glucose and cholesterol. Empowering Bumiputera 174. The aspiration to achieve a developed and high income nation status can only be achieved through concerted efforts by all, especially the Bumiputera. The Government is committed to further strengthening the participation of Bumiputera in the economic development of the country and make the Bumiputera agenda a national agenda. 175. For this, the Government will implement various programmes including intensifying skills training for youth and Professional Leaders Programme as well as increasing student intake into UiTM to 250,000 by 2020. 176. Student population in UiTM has reached 180,000. In addition, the Government will increase Bumiputera equity holdings and property ownership through the Skim Jejak Jaya Bumiputera (SJJB), Skim Amanah Saham Bumiputera 2 and strengthen the Bumiputera real estate institution. 43 177. To increase Bumiputera equity ownership, SME Bank will establish Bumiputera Equity Fund (EquiBumi) with an allocation of RM300 million to provide loans to credible Bumiputera companies to take over listed companies or companies with potential to be listed on Bursa Malaysia. 178. In addition, an allocation of RM200 million is provided by the SME Bank for loan facility for the development programmes for Malay Reserve Lands in strategic areas such as Kampung Baru, Kampung Pandan and Kampung Datuk Keramat. This facility will help to improve the standard of living of the Malay community in line with the rapid development in the surrounding area. 179. The Government will continue to increase Bumiputera participation in business and entrepreneurship to generate income and wealth. Among programmes to be implemented are the establishment of Bumiputera Entrepreneurs Start-Up Scheme (SUPERB) with an initial fund of RM30 million. 180. In addition, to enhance the vendor development programmes, the Government proposes that expenses incurred by anchor companies, especially GLCs be given double tax deduction. 181. To increase business opportunities and access to funding for SME entrepreneurs, soft loan facilities will also be provided. Among the financing facilities are the Amanah Ikhtiar Malaysia with funds totalling RM300 million and TEKUN with RM700 million. Assisting the Disabled (OKU) 182. We recognise that everyone is special and we are all perfect in the eyes of God. In relation to this, the contribution of OKU is highly appreciated. Many facilities have been provided for their well-being and to maximise their potential. The Government will allocate RM441 million for the development and welfare of OKU. 44 Appreciating Artistes 183. Artistes are an integral part of civilisation. In appreciation of their contribution, the Government proposes to continue providing financial assistance amounting to RM6 million for administration and operations of registered associations. Development of Malaysian Indians 184. It is said that kindness should be reciprocated with kindness. I would like to thank all Malaysian Indians who supported the Barisan Nasional Government in the 13th General Election. 185. The Government will continue to focus on the development of Malaysian Indians so that they are part of mainstream development. For this, the Government will allocate RM100 million for enhancing education performance and skills training, including RM28 million for early education programmes, involving 176 Tamil pre- schools and i-Sinar programmes. 186. The programme will improve the performance of students through counselling, motivation and tuition in 45 Tamil schools in estates. In addition, an allocation of RM50 million will be provided through the Skim Pembiayaan Muda India (SPUMI) under TEKUN while loans are also available for Malaysian Indian entrepreneurs through Amanah Ikhtiar Malaysia. Increasing Home Ownership 187. I hear the grouses of the rakyat who wish to own a comfortable home, especially from those in the low and medium- income groups. Various concerns have often been raised, such as soaring house prices, inadequate supply of houses and difficulties in getting financing. 45 188. The recent sharp increase in the prices of houses has affected the ability of the rakyat to purchase houses. In addition, speculative activities have an impact on house prices and can adversely affect the real estate market in the long term. 189. To increase the ability of the rakyat to buy a house and ensure stable house prices, as well as to control excessive speculative activities, the Government will implement the following steps : First: Review Real Property Gains Tax (RPGT). For gains on properties disposed within the holding period of up to 3 years, RPGT rate is increased to 30%, whereas for disposals within the holding period up to 4 and 5 years, the rates are increased to 20% and 15%, respectively. For disposals made in the sixth and subsequent years, no RPGT is imposed on citizens, whereas companies are taxed at 5%. For non-citizens, RPGT is imposed at 30% on the gains from properties disposed within the holding period of up to 5 years and for disposals in the sixth and subsequent years, RPGT is imposed at 5%. Second: Increase the minimum price of property that can be purchased by foreigners from RM500,000 to RM1,000,000; Third: Increase transparency in property sales price, where property developers will have to display detailed sales price including all benefits and incentives offered to buyers such as exemption of legal fees, stamp duty, sales agreements, cash rebates and free gifts; and Fourth: Prohibit developers from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the 46 construction period. Therefore, financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme. 190. To further increase access to home ownership at affordable prices, an estimated 223,000 units of new houses will be built by the Government and the private sector in 2014. The Government will allocate RM578 million to the National Housing Department (JPN) for the implementation of Program Perumahan Rakyat which involves the construction of 16,473 housing units. In addition, JPN will construct 600 units for Program Perumahan Rakyat Disewa and Perumahan Rakyat Bersepadu with an allocation of RM146 million. 191. PR1MA will provide 80,000 housing units with an allocation of RM1 billion. The sales price of PR1MA houses are 20% lower than market prices. Meanwhile, SPNB will build 26,122 units of affordable houses, comprising 15,122 units of affordable houses, 3,000 units Rumah Idaman Rakyat and 8,000 units of Rumah Mesra Rakyat. The Government will introduce a new category of Rumah Mesra Rakyat, with sales price between RM45,000 and RM65,000 for which the Government will provide a subsidy between RM15,000 to RM20,000 per unit. 192. The Government will also introduce the Private Affordable Ownership Housing Scheme (MyHome) as a step to encourage the private sector to build more low and medium-cost houses. The scheme provides a subsidy of RM30,000 to the private developers for each unit built. Among the criteria for the scheme are: First: Build at least 20% low-cost houses and 20% medium-cost houses in a housing project; Second: The maximum price of low-cost houses is RM45,000 and medium-cost houses is RM170,000; 47 Third: The minimum built-up area of low-cost houses is 800 square feet and the medium-cost houses, 1,000 square feet, with a minimum of 3 bedrooms and 2 bathrooms; Fourth: Provide parking, surau, hall and recreational park; and Fifth: Open to first-time buyers with a monthly household income of RM3,000 for low-cost houses and a maximum of RM6,000 for medium-cost houses. 193. Preference will be given to developers who build low and medium-cost houses in areas with high demand and limited to 10,000 units in 2014. The scheme is for housing projects approved effective from 1 January 2014 with an allocation of RM300 million under the supervision of Ministry of Urban Wellbeing, Housing and Local Government. 194. Currently, PR1MA housing projects, housing in newly opened areas and 1Malaysia Civil Servants’ Housing Programme are eligible to apply for grants at 10% of the project cost, from the Facilitation Fund. For 2014, the Government will provide a total of RM4 billion to the Facilitation Fund as an initiative to promote private, high- strategic impact projects. 195. Of this, I propose that RM1 billion is allocated to the Housing Facilitation Fund under Public Private Partnership Unit (UKAS). Developers who receive this grant must abide by the terms and conditions as well as the sales prices which are set by the Government. 196. The Government will also carry out a refurbishment program and improve comfort and beautify government-owned low-cost housing. Among the measures to be implemented include lift maintenance, repainting the house, cleaning up drains and landfill space and repair playgrounds. 48 197. To this end, a sum of RM100 million will be provided to 1Malaysia Maintenance Fund under the Ministry of Urban Well-being, Housing and Local Government. The Government will also allocate RM82 million to rehabilitate 20 abandoned housing projects involving 8,197 houses. 198. To further strengthen the real estate market and increase opportunities for the rakyat to own houses, the Government will implement a more effective and comprehensive approach. In this regard, I am pleased to propose the establishment of the National Housing Council to develop strategies and action plans in a holistic manner; coordinate legal aspects and property price mechanism; and ensure provision of homes in a more efficient and expeditious manner. The Council members will comprise Federal Agencies, State Governments, the National Housing Department, PR1MA, SPNB and the private sector. Price Uniformity Programme 199. The Government is aware that prices of essential goods are more expensive in Sabah and Sarawak compared with Peninsular Malaysia, due to higher shipping and distribution costs. To help reduce prices of goods and costs, the Government will allocate a sum of RM331 million to continue the price uniformity programme and subsidies including transport cost. 200. Additionally, 60 Kedai Rakyat 1Malaysia (KR1M) will be set with an allocation of RM30 million to help reduce the prices of daily necessities. Tax Relief for Middle-Income Group 201. The Government has never neglected the middle-income group who form the largest number of tax payers. They are also burdened by increasing cost of living. To further assist this group, the Government proposes a special tax relief of 49 RM2,000 be given to tax payers with a monthly income up to RM8,000 received in 2013. 202. This measure will result in tax savings up to RM480. This group is already enjoying tax savings up to RM475 on income received in 2013 with the reduction of tax rates announced by the Government in the last Budget. CONCLUSION 203. We are grateful that we remain united, live in peace and harmony and have developed the nation since independence on 31 August 1957. 204. On 16 September 1963, history was created when Sabah and Sarawak joined Malaysia. It is clearly evident that this unity and togetherness have brought blessings to Malaysia. 205. For more than five decades, the Barisan Nasional Government has earned the rakyat’s trust through power sharing and consensus among component parties. 206. The Barisan Nasional Government has never been reckless in managing the nation. Instead we have been very committed and serious. 207. In all our endeavours, we have always put the interest and the well-being of the people first. 208. The Government values the contribution of civil servants who play a vital role in implementing policies and programmes for national development. Hence, in July, the Government gave an additional annual increment to all civil servants involving an allocation of RM1.6 billion. 50 209. In addition, the Government gave three increments to those who have reached their maximum pay in all schemes of service, benefiting 182,434 civil servants. Thus, this evening, I am glad to announce that the Government has agreed to improve 81 schemes of service from November. Bantuan Rakyat 1Malaysia (BR1M) 210. In efforts to reduce the burden of the rakyat, I am glad to announce the BR1M to households and single individuals will be improved in line with targeted subsidy programme. 211. BR1M to households with a monthly income of below RM3,000 will be increased from RM500 to RM650. 212. For single individuals aged 21 and above and with a monthly income not exceeding RM2,000, BR1M will be increased from RM250 to RM300. 213. To complement the BR1M programme, I propose a contribution of RM50 to the Group Takaful Rakyat 1Malaysia (i-BR1M), for all BR1M household recipients. The initiative will provide protection of up to RM30,000 to BR1M recipients in the event of death or permanent disability. 214. In short, all BR1M households recipients with a monthly income of not more than RM3,000 will enjoy financial assistance of RM700. 215. For the first time, BR1M assistance of RM450 will be extended to households with a monthly income of between RM3,000 and RM4,000. The assistance is given to alleviate the rising cost of living borne by the lower middle-income group. 216. This group will also enjoy the RM50 contribution to i-BR1M bringing the total BR1M assistance to RM500. To implement all the 2014 BR1M packages, the 51 Government will allocate RM4.6 billion which is expected to benefit 7.9 million recipients. Valuing the Contribution of Civil Servants 217. Last August, just before the Eid Celebrations, civil servants and pensioners received special financial assistance of RM500 and RM250, respectively. 218. Today, I am pleased to announce that pensioners will receive a special financial assistance of RM250 to assist them meet the rising cost of living. 219. For civil servants, I announce a half-month bonus for 2013 with a minimum payment of RM500 to be paid in early January 2014. 220. This is a post-election budget which fulfils promises made during the election. Our efforts will not end here. On the contrary, the Barisan Nasional will continue to lead the nation with vigour and courage for the next 50 years. 221. However, our noble efforts will always be criticised by our colleagues on the other side of the aisle. 222. Be that as it may. The truth will always prevail. 223. Even John Kerry, the US Secretary of State who visited us recently acknowledged Malaysia as a model for the rest of the world in various aspects of development. The President of China, Xi Jinping also praised Malaysia as a loyal friend and partner who can be trusted in good and bad times. 224. Despite all the allegations we will not give up easily but will continue to work hard for the rakyat and the nation. 52 225. We acknowledge that there may be some weaknesses in our administration in the past. However, we have always placed the rakyat’s interest above all else. With the solid support of the rakyat, we will continue to improve. 226. If we remain united, there are no problems that cannot be solved. 227. We assure you that we will not allow irresponsible people to take over the Government. We will defend Putrajaya for the rakyat and our beloved nation. 228. The 2014 Budget will take Malaysia to greater heights and competitiveness in the international arena. God willing, we will table six more budgets before the nation becomes a high-income and developed nation by 2020. 229. In the interest of the rakyat, we hope that the 2014 Budget is blessed by The Almighty. 230. In conclusion, we have given our best and leave the rest to The Almighty. May He bless and keep Malaysia safe and prosperous.
Public Notice
10 Oct 2013
Newly published: Policy on Registration Procedure to Carry on Adjusting Business
https://www.bnm.gov.my/-/newly-published-policy-on-registration-procedure-to-carry-on-adjusting-business
https://www.bnm.gov.my/documents/20124/761700/Appendix+II+-+adjuster-glines-policies.pdf, https://www.bnm.gov.my/documents/20124/761700/Appendix+III+-+adjuster-registrationform.pdf, https://www.bnm.gov.my/documents/20124/761700/Appendix+I+-+adjuster-regnreqmt.pdf, https://www.bnm.gov.my/documents/20124/761700/adjuster-stdregistrationcriteria.pdf
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Reading: Newly published: Policy on Registration Procedure to Carry on Adjusting Business Share: Newly published: Policy on Registration Procedure to Carry on Adjusting Business Release Date: 10 Oct 2013 Documents are available for download via the URLs provided below: Registration Procedure to Carry on Adjusting Business Appendix 1: Financial Services (Requirement and Submission of Documents or Information) for registered business - Federal Government Gazette Appendix 2: Policy documents superseded Appendix 3: Registration FormSee also: BNM Guidelines & Circulars Section  © 2024 Bank Negara Malaysia. All rights reserved.
Appendix ll Policy documents superseded (paragraph 6.1) The following circulars are superseded: (i) Keperluan Seksyen 18(3) Akta Insurans 1996 (JPI 50/1997) (ii) Pengeluaran Lesen Ajuster dan Standard Kelayakan Minimum bagi Ajuster (JPI 13/1999) (iii) Pengemukaan Penyata Kewangan yang telah Diaudit di bawah Seksyen 15 Akta Insurans 1996 (JPI 21/1999) (iv) Pematuhan Dasar Wawasan Negara dari Segi Bilangan Kakitangan dalam Penanggung Insurans dan Pengantara Insurans (JPI 5/2005) (v) Perlantikan Peguam/Akauntan sebagai Ahli Lembaga Pengarah Syarikat-syarikat Insurans/Broker Insurans/ Penyelaras Kerugian (JPI 10/1990) (vi) Remuneration and benefits paid to directors and chief executive officers of loss adjusters (JPI 3/1995) (vii) Appointment of Auditors under Section 74 of the Insurance Act 1996 (JPI 7/1997) (viii) Pengemukaan Penyata Berkanun (JPI 14/1998) (ix) Kriteria pelantikan juruaudit di bawah seksyen 74 Akta Insurans 1996 (JPI 25/1998) (x) Kriteria bagi pelantikan juruaudit di bawah seksyen 74 Akta Insurans 1996 (JPI 1/2000) (xi) Pelantikan Pengarah/Ketua Pegawai Eksekutif oleh Pemegang Lesen/Pengawal Penanggung Insurans (JPI 21/2003) (xii) Fit and Proper Requirements for Board Members and Senior Management of Insurance Licensees (JPI 5/2004) (xiii) Pelantikan Pengarah/Ketua Pegawai Eksekutif oleh Pemegang Lesen/Pengawal Penanggung Insurans (JPI 11/2004) (xiv) Branching policy for insurance brokers and adjusters (JPI 15/2004) (xv) Seksyen 26 Akta Insurans 1996 (JPI 3/1997) PART A Appendix lll Registration Form to Carry on Adjusting Business 1. Name of company 2. Date of incorporation 3. Principal place of business (Please provide office address, telephone no., fax. no and e-mail address) 4. Authorised Capital 5. Paid-up Capital 6. Listing of shareholders Name of shareholders % Shareholding 7. Listing of Directors Name Designation - Chairman - Executive - Non-executive - Independent Shareholders represented (if applicable) 8. List and particulars of staff involved in adjusting work Name I/C No. Qualifications Years of experience 1. 2. 3. 9. Name of external auditor and engagement partner 10. Date of the proposed commencement of the adjusting business 11. Contact detail of senior officers for purpose of correspondence (Please provide name, designation, telephone no. and e-mail address) 12. Declaration: On behalf of the company ___________________________, I ____________________(I/C or passport no.: ______________),(Designation: Chief Executive Officer / Managing Director), declare that all the information submitted in this form is true, correct and complete. The company has met all the requirements as specified under Part 1 and Part 2 of Schedule 2, of the Financial Servives (requirements and Submission of Documents of Information) (Registered Business) Order 2013 [PU(A) 2016/2013]. I understand that if I furnish any information which is false, inaccurate, misleading or contains material errors or omissions, the company, will not be registered. AND I MAKE THIS SOLEMN DECLARATION CONSCIENTIOUSLY BELIEVING THE SAME TO BE TRUE, AND BY VIRTUE OF THE PROVISIONS OF THE STATUTORY DECLARATIONS ACT 1960. SUBSCRIBED AND SOLEMNLY DECLARED BY THE ABOVENAMED ______________________ AT _____________________ IN THE STATE OF _____________________ THIS DAY OF _______________ 20_______ Before me: (Signature of Sessions Court Judge, Magistrate or Commissioner for Oaths) N/A adjuster-glines-registrationcriteriafinal Registration Procedure to Carry on Adjusting Business Issued on: 10 October 2013 BNM/RH/STD 032-2 Consumer and Market Conduct Department Registration Procedure to Carry on Adjusting Business TABLE OF CONTENTS PART A OVERVIEW 1 1. Introduction .......................................................................................................... 1 2. Applicability ......................................................................................................... 1 3. Legal provisions .................................................................................................. 1 4. Effective date ....................................................................................................... 1 5. Interpretation ....................................................................................................... 1 6. Policy documents superseded ............................................................................. 2 PART B REGISTRATION PROCEDURE AND FEES 3 7. Registration Procedure ........................................................................................ 3 8. Fees .................................................................................................................... 4 APPENDICES Financial Services (Requirements and Submission of Documents or Information)(Registered Business) Order 2103 [PU(A) 206/2013]……………..Appendix l Policy documents superseded (paragraph 6.1)………………….…...................Appendix ll Registration Form…………………………………………………………………….Appendix lll BNM/RH/STD 032-2 Consumer and Market Conduct Department Registration Procedure to Carry on Adjusting Business Page 1/4 PART A OVERVIEW 1. Introduction 1.1 This policy document sets out the requirements for the registration of persons to carry on adjusting business including the fees payable by such persons. 2. Applicability 2.1 This policy document is applicable to persons intending to become registered adjusters under section 18(1) of the Financial Services Act 2013 (FSA). 3. Legal provisions 3.1 The requirements in this policy document are specified pursuant to section 143(2) of the FSA. 3.2 This policy document must be read together with the Financial Services (Requirements and Submission of Documents or Information) (Registered Business) Order 2013 [PU(A) 206/2013] made pursuant to section 17(1)(a) of the FSA. 4. Effective date 4.1 This policy document takes effect from 10 October 2013. 5. Interpretation 5.1 The terms and expressions used in this policy document shall have the same meanings assigned to them in the FSA unless otherwise defined in this policy document. BNM/RH/STD 032-2 Consumer and Market Conduct Department Registration Procedure to Carry on Adjusting Business Page 2/4 5.2 For the purposes of this policy document- “S” denotes a standard, requirement or specification that must be complied with. Failure to comply may result in one or more enforcement actions; “G” denotes guidance which may consist of such information, advice or recommendation intended to promote common understanding and sound industry practices which are encouraged to be adopted; “Order” means the Financial Services (Requirements and Submission of Documents or Information) (Registered Business) Order 2013 [PU(A) 206/2013] as produced at Appendix I. 6. Policy documents superseded 6.1 The circulars listed in Appendix II are superseded. BNM/RH/STD 032-2 Consumer and Market Conduct Department Registration Procedure to Carry on Adjusting Business Page 3/4 PART B REGISTRATION PROCEDURE AND FEES 7. Registration Procedure G S S 7.1 Section 17(1) of the FSA (read together with the Order) provides that a person intending to carry on adjusting business is required to: (a) fulfill the requirements in Part I of Schedule 2 of the Order; (b) submit documents and information listed in Part 2 of Schedule 2 of the Order; and (c) give written notification to the Bank of its date of commencement of business. 7.2 For the purposes of registration under section 17(1) of the FSA, a person intending to carry on adjusting business must submit the Registration Form in Appendix III duly completed together with the documents listed in Part 2 of Schedule 2 of the Order (required documents) to the Bank at least 14 days before the commencement of its adjusting business. 7.3 The completed Registration Form and the required documents must be submitted to the following address: Pengarah Jabatan Konsumer dan Amalan Pasaran Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur 7.4 The Bank will provide a confirmation in writing that the Bank has received the Registration Form with the required documents within 14 days from the receipt of the Registration Form and required documents. Pursuant to section 27(2) of the FSA, the list of registered persons and the effective dates of their registration will be published on the Bank’s website at www.bnm.gov.my/index.php?ch=en_misc&pg=li_lossadj&ac=561 and will be updated as and when there are changes to the list. BNM/RH/STD 032-2 Consumer and Market Conduct Department Registration Procedure to Carry on Adjusting Business Page 4/4 G 7.5 A person who has not fulfilled the requirements stated in paragraphs 7.1 and 7.2 will not be registered to carry on adjusting business and the person will be accordingly informed of this in writing by the Bank. In such circumstances, as provided under section 28 of the FSA, the person must not hold himself out to be a registered person carrying on adjusting business under the FSA. S S 8. Fees 8.1 Further to section 26(1) of the FSA1 which provides for the fees of RM1,000 payable by a registered adjuster, such registered adjuster must make the payment to the Bank as follows: (a) within seven (7) days from the date of the confirmation in writing under paragraph 7.4. The fees of RM1,000 must be pro rated based on the number of months remaining for the first year of registration; and (b) thereafter, the full fees of RM1,000 must be paid before 15 December of every year. 8.2 Payment of the fees must be made through commercial or Islamic banks via RENTAS (Real Time Electronic Transfer of Funds and Securities) by crediting the account of Akauntan Negara Malaysia (account no.: 1554095430), Bank Negara Malaysia (TRN: ANT01), and by stating the name of the registered person and “Fee” under payment details. Once payment is made, the registered person must provide a copy of the credit advice to the Bank for confirmation of the payment. 1 Read together with regulation 6 of the Insurance Regulations 1996 which has been saved under the FSA pursuant to section 272(a) of the FSA.
Public Notice
10 Oct 2013
RINGGIT Newsletter (September 2013 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-september-2013-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/Ringgit_9.pdf
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Urus Wang Bonus Secara Bijak SEPTEMBER 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 9 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Menguruskan kewangan dengan bijak merupakan sesuatu amalan yang penting, apatah lagi apabila mendapat bonus pada hujung tahun. Bonus merupakan perkataan yang memberikan makna yang besar kepada warga kerja. Kadar bonus yang diterima adalah berbeza-beza mengikut pangkat, pengalaman bekerja, tempoh bekerja dan juga prestasi pekerja tersebut. Pastinya semua orang mempunyai kaedah pengurusan kewangan tersendiri apabila menerima bonus. Namun anda perlu mendisiplinkan diri bagi memastikan setiap perancangan dapat dilaksanakan dengan betul dan bijak sebelum terlambat. Antara panduan yang boleh digunakan dalam merancang kewangan adalah : Pertamanya, menyimpan dahulu. Biasanya, sebelum mendapat bonus, pastinya pelbagai perkara telah difikirkan untuk membelanjakan wang tersebut. Mungkin ada yang ingin membeli kereta baru, mengubah suai rumah, membeli-belah, pergi melancong, beli barang keperluan anak dan sebagainya. Cara yang paling berkesan dalam pengurusan kewangan adalah menyimpan sebahagian daripada wang bonus itu sebelum berbelanja. Anda dinasihatkan supaya menyimpan sekurang-kurangnya 10-15 peratus daripada bonus yang anda terima. Keduanya ialah menyimpan untuk keperluan kecemasan anda. Anda dinasihatkan untuk menggunakan wang bonus yang baru diterima untuk mewujudkan satu dana kecemasan bagi memastikan anda mampu terus Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Urus Wang Bonus Secara Bijak 2 • Ringgit menjalankan kehidupan seperti biasa biarpun ditimpa sebarang keadaan tidak diingini. Anda dinasihatkan untuk menyimpan sekurang-kurangnya lima peratus untuk dana kecemasan bagi menanggung kos perbelanjaan kecemasan. Ketiga adalah membeli aset. Secara amnya, aset ialah apa sahaja yang dimiliki dan memberi nilai tambah kepada kewangan anda, sama ada dalam jangka masa panjang mahupun jangka masa pendek. Contoh aset yang boleh bertambah nilainya ialah rumah, emas, berlian dan hartanah. Keempatnya adalah melangsaikan hutang anda. Apabila anda mempunyai wang yang berlebihan, anda seharusnya menggunakannya secara bijak dengan melangsaikan segala hutang yang sedia ada. Anda boleh melangsaikan semua hutang tersebut atau mengurangkan jumlah hutang dengan membayar melebihi daripada kadar bayaran bulanan. Dengan melangsaikan atau mengurangkan tanggungan hutang, anda dapat mempercepat tempoh pembayaran, sekali gus menjadikan anda bebas daripada beban kewangan. Langsaikan dahulu hutang yang mengenakan caj faedah tinggi seperti kad kredit dan sebagainya. Seterusnya, sebahagian daripada wang bonus itu digunakan untuk membuat pelaburan, iaitu skim pelaburan yang sah. Pastikan anda menerima segala maklumat penting mengenai pelaburan yang anda ingin ceburi dan syarikat yang menguruskan pelaburan itu. Anda dinasihatkan supaya membuat analisis terhadap syarikat pelaburan sebelum melabur dalam skim pelaburan tersebut. Sumber: www.konsumerkini.net.my Portal berita ini bertujuan untuk menyalurkan pandangan-pandangan dan komen berkaitan dengan isu-isu kepenggunaan semasa untuk digunakan oleh media, pihak-pihak yang berkepentingan dan juga rakyat secara umum. KonsumerKINI adalah peluang untuk pengguna di Malaysia untuk mendapatkan maklumat TERKINI yang perlu untuk menyokong usaha mereka menjalankan kehidupan sebagai pengguna berhemat iaitu prihatin terhadap diri sendiri, keluarga, masyarakat, negara, alam sekitar dan generasi masa depan. www.konsumerkini.net.my Apabila anda mempunyai wang yang berlebihan, anda seharusnya menggunakannya secara bijak dengan melangsaikan segala hutang yang sedia ada. Ringgit • 3 Bank di Malaysia kini giat menggalakkan pelanggan menggunakan internet untuk menjalankan urusan perbankan. Internet atau perbankan dalam talian merujuk kepada urusan transaksi perbankan yang dikendalikan menerusi laman sesawang bank dengan selamat. Perbankan internet membolehkan anda menguruskan kewangan dengan mudah, cepat dan selamat dari rumah, pejabat atau dari mana-mana lokasi atau ketika di luar masa perbankan selagi ada akses kepada internet. Lazimnya perisian atau perkakasan istimewa tidak diperlukan. Menerusi perbankan internet, anda boleh: • Menyemak baki akaun dan penyata akaun. • Mengemukakan permohonan untuk akaun, kad kredit dan pinjaman baru. • Membuat pelaburan deposit tetap. • Memindah wang antara akaun (akaun milik sendiri atau pihak ketiga). • Membayar bil, kad kredit, pinjaman dan premium insurans. • Menyemak status cek. • Memohon buku cek dan penyata akaun tetap. • Membuat, meminta atau membatalkan arahan tetap. • Memohon arahan menghentikan pembayaran cek. • Memohon bank draf dan pemindahan telegraf. Anda boleh membuat urusan perbankan internet dengan bank yang menawarkan perkhidmatan bagi akaun bank sedia ada, seperti akaun simpanan, akaun semasa, kad kredit dan pinjaman. Ragu Tentang Keselamatan Perbankan Internet Walaupun mudah dan menjimatkan masa, masih ramai pengguna bimbang mengenai keselamatan maklumat dan transaksi menerusi internet. Bagi mereka yang terbabit dalam perniagaan internet, termasuk bank, pelbagai usaha secara berterusan dijalankan untuk memastikan internet adalah saluran yang selamat digunakan. Bagaimanapun, risikonya tetap wujud. Dalam hal ini, pastikan anda sentiasa membuat cetakan bagi setiap transaksi atau urusan di internet. Ini membolehkan 12 Syarat Guna Perbankan Internet 4 • Ringgit anda membuat penyemakan sekiranya berlaku sebarang percanggahan, terutama baki akaun dan penyata akaun yang dihantar oleh bank. Cetakan itu juga boleh dijalankan sebagai bahan rujukan bagi anda dan pegawai bank, kalau anda mahu mengesan sebarang keraguan ke atas sesuatu transaksi. Perbankan internet boleh menawarkan urus niaga yang selamat sekiranya anda mengamalkan langkah berikut: • Tidak mendedahkan daftar masuk kata laluan atau nombor PIN. • Selalu tukar kata laluan atau nombor PIN. • Mengelak daripada menyimpan kata laluan atau nombor PIN dalam komputer. • Pastikan anda melayari laman sesawang yang betul. • Ketika melayari laman web, semak Universal Resource Locators (URL) untuk memastikan URL bermula dengan ‘https’ dan pastikan imej ibu kunci tertutup terdapat pada bar status pelayan web. • Selalulah menyemak butir-butir atau rekod transaksi dan penyata yang dihantar oleh bank. • Jangan sesekali meninggalkan komputer kalau anda masih mengakses perbankan internet. • Sentiasa kunci (log) keluar sebaik sahaja selesai melakukan transaksi dan memadamkan peti memori dan rekod transaksi selepas mengunci keluar (log out) daripada laman sesawang. • Lindungi komputer anda daripada virus dan program perosak dengan memasang “firewall” terkini dan program penentang virus yang ada reputasi kukuh. Pastikan juga perisian antivirus dan “firewall” sentiasa dikemas kini agar lebih berkesan. • Elakkan daripada memuat turun perisian atau fail daripada laman sesawang yang tidak dikenali atau memasuki pautan yang dihantar oleh orang yang tidak dikenali. • Jangan sesekali membiarkan tetingkap pelayar lain terbuka ketika membuat transaksi perbankan dalam talian. • Pastikan anda tidak mengaktifkan ciri-ciri ‘perkongsian fail dan pencetak’ dalam sistem pengendalian anda. Fahami syarat dan peraturannya Adalah perkara biasa kalau anda membuat kesilapan ketika menjalankan sesuatu transaksi. Kalau ini berlaku, segera hubungi perkhidmatan pelanggan bank dan memberikan butir-butir terperinci berkaitan transaksi atau masalah yang anda hadapi. Bank biasanya mempunyai rekod semua transaksi yang anda jalankan dan mereka sedia membantu mengatasi masalah itu. Walaupun anda telah biasa mengamalkannya, namun pastikan anda membaca dan memahami syarat dan peraturan perbankan yang anda langgan, terutama berkaitan dengan transaksi tanpa kebenaran atau urus niaga palsu. Kalau anda berasa was-was, lebih baik anda berjumpa dengan pegawai khidmat pelanggan bank terlebih dahulu. Ini membolehkan anda memahami perkhidmatan itu sepenuhnya sebelum membuat keputusan untuk menggunakan perkhidmatan internet. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) Agensi Kaunseling Dan Pengurusan Kredit (729811-P) Aras 8.2-8.9, Maju Junction Mall, 1001 Jalan Sultan Ismail, 50250 Kuala Lumpur. www.akpk.org.my Talian Bebas Tol: 1800-88-2575 Ringgit • 5 Apabila musim hujan melanda negara ini, timbul kebimbangan dalam kalangan pemilik kenderaan tentang risiko kenderaan mereka ditenggelami air akibat banjir. Walaupun mereka telah mengambil langkah berjaga-jaga, seperti meletak kenderaan di tempat letak kereta yang tinggi, serta mengelak daripada melalui kawasan yang sering dilanda banjir semasa hujan lebat, namun risiko kenderaan boleh ditenggelami air banjir masih ada. Oleh itu, anda selalu tertanya-tanya sama ada anda boleh membuat tuntutan insurans bagi kerosakan kenderaan yang diakibatkan oleh banjir. Secara amnya, polisi insurans/takaful kereta komprehensif memberikan pampasan bagi musibah, seperti kerosakan atau kehilangan kenderaan akibat kemalangan, kebakaran mahupun kecurian. Akan tetapi, kerosakan akibat banjir atau apa juga yang disebabkan banjir adalah dikategorikan sebagai bencana alam. Justeru, kerosakan kenderaan yang diakibatkan olehnya, disenaraikan sebagai risiko yang tidak dilindungi oleh polisi insurans kenderaan. Antara kerosakan atau kehilangan akibat banjir yang tidak dilindungi ialah: • kerosakan terhadap kenderaan yang ditenggelami banjir. • kehilangan kenderaan akibat hanyut semasa banjir. • kebakaran dan letupan kenderaan akibat dimasuki air banjir. • kemalangan terhadap kenderaan dengan objek yang dihanyutkan air banjir seperti batang pokok. Selain banjir, bencana alam lain yang tidak dilindungi termasuklah: • gempa bumi dan akibat daripadanya seperti ombak besar/tsunami, • tanah runtuh (dan akibat daripadanya seperti letupan gas atau kebakaran akibat gangguan elektrik berikutan tanah runtuh), dan • ribut petir (dan akibat daripadanya seperti kerosakan daripada kenderaan dipanah petir semasa ribut). Walau bagaimanapun, pemilik kenderaan boleh membeli perlindungan tambahan terhadap kerosakan atau kehilangan akibat banjir dengan membeli perlindungan tambahan semasa membeli polisi insurans kenderaan mereka. Perlindungan ini juga terpakai untuk risiko bencana alam yang lain, seperti gempa bumi, tanah runtuh dan ribut petir. Perlindungan tambahan ini dikenakan caj premium tambahan sebanyak 0.5% daripada jumlah yang diinsuranskan. Sebagai contoh, sekiranya kenderaan diinsuranskan sebanyak RM50,000, pemilik kenderaan akan dikenakan premium tambahan sebanyak RM250. Pemilik kenderaan juga boleh mengira anggaran jumlah premium untuk perlindungan tambahan bagi banjir dengan menggunakan kalkulator premium yang terdapat di laman sesawang www.insuranceinfo.com. my. Sumber: infoinsurans Banjir - Adakah Kenderaan Anda Dilindungi? 6 • Ringgit Penjamin Tidak Terjamin Sam dan Ling telah menjalinkan hubungan semenjak mereka belajar bersama-sama di kolej. Selepas beberapa tahun berhubungan, Ling telah meminta Sam untuk menjadi penjamin kepada pinjaman sewa beli kereta baharunya. Tanpa berfikir panjang, Sam bersetuju kerana dia sedang dilamun cinta dan mengharapkan cintanya dibalas. Sebelum menandatangani borang penjamin, Sam tidak mendapatkan sebarang nasihat atau pandangan orang lain. Apa yang penting bagi Sam ialah cinta Ling dan dia yakin tidak lama lagi mereka akan mendirikan rumah tangga. Lagipun, Ling telah berjanji akan membayar ansurannya dengan teratur. Selang beberapa bulan kemudian, ansuran pinjaman sewa beli Ling sudah mula tertunggak. Sam, seperti yang telah dijangkakan, sekali lagi termakan dengan pujuk rayu Ling dan menolong Ling membayar ansuran pinjaman tersebut sehinggalah pada suatu hari Sam mengetahui bahawa Ling sebenarnya telah bertunang dengan orang lain. Oleh kerana terlalu kecewa dengan perbuatan Ling, Sam membawa hati lukanya dengan berpindah ke tempat lain, malah Sam juga telah beberapa kali bertukar kerja. Oleh kerana Ling gagal membuat bayaran pinjaman sewa belinya, pihak institusi kewangan telah menarik balik dan melelong keretanya. Baki yang perlu dijelaskan selepas lelongan adalah sebanyak RM45,000. Apabila Ling tidak mampu membayar jumlah kerugian ini, pihak institusi kewangan telah mengemukakan notis tuntutan ke atas Sam selaku penjamin. Sam juga tidak boleh membayarnya kerana jumlah yang terlibat adalah terlalu besar. Pihak institusi kewangan mula mengambil tindakan mahkamah terhadap Sam untuk menuntut semula semua baki hutang mereka. Oleh kerana terlalu bimbangkan tentang masa hadapan, Sam telah bertindak mendapatkan khidmat nasihat daripada Agensi Kaunseling dan Pengurusan Kredit (AKPK). Sebagai penjamin, anda akan dipertanggungjawabkan ke atas liabiliti peminjam sekiranya peminjam mungkir dalam pembayaran balik pinjaman. Tahap liabiliti adalah seperti yang termaktub di dalam dokumen jaminan. Oleh itu, sebelum menjadi penjamin: • Baca dan memahami sifat jaminan tersebut. • Jangan menandatangani dokumen yang belum dibaca atau menandatangani dokumen kosong atau borang yang belum lengkap. • Dapatkan khidmat nasihat profesional / guaman sebelum menandatangani kontrak jaminan. Ini akan memastikan anda benar-benar faham tentang sifat sebenar dokumen tersebut dan implikasi undang-undang, contohnya hak-hak dan liabiliti di bawah kontrak jaminan tersebut. Sumber : Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 7 Segala urusan rasmi, yang melibatkan pembelian atau langganan, memerlukan tandatangan pengguna bagi mengesahkan transaksi tersebut. Pengguna disarankan supaya lebih berhati-hati sebelum menurunkan tandatangan mereka ke atas apa jenis dokumen sekalipun. Pihak NCCC menerima banyak aduan daripada pengguna yang berkaitan dengan produk dan perkhidmatan. Namun begitu, kebanyakan aduan yang diterima adalah berpunca daripada kecuaian pengguna sendiri. Apabila keadaan ini berlaku, agak sukar bagi pengguna untuk menuntut hak mereka walaupun mereka berada di pihak yang benar. Ruangan kali ini akan menceritakan tentang kejadian yang pernah berlaku kepada pengguna. Salah satu kes yang pernah diterima oleh NCCC adalah berkaitan dengan pusat kecergasan. Pengadu telah menurunkan tandatangan beliau di atas kontrak pakej yang ditawarkan dan memberitahu kepada pekerja di syarikat tersebut supaya menunggu pengesahan daripada beliau sebelum memproses dokumen tersebut. Tiada pengesahan yang diberikan oleh pengadu kepada pekerja syarikat tersebut. Namun setelah suatu jangka yang agak lama, pengadu menerima bil dan juga surat peringatan untuk menjelaskan bayaran. Apabila aduan seperti ini diterima kepada NCCC, agak sukar bagi NCCC menjelaskan kepada syarikat yang diadu bahawa pengadu tidak pernah berniat untuk melanggan pakej tersebut. Ini kerana wujudnya tandatangan pengadu di atas kontrak membuktikan bahawa pengadu faham dan setuju dengan segala isi kontrak tersebut. Walaupun syarikat tersebut bersetuju untuk membatalkan kontrak tersebut, namun seperti yang diterangkan di dalam keluaran sebelum ini, pihak pengusaha boleh mengenakan caj 5% daripada harga kontrak bagi pembatalan kontrak perkhidmatan masa hadapan. Bayangkan kerugian yang perlu ditanggung oleh pengguna jika harga kontrak tersebut berjumlah lebih daripada RM10,000.00. Pengguna juga d inas iha tkan untuk t idak menandatangani apa jua dokumen jika subjek di dalam dokumen tersebut tidak diberikan kepada pengguna. NCCC juga menerima aduan berkenaan dengan perkhidmatan perkongsian masa, yang pengadu tidak diberikan prospektus, namun beliau telah menandatangani dokumen akuan penerimaan. Apabila timbul pertelingkahan antara pengadu dan pengusaha, pengadu tidak dapat mempertahankan pendirian bahawa beliau tidak menerima prospektus tersebut disebabkan oleh kehadiran dokumen akuan penerimaan tersebut. Sehubungan itu, pihak NCCC menasihatkan agar pengguna lebih berhati- hati sebelum menandatangani apa jua dokumen bagi mengelakkan sebarang implikasi yang tidak diingini pada masa hadapan. Pengguna dapat mengelakkan diri mereka daripada menghadapi masalah dan risiko apabila mereka lebih berhati-hati. Ruangan Bersama NCCC Ketahui Hak Tandatangan Anda 8 • Ringgit Ruangan Masalah Kewangan Anda Salam sejahtera, Saya adalah kakitangan sokongan di sebuah badan berkanun. Saya sudah berkhidmat selama 9 tahun. Sejak mula berkhidmat, saya sering membuat pinjaman peribadi. Boleh dikatakan pada setiap tahun. Saya kerap memohon pinjaman baru di bank lain untuk menutup pinjaman lama di bank lain. Sekarang saya tinggal di rumah PPR dengan kadar sewa RM139 sebulan, membayar kereta RM403 sebulan. Saya juga melanggan astro dan jalur lebar. Selain itu, saya turut membayar perkhidmatan pengangkutan sekolah untuk tiga orang anak saya sebanyak RM140 sebulan. Gaji bersih saya lebih kurang RM1,300. Setelah membayar segala hutang, bil utiliti dan belanja dapur wang, lazimnya hanya tinggal baki sebanyak RM400. Pada masa ini, saya selalu bekerja lebih masa dan kadar elaun lebih masa yang saya dapat setiap bulan adalah dalam purata RM400 sebulan. Buat masa ini boleh dikatakan saya masih boleh menyara kos sara hidup. Saya terfikir jika saya tidak lagi bekerja lebih masa atau tiada lagi pendapatan sampingan, apa yang saya perlu buat? Sekarang saya baru sahaja memohon pinjaman peribadi dan masih ada baki lebih kurang RM5000. Saya terfikir hendak membuat perniagaan dalam talian, tetapi saya tidak berani mengambil risiko sebab saya pernah mengalami kerugian beribu-ribu ringgit sebelum ini. Apakah cadangan atau nasihat untuk saya? Terima kasih. Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Jawapannya: Kedudukan kewangan anda masih terkawal kerana aliran tunai anda masih positif dan sedikit sebanyak dibantu oleh pendapatan sampingan daripada kerja lebih masa. Walau bagaimanapun, anda masih boleh memperkukuh lagi kedudukan aliran tunai anda dengan mengawal serta mengurangkan perbelanjaan yang kurang penting. Anda perlu menyenaraikan semua perbelanjaan bulanan secara terperinci dan mulai menilai semula perbelanjaan tersebut serta membuat keputusan untuk mengubahnya. Anda juga perlu mengawal pinjaman di bank sebab faedah untuk pinjaman peribadi agak tinggi. Anda mungkin menggunakan sebahagian besar daripada gaji anda untuk membuat pembayaran balik pinjaman. Amalan berjimat cermat ketika membeli dan menyediakan bajet merupakan strategi paling mudah untuk melegakan kedudukan aliran tunai yang ketat. Anda juga perlu sedar dan bertanya kepada diri sendiri, adakah anda mengamalkan gaya hidup di luar kemampuan anda? Ramai orang mengatakan pendapatan mereka tidak pernah mencukupi, walaupun sebenarnya pendapatan mereka adalah tinggi. Ini berpunca daripada amalan gaya hidup ala ‘mewah’ yang mungkin mereka sendiri tidak menyedarinya. Anda perlu meni lai semula bajet anda berdasarkan keperluan dan kehendak. Dalam situasi ini, anda mungkin perlu menangguhkan perbelanjaan kehendak. Setiap kali ingin membeli sesuatu, anda perlu memikirkan terlebih dahulu sama ada kehendak tersebut ada di dalam bajet anda. Anda juga boleh memperbaik kedudukan aliran tunai dengan mencari cara meningkatkan pendapatan sampingan anda, contohnya seperti yang telah anda sebutkan sendiri. Teruslah berikhtiar dengan cara yang lain. Untuk maklumat lanjut mengenai pengurusan kewangan, sila dapatkan khidmat nasihat di Agensi Kaunseling dan Pengurusan Kredit (AKPK) yang berhampiran dengan tempat anda. Layari www.akpk. org.my Mencari Kebahagiaan Kewangan Ringgit • 9 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
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27 Sep 2013
National Statistics Conference 2013 (MyStats 2013): Promoting Innovation in Economic and Financial Statistics to Support Policy Making in a Dynamic Environment (18 November 2013, Sasana Kijang, Kuala Lumpur)
https://www.bnm.gov.my/-/national-statistics-conference-2013-mystats-2013-promoting-innovation-in-economic-and-financial-statistics-to-support-policy-making-in-a-dynamic-environment-18-november-2013-sasana-kijang-kuala-lumpur-1
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Reading: National Statistics Conference 2013 (MyStats 2013): Promoting Innovation in Economic and Financial Statistics to Support Policy Making in a Dynamic Environment (18 November 2013, Sasana Kijang, Kuala Lumpur) Share: National Statistics Conference 2013 (MyStats 2013): Promoting Innovation in Economic and Financial Statistics to Support Policy Making in a Dynamic Environment (18 November 2013, Sasana Kijang, Kuala Lumpur) Release Date: 27 Sep 2013 The Bank will be organising the second national statistics conference (MyStats 2013) with the Department of Statistics Malaysia (DOSM) and Institut Statistik Malaysia (ISM) on 18 November at Sasana Kijang.  The theme of MyStats 2013 is "Promoting Innovation in Economic and Financial Statistics to Support Policy Making in a Dynamic Environment". The key objective of MyStats 2013 is to facilitate greater discussion and collaboration between statisticians/compilers and users of statistics, such as economists, analysts, academicians and policy makers, in improving data compilation, communication and usage of statistics.  It will also provide an avenue for the participants to discuss new ways and innovative approaches in the compilation and usage of statistics to support analysis, surveillance and policy measures in the increasingly dynamic environment. The topics of discussion include: (i) New Statistics for Better Surveillance and Policy Action; (ii) Innovation in Analysis and Statistics; (iii) New Horizon for Financial and Economic Statistics; (iv) Leveraging on Statistical Methods and Scientific Approaches for Better Analysis; (v) Application of Technology in Transforming Malaysia's Statistical Landscape; and (vi) Innovation in Statistics and Analysis for Responsive Policy Action. Participation at the conference is by invitation only. For any enquiry, please contact the following officers: Name Telephone Number Email Address Puan Jenny Yan Chin Wai 03-26988044 ext 7867 [email protected] Cik Ili Sarah Aspar 03-26988044 ext 7857 [email protected] © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
25 Sep 2013
RINGGIT Newsletter (August 2013 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-august-2013-issue-is-now-available-for-download.-1
https://www.bnm.gov.my/documents/20124/761700/Ringgit_8.pdf
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Reading: RINGGIT Newsletter (August 2013 issue) is now available for download. Share: RINGGIT Newsletter (August 2013 issue) is now available for download. Release Date: 25 Sep 2013 The highlight for this month is "Memperkukuh Amalan Pembiayaan yang Bertanggungjawab". Other topics of interest include: Program Pengurusan Kredit AKPK (PPK) Insurans Untuk Harta Kediaman Berhati-hati Apabila Menerima Panggilan Telefon Ejen Bank Ruangan Masalah Kewangan Anda - Pinjaman Tidak Diluluskan RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - August/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Memperkukuh Amalan Pembiayaan yang Bertanggungjawab OGOS 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 8 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Bank Negara Malaysia telah mengumumkan pelaksanaan satu set langkah yang bertujuan untuk mengelak hutang isi rumah yang berlebihan dan memperkukuh amalan pemberian pinjaman yang bertanggungjawab oleh pemberi kredit utama. Langkah-langkah ini ialah: • Tempoh pinjaman maksimum selama 10 tahun untuk pembiayaan bagi kegunaan peribadi. • Tempoh pinjaman maksimum selama 35 tahun untuk pembiayaan bagi pembelian harta kediaman dan bukan kediaman. • Larangan menawarkan produk pembiayaan peribadi yang diluluskan terlebih dahulu. Meskipun disokong oleh pendapatan dan keadaan guna tenaga yang positif, namun sejak akhir-akhir ini, terdapat peningkatan trend dalam penawaran produk kewangan yang tidak mengambil kira kepentingan pengguna dalam jangka panjang. Ini termasuk tempoh pembiayaan yang dilanjutkan hingga 45 tahun bagi pembiayaan rumah dan 25 tahun bagi pembiayaan peribadi. Walaupun tempoh pembiayaan yang lama ini mengurangkan pembayaran balik bulanan, namun dalam jangka panjang, pembiayaan ini meningkatkan beban hutang isi rumah secara keseluruhan. Amalan seperti ini menggalakkan pengumpulan hutang yang berlebihan oleh isi rumah dan meningkatkan kelemahan sektor ini. Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Memperkukuh Amalan Pembiayaan yang Bertanggungjawab 2 • Ringgit Langkah Bank Negara Malaysia tersebut merupakan langkah awal pencegahan bagi mengelak berlaku kemungkinan krisis hutang seperti mana berlaku di Amerika Syarikat. Keadaan ini dapat mengelakkan berlaku kemelesatan ekonomi negara yang lebih kritikal untuk tempoh kurang daripada tiga tahun yang akan datang. Menurut Bank Negara Malaysia, hutang isi rumah berbanding Kadar Keluaran Dalam Negara Kasar (KDNK) meningkat purata 12 peratus setahun sejak lima tahun lalu dan berada pada paras 82.9 peratus setakat akhir Mac 2013, paras tertinggi bagi negara-negara membangun di Asia (Singapura dan Hong Kong masing-masing mencatatkan 67% dan 59% daripada KDNK). Pertumbuhan ini tidak selaras dengan peningkatan pendapatan yang dicerminkan oleh pertumbuhan KDNK, iaitu antara empat hingga enam peratus. Langkah ini dilakukan memandangkan kadar hutang isi rumah pada masa ini berada tahap yang membimbangkan. Kajian Pusat Pendidikan dan Penyelidikan Pengguna (CRRC) yang dijalankan pada tahun 2012 menunjukkan lebih kurang 47% pekerja muda mempunyai hutang yang serius, iaitu lebih daripada 30% daripada gaji bulanan digunakan untuk membayar hutang. Kajian juga mendapati 37% pekerja muda mengaku bahawa mereka berbelanja melebihi tahap kemampuan. Hal ini merupakan salah satu penyebab utama mengakibatkan seseorang menghadapi masalah dalam pengurusan kewangan. Semua segmen masyarakat, termasuk mereka yang masih muda dan meminjam buat kali pertama daripada institusi kewangan harus diberi persediaan mengenai pendidikan pengurusan kewangan agar mereka tidak terbeban dengan masalah hutang yang serius dan akhirnya menjadi muflis. Jabatan Insolvensi Malaysia melaporkan sebanyak 37,493 kes individu berumur 25 hingga 44 tahun diisytiharkan bankrap. Sebanyak 29,338 kes melibatkan hutang pinjaman kenderaan, diikuti dengan 15,299 kes melibatkan pinjaman peribadi. Pengurusan kewangan seharusnya bermula sejak dari kecil dan institusi kekeluargaan perlu mendidik anak-anak mereka dengan amalan menabung. Ingat, simpan sedikit, lama-lama menjadi bukit! Nilai wang yang dimiliki pada masa sekarang jauh lebih bernilai berbanding dengan wang pada masa akan datang. Oleh itu, tabungan perlu ditingkatkan, di samping memilih pelaburan yang terbaik untuk simpanan jangka masa panjang. Golongan muda perlu didedahkan dengan maklumat dan kesan apabila mereka membuat pinjaman. Apabila membuat pinjaman, terdapat beberapa faktor yang perlu dipertimbang, antaranya tujuan pinjaman, kemampuan membayar balik pinjaman, tempoh pinjaman, kadar faedah dan syarat serta terma pinjaman. Mereka perlu mengutamakan pembelian barangan untuk keperluan dan menangguhkan barangan untuk memenuhi kehendak. Langkah-langkah di atas akan membendung hutang isi rumah dan menggalakkan pembiayaan bertanggungjawab serta pertumbuhan kredit pengguna yang mampan. Sumber: FOMCA/konsumerkini.net.my Portal berita ini bertujuan untuk menyalurkan pandangan-pandangan dan komen berkaitan dengan isu-isu kepenggunaan semasa untuk digunakan oleh media, pihak-pihak yang berkepentingan dan juga rakyat secara umum. KonsumerKINI adalah peluang untuk pengguna di Malaysia untuk mendapatkan maklumat TERKINI yang perlu untuk menyokong usaha mereka menjalankan kehidupan sebagai pengguna berhemat iaitu prihatin terhadap diri sendiri, keluarga, masyarakat, negara, alam sekitar dan generasi masa depan. www.konsumerkini.net.my Ringgit • 3 Terasa bingung memikirkan hutang yang tidak terurus? Seringkali diganggu oleh para pemungut hutang? Seringkali risau mengenai wang ringgit? Semua individu yang berada dalam situasi sedemikian disarankan supaya mendapatkan bantuan perkhidmatan kaunseling kredit dan program pengurusan kredit daripada Agensi Kaunseling dan Pengurusan Kredit (AKPK) di mana-mana sebelas (11) cawangan dan juga di sembilan (9) pejabat kaunseling di seluruh negara. Semua perkhidmatan AKPK adalah secara percuma kepada orang ramai. Kaunseling Kewangan Di AKPK, kaunselor akan berbincang secara bersemuka bersama-sama anda di dalam bilik kaunseling. Di situ, kaunselor akan mengenal pasti kedudukan aliran tunai dan menganalisis kewangan anda. Program Pengurusan Kredit (PPK) Sekiranya anda mengalami kesukaran dalam membayar balik semua ansuran bulanan pinjaman, tetapi pada masa yang sama, anda mempunyai pendapatan bersih yang positif, maka anda boleh mendaftar dengan PPK di AKPK. PPK boleh membantu menstruktur semula tanggungan pinjaman anda yang disediakan oleh penyedia- penyedia kredit seperti berikut: • Semua bank komersil. • Semua bank islam. • Semua syarikat insurans. • Semua pengendali takaful. • Institusi-institusi kewangan pembangunan. • Pengeluar-pengeluar kad kredit dan kad caj. Apakah PPK di AKPK? Satu pelan pembayaran hutang individu khusus dirangka untuk anda setelah dipersetujui oleh penyedia-penyedia kredit anda. Program Pengurusan Kredit AKPK (PPK) 4 • Ringgit Kelebihan-kelebihan PPK • Terma-terma pembayaran semula yang berpatutan berdasarkan aliran tunai semasa. • Tempoh penangguhan sementara daripada tindakan undang-undang. • Pemberhentian panggilan telefon dan kacau ganggu daripada para pemungut hutang. • Mengembalikan semula nikmat kehidupan anda dari sudut kewangan. Syarat-syarat untuk memasuki PPK Anda: • tidak berada dalam tindakan undang-undang pada tahap lanjut. • bukan seorang bankrap / muflis. • mempunyai jumlah hutang tidak lebih daripada RM2 juta. • mempunyai sumber pendapatan bersih yang positif dan mencukupi untuk pembayaran PPK. (mempunyai pendapatan lebihan setelah ditolak dengan perbelanjaan asas dan mencukupi untuk pembayaran PPK). Proses PPK • Merujuk kepada kaunselor mengenai kedudukan kewangan anda untuk mengenal pasti semua perbelanjaan bulanan dan mengenali potensi serta ruang penjimatan. • Mengisytiharkan semua kemudahan pinjaman dan baki pinjaman terkini anda. • AKPK sebagai perantara akan berunding bagi pihak anda dengan semua penyedia kredit anda. • Selepas itu, AKPK akan mengeluarkan surat pengesahan setelah semua penyedia kredit anda bersetuju dengan cadangan PPK yang dikemukakan. • Penyedia-penyedia kredit anda mungkin memerlukan anda menandatangani surat tawaran tambahan setelah berjaya mendaftar dalam PPK. Dokumen-dokumen yang diperlukan • Laporan Kredit CCRIS yang terkini daripada Bank Negara Malaysia (BNM). (No ta : AKPK bo leh memban tu anda mendapatkan Laporan Kredit CCRIS setelah anda melengkapkan borang CBS 01 dan menyediakan satu salinan kad pengenalan serta dua (2) dokumen lain seperti lesen memandu dan bil-bil utiliti.) • Penyata-penyata pinjaman terkini daripada setiap penyedia-penyedia kredit. • Jika bekerja, slip gaji terkini. • Jika bekerja sendiri, sediakan bukti pendapatan seperti penyata akaun bank dan lain-lain. • Penyata KWSP terkini , j ika mel ibatkan penstrukturan pinjaman perumahan. • Dokumen-dokumen tindakan undang-undang, sekiranya ada. • Penyata Cukai Pendapatan, sekiranya ada. Taklimat Awam (tidak diwajibkan) • AKPK ada mengendalikan sesi taklimat awam menerangkan mengenai PPK selama sejam, termasuk sesi soal jawab di Ibu Pejabat AKPK. • Jadual sesi Taklimat Awam di Ibu Pejabat AKPK adalah seperti berikut: • Setiap Isnin hingga Khamis : 10.00 pagi, 12.00 tengah hari & 3.00 petang Sekiranya anda mengalami kesukaran dalam membayar balik semua ansuran bulanan pinjaman, tetapi pada masa yang sama, anda mempunyai pendapatan bersih yang positif, maka anda boleh didaftarkan dalam PPK di AKPK. Ringgit • 5 • Setiap Jumaat: 10.00 pagi & 12.00 tengah hari • Kecuali cuti-cuti umum • Sesi taklimat awam juga ada disediakan di cawangan AKPK seperti di: Pulau Pinang, Johor Bahru, Melaka, Kuching dan Kota Kinabalu. Sila rujuk kepada http://www.akpk.org.my/services/ debt-management/briefing-schedule untuk jadual taklimat terkini di cawangan berkenaan. Nota: Untuk cawangan yang tiada kemudahan taklimat awam, anda boleh berhubung secara terus dan menghadiri sesi kaunseling dengan kaunselor di cawangan berkenaan. Dalam keadaan bagaimanakah PPK anda boleh ditamatkan? • Apabila pinjaman-pinjaman diselesaikan lebih awal atau sepenuhnya. • Apabila anda memohon secara sukarela untuk keluar daripada PPK • Apabila PPK ditamatkan kerana kegagalan membuat bayaran mengikut jadual yang telah dipersetujui sebelum ini. • Apabila dimaklumkan bahawa pelanggan PPK telah meninggal dunia. Kesan sekiranya anda sebagai peserta PPK • Perubahan gaya hidup diperlukan. • Kemudahan kredit sedia ada akan dibatalkan. • Peluang untuk mendapatkan pinjaman baru semasa anda masih berada dalam PPK akan tertakluk sepenuhnya kepada budi bicara penyedia-penyedia kredit masing-masing. Apakah ciri-ciri untuk berjaya dalam PPK? • Keinginan serta keazaman yang kuat untuk kembali berada pada landasan yang betul dalam meneruskan kehidupan. • Berdisiplin dalam membuat pembayaran mengikut jadual. • Kesanggupan berkorban pada masa kini demi kesejahteraan kewangan lebih baik pada masa depan. Untuk maklumat lanjut mengenai perkhidmatan AKPK, sila layari laman sesawang di: www.akpk.org.my atau hubungi talian bebas tol AKPK di: 1-800-88-2575. Sesi taklimat awam juga ada disediakan di cawangan AKPK seperti di: Pulau Pinang, Johor Bahru, Melaka, Kuching dan Kota Kinabalu. Agensi Kaunseling Dan Pengurusan Kredit (729811-P) Aras 8.2-8.9, Maju Junction Mall, 1001 Jalan Sultan Ismail, 50250 Kuala Lumpur. www.akpk.org.my Talian Bebas Tol: 1800-88-2575 6 • Ringgit Jenis–jenis polisi insurans Terdapat tiga jenis polisi utama untuk melindungi harta dan barangan isi rumah anda: • Kebakaran – polisi ini melindungi kerugian/ kerosakan terhadap bangunan kediaman dan isi rumah anda, seperti kebakaran, kilat dan letupan gas yang digunakan untuk domestik. • Empunya rumah – polisi ini melindungi bangunan kediaman, termasuk lekapan dan kelengkapan di bangunan seperti garaj, dinding, pintu pagar dan pagar daripada beberapa risiko tertentu. • Isi rumah – polisi ini melindungi barangan isi rumah anda sahaja, iaitu barangan boleh alih di dalam kediaman anda daripada risiko-risiko tertentu. Sekiranya anda ingin mendapat perlindungan yang komprehensif untuk kediaman anda dan barangan di dalamnya, anda harus membeli kedua-dua polisi empunya rumah dan polisi isi rumah. Apa yang perlu anda tahu apabila membeli perlindungan insurans untuk harta kediaman • Pastikan harta kediaman anda diinsuranskan secukupnya setiap masa, dan mengambil kira pengubahsuaian dan naik taraf yang telah dibuat atas harta kediaman. • Anda perlu memilih bentuk pampasan yang anda kehendaki bagi kehilangan/kerosakan pada harta kediaman anda, sama ada berdasarkan indemniti atau pengembalian semula. • Sekiranya harta kediaman anda adalah di bawah pembiayaan dan diinsuranskan oleh syarikat pembiaya, anda seharusnya memastikan yang harta kediaman itu mempunyai perlindungan insurans secukupnya. Biasanya, perlindungan insurans yang diambil oleh syarikat pembiaya adalah berdasarkan amaun pinjaman. • Anda perlu memastikan bahawa jumlah di insuranskan menggambarkan jumlah perlindungan yang diperlukan untuk menggantikan semua barangan isi rumah di dalam kediaman anda. • Simpan dokumen-dokumen yang dapat membuktikan pemilikan dan nilai barangan yang diinsuranskan, contohnya resit pembelian, foto barangan berharga jika ada. Ia boleh membantu ketika membuat tuntutan. Syarat purata Sekiranya amaun diinsuranskan dalam polisi insurans anda kurang daripada kos pembinaan semula (insurans terkurang), syarat purata akan diterima pakai apabila tuntutan dibuat. Ini bermakna, anda Insurans Untuk Harta Kediaman Sekiranya harta kediaman anda adalah di bawah pembiayaan dan diinsuranskan oleh syarikat pembiaya, anda seharusnya memastikan yang harta kediaman itu mempunyai perlindungan insurans secukupnya. Ringgit • 7 akan menanggung sendiri jumlah perbezaan antara nilai diinsuranskan dengan kos pembinaan. Contoh: Jumlah kos pembinaan semula rumah ialah RM 100,000, manakala jumlah diinsuranskan hanya RM 80,000 dan jumlah kerugian ialah sebanyak RM 5,000. Syarat purata yang akan dikira ialah:- Jumlah dinsuranskan Kerugian (RM80,000) x (RM 5,000) Kos pembinaan semula (RM 100,000) = RM 4,000 Dalam contoh di atas, syarikat insurans akan hanya membayar sebanyak RM4,000 dan bukannya RM5,000 bagi kerugian yang dialami. Tanggungjawab membeli insurans Jika harta kediaman anda masih dalam peringkat pembinaan, insurans terhadap harta kediaman adalah di bawah tanggungjawab pemaju. Bagi harta kediaman hak milik strata seperti pangsapuri dan kondominium, adalah mandatori bagi Syarikat Pengurusan (SP) membeli polisi insurans kebakaran untuk keseluruhan bangunan. Pemilik unit individu dikehendaki membayar bahagian premium masing- masing kepada SP. Sekiranya anda mendapat pinjaman daripada institusi kewangan di bawah penyeliaan Bank Negara Malaysia, institusi kewangan berkenaan akan menerima polisi insurans yang sudah dibeli oleh SP, tertakluk kepada terma dan syarat. Apa yang perlu anda tahu ketika membuat tuntutan Jika harta kediaman anda mengalami kerosakan/ kerugian, • Anda hendaklah memaklumkan syarikat insurans anda secara bertulis dengan memberikan butir- butir lengkap secepat mungkin. • Anda hendaklah mengambil tindakan sewajarnya untuk memastikan agar kerosakan dan kerugian yang dialami tidak menjadi bertambah teruk. Penyelesaian tuntutan Jumlah pampasan bergantung pada asas perlindungan:- • Asas indemniti akan membayar kos membaik pulih bangunan yang rosak ditolak nilai kesan lapuk dan susut nilai; atau • Asas nilai pengembalian semula akan membayar sepenuhnya kos membaik pulih bangunan yang rosak tanpa ditolak nilai kesan lapuk dan susut nilai, tertakluk kepada jumlah yang dilindungi mencukupi untuk menampung kos pengembalian semula bangunan Jika tiada sebarang peruntukan khusus, perlindungan adalah berdasarkan asas indemniti. Jika anda ingin mendapat perlindungan berdasarkan pengembalian semula, polisi anda harus mengandungi klausa yang relevan tertera padanya. Ekses, iaitu jumlah kerugian yang anda perlu tanggung sebelum syarikat insurans anda membayar tuntutan anda, adalah terpakai untuk sesetengah risiko, seperti limpah tangki domestik, ribut, gempa bumi dan banjir. Sumber: infoinsurans Anda perlu memilih bentuk pampasan yang anda kehendaki bagi kehilangan / kerosakan pada harta kediaman anda, sama ada berdasarkan indemniti atau pengembalian semula. 8 • Ringgit Institusi kewangan di Malaysia semakin berkembang dan berdaya saing dalam memperkenal produk mereka kepada semua lapisan masyarakat. Seperti yang sedia maklum, kadang kala pihak institusi kewangan akan menghubungi bakal pelanggan untuk menawarkan produk mereka. Segala penerangan yang berkaitan produk mereka akan diterangkan menerusi panggilan telefon tersebut. Menyedari tentang kelebihan saluran ini, terdapat pihak ketiga yang cuba mengambil kesempatan dengan menghubungi pengguna, dan secara sengaja memperkenal diri mereka sebagai wakil institusi kewangan bagi mengelirukan pengguna. Produk yang sering digunakan oleh mereka adalah insurans dan takaful. Pihak ini akan memperkenal nama dan jabatan mereka sebelum memperkenal produk tersebut bagi mendapatkan kepercayaan pengguna. Kemudian, mereka akan menerangkan tentang kelebihan produk yang ditawarkan. Lazimnya pengguna perlu mengisi borang dan menandatangani dokumen berkaitan sebagai tanda setuju. Namun, cara yang digunakan oleh pihak ini agak berlainan. Mereka hanya meminta nombor kad pengenalan dan nombor akaun bank daripada pengguna tanpa perlu mengisi apa-apa borang kerana persetujuan pengguna telah dirakam dalam perbualan tersebut. Salinan dokumen yang berkaitan juga tidak diberikan kepada pengguna seperti yang dijanjikan. Apabila pengguna berhenti membuat bayaran, pihak ini akan menghubungi pengguna dan meminta sejumlah wang besar yang lazimnya mencecah ribuan ringgit. Pengguna turut diugut akan disenarai -hitamkan atau tindakan mahkamah akan diambil. Pengguna yang menghadapi situasi seperti ini disarankan supaya: 1. Jangan sesekali memberikan nombor kad pengenalan dan nombor akaun tanpa bukti yang kukuh daripada pihak ini. 2. Semak dahulu sama ada nombor yang tertera di telefon bimbit anda adalah benar-benar panggilan daripada institusi kewangan yang berkenaan. Nombor telefon institusi kewangan lazimnya boleh disemak di laman sesawang institusi kewangan berkenaan. 3. Elakkan untuk menerima tawaran menerusi telefon. Adalah lebih wajar untuk terus ke institusi kewangan berkenaan bagi mengelakkan masalah, seperti penipuan. Adalah lebih wajar jika pengguna mendapatkan khidmat nasihat atau menyemak dengan institusi kewangan yang menawarkan produk perbankan dan insurans terlebih dahulu supaya pengguna dapat mengelakkan diri mereka daripada ditipu. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Berhati- Hati Apabila Menerima Panggilan Telefon Ejen Bank Ringgit • 9 Ruangan Masalah Kewangan Anda Saya baru berkahwin pada 1 Mei yang lalu. Suami saya telah pergi ke sebuah bank untuk memohon membuat pinjaman, tetapi permohonan telah ditolak tanpa memberikan alasan mengapa pinjaman kami ditolak. Gaji pokok suami saya sebanyak RM1,850. Kami ada juga terfikir untuk membuat pinjaman dengan syarikat peminjam wang tidak berlesen tetapi apabila memikirkan kesannya, kami jadi khuatir dan takut. Saya mohon nasihat tuan untuk memberi nasihat mengenai masalah kewangan kami ini. Terima kasih. Pengguna Dilema Jawapannya: Jika suatu permohonan pinjaman telah ditolak oleh pihak bank, pada kebiasaannya pihak bank seharusnya menjelaskan kepada pemohon pinjaman secara bertulis menyatakan sebab mengapa permohonan mereka ditolak. Suami puan boleh menulis secara rasmi kepada pihak bank berkenaan untuk mendapatkan penjelasan. Sekiranya, penjelasan masih tidak dapat diperoleh daripada pihak bank berkenaan, suami puan boleh mengemukakan aduan secara terus kepada pihak Bank Negara Malaysia. Sila layari laman sesawang berikut untuk mengetahui tatacara untuk membuat aduan: http://www.bnm.gov. my/bnmlink/bm/index.htm Untuk makluman puan, pada kebiasaannya, terdapat dua faktor utama yang menyebabkan suatu permohonan pinjaman ditolak oleh penyedia kredit. Pertamanya, penilaian pihak penyedia kredit mendapati pemohon tidak mempunyai keupayaan kewangan yang kukuh untuk membayar balik pinjaman. Keduanya, pemohon berkemungkinan besar mempunyai rekod pembayaran pinjaman terdahulu atau semasa yang tidak memuaskan. Jika anda mempunyai rekod yang tidak memuaskan, maka peluang untuk mendapat pinjaman baru mungkin tipis. Individu di Malaysia boleh menyemak status kredit mereka dengan dua cara. Pertamanya, dengan mendapatkan laporan kredit secara percuma, atau lebih di kenali sebagai CCRIS daripada mana- mana Pejabat Wilayah dan cawangan Bank Negara Malaysia. Keduanya, mendapatkan laporan kredit daripada CTOS Sdn Bhd. Sila layari laman sesawang CTOS untuk maklumat selanjutnya: http://www.ctos.com.my Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Pinjaman Tidak Diluluskan 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
15 Aug 2013
RINGGIT Newsletter (July 2013 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-july-2013-issue-is-now-available-for-download.-1
https://www.bnm.gov.my/documents/20124/761700/ringgit_7.pdf
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Reading: RINGGIT Newsletter (July 2013 issue) is now available for download. Share: RINGGIT Newsletter (July 2013 issue) is now available for download. Release Date: 15 Aug 2013 The highlight for this month is " Akta Perkhidmatan Kewangan 2013 dan Akta Perkhidmatan Kewangan Islam 2013". Other topics of interest include: Adakah Kedudukan Kewangan Anda Kukuh? Apa Yang Diambil Kira Oleh Institusi Kewangan Semasa Pemohonan Pinjaman? Tuntutan Insurans Secara Berkesan Pinjaman Perumahan Melalui Perbankan Islam RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - July/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Akta Perkhidmatan Kewangan 2013 dan Akta Perkhidmatan Kewangan Islam 2013 JULAI 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 7 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Rangka kerja pengawalan dan penyeliaan mencapai tahap baharu dalam perkembangannya apabila Akta Perkhidmatan Kewangan 2013 (FSA) dan Akta Perkhidmatan Kewangan Islam 2013 (IFSA) berkuat kuasa pada 30 Jun 2013. FSA dan IFSA merupakan kemuncak dalam usaha untuk memodenkan undang-undang yang mengawal selia perlakuan dan penyeliaan institusi kewangan di Malaysia. Ini bagi memastikan undang-undang ini terus relevan dan berkesan untuk mengekalkan kestabilan kewangan, menyokong pertumbuhan inklusif dalam sistem kewangan dan ekonomi, di samping menyediakan perlindungan yang mencukupi untuk pengguna. Undang-undang ini juga memberi kuasa pengawasan, pengawalan dan penyeliaan yang perlu kepada Bank Negara Malaysia untuk mencapai mandatnya yang luas dalam persekitaran yang lebih kompleks dan saling berhubung memandangkan perkembangan kewangan yang bersifat serantau dan antarabangsa. Ini termasuk peningkatan tumpuan terhadap langkah-langkah pencegahan awal untuk menangani isu yang berbangkit dalam institusi kewangan yang mungkin memberikan kesan kepada kepentingan pendeposit dan pemegang polisi, serta keberkesanan dan kecekapan fungsi pengantara kewangan. Sistem pengawalan dan penyeliaan Malaysia perlu dilengkapi dengan baik untuk menangani risiko baharu dan yang baru muncul dengan berkesan supaya keyakinan dalam sistem kewangan dipelihara dan aktiviti pengantaraan kewangan yang kritikal serta penting kepada ekonomi terhindar Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Akta Perkhidmatan Kewangan 2013 dan Akta Perkhidmatan Kewangan Islam 2013 2 • Ringgit daripada gangguan. FSA dan IFSA menggabungkan beberapa undang-undang yang berasingan untuk mengawal selia sektor kewangan di bawah rangka kerja perundangan tunggal masing-masing untuk sektor kewangan konvensional dan Islam, iaitu Akta Bank dan Institusi-Institusi Kewangan 1989, Akta Bank Islam 1983, Akta Insurans 1996, Akta Takaful 1984, Akta Sistem Pembayaran 2003 dan Akta Kawalan Pertukaran Wang 1953 yang dimansuhkan pada tarikh yang sama. Ciri-ciri utama undang-undang baharu adalah: • Kejelasan dan ketelusan yang lebih tinggi dalam pelaksanaan dan pentadbiran undang-undang ini. Ini termasuk objektif pengawalseliaan yang jelas tafsirannya dan akauntabiliti Bank Negara Malaysia bagi melaksanakan matlamat utamanya untuk memelihara kestabilan kewangan, keadaan yang jelas bagi membolehkan tindakan diambil oleh Bank Negara Malaysia untuk melaksanakan kuasa dan fungsi di bawah undang-undang ini, dan kriteria penilaian yang telus bagi institusi yang diberikan kuasa untuk terus mengawal selia perniagaan kewangan, dan untuk kesesuaian pemegang syer; • Tumpuan yang jelas terhadap pematuhan dan tadbir urus Syariah dalam sektor kewangan Islam. Secara khususnya, IFSA menyediakan rangka kerja undang-undang yang menyeluruh, yang selaras sepenuhnya dengan Syariah dalam semua aspek pengawalan dan penyeliaan, daripada pelesenan hingga pembubaran sesebuah institusi; • Peruntukan bagi keperluan pengawalseliaan berbeza yang mencerminkan aktiviti pengantaraan kewangan dan risiko masing-masing kepada sistem kewangan secara keseluruhan; • Peruntukan untuk mengawal selia syarikat pemegangan kewangan dan entiti tidak dikawal selia perlu mengambil kira risiko sistemik yang boleh muncul daripada interaksi antara institusi yang dikawal selia dengan institusi tidak dikawal selia, aktiviti dan pasaran. Menteri Kewangan boleh meletakkan institusi yang menjalankan aktiviti pengantaraan kewangan tertakluk kepada pengawalan dan penyeliaan yang berterusan oleh Bank Negara Malaysia sekiranya institusi tersebut menyebabkan atau boleh mendatangkan risiko kepada kestabilan kewangan secara keseluruhan; • Memperkukuh perlakuan perniagaan dan keperluan perlindungan pengguna untuk meningkatkan keyakinan pengguna terhadap perkhidmatan dan produk kewangan; • Peruntukan yang lebih kukuh bagi penguatkuasaan dan campur tangan penyeliaan yang berkesan dan awal; Undang-undang baharu ini akan meletakkan sektor kewangan Malaysia, yang merangkumi sistem perbankan, sektor insurans/takaful, pasaran kewangan dan sistem pembayaran dan pengantara kewangan lain, pada platform untuk terus maju ke hadapan sebagai satu sistem kewangan yang kukuh, bertanggungjawab dan progresif. Ini khususnya penting bagi membolehkan sistem kewangan memenuhi tuntutan baharu terhadap pembiayaan yang dikaitkan dengan program transformasi ekonomi Malaysia pada dekad akan datang, dan seterusnya perubahan demografi penduduk dan integrasi ekonomi Malaysia yang semakin pesat dengan rantau ini dan juga di dunia. Senaskhah FSA dan IFSA boleh didapati di laman sesawang Bank Negara Malaysia. Sebarang pertanyaan berhubung dengan FSA dan IFSA boleh diajukan melalui [email protected]. Sumber: Bank Negara Malaysia Ringgit • 3 Ramai orang yang berasa kurang selesa apabila bercakap mengenai wang. Bagaimana dengan anda? Adakah anda berasa kurang senang dan risau apabila isu wang dibicarakan? Jika ya, ia mungkin disebabkan anda tidak tahu bagaimana untuk menguruskan wang dan cara mencapai matlamat kewangan anda. Sebenarnya, untuk menjadi orang yang bijak menguruskan kewangan, anda perlulah menetapkan matlamat kewangan yang S.M.A.R.T. (Khusus, Boleh Diukur, Boleh Dicapai, Realistik, Ada Tempoh Masa) Kedudukan Kewangan Anda yang Lengkap Untuk mempunyai kedudukan kewangan yang kukuh, anda perlu bertanggungjawab ke atas masa hadapan anda dan membina disiplin serta komitmen yang diperlukan dalam membuat perancangan untuk setiap peringkat umur. Kebanyakan orang hanya membuat perancangan untuk perkara-perkara yang sudah boleh dijangka, seperti berkahwin, memiliki rumah dan kereta, serta membiayai pendidikan anak-anak mereka. Malangnya, masih ramai yang gagal menyedari bahawa mereka juga perlu bertanggungjawab untuk membuat perancangan bagi persaraan, penjagaan perubatan jangka panjang dan perancangan pewarisan mereka sendiri. Jika anda mula berfikir mulai sekarang mengenai bagaimana untuk menangani hal-hal ini pada masa akan datang, ia akan memastikan kedudukan kewangan anda kekal kukuh sepanjang hidup. Selaras dengan itu, pastikan berapa banyak sebenarnya wang yang diperlukan untuk mencapai matlamat anda. Dalam merancang matlamat anda, pastikan ia KHUSUS (Apa, Kenapa dan Bagaimana). Jangan lupa bahawa anda perlu membuat perancangan secara teliti mengenai berapa banyak wang yang anda mahu! Bak kata pepatah Inggeris, “Jika anda tidak boleh mengukurnya, anda tidak boleh mengurusnya.” Anda perlu menetapkan matlamat kewangan supaya anda menjadi lebih berdisiplin, di samping anda akan berasa puas apabila mencapai matlamat tersebut. Inilah yang dimaksudkan dengan BOLEH DIUKUR dalam proses menetapkan matlamat anda. Anda boleh menetapkan pelbagai matlamat, contohnya membiayai persaraan dan pendidikan anak-anak anda. Selain daripada mempunyai idea yang jelas mengenai perancangan kewangan yang kukuh, anda haruslah sedar tentang kedudukan kewangan anda pada setiap masa. Ini boleh dilakukan dengan memeriksa secara berterusan setiap komponen kewangan anda seperti pinjaman yang perlu dibayar, baki kad kredit, Adakah Kedudukan Kewangan Anda Kukuh? “Seperti latihan litar di gim, anda perlu membuat beberapa siri latihan untuk memastikan anda mencapai kedudukan kewangan yang lengkap.” 4 • Ringgit serta pendapatan dan perbelanjaan bulanan anda. Walaupun anda tidak perlu melakukan semua ini setiap hari, namun anda perlu membuatnya kerana ia akan memberikan gambaran yang lebih luas mengenai kedudukan kewangan anda. Maka, ketahui gambaran sebenar kewangan anda bagi memastikan matlamat kewangan yang BOLEH DICAPAI. Mulakan Latihan Mengukuhkan Kewangan Anda Seperti latihan litar di gim, anda perlu membuat beberapa siri latihan untuk memastikan anda mencapai kedudukan kewangan yang lengkap. Ini bermakna, anda bukan sahaja perlu mengetahui kedudukan kewangan anda, malah mengetahui bagaimana untuk mengawal kewangan anda. Menurut Thomas J. Stanley dan William D. Danko dalam buku mereka bertajuk The Millionaire Next Door, kebanyakan jutawan berpendapat bahawa tidak kira berapa banyak pendapatan anda, apa yang lebih penting ialah kekayaan anda. Para jutawan percaya bahawa mereka perlu ‘mengumpul duit, menyimpan duit dan mengembangkan duit tersebut’, bukan hanya ‘mengumpul duit dan membelanjakannya’. Mereka percaya bahawa cara untuk menjadi kaya adalah dengan mengurangkan penggunaan/ perbelanjaan dan mendapatkan nilai yang paling tinggi daripada semua pembelian mereka. Maka, untuk menambahkan kekayaan, anda juga perlu mengawal perbelanjaan anda. Sebagai tambahan, anda perlu komited kepada pelan anda untuk melengkapkan mana-mana rejim latihan. Ini memerlukan ketabahan dan ketekunan anda. Anda juga perlu mendapatkan sokongan daripada seluruh ahli keluarga kerana kebanyakan perancangan gagal jika ahli-ahli keluarga tidak memahaminya. Ia menjadi tanggungjawab anda untuk memastikan mereka sedar akan komitmen dan sasaran anda dalam mencapai matlamat kewangan tersebut. Dengan itu, pastikan matlamat kewangan dan sokongan orang lain terhadap anda adalah REALISTIK. Lakukannya Sekarang! Matlamat kewangan anda harus ADA TEMPOH MASA. Anda perlu tahu secara tepat bila anda ingin mencapai matlamat tersebut. Dengan adanya satu tarikh akhir yang anda ingin mencapai matlamat terbabit, ia akan memberi sasaran yang jelas untuk dicapai dan anda dapat mengetahui sama ada anda di landasan yang betul untuk mencapai matlamat itu. Tanpa satu tempoh masa, anda tidak akan merasa kepentingan untuk mula mengambil tindakan tanpa berlengah-lengah lagi. Jadi apa yang anda tunggu lagi? Tetapkan satu matlamat kewangan yang S.M.A.R.T. hari ini dan mulakan perjalanan anda ke arah kedudukan kewangan yang kukuh! Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut meningkatkan tahap kesedaran mengenai pelaburan bijak dan pengurusan kewangan melalui seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita dan pekerja kolar putih dan biru. Untuk maklumat lanjut, layari www.min.com.my, hubungi 03-62048889 atau lawati Facebook kami di www.facebook.com/ BMWSIDC. “Jangan lupa bahawa anda perlu membuat perancangan secara teliti mengenai berapa banyak wang yang anda mahu!” Ringgit • 5 Apabila anda memohon kad kredit, pinjaman peribadi atau pinjaman-pinjaman lain, institusi kewangan akan menilai sama ada anda mempunyai risiko kredit yang baik ataupun tidak. Sewaktu membuat penilaian risiko kredit, institusi kewangan tersebut akan mengambil kira keupayaan peminjam untuk memenuhi kewajipan pembayaran balik. Penilaian risiko juga akan menentukan kadar faedah dan kos-kos lain untuk pinjaman tersebut. Keupayaan untuk mendapatkan kelulusan pinjaman biasanya bergantung kepada faktor asas seperti berikut:- 3 faktor asas • Tujuan pinjaman Pemberi pinjaman ingin mengetahui apa tujuan sebenar suatu pinjaman bagi menilai risiko yang terlibat. Jenis pinjaman akan dipadankan dengan tujuan pinjaman. Jika anda membeli rumah, maka pinjaman perumahan akan ditawarkan. Pinjaman sewa beli akan diberikan untuk pembelian kereta. Jika tujuan pinjaman adalah untuk sesuatu yang tidak produktif atau berunsur spekulasi, mungkin anda akan ditawarkan pinjaman peribadi atau overdraf. Tujuan pinjaman serta jenis pinjaman, sama ada bercagar ataupun tidak, akan menentukan kadar faedah dan tempoh pinjaman anda. • Keupayaan membayar balik Keupayaan anda untuk membayar balik pinjaman adalah penting. Institusi kewangan akan menilai sama ada anda mempunyai sumber kewangan untuk menanggung komitmen kewangan yang baru. Mereka juga akan memastikan anda mempunyai pendapatan yang stabil atau pekerjaan tetap. Kedudukan aliran tunai anda akan dinilai dengan terperinci. Petunjuk utama bagi menilai keupayaan pembayaran anda adalah dengan mengetahui nisbah hutang kepada pendapatan anda. • Sejarah pembayaran Rekod pembayaran hutang terdahulu atau semasa akan dinilai untuk mengetahui perilaku anda sebagai seorang pembayar. Jika anda mempunyai rekod yang tidak memuaskan, maka peluang untuk mendapat pinjaman baru mungkin tipis. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) Apa Yang Diambil Kira Oleh Institusi Kewangan Semasa Pemohonan Pinjaman? 6 • Ringgit Kami ingin berkongsi dengan anda satu aspek yang amat penting dalam Insurans Hayat, iaitu Proses Membuat Tuntutan. Apabila berlaku kejadian yang tidak dapat dielakkan, anda sudah tentu ingin memastikan keluarga anda mendapat apa yang dijanjikan dengan segera dan tanpa kerenah. Jom lihat bagaimana cara untuk membuat tuntutan insurans secara berkesan. Apakah situasi yang menimbulkan Tuntutan Insurans Hayat? Pada umumnya, Tuntutan Insurans Hayat timbul dalam situasi berikut: • Apabila polisi matang, iaitu tamatnya tempoh insurans itu diambil bagi polisi endowmen; atau • Apabila berlaku kematian atau keilatan kekal (TPD) ke atas hayat yang diinsuranskan sebelum polisi matang, dan masih berkuat kuasa pada tarikh kematian / kejadian. Bilakah anda perlu memberitahu Syarikat Insurans tentang kejadian yang membolehkan anda atau keluarga anda membuat tuntutan? Anda atau pihak menuntut hendaklah memberitahu syarikat insurans dengan secepat mungkin supaya mereka boleh menghantarkan borang yang berkaitan untuk diisi. Biasanya, kebanyakan syarikat insurans akan memberi anda tempoh tiga puluh (30) hari dari tarikh kejadian untuk memberitahu mereka dan menjalankan proses tuntutan. Apakah Dokumen yang Diperlukan? Bergantung pada jenis tuntutan, dokumen yang diperlukan adalah berbeza. Contohnya, di bawah Tuntutan Kematian, antara dokumen yang biasanya diperlukan seperti berikut: • Salinan diakui sah sijil kematian; • Salinan kad pengenalan si mati; • Bukti hubungan pihak menuntut dengan si mati; • Dokumen sokongan lain seperti yang diperlukan oleh syarikat insurans anda. Bilakah anda dijangka akan menerima tuntutan anda? Kebanyakan polisi insurans hayat mengenakan ‘tempoh boleh tanding’ selama dua tahun. Jika orang yang diinsuranskan meninggal dunia dalam tempoh tersebut, syarikat insurans berhak membuat penyiasatan teliti ke atas tuntutan berkenaan bagi memastikan tiada unsur penipuan atau bunuh diri (dalam tempoh 12 bulan pertama). Tuntutan Insurans Secara Berkesan Ringgit • 7 Jika tiada unsur penipuan atau bunuh diri dan semua dokumen telah dikemukakan sepertimana yang dikehendaki, penuntut dijangka dapat menerima tuntutan dalam tempoh sebulan atau lebih awal. Penuntut boleh melawati piagam pelanggan yang disiarkan dalam laman sesawang syarikat insurans untuk maklumat lanjut. Walau bagaimanapun, di bawah Akta Perkhidmatan Kewangan 2013, syarikat insurans diwajibkan menyelesaikan tuntutan dalam tempoh enam puluh (60) hari daripada penerimaan notis tuntutan. Jika tidak, syarikat insurans hendaklah membayar faedah kompaun minimum sebanyak empat (4) peratus setahun atau kadar lain sebagaimana yang ditetapkan ke atas jumlah wang polisi pada tamatnya tempoh enam puluh hari itu sehingga tarikh bayaran. Mengapa berlaku Kelewatan dalam Tuntutan? Walaupun ramai yang beranggapan bahawa syarikat insurans sengaja melewat-lewatkan atau menolak tuntutan, tetapi sebenarnya menangguh atau menolak tuntutan insurans hayat bukanlah polisi syarikat insurans. Sesuatu tuntutan itu ditolak atau ditangguh kerana pihak yang menuntut tidak mengemukakan borang yang dikehendaki bagi membolehkan tuntutan tersebut dibayar atau pemohon tidak memberi maklumat yang betul semasa membuat tuntutan. Berikut ialah beberapa langkah untuk mengelakkan kelewatan dalam pembayaran insurans hayat: 1. Hubungi syarikat insurans dan bertanya mengenai dokumen yang diperlukan. 2. Faks, e-mel atau hantarkan semua maklumat yang dikehendaki secepat mungkin. 3. Hubungi mereka lagi beberapa hari kemudian untuk memastikan tuntutan anda sedang diproses dan sama ada mereka memerlukan apa-apa dokumen lagi. Bagi kebanyakan syarikat insurans, membayar tuntutan dengan segera, dan dengan cara yang sewajarnya, sememangnya merupakan amanah bagi mereka. Untuk memastikan anda mendapat apa yang dijanjikan, pastikan anda memahami terma dan syarat yang berkaitan, terutamanya mengenai aspek yang dilindungi dan yang tidak dilindungi serta membayar premium anda tepat pada masanya. Artikel berikut disediakan sebagai nasihat semata- mata. Untuk butir-butir lanjut, sila dapatkan nasihat daripada profesional insurans dengan menghubungi mana-mana syarikat insurans hayat yang disenaraikan dalam laman sesawang rasmi Persatuan Insurans Hayat Malaysia (LIAM) di www.liam.org.my. Sumber: Persatuan Insurans Hayat Malaysia (LIAM) “Penuntut boleh melawati piagam pelanggan yang disiarkan dalam laman sesawang syarikat insurans untuk maklumat lanjut.” 8 • Ringgit Rumah merupakan aset asas yang diperlukan oleh setiap individu. Namun harga rumah yang tinggi menyukarkan pengguna untuk membeli rumah dengan kadar bayaran yang mampu dibayar atau dalam jangka masa yang singkat. Memahami masalah ini, institusi-institusi perbankan di Malaysia menawarkan pelbagai jenis bentuk pinjaman perumahan kepada pengguna. Salah satu bentuk pinjaman perumahan yang semakin menarik perhatian pengguna adalah pembiayaan secara Islam. Terdapat beberapa jenis atau konsep pembiayaan yang ditawarkan oleh institusi-institusi perbankan Islam, antaranya adalah – Murabahah atau lebih dikenali di pasaran sebagai Bai’ Bithaman Ajil (BBA), Musyarakah Mutanaqisah, Ijarah Muntahiyah Bittamlik (AIMAT) dan Ijarah Thumma Al-bai’ (AITAB). BBA adalah perjanjian pembelian dengan bayaran secara bertangguh. Menerusi konsep BBA, pengguna mempunyai pilihan sama ada membeli rumah yang sudah siap dibina atau masih dalam proses pembinaan dengan membuat bayaran secara ansuran dalam masa yang ditetapkan dalam kontrak pembelian. Manakala bagi Musyarakah Mutanaqisah pula, ia berasaskan konsep perkongsian iaitu pihak bank dan pembeli akan menjadi rakan kongsi dalam pembelian rumah tersebut. Hak milik bank ke atas rumah tersebut akan semakin berkurangan setiap kali pembeli membuat bayaran kepada bank dan hak milik tersebut dipindahkan kepada pembeli secara ansuran sehingga selesai pembayaran pembiayaan. Pada akhir tempoh perkongsian, rumah tersebut akan menjadi hak milik pembeli sepenuhnya. AIMAT pula merupakan perjanjian sewaan. Menerusi kontrak ini, pihak bank akan menyewakan rumah kepada pembeli untuk satu tempoh yang ditetapkan, dan selepas tempoh sewaan tamat, hak milik rumah tersebut akan dipindahkan kepada pembeli menerusi kontrak jualan atau sebagai hadiah. Oleh yang demikian, AITAB adalah salah satu kontrak di bawah AIMAT. Menerusi perjanjian AITAB, pembeli akan menyewa dengan bayaran bulanan seperti yang dipersetujui, dan pada akhir tempoh sewaan, bank akan menjual rumah tersebut kepada pembeli dengan harga yang telah dipersetujui. Walaupun terdapat banyak pembiayaan secara Islam yang ditawarkan, namun perkara yang paling penting sebelum membuat permohonan pembiayaan adalah terletak pada kemampuan pengguna untuk membayar kembali pembiayaan yang diberikan. Sehubungan itu, pengguna dinasihatkan agar: • Memastikan bahawa mereka mampu membuat bayaran bulanan berdasarkan jumlah bayaran ansuran. • Pastikan dengan teliti tempoh pembiayaan. • Mengenal pasti jenis pembiayaan berserta dengan hak dan tanggungjawab yang wujud daripada perjanjian yang dipersetujui. • Pengguna perlu memahami setiap butir yang dinyatakan dan dipersetujui dalam kontrak yang ditandatangani. • Pastikan institusi perbankan Islam yang ingin dipohon menawarkan konsep pembiayaan yang ingin dipohon. Ini kerana, bank-bank Islam menawarkan konsep pembiayaan yang berbeza- beza. Ruangan Bersama NCCC Pinjaman Perumahan Melalui Perbankan Islam Ringgit • 9 Ruangan Masalah Kewangan Anda Saya mempunyai masalah menabung sejak dari tadika lagi. Sekarang saya telah berumur 34 tahun. Saya suka menabung, tetapi hingga sekarang tabungan saya hanya sia-sia belaka. Saya berhasrat ingin mempunyai tabungan yang sihat dan kukuh sama ada dalam simpanan peribadi atau simpanan perniagaan. Namun begitu, antara masalah yang saya sering hadapi ialah: 1. Tidak pernah mencapai matlamat tabungan saya. 2. Tiada sokongan moral 3. Risau terhadap kesan inf las i yang menyebabkan mata wang ringgit semakin rendah nilainya (harga barangan semakin meningkat) 4. Selalu menggunakan wang tabungan/ simpanan untuk kegunaan peribadi Oleh itu, saya memohon tip dan panduan untuk membuat tabungan yang sihat dan kukuh. Sekian, terima kasih. Jawapannya: Menabung merupakan suatu cabaran yang sukar bagi kebanyakan orang kerana terpaksa mengetepikan keseronokan berbelanja pada hari ini demi untuk kegunaan pada masa hadapan. Apatah lagi, jika pendapatan yang sedia ada tidak mencukupi untuk menampung kos perbelanjaan semasa. Namun Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda demikian, anda perlu memikirkan dengan panjang lebar atau secara serius dan bertanyakan, apakah yang akan berlaku jika anda tidak mempunyai wang yang mencukupi untuk menangani keadaan di luar dugaan atau mencapai hasrat terpendam di hati. Ingat peribahasa, “Sesal dahulu pendapatan, sesal kemudian tidak berguna!” Berikut adalah beberapa strategi yang boleh diamalkan untuk memastikan usaha menabung anda boleh berjaya: 1. Cari jalan untuk meningkatkan pendapatan. Jika aliran tunai anda positif, yakni wang masuk (pendapatan) melebihi wang keluar (perbelanjaan), maka anda mempunyai lebihan untuk ditabung. 2. Cari jalan untuk mengawal perbelanjaan. Adakah anda berbelanja untuk keperluan (sesuatu yang penting) atau untuk kehendak (sesuatu yang ingin memuaskan keinginan sahaja). Ramai orang menyesal pada kemudian hari kerana menghabiskan wang yang banyak di sepanjang kehidupannya untuk tujuan yang tidak produktif. 3. Disiplinkan diri dengan menabung di tempat yang sukar untuk mengeluarkannya. Contohnya, anda boleh menambahkan caruman sendiri di dalam akaun KWSP anda atau menyimpan di dalam akaun simpanan tetap. 4. Anda juga perlu menggariskan matlamat hidup yang jelas dan berusaha untuk mencapainya. Matlamat yang jelas akan menguatkan lagi semangat anda untuk menabung. 5. Akhir sekali, menabung di tempat yang memberikan pulangan yang tinggi. Wang yang dilaburkan di dalam instrumen pelaburan yang bersesuaian akan menggandakan lagi wang tabungan anda. Walau bagaimanapun, anda haruslah berhati-hatilah dengan risiko yang diambil. Jangan sekali-kali mengambil jalan pintas dengan melaburkan wang anda di dalam skim cepat kaya!. Ingin Menabung, tetapi…. 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
25 Jul 2013
RINGGIT Newsletter (June 2013 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-june-2013-issue-is-now-available-for-download-1
https://www.bnm.gov.my/documents/20124/761700/Ringgit_62013.pdf
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Reading: RINGGIT Newsletter (June 2013 issue) is now available for download Share: RINGGIT Newsletter (June 2013 issue) is now available for download Release Date: 25 Jul 2013 The highlight for this month is " Masa untuk Belajar Mengenai Pelaburan". Other topics of interest include: Perancangan Persaraan Langkah-langkah Perlindungan Kewangan Diperkukuhkan Bagi Pengguna (Bhg. 2) Pembelian Melalui Internet: Antara Kemudahan dan Kemudaratan RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - June/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Masa Untuk Belajar Mengenai Pelaburan JUN 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 6 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Adakah anda seorang pelabur yang bijak? Adakah anda merupakan sebahagian daripada kumpulan pelabur yang istimewa kerana mempunyai pengetahuan yang cukup, tahu hak sebagai pelabur, terlindung daripada skim penipuan dan berusaha untuk mencapai matlamat kewangan? Seseorang pelabur menjadi pelabur yang bijak apabila dia memperoleh pengetahuan mencukupi mengenai pelaburan. Mengapa anda perlu menghabiskan masa untuk belajar mengenai pelaburan? Di sini disenaraikan beberapa sebab (tetapi sebagai pelabur bijak, anda tentunya boleh menambah lebih banyak lagi) 1. Anda boleh menentukan pelaburan yang betul dan konsisten dengan matlamat kewangan dan toleransi anda terhadap risiko. 2. Anda boleh bertanya soalan yang betul kepada mereka yang arif, atau mendapatkan maklumat yang betul daripada sumber yang betul dan boleh dipercayai. Kemudian, anda akan lebih memahami dan dapat menggunakan jawapan atau maklumat tersebut untuk membuat keputusan pelaburan. 3. Anda boleh memantau pelaburan secara lebih cekap dan berkesan. 4. Anda boleh memaksimumkan pulangan pelaburan anda dengan menggunakan peluang yang ditawarkan oleh sesuatu pelaburan. Anda juga boleh mengubah strategi pelaburan anda jika ia sudah tidak lagi memenuhi objektif pelaburan anda. Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Masa Untuk Belajar Mengenai Pelaburan 2 • Ringgit 5. Anda boleh melindungi diri dan juga keluarga anda daripada skim penipuan. 6. Anda tahu mengenai risiko pelaburan dan kesannya, serta berupaya untuk menguruskannya. 7. Anda tahu mengenai hak anda sebagai pelabur dan berupaya melaksanakannya jika perlu. 8. Anda boleh mendidik keluarga anda untuk menjadi pelabur bijak. Bagaimana anda hendak menjadi pelabur yang berpengetahuan? Kini anda menyedari tentang pentingnya pengetahuan dalam pelaburan. Disarankan di sini beberapa cara untuk membantu anda melengkapkan diri sebagai pelabur berpengetahuan. • Baca laporan kewangan, artikel mengenai kewangan peribadi dan buku-buku atau majalah mengenai pelaburan. • Dapatkan bantuan daripada golongan profesional berlesen, seperti penasihat pelaburan atau perancang kewangan. • Hadiri seminar pendidikan mengenai perkara, seperti pelaburan atau perancang kewangan. • Layari laman sesawang pendidikan pelabur yang boleh dipercayai untuk mendapatkan lebih pengetahuan. Misalannya, laman sesawang Pelabur Malaysia ht tp: / /www.min.com/. Tetapi berhati-hatilah dengan penipuan yang menggunakan Internet. • Bentuk kumpulan perbincangan untuk bertukar- tukar maklumat dan berkongsi pengalaman melabur. Ingatlah bahawa, “Kerja berkumpulan – kerja lebih ringan, kejayaan lebih berganda”. Tetapi jangan berkongsi ramalan, menyebarkan khabar angin atau maklumat tidak sah di kalangan ahli kumpulan perbincangan itu! • Hubungi Securities Industry Development Corporation (SIDC) – Jabatan Pendidikan Pelabur di nombor 03-6204 8889 untuk keterangan lanjut Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut meningkatkan tahap kesedaran mengenai pelaburan bijak dan pengurusan kewangan melalui seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita dan pekerja kolar putih dan biru. Untuk maklumat lanjut, layari www. min.com.my, hubungi 03-62048889 atau lawati Facebook kami di www.facebook.com/BMWSIDC. “Layari laman sesawang pendidikan pelabur yang boleh dipercayai untuk mendapatkan lebih pengetahuan.” Ringgit • 3 Perancangan persaraan merupakan matlamat jangka masa panjang yang perlu dilakukan oleh setiap orang. Persiapan persaraan hendaklah meliputi pengurangan hutang, peruntukan perbelanjaan, pelbagaian pelaburan dan menjaga kesihatan tubuh badan dengan mengambil makanan yang seimbang. Berikut adalah maklumat bagaimana anda boleh menggunakan Insurans Hayat untuk merancang persaraan hari tua anda. Bilakah saya perlu mula merancang untuk Persaraan? SECEPAT MUNGKIN! Ya, anda perlu bermula sebaik sahaja anda mula bekerja kerana masa adalah emas. Anda mahu menikmati manfaat daripada faedah kompaun dengan memperuntukkan sebahagian daripada pendapatan anda dan melaburnya setiap bulan. Anda boleh bermula dengan berapa sahaja jumlah yang anda ada dan lama-kelamaan anda mungkin akan terkejut melihat jumlah itu bertambah dengan kuasa faedah kompaun. Seperti kata peribahasa Melayu, “Sedikit-sedikit, lama-lama jadi bukit!” Tidakkah wang daripada Kumpulan Wang Simpanan Pekerja (KWSP) saya mencukupi? Jika anda mengikuti laporan daripada KWSP, anda akan tahu bahawa anda tidak boleh bergantung semata-mata pada wang KWSP. Ia mungkin mencukupi untuk menampung keperluan asas dan untuk masa yang terhad sahaja. Pernah di laporkan bahawa pada puratanya seseorang ahli KWSP itu akan membelanjakan semua wang KWSPnya dalam tempoh tiga tahun Perancangan Persaraan pertama persaraannya! Walaupun anda menyimpan secara berterusan dalam KWSP, anda juga harus menambahnya dengan simpanan dan pelaburan anda sendiri jika anda mahu memiliki gaya hidup persaraan yang anda idam-idamkan. Bagaimanakah saya hendak merancang untuk Persaraan saya? Anda boleh bersara begitu sahaja, iaitu tidak berbuat apa-apa dan berharap yang terbaik, atau bersara dengan perancangan yang teliti dan menikmati gaya hidup persaraan yang anda impikan. Yang mana anda lebih suka? Secara mudahnya, anda boleh mengikuti Perancangan Persaraan dengan tiga “P” yang berikut: • Place (Tempat) – tentukan di mana anda mahu bersara • Price (Harga) – anggarkan kos gaya hidup yang anda ingini “Persiapan persaraan hendaklah meliputi pengurangan hutang, peruntukan perbelanjaan, pelbagaian pelaburan dan menjaga kesihatan tubuh badan dengan mengambil makanan yang seimbang.” 4 • Ringgit • Plan – buat rancangan yang realistik untuk mencapainya Bagaimanakah Insurans Hayat menolong saya dalam Perancangan Persaraan saya? Tujuan utama Insurans Hayat ialah untuk melindungi punca pendapatan keluarga anda. Di sini, anda boleh menggunakan Insurans Hayat untuk memastikan kehidupan pasangan anda terjamin pada persaraannya dan merancang jumlah yang diperlukan sekiranya anda tiada lagi. Selain itu, terdapat juga beberapa pelan yang mengandungi unsur simpanan yang boleh digunakan untuk merancang bagi dana persaraan anda sendiri. Ia seperti pelan dua dalam satu, iaitu jika sesuatu yang tidak diingini menimpa anda, keluarga anda dilindungi. Tetapi jika tiada apa yang berlaku, anda akan dapat mengeluarkan wang daripadanya suatu hari nanti untuk menambahkan dana persaraan anda. Apakah jenis insurans hayat yang sesuai untuk persaraan saya? Jenis pelan yang paling biasa untuk tujuan persaraan ialah pelan Anuiti. Pada dasarnya, pelan Anuiti menyediakan anda pendapatan bulanan apabila anda bersara untuk sepanjang hayat anda atau sehingga tempoh masa tertentu. Walau bagaimanapun, produk ini belum banyak ditawarkan di negara ini sekarang tetapi akan bertambah popular pada masa akan datang. Anda juga boleh memenuhi keperluan tersebut dengan pelan endowmen sertaan yang diubah suai dan pelan seumur hidup sertaan. Pelan ini pada dasarnya memerlukan anda membayar premium bagi bilangan tahun tertentu dan selepas itu akan membayar anda peratusan daripada jumlah diinsuranskan sehingga tamat tempoh pelan itu. Sekiranya sesuatu berlaku di antara tempoh itu, anda atau keluarga anda dijamin mendapat jumlah insurans berserta nilai tunai yang perlu dibayar kepada anda. Diharapkan maklumat di atas akan memberi anda dorongan untuk mula merancang untuk persaraan anda. Jika anda menyemai impian, iaitu hari tua anda akan membahagiakan, anda perlulah merancang dari sekarang. Artikel berikut disediakan sebagai nasihat semata- mata. Untuk butir-butir khusus, sila dapatkan nasihat daripada profesional insurans dengan menghubungi mana-mana syarikat insurans hayat yang disenaraikan dalam laman sesawang rasmi Persatuan Insurans Hayat Malaysia (LIAM) di www.liam.org.my. Sumber: Persatuan Insurans Hayat Malaysia (LIAM) “Anda boleh bermula dengan berapa sahaja jumlah yang anda ada dan lama-kelamaan anda mungkin akan terkejut melihat jumlah itu bertambah dengan kuasa faedah kompaun.” Ringgit • 5 Salleh telah membeli sebuah kereta bernilai RM60,000 dengan menggunakan pinjaman sewa beli. Jumlah gaji termasuk elaun kerja lebih masanya yang agak lumayan membolehkan dia membayar pinjaman sewa beli tersebut dengan selesa. Tidak berapa lama kemudian, Salleh telah hilang pekerjaan kerana syarikat telah mengecilkan saiz operasinya. Salleh menganggur hampir setahun dan terpaksa menggunakan tabungannya untuk menampung perbelanjaan harian dan membayar ansuran keretanya. Akhirnya, dia tidak mampu lagi membayar ansuran tersebut dan mengambil keputusan untuk menjual keretanya. Salleh memaklumkan kepada kawannya, Ahmad bahawa beliau ingin menjual kereta tersebut ekoran keadaan kewangannya yang semakin meruncing. Ahmad telah menawarkan untuk “membeli” kereta tersebut dan bersetuju menyambung pembayaran ansuran pinjaman sewa beli Salleh, iaitu baki pinjaman adalah RM40,000. Di samping itu, Ahmad juga menawarkan untuk membayar RM1,000 tunai. Salleh yang sedang dalam kesempitan kewangan bersetuju dan terus menyerahkan kunci keretanya kepada Ahmad. Selepas setahun, Salleh menerima surat peringatan daripada pihak bank kerana beliau gagal membayar ansuran pinjaman sewa belinya. Salleh berasa hairan dan cuba menghubungi Ahmad tetapi gagal. Oleh kerana baki pinjaman telah mencecah lebih daripada RM30,000, Salleh telah diberi notis kebankrapan oleh pihak bank. Salleh merasa bimbang dan memaklumkan pegawai bank bahawa dia sebenarnya telah “menjual” keretanya kepada Ahmad. Pegawai bank sebaliknya menjelaskan penyewa tidak boleh menjual keretanya kepada pihak ketiga selagi belum menjelaskan pinjaman dengan sepenuhnya. Salleh cemas dengan penjelasan itu dan terkejut kerana dia masih bertanggungjawab ke atas pinjaman tersebut. Sekarang Salleh tidak tahu apa yang perlu dilakukannya dan tertanya- tanya bagaimana hendak menyelesaikan masalah kewangan yang dihadapinya ini. Untuk mengelakkan tindakan kebankrapan, Salleh telah mendapatkan bantuan Agensi Kaunseling dan Pengurusan Kredit (AKPK). Apabila anda menjual kereta dalam tempoh pinjaman sewa beli, pastikan baki pinjaman telah dijelaskan sepenuhnya sebelum memindahkan hak milik kereta. Anda bertanggungjawab ke atas baki pinjaman selagi pinjaman sewa beli masih di bawah nama anda. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) Kajian Kes: “Jualan” Yang Bukan Sebenarnya Jualan 6 • Ringgit Apakah yang akan berlaku sekiranya bank, syarikat insurans atau pengendali takaful gagal? Pengguna mungkin tertanya-tanya apakah jaminan yang ada bagi memastikan mereka memperoleh manfaat insurans atau takaful mereka. Justeru, setiap pengguna akan berasa lega dan tenang apabila mengetahui bahawa manfaat insurans atau takaful mereka adalah dilindungi oleh Perbadanan Insurans Deposit Malaysia (PIDM). PIDM merupakan sebuah agensi kerajaan yang ditubuhkan pada tahun 2005 untuk melindungi penyimpan yang mempunyai deposit di bank, pemilik polisi insurans atau peserta takaful sekiranya berlaku kegagalan institusi ahli. Perlindungan Ke Atas Manfaat Insurans dan Takaful: Semua syarikat insurans dan pengendali takaful berlesen di Malaysia adalah merupakan ahli penginsurans PIDM. Keahlian adalah wajib mengikut peruntukan Akta Perbadanan Insurans Deposit Malaysia. Mulai 31 Disember 2010, peranan PIDM telah diperluas bagi mentadbir sistem yang diperkenalkan oleh Kerajaan iaitu Sistem Perlindungan Manfaat Insurans dan Takaful. Berdasarkan sistem perlindungan ini, andainya sesebuah ahli penginsurans mengalami kegagalan, PIDM akan memenuhi tuntutan manfaat insurans atau takaful yang layak di bawah perlindungan polisi insurans dan sijil takaful anda, yang dibeli daripada ahli penginsurans sekiranya berlaku peristiwa tuntutan, kematangan atau serahan polisi insurans atau sijil takaful. Sila perhatikan tanda keahlian ini di semua pintu masuk pejabat syarikat insurans atau pengendali takaful anda. Pemegang polisi insurans atau peserta takaful yang layak mendapat perlindungan di bawah sistem ini termasuklah individu, perniagaan milikan tunggal, perkongsian, kesatuan sekerja, persatuan berdaftar, koperasi, badan amal berdaftar dan perbadanan. Manfaat insurans dan takaful yang dilindungi di bawah Sistem Perlindungan Manfaat Insurans dan Takaful dan skop perlindungan berkaitan boleh dirujuk dalam Jadual 1 dan Jadual 2 seperti berikut. Jadual 1: Manfaat Dilindungi bagi Insurans Hayat dan Takaful Keluarga Manfaat Dilindungi Had Perlindungan Maksimum (Polisi/ Pelan Individu atau Kumpulan) Kematian dan manfaat berkaitan RM500,000 Hilang upaya kekal RM500,000 Penyakit kritikal RM500,000 Pendapatan hilang upaya RM10,000 sebulan Pendapatan anuiti RM10,000 sebulan Perbelanjaan perubatan 100% perbelanjaan ditanggung Premium prabayar boleh bayar balik 100% amaun prabayar Langkah-Langkah Perlindungan Kewangan Diperkukuhkan Bagi Pengguna (Bahagian 2) Artikel ini menyediakan maklumat mengenai salah satu sistem perlindungan kewangan pengguna yang disediakan oleh Perbadanan Insurans Deposit Malaysia (PIDM). Ini merupakan sambungan kepada artikel mengenai Sistem Perlindungan Insurans Deposit yang diterbitkan dalam isu Ringgit edisi April 2013. Ringgit • 7 Jadual 2: Manfaat Dilindungi bagi Takaful Am dan Insurans Am Manfaat Dilindungi Had Perlindungan Maksimum (Polisi/ Pelan) Kehilangan atau kerosakan harta RM500,000 bagi setiap harta Kematian dan manfaat berkaitan RM500,000 Hilang upaya kekal RM500,000 Penyakit kritikal RM500,000 Pendapatan hilang upaya RM10,000 sebulan Perbelanjaan perubatan 100% perbelanjaan ditanggung Premium prabayar boleh bayar balik 100% amaun prabayar Tuntutan pihak ketiga juga dilindungi di bawah sistem ini tertakluk kepada had di atas Untuk layak mendapat perlindungan di bawah Sistem Perlindungan Manfaat Insurans dan Takaful, polisi insurans atau sijil takaful mesti dikeluarkan di Malaysia oleh ahli penginsurans dalam mata wang Ringgit Malaysia. Sebarang tuntutan adalah tertakluk kepada terma-terma dan syarat-syarat yang ditetapkan dalam kontrak insurans atau takaful. Manfaat insurans atau takaful yang tidak dilindungi di bawah sistem ini termasuklah polisi insurans atau sijil takaful dalam mata wang asing dan tuntutan kerosakan kepada harta tak ketara. Bahagian pelaburan bagi polisi atau sijil berkaitan pelaburan (investment-linked) adalah tidak dilindungi, tetapi bahagian manfaat polisi insurans atau sijil takaful yang sama adalah dilindungi di bawah Sistem Perlindungan Manfaat Insurans dan Takaful. Sekiranya anda membeli polisi insurans atau sijil takaful dengan manfaat yang sama daripada beberapa ahli penginsurans, manfaat insurans dan takaful anda dengan ahli penginsurans berbeza adalah dilindungi secara berasingan. Sekiranya berlaku kegagalan sesebuah ahli penginsurans, anda tidak perlu mengemukakan sebarang tuntutan. PIDM akan membuat pengumuman untuk memaklumkan mengenai pembayaran balik kepada pemegang polisi insurans atau peserta takaful bagi manfaat dilindungi yang layak sekiranya berlaku peristiwa tuntutan, kematangan atau serahan sijil takaful atau polisi insurans. Pembayaran balik ini akan dibuat berdasarkan rekod yang diperoleh daripada syarikat insurans atau pengendali takaful yang terlibat. PIDM juga boleh mengaturkan pindahan polisi insurans atau sijil takaful daripada ahli penginsurans yang gagal kepada ahli penginsurans lain bagi memastikan kesinambungan, khususnya yang berkaitan insurans hayat atau takaful keluarga. Tiada Permohonan dan Tiada Pembayaran Sistem Perlindungan Manfaat Insurans dan Takaful disediakan oleh PIDM secara automatik dan tidak memerlukan sebarang permohonan. Pemegang polisi insurans dan sijil takaful tidak dikenakan bayaran bagi perlindungan yang disediakan oleh PIDM. Untuk maklumat lanjut mengenai sistem perlindungan ini, sila hubungi talian maklumat bebas tol PIDM 1-800-88-1266 (Isnin hingga Jumaat dari 8.30 pagi hingga 5.30 petang), atau e-mel kepada [email protected], atau layari laman sesawang PIDM di www.pidm.gov.my 8 • Ringgit Seiring dengan arus zaman yang semakin moden, teknologi menjadi peneraju utama dalam mengubah corak kehidupan manusia. Kemudahan internet menjadi salah satu aspek penting dalam memudahkan dan memajukan kehidupan masyarakat. Pengguna masa kini rata-ratanya lebih gemar melakukan transaksi pembelian menggunakan internet. Ini disebabkan ia lebih pantas, mudah dan boleh dilakukan pada bila-bila masa dan di mana sahaja. Walaupun pembelian melalui internet kelihatan begitu memudahkan kehidupan masyarakat, namun ia juga boleh mendatangkan kemudaratan. Pembelian melalui internet dilakukan apabila pengguna membeli barangan atau perkhidmatan secara atas talian. Terdapat sesetengah syarikat yang melakukan jualan atas talian yang bersetuju untuk memulangkan kembali bayaran yang telah dibuat ke akaun pengguna jika transaksi jual beli yang dilakukan tidak memuaskan hati pengguna. Namun bagi sesetengah laman sesawang yang hanya menjadi perantara pengiklanan dan tidak melakukan jualan bagi pihak penjual, permintaan supaya wang bayaran dikembalikan mungkin agak sukar. Sesetengah penjual akan mengiklankan produk atau perkhidmatan mereka di internet dan segala urusan pembayaran akan dilakukan menerusi akaun penjual tersebut. Masalah yang timbul di sini apabila pengguna diminta untuk membuat bayaran ke akaun tertentu tetapi tidak mendapat barangan atau perkhidmatan yang dibeli. Apabila ini terjadi, agak sukar untuk pengguna meminta supaya wang mereka dikembalikan kerana atas dasar kekurangan bukti. Pengguna tidak diberikan resit atau sebarang bukti pembelian. Selain itu, maklumat mengenai penjual juga tidak lengkap. Apabila masalah ini berlaku, pengguna tidak dapat mempertahan hak mereka. Mereka juga tidak dapat membawa perkara ini ke Tribunal Tuntutan Pengguna kerana maklumat yang tidak lengkap dan bukti yang tidak mencukupi. Akibatnya pengguna terpaksa menanggung kerugian daripada transaksi yang dilakukan. Pihak NCCC telah banyak mendapat aduan berkenaan kes-kes seperti ini, sama ada melalui laman sesawang ataupun melalui panggilan telefon. Nasihat NCCC kepada pengguna yang melakukan pembelian melalui internet ialah: • Pastikan laman sesawang yang dikunjungi boleh dipercayai. • Pastikan bahawa maklumat penjual adalah lengkap, seperti yang akan dikuatkuasakan oleh Akta Perlindungan Pengguna 1999 (pindaan) mulai bulan Julai 2013. • Melakukan pindahan wang secara atas talian hanya bagi urusan-urusan yang rasmi, seperti bayaran bil bulanan. • Baca terma dan syarat laman sesawang tersebut terlebih dahulu sebelum melakukan pembelian. • Elakkan daripada membeli barangan yang dijual oleh individu yang tinggal di negeri lain atau yang berjauhan dengan anda. Ini bagi memudahkan anda menyelesaikan masalah sekiranya berlaku. Gunakan iklan di laman sesawang hanya sebagai panduan atau rujukan untuk mencari barangan atau perkhidmatan yang berada berdekatan dengan anda. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Pembelian Melalui Internet: Antara Kemudahan dan Kemudaratan Ringgit • 9 Ruangan Masalah Kewangan Anda Pada 30 Mac 2013, saya telah terlibat dalam satu kemalangan apabila kereta saya telah dilanggar oleh sebuah lori kecil daripada arah belakang. Pihak polis telah mengeluarkan saman terhadap pemandu lori kecil tersebut. Memandangkan kereta saya hanya siap diperbaiki setelah 1 bulan berada di bengkel, saya telahpun mengemukakan kepada syarikat insurans yang melindungi lori tersebut, tuntutan insurans pihak ketiga berikutan kehilangan kegunaan (loss of use) lori saya selama 30 hari. Walau bagaimanapun, syarikat insurans tersebut hanya menawarkan pampasan untuk 7 hari sahaja. Saya tidak berpuas hati dengan tawaran tersebut kerana saya tidak dapat menggunakan kereta saya selama 30 hari. Jawapan: Pampasan bagi masa pembaikan yang ditaksir atau Compensation for Assessed Repair Time (CART) adalah amaun berpatutan yang dibayar oleh syarikat insurans sebagai pampasan terhadap kehilangan daya guna kenderaan anda semasa kenderaan dibaiki di bengkel. Penentuan jumlah pampasan CART adalah bergantung kepada: (a) Skala standard yang telah ditetapkan oleh Persatuan Insurans Am Malaysia (PIAM), iaitu skala tersebut bergantung kepada kapasiti kenderaan. Skala standard tersebut adalah seperti dinyata di sebelah. Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Kenderaan Kegunaan Persendirian Pampasan untuk Masa Pembaikan yang ditaksir / sehari Sehingga 1500 cc RM30 Melebihi 1500 cc sehingga 2000 cc RM40 Melebihi 2000 cc RM50 Kenderaan Perdagangan Sehingga 1 tan RM40 Melebihi 1 sehingga 2 tan RM60 Melebihi 2 tan RM90 Lori trailer RM120 Bas (Persendirian) RM90 Lain-lain Bas (Ekspres/ Berhenti-henti) RM180 Teksi/kereta sewa dan pandu RM40 Motosikal Sehingga 250 cc RM10 Melebihi 250 cc RM15 (b) Jumlah hari untuk membaiki kenderaan anda adalah seperti yang ditaksir oleh pelaras kerugian. Syarikat insurans dan takaful, mengikut budi bicaranya, boleh memberi tempoh tambahan selama tujuh hari bagi sebarang kelewatan yang tidak dapat dielakkan. CART tidak meliputi keseluruhan tempoh kenderaan anda berada di bengkel. Sebagai alternatif, anda boleh membuat tuntutan kos menyewa kenderaan gantian yang sama jenis dan kapasiti untuk tempoh pembaikan yang ditentukan oleh pelaras kerugian dan buktikan dengan resit daripada syarikat kereta sewa berlesen. Pampasan bagi Masa Pembaikan Yang Ditaksir 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
01 Jul 2013
RINGGIT Newsletter (May 2013 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-may-2013-issue-is-now-available-for-download-1
https://www.bnm.gov.my/documents/20124/761700/5_Ringgit.pdf
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Reading: RINGGIT Newsletter (May 2013 issue) is now available for download Share: RINGGIT Newsletter (May 2013 issue) is now available for download Release Date: 01 Jul 2013 The highlight for this month is "Wang: Bayar Hutang atau Simpan?". Other topics of interest include: Tanda Alami Masalah Kewangan Tip Pengguna Mengenai Insurans Takaful Motor (Bahagian 2) Penjelasan Mengenai Caj Perkhidmatan, Cukai Perkhidmatan Dan Cukai Kerajaan RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - May/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Persediaan Kewangan Sebelum Persaraan OKTOBER 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 0 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Mahu atau tidak, semua orang akan bersara pada satu hari nanti. Tetapi adakah anda telah bersedia daripada segi kewangan untuk bersara? Kebanyakan orang bergantung sepenuhnya kepada faedah persaraan (retirement benefits) yang diperoleh untuk menampung kehidupan selepas bersara. Menurut laporan Jabatan Perangkaan Malaysia pada tahun 2011, jangka hayat penduduk Malaysia dianggarkan selama 72.0 tahun untuk lelaki dan 77.1 tahun untuk perempuan. Oleh sebab jangka hayat manusia yang semakin meningkat, persoalan yang mungkin timbul ialah adakah wang yang dikumpulkan untuk tujuan persaraan atau pencen mencukupi untuk menampung tahap kualiti kehidupan yang diinginkan, ditambah pula dengan meningkatnya kos perubatan serta sara hidup. Oleh itu, sama ada anda bercadang untuk bersara pada usia 55 tahun atau lebih awal lagi, apa yang penting adalah anda perlu melengkapkan diri dengan perancangan kewangan yang dapat menjamin kehidupan yang memuaskan serta bebas daripada bebanan hutang setelah bersara. Bagaimana untuk menyiapkan diri untuk bersara? Soalan ini kerap bermain dalam fikiran orang ramai apabila membincangkan isu persaraan. Namun, tiada jawapan yang khusus untuk soalan ini kerana ia banyak bergantung kepada gaya hidup yang diinginkan, tahap kesihatan dan juga keadaan seseorang itu selepas bersara. Berikut adalah beberapa langkah yang boleh diambil untuk menyiapkan diri anda dari segi kewangan sebelum bersara: Persediaan Kewangan Sebelum Persaraan 2 • Ringgit Langkah 1: Tetapkan keperluan kewangan anda Perkara pertama yang perlu dilakukan ialah menilai keperluan kewangan anda. Setelah bersara, perbelanjaan seperti pakaian ke pejabat, kos pengangkutan / perjalanan ke tempat kerja, makanan dan sebagainya sudah tiada lagi. Walau bagaimanapun, perbelanjaan lain seperti kos perubatan, insurans dan lain-lain lagi mungkin akan meningkat. Secara amnya, keperluan perbelanjaan seorang pesara itu dianggarkan dalam lingkungan 75% hingga 80% keperluannya ketika masih bekerja. Berdasarkan keperluan ini, anda perlu membuat penyelarasan yang sesuai dengan mengambil kira situasi unik anda, seperti kos pendidikan anak- anak dan pembayaran pinjaman perumahan untuk menganggarkan perbelanjaan bulanan yang perlu ditampung. Selain perbelanjaan tetap yang dikenakan, anda juga perlu mengambil kira jika terdapat kemungkinan gaya hidup anda akan berubah. Jika anda berhajat untuk mengembara, bercuti, ataupun mempunyai hobi-hobi lain yang melibatkan wang, anda perlu mengambil kira kos-kos ini ketika membuat perancangan persaraan. Langkah 2: Menilai status semasa Setelah menetapkan keperluan kewangan, langkah seterusnya ialah menilai kedudukan kewangan semasa dan membuat pelan untuk menampung keperluan persaraan kelak. Di sini, anda perlu memberi perhatian kepada portfolio pelaburan yang merangkumi simpanan tambahan serta pendapatan anda. Senaraikan juga semua komitmen kewangan yang perlu dijelaskan. Sekiranya anda masih bekerja, anggarkan jumlah wang Kumpulan Wang Simpanan Pekerja (KWSP) atau pencen yang bakal anda terima. Langkah 3: Mengira wang yang diperlukan Setelah selesai mengumpulkan semua maklumat di atas, anda boleh mendapatkan nasihat daripada perancang kewangan ataupun mana-mana laman web yang menyiarkan artikel-artikel mengenai perancangan persaraan yang boleh anda contohi dalam usaha untuk menyiapkan diri daripada segi kewangan sebelum bersara. Ini penting untuk menilai sama ada wang anda sekarang mencukupi atau tidak untuk memenuhi keperluan persaraan kelak. Jika jawapannya tidak, sekurang-kurangnya, anda boleh mengira berapa banyak lagi wang yang diperlukan. Sebagai contoh, keperluan tahunan Ali ialah RM50,000 (lebih kurang RM4,000 sebulan). Dia menganggarkan bahawa wang simpanan persaraannya akan menjana pulangan sebanyak 7% setiap tahun. Oleh itu, Ali memerlukan sekurang-kurangnya RM714,286 (RM50,000 / 0.07) dalam simpanannya untuk menampung perbelanjaan persaraannya. Langkah 4: Berdisiplin dalam Merancang Kewangan Untuk mengekalkan kuasa beli wang anda, pastikan ia berkembang sekurang-kurangnya pada kadar yang sama dengan kadar inflasi untuk mengimbangi kesan negatif inflasi. Ini berdasarkan kepada andaian bahawa anda ingin mengekalkan wang simpanan persaraan sepanjang hidup dan menyimpan amaun prinsipal untuk anak-anak anda. Sebaliknya, jika anda tidak keberatan untuk membelanjakan wang persaraan anda, jumlah wang yang diperlukan pastinya lebih kecil. Namun, dalam masa yang sama, berhati-hati dalam merancang kewangan anda. Elakkan daripada membuat pengeluaran wang sewenang-wenangnya dan pastikan ia mencukupi untuk menampung perbelanjaan sehingga akhir hayat anda. Di samping itu juga, anda mungkin mahu mengambil kira kesan kuasa pengkompaunan kerana lebih awal anda memulakan pelan simpanan persaraan, maka lebih mudahlah anda mencapai matlamat kewangan yang ditetapkan. Setelah menetapkan jumlah wang yang diperlukan, langkah seterusnya ialah untuk memberikan komitmen penuh kepada jumlah yang hendak disimpan dan menguruskan portfolio pelaburan anda dengan cara yang sepatutnya. Semakin hampir kepada umur persaraan, maka semakin rendahlah risiko yang perlu diambil. Oleh itu, elakkan daripada mengambil risiko yang tinggi hanya kerana anda kini dalam peringkat pertengahan umur dan baru mula untuk merancang wang yang diperlukan. Jika anda mengalami situasi ini, dapatkan nasihat profesional kewangan yang berlesen. Akhir kata, berbelanjalah mengikut keperluan dan cuba maksimumkan simpanan anda untuk waktu persaraan. Apa tunggu lagi? Mulakan pelan persaraan anda sekarang! Artikel ini ditulis oleh SIDC dan En. Ooi Kok Hwa, pemegang Lesen Wakil Perkhidmatan Pasaran Modal untuk menjalankan urusan nasihat pelaburan di bawah Akta Pasaran Modal dan Perkhidmatan 2007. Maklumat yang terkandung di dalam atikel ini ialah untuk tujuan pendidikan semata-mata dan tidak boleh dianggap sebagai pengganti untuk nasihat perundangan atau mana-mana nasihat profesional yang lain. Ringgit • 3 Akhir-akhir ini, terdapat pelbagai bentuk penyelewengan dan penipuan yang melibatkan panggilan telefon dan e-mel di internet. Walaupun kes-kes ini berlaku secara bermusim, namun ia akan muncul dari semasa ke semasa. Hakikatnya, ramai mangsa tidak berani membuat laporan kerana dibelenggu oleh perasaan malu dan mereka dikategorikan dalam golongan yang berpelajaran. Berikut adalah modus operandi yang biasa digunakan oleh pihak yang tidak bertanggungjawab ini. a) Membuat panggilan telefon Panggilan telefon merupakan cara paling mudah untuk memperdayakan mangsa. Selain daripada kosnya yang rendah, identiti syarikat atau pihak yang menelefon juga tidak diketahui. Alasan yang biasa digunakan apabila anda bertanyakan daripada mana maklumat anda diambil, ia diperoleh daripada kedai menjual barangan elektrik atau menggunakan nama syarikat-syarikat yang terkenal bagi meyakinkan anda. b) Waktu panggilan pada hujung minggu atau pada cuti umum Hujung minggu dan cuti umum adalah masa anda berehat di rumah dan tiada gangguan kerja-kerja pejabat. Anda juga tidak boleh membuat panggilan kepada syarikat yang terlibat untuk pengesahan (jika menggunakan nama syarikat terkenal). c) Menawarkan hadiah percuma Syarikat tersebut tidak meminta wang anda secara terus, tetapi menawarkan hadiah percuma untuk memikat hati anda. Syarikat juga menyatakan bahawa keinginan mereka untuk memberikan hadiah percuma bagi mengurangkan cukai syarikat. Syarikat tersebut mendakwa bahawa cabutan tersebut bersempena dengan perayaan ulang tahun syarikat dan sebagainya. d) Memujuk atau meminta anda membuat keputusan segera Syarikat menyatakan bahawa tawaran adalah terhad atau tawaran hanya untuk hari itu sahaja. Anda tidak berpeluang untuk berfikir dan menyemak latar belakang syarikat tersebut. e) Meminta maklumat buku akaun atau membawa buku akaun bank / ASB dan sebagainya Dengan cara ini, anda boleh membayar kepada syarikat tersebut secara terus atau pada hari yang sama. f) Meminta wang anda terlebih dahulu Langkah terakhir dan terpenting adalah mereka akan meminta wang daripada anda. Anda perlu membayar wang sebelum menerima hadiah percuma. Syarikat akan mendakwa bahawa pembayaran tersebut sebagai ‘bayaran pendahuluan’ atau pelbagai nama lagi. Langkah di atas adalah panduan untuk anda lebih berhati-hati. Jika anda sudah mula berurusan dengan mereka, letakkan gagang telefon atau beredar secepat mungkin. Waspada Terhadap Hadiah Percuma 4 • Ringgit Hutang boleh menjejaskan kesihatan serta menyebabkan tekanan hidup jikalau anda gagal menguruskannya dengan baik. Akibat tidak dapat menghadapi tekanan hidup kerana beban hutang yang banyak, menyebabkan ada yang mengambil jalan singkat, seperti meminjam dengan Ah Long – yang sebenarnya menjerat diri sendiri. Malahan, jika pegangan agama tidak kuat, ada yang sanggup membunuh diri. Bertenang! Walau apa pun tindakan yang anda ingin lakukan, anda perlu memikirkan tentang buruk dan baiknya. Fikirlah bahawa setiap masalah, termasuk hutang, ada cara penyelesaiannya. Berikut adalah tiga langkah yang boleh digunakan untuk menangani masalah hutang yang tidak terkawal. 1) Mengaku anda banyak hutang Anda harus mengakui sekiranya anda mempunyai masalah hutang yang tidak terkawal. Jangan menafikannya. Jangan menambahkan lagi hutang. Ini termasuk membeli barangan dan perkhidmatan dengan menggunakan kad kredit. 2) Periksa status kewangan Analisis kedudukan kewangan anda. Kemas kini semua penyata hutang anda untuk mengetahui jumlah semua hutang yang sebenarnya. Bandingkan jumlah pembayaran balik hutang dengan pendapatan anda. Bayar balik hutang mengikut keutamaan. Bayar dahulu pinjaman dan hutang tertunggak yang mempunyai kadar faedah yang lebih tinggi. 3) Segera betulkan keadaan Ambil tindakan segera untuk membetulkan keadaan. Sediakan bajet, sekiranya anda masih belum berbuat demikian. Bajet anda mesti mengambil kira semua pembayaran bulanan dalam senarai perbelanjaan anda. Pertimbangkan untuk menggunakan tabungan atau menjual aset pelaburan bagi mengurangkan hutang. Kurangkan perbelanjaan anda. Berbelanja untuk barangan dan perkhidmatan yang penting sahaja. Berusaha untuk meningkatkan pendapatan, seperti membuat kerja sambilan. Berunding dengan institusi kewangan untuk memohon penstrukturan atau penjadualan semula pinjaman yang bersesuaian dengan kedudukan aliran tunai anda. Dapatkan bantuan Agensi Kaunseling dan Pengurusan Kredit (AKPK) jika institusi kewangan tidak dapat membantu. Jangan Panik Dengan Hutang Bertenang Dan Fikirkan Kaedah Terbaik Untuk Mengatasinya Ringgit • 5 Terdapat beberapa organisasi yang boleh dihubungi sekiranya anda memerlukan bantuan dan nasihat untuk menyelesaikan hutang. Bagaimanapun, anda perlu mengambil langkah proaktif sebagaimana yang dinyatakan di atas untuk menyelesaikan masalah, termasuk berbincang dengan pihak institusi kewangan. Berikut adalah organisasi yang boleh membantu menguruskan kedudukan hutang. Peranan mereka bukanlah menyediakan wang untuk melangsaikan hutang anda, tetapi untuk memberi nasihat dan panduan bagaimana hutang anda boleh diuruskan. AKPK Organisasi ini ditubuhkan oleh Bank Negara Malaysia (BNM) dengan visi: Amalkan Pengurusan Kewangan Berhemat Sebagai Budaya Hidup. Ia bertujuan untuk memastikan warga Malaysia menjalani kehidupan dengan mempunyai kemahiran pengurusan kewangan yang baik dan hutang terkawal. AKPK menawarkan tiga jenis perkhidmatan secara percuma kepada individu sahaja untuk membantu menguruskan kewangan dengan lebih baik: • Mendidik atau mengajar mengenai penggunaan kredit dan asas pengurusan wang, termasuk petua menggunakan kredit (hutang) secara bertanggungjawab. • Memberi kaunseling dan nasihat mengenai pengurusan kewangan, membuat penilaian mendalam mengenai masalah kewangan anda dan cara untuk mengatasinya. • Program Pengurusan Kredit (PPK), iaitu peminjam dan AKPK bekerjasama untuk menyediakan pelan penstrukturan atau penjadualan semula pinjaman menerusi rundingan dengan institusi kewangan. Untuk layak mendapatkan perkhidmatan PPK, anda perlu memenuhi syarat berikut: • Tidak mampu menguruskan tanggungan hutang. • Mempunyai pinjaman daripada institusi kewangan yang dikawal selia oleh BNM dan bukan hutang daripada ceti haram atau Ah Long. • Mempunyai jumlah pinjaman tidak lebih daripada RM2 juta. • Mempunyai sumber pendapatan positif selepas menolak perbelanjaan. • Tidak berada dalam peringkat tindakan undang- undang yang sudah lanjut. • Belum diisytiharkan bankrap. Bagi mendapatkan maklumat lanjut, layari laman sesawang www.akpk.org.my Laman informasi dan Khidmat Nasihat BNM (BNMLINK) Ini adalah saluran penting BNM untuk berhubung dengan orang ramai. Ia berperanan sebagai pusat perhubungan untuk memudahkan maklum balas kepada orang ramai dan perusahaan kecil dan sederhana (PKS) berhubung dengan perkara berkaitan dengan sektor kewangan. Layari BNMLINK di www.bnm.gov.my/bnmlink/ index.tm. Petikan artikel daripada Berita Harian, 25 Mei 2013, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Agensi Kaunseling Dan Pengurusan Kredit (729811-P) Aras 8.2-8.9, Maju Junction Mall, 1001 Jalan Sultan Ismail, 50250 Kuala Lumpur. www.akpk.org.my Talian Bebas Tol: 1800-88-2575 6 • Ringgit Deposit merupakan terma yang sering digunakan bagi apa jua transaksi komersial sebagai bayaran muka atau bayaran awal (downpayment). Bayaran deposit adalah mengikut persetujuan kedua–dua pihak, namun lazimnya bayaran yang dibuat adalah 10 peratus daripada harga jualan yang sebenar. Penjualan aset seperti kereta telah menetapkan satu konsep pembayaran yang baru dikenali sebagai ‘booking fee’ untuk mengelakkan pembeli daripada mengalami kerugian secara keseluruhan. Ini kerana, berdasarkan amalan pembayaran deposit yang dilakukan, pembeli tidak akan menerima semula deposit yang dibayar sekiranya permohonan pinjaman ditolak oleh pihak bank. Berdasarkan Akta Sewa Beli 1967 (pindaan 2010), pembeli boleh membuat bayaran sebanyak 1 peratus yang dikenali sebagai caj tempahan atau ‘booking fee’ kepada penjual. Caj tempahan bertindak sebagai tempahan awal untuk membeli aset, sementara menunggu keputusan permohonan pinjaman daripada bank. Oleh sebab nilai aset yang dijual di pasaran adalah tinggi, Akta Sewa Beli dipinda bagi memastikan pembeli tidak menanggung terlalu banyak kerugian jika permohonan pinjaman ditolak. Bagi pembeli yang membuat pembayaran caj tempahan, anda berhak untuk mendapatkan kembali 90 peratus daripada 1 peratus bayaran yang dibuat kepada penjual. Manakala baki 10 peratus tersebut akan menjadi milik penjual apabila transaksi jual beli tersebut tidak berjaya. Penerangan: 1. Pembeli membuat bayaran sebanyak RM500 (1%) kepada penjual sebagai ‘booking fee’. 2. Pembeli akan membuat permohonan pinjaman kepada bank bagi membiayai pembelian. 3. Pihak bank akan memberikan notis bahawa permohonan pinjaman telah gagal kepada pembeli. Pembeli akan memaklumkan kepada penjual bahawa pinjaman gagal. 4. RM450 akan dipulangkan kepada pembeli, iaitu 90% daripada RM500 (1% ‘booking fee’) 5. RM50 akan diserahkan kepada penjual, iaitu 10% daripada RM500 (1% ‘booking fee’) Ruangan Bersama NCCC Deposit dan Caj Tempahan (Booking Fees) Ilustrasi: Aset bernilai RM50,000 Ringgit • 7 Ruangan Masalah Kewangan Anda Saya ialah seorang warga emas dan pesara kerajaan. Beberapa hari yang lalu, saya telah menerima satu panggilan telefon daripada sebuah syarikat X. Pihak syarikat mendakwa saya merupakan pembeli bertuah. Sebelum ini, saya pernah membeli barangan elektrik. Syarikat menyatakan tujuan pemberian hadiah percuma ini adalah untuk mengelakkan pembayaran cukai yang dikenakan terhadap syarikat. Saya telah diminta untuk memberikan maklumat butiran akaun, seperti Amanah Saham Bumiputera (ASB), Tabung Haji dan akaun simpanan milik persendirian. Saya mulai berasa curiga dengan panggilan ini. Bagaimanakah saya ingin mengetahui adakah ini merupakan salah satu penipuan? Dan bagaimanakah syarikat tersebut mempunyai data dan maklumat peribadi saya. Mohon nasihat. Terima kasih. Jawapan: Maklumat-maklumat seperti ASB, akaun bank atau apa jua simpanan merupakan maklumat yang menjadi hak peribadi bagi seseorang individu. Lazimnya maklumat sedemikian tidak diperlukan bagi pemberian hadiah percuma. Anda dinasihatkan supaya tidak Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda mengikut permintaan pemanggil kerana kes penipuan pada masa ini menggunakan modus operandi yang sedemikian. Salah satu cara untuk mengetahui sama ada panggilan tersebut merupakan satu penipuan ialah dengan mendapatkan maklumat syarikat tersebut terlebih dahulu. Anda perlu bertanya tentang cara pemberian hadiah dilakukan. Perhatikan jika terdapat sebarang keraguan, seperti penerima hadiah perlu mendepositkan wang terlebih dahulu atau pemberian hadiah akan dibuat tanpa melibatkan pertemuan kedua-dua belah pihak, atau anda diminta untuk hadir ke pejabat syarikat dengan membawa buku simpanan ASB, akaun bank dan sebagainya. Ia meningkatkan lagi kemungkinan bahawa panggilan tersebut adalah satu penipuan. Lebih wajar jika dipastikan terlebih dahulu bahawa syarikat tersebut benar-benar wujud dan beroperasi secara sah. Jika benar terdapat pemberian hadiah percuma, anda akan diberikan masa dan akan dimaklumkan secara terperinci tentang pemberian hadiah tersebut. Anda juga tidak akan dipujuk untuk memberikan apa jua maklumat atau persetujuan secara mengejut tanpa dibenarkan membuat sebarang pertimbangan. Berkenaan dengan maklumat yang diperoleh pula, terdapat kemungkinan bahawa syarikat tersebut mendapat maklumat itu daripada syarikat asal yang menyimpan maklumat anda. Untuk melindungi kepentingan data peribadi pengguna daripada disalahgunakan oleh pihak ketiga / syarikat lain, Akta Perlindungan Data Peribadi telah diluluskan oleh Parlimen pada tahun 2010. Akta tersebut telah dikuatkuasakan pada 15 November 2013 dan pihak syarikat boleh dikenakan tindakan dan diwajibkan untuk meminta kebenaran daripada pelanggan untuk berkongsi data dengan pihak ketiga. Pengguna diminta supaya berhati-hati apabila menerima panggilan atau mesej yang menawarkan hadiah percuma. Panggilan Yang Tidak Diundang 8 • Ringgit Ringgit • 9 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected]
Public Notice
07 Jun 2013
RINGGIT Newsletter (April 2013 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-april-2013-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/4_Ringgit_2013.pdf
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Reading: RINGGIT Newsletter (April 2013 issue) is now available for download Share: RINGGIT Newsletter (April 2013 issue) is now available for download Release Date: 07 Jun 2013 The highlight for this month is "Tambahkan Nilai Harta Bersih Anda". Other topics of interest include: Langkah Perlindungan Kewangan Diperkukuhkan Bagi Pengguna Tip Pengguna Mengenai Isu Perbankan Takaful Motor RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - April/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Tambahkan Nilai Harta Bersih Anda APRIL 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 4 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Tinjauan Terhadap Pembaca RINGGIT 2012 Membina kekayaan adalah berkait rapat dengan penambahan nilai harta bersih, iaitu aset tolak liabiliti sama dengan nilai harta bersih, yang mungkin positif (nilai aset melebihi nilai liabiliti) atau negatif (nilai liabiliti melebihi nilai aset). Format Membina Kekayaan Nilai harta bersih = Jumlah aset keseluruhan – Jumlah liabiliti (hutang keseluruhan) Dalam topik ini, tumpuan diberikan untuk meningkatkan aset melalui Simpanan dan Pelaburan Matlamat pelaburan anda Apabila anda menabung secara berterusan, anda perlu membuat keputusan penting tentang cara melaburkan wang anda. Langkah pertama anda untuk melabur secara berhemat adalah dengan menetapkan matlamat pelaburan anda. Bagaimana menetapkan matlamat pelaburan yang sesuai dengan keperluan anda? Terdapat pelbagai soalan penting yang perlu difikirkan sebelum keputusan pelaburan dibuat. Cuba kaji soalan-soalan berikut:- • Apakah matlamat kewangan anda? Kenapakah anda perlu menyimpan dan melabur wang? • Berapakah jumlah wang yang perlu disimpan dan berapa pula jumlah wang yang perlu dilaburkan untuk mencapai matlamat tersebut? • Berapakah lama wang perlu disimpan atau dilaburkan untuk mencapai matlamat tersebut? • Berapa banyak risiko yang sanggup anda tanggung? Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Tambahkan Nilai Harta Bersih Anda 2 • Ringgit • Berapa banyak pulangan yang dijangkakan daripada simpanan atau pelaburan anda? • Apakah yang sanggup anda korbankan demi mencapai matlamat ini? Contohnya menukar gaya hidup atau tabiat perbelanjaan yang sedia ada. Ambil kira sumber pendapatan anda dan fikir bagaimana anda boleh menyimpan dan melabur secara konsisten. Matlamat kewangan dan pelaburan anda seharusnya munasabah dan boleh dicapai. Risiko dan pulangan pelaburan Menyimpan wang di dalam akaun simpanan atau simpanan tetap adalah pelaburan yang paling selamat. Dengan menyimpan wang di dalam akaun tetap, anda mungkin tidak dapat membina kekayaan secepat yang diinginkan. Sungguhpun pelaburan lain dapat memberi pulangan yang lebih baik, ia mempunyai risiko yang lebih tinggi, kerana kemungkinan besar pelaburan tersebut akan jatuh nilainya. Apabila melaburkan wang, anda sememangnya mengharapkan pulangan. Kadar pulangan atas pelaburan biasanya dikira dalam peratusan tahunan. Jika membeli saham pada harga RM10 sesaham dan harga tersebut naik kepada RM10.80 selepas setahun, kadar pulangannya ialah 8%. Pulangan sebenar pelaburan adalah selepas menolak segala perbelanjaan yang berkaitan. Sebagai contoh, jika anda membeli rumah dan kemudian menjualkannya, anda hanya dapat memastikan pulangan yang diperoleh selepas menolak kos, seperti fi guaman, komisen ejen, duti setem dan faedah pinjaman bank. Ingat! Apabila memilih pelaburan, semakin tinggi pulangannya, semakin tinggi risikonya. Jangan letakkan semua telur di dalam satu bakul Jangan laburkan wang anda dalam satu jenis pelaburan sahaja. Jika apa-apa berlaku kepada pelaburan tersebut, semua wang itu akan hilang. Adalah penting untuk mempelbagai pelaburan anda. Meletakkan wang anda dalam pelbagai pelaburan merupakan tindakan yang bijak. Buat perancangan pelaburan yang seimbang. Apabila berbuat demikian, anda boleh mengurangkan risiko kehilangan wang anda. Cara anda melabur bergantung kepada profil pelaburan, iaitu sama ada anda seorang pelabur yang agresif, sederhana ataupun konservatif. Kebanyakan orang berada di pertengahan profil tersebut. Jika anda merupakan pelabur yang sederhana, mungkin sebahagian besar daripada wang anda berada dalam kelas aset yang berlainan daripada dana amanah saham dan bakinya pula dalam pelaburan pendapatan tetap seperti simpanan tetap. Jumlah yang diagihkan kepada kelas aset boleh dibahagikan lagi kepada segmen berlainan seperti bon dan dana ekuiti. Sekiranya anda pelabur yang agresif, anda mungkin akan melabur dalam pelaburan yang lebih aktif seperti pasaran saham. Tetapi sebaliknya, jika anda adalah pelabur yang konservatif, anda mungkin mempelbagai pelaburan anda dalam pelaburan yang kurang agresif seperti bon dan simpanan tetap. Tiada dua pelaburan yang sama! Cuma anda seorang sahaja yang boleh membuat keputusan tentang pilihan yang bersesuaian serta berapa banyak wang simpanan yang akan dilaburkan dalam pelbagai jenis pelaburan yang terdapat di pasaran. Sumber: Celik Wang, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 3 Setiap pengguna memerlukan ketenangan fikiran apabila mengetahui bahawa simpanan mereka di bank adalah selamat. Perlindungan insurans deposit memberikan jaminan tersebut. Di samping itu, pengguna kini boleh berasa lega mengetahui bahawa manfaat takaful dan insurans mereka juga dilindungi oleh Perbadanan Insurans Deposit Malaysia (PIDM). PIDM merupakan sebuah agensi kerajaan yang ditubuhkan pada tahun 2005 untuk melindungi penyimpan yang mempunyai deposit di bank serta pemilik sijil takaful dan polisi insurans sekiranya berlaku kegagalan institusi ahli. Perlindungan bagi insurans deposit PIDM melindungi simpanan deposit anda sehingga RM250,000 bagi setiap penyimpan di setiap bank ahli. Deposit yang layak dilindungi oleh PIDM adalah akaun simpanan, akaun semasa, deposit tetap, deposit mata wang asing, serta akaun perniagaan milikan tunggal, perkongsian, praktik profesional dan syarikat. Selain itu, akaun deposit konvensional dan Islam juga dilindungi secara berasingan sehingga RM250,000 bagi setiap penyimpan di setiap bank ahli. Had RM250,000 ini termasuk amaun prinsipal deposit dan faedah/pulangan. Akaun yang dilindungi secara berasingan Akaun Bersama: Akaun bersama mendapat perlindungan insurans deposit secara berasingan, asa lkan rekod bank ah l i menyenara ikan nama pemegang-pemegang akaun bersama. Bagaimanapun, perlindungan maksimum bagi akaun bersama ialah RM250,000 secara kolektif dan bukan RM250,000 bagi setiap pemegang akaun bersama. Akaun Amanah: Bagi akaun amanah, benefisiari boleh mendapat perlindungan secara berasingan sekiranya pemegang amanah mengemukakan kepentingan setiap benefisiari dan amaun yang tertakluk bagi setiap benefisiari dalam rekod bank ahli. Setiap benefisiari dilindungi secara berasingan sehingga RM250,000 daripada deposit diinsuranskan bagi jenis akaun mereka yang lain. Akaun Perniagaan Milikan Tunggal, Perkongsian atau Praktik Profesional dan Syarikat: Akaun-akaun ini juga dilindungi secara berasingan sehingga RM250,000. Langkah Perlindungan Kewangan Diperkukuhkan Bagi Pengguna (Bahagian 1) 4 • Ringgit Contoh Pemegang akaun Jenis akaun Amaun (RM) Dilindungi (RM) Ahmad Simpanan 300,000 250,000 Ahmad dan isteri Semasa 300,000 250,000 Ahmad, isteri dan anak perempuan Simpanan 250,000 250,000 Ahmad dan Leong & Co. (firma perundangan) Semasa 200,000 200,000 Ahmad dan Ali Sdn. Bhd. Semasa 50,000 50,000 Jumlah deposit 1,100,000 Jumlah deposit yang dilindungi 1,000,000 Jenis produk yang TIDAK layak mendapat perlindungan insurans deposit seperti deposit yang tidak boleh dibayar di Malaysia, instrumen deposit boleh niaga, deposit pembawa lain, amanah saham, stok dan saham serta produk atau akaun pelaburan berkaitan emas. Bank-bank ahli PIDM ialah semua bank perdagangan berlesen di bawah Akta Bank dan Institusi-Institusi Kewangan 1989 dan semua bank Islam berlesen di bawah Akta Bank Islam 1983, termasuk bank-bank asing yang beroperasi di Malaysia. Keahlian adalah wajib mengikut peruntukan Akta Perbadanan Insurans Deposit Malaysia (Akta PIDM). Sila perhatikan tanda keahlian ini di semua pintu masuk cawangan bank ahli anda. Sekiranya anda mempunyai simpanan deposit dalam cawangan berbeza bagi sesebuah bank ahli, amaun yang layak dilindungi akan dijumlahkan bagi tujuan perlindungan insurans deposit. Tempat tinggal atau kewarganegaraan anda tidak menjejaskan perlindungan insurans deposit. Deposit yang disimpan di bank ahli PIDM akan dilindungi sehingga RM250,000 bagi setiap penyimpan di setiap bank ahli. Sekiranya berlaku kegagalan sesebuah bank ahli, anda tidak perlu mengemukakan sebarang tuntutan. PIDM akan membuat pengumuman untuk memaklumkan mengenai pembayaran balik deposit yang dilindungi. Pembayaran balik deposit akan dibuat berdasarkan rekod penyimpan yang diperoleh daripada bank ahli. Peraturan-Peraturan Peruntukan Maklumat Insurans Deposit 2011 Bank ahli sepatutnya memaklumkan kepada anda sama ada sesuatu produk deposit itu layak atau tidak layak mendapat perlindungan insurans deposit oleh PIDM sebelum anda menyimpan wang di bank tersebut. Semua produk deposit yang layak mendapat perlindungan insurans deposit terdapat dalam satu daftar senarai yang boleh didapati di bank ahli. Keperluan ini adalah sejajar dengan Peraturan Peruntukan Maklumat Insurans Deposit 2011 bagi memastikan bank-bank ahli menyediakan kepada anda maklumat yang tepat, relevan dan terkini mengenai perlindungan insurans deposit dan perlindungan bagi produk deposit mereka. Tiada permohonan dan tiada pembayaran Sistem Perlindungan Insurans Deposit disediakan oleh PIDM secara automatik dan tidak memerlukan sebarang permohonan. Penyimpan deposit juga tidak dikenakan bayaran bagi perlindungan yang disediakan oleh PIDM. Untuk maklumat lanjut mengenai sistem perlindungan ini, sila hubungi talian maklumat bebas tol PIDM 1-800-88-1266 (Isnin hingga Jumaat dari 8.30 pagi hingga 5.30 petang), atau e-mel kepada [email protected], atau layari laman sesawang PIDM di www.pidm.gov.my Sumber: Perbadanan Insurans Deposit Malaysia (PIDM) Perhatikan tanda keahlian ini untuk mengetahui sama ada sesebuah bank merupakan bank ahli PIDM. SIMPANAN BANK ANDA PE RL INDUNGAN INSURANS DEPOSIT IANYA AUTOMATIK PIDM ANDA PIDM akan membayar balik simpanan bank anda sehingga RM250,000 dengan segera. Untuk maklumat lanjut, hubungi 1-800-88-1266 atau layari www.pidm.gov.my Bagaimana Sistem Insurans Deposit berfungsi: Ringgit • 5 Baca terma dan syarat perjanjian dengan teliti Anda perlu membaca dan memahami terma serta syarat perjanjian sesuatu produk, sama ada berkaitan pinjaman atau pelaburan terlebih dahulu, sebelum menandatangani sebarang dokumen yang berkaitan. Tanggungjawab sebagai penjamin Anda perlu memahami tanggungjawab dan kewajipan anda sebagai penjamin. Sebagai penjamin, anda terikat secara undang-undang untuk membayar balik pinjaman sekiranya peminjam tidak menjelaskan pinjaman tersebut. Pendedahan maklumat kewangan Jangan mendedahkan maklumat kewangan anda, seperti nombor akaun, nombor kad kredit, kata laluan akaun dan sebagainya kepada pihak ketiga sama ada melalui telefon, e-mel atau mana-mana pautan di laman sesawang. Transaksi di mesin ATM Jangan membenarkan pihak ketiga melakukan transaksi di mesin ATM bagi pihak anda, walaupun orang yang dikenali seperti pasangan anda. Transaksi kad kredit Kad kred i t hendak lah d igunakan sebagai kemudahan membuat bayaran dan digunakan mengikut kemampuan. Selepas sebarang transaksi menggunakan kad kredit, pastikan jumlah yang dimasukkan adalah betul dan pastikan kad kredit yang dipulangkan adalah kepunyaan anda. Penyerahan dokumen Berwaspada sebelum menyerahkan salinan kad pengenalan atau pasport kepada pihak ketiga selain daripada institusi kewangan atau peguam-peguam yang bertindak bagi pihak anda. Kemudahan perbankan internet Jangan terpedaya untuk membuka akaun kemudahan perbankan internet hanya untuk membolehkan anda menerima hadiah atau hadiah warisan daripada mana- mana pihak yang tidak dikenali. Ini merupakan satu cubaan penipuan! Jika anda telah berbuat demikian, segera hubungi dan laporkan kepada bank anda dan pihak polis untuk tindakan lanjut serta maklumkan kepada Bank Negara Malaysia. Fungsi “memory cache” Sila pastikan anda log keluar (log-out) secara sempurna selepas selesai menggunakan perbankan internet dan padamkan “memory cache” selepas sebarang transaksi dilakukan. Sumber: Bank Negara Malaysia Tip Pengguna Mengenai Isu Perbankan 6 • Ringgit Takaful motor memberikan perlindungan terhadap kerugian atau kerosakan kenderaan sendiri akibat kebakaran, kecurian atau kemalangan; dan/atau kecederaan tubuh badan atau kematian pihak ketiga, kerosakan atau kerugian harta benda pihak ketiga. Di Malaysia, perlindungan terhadap risiko pihak ketiga diwajibkan di bawah Akta Pengangkutan Jalan 1987. Menjadi satu kesalahan bagi seseorang individu menggunakan atau menyebabkan atau membenarkan individu lain menggunakan kenderaan bermotor tanpa perlindungan yang sewajarnya. Jenis perlindungan Secara amnya, terdapat dua jenis perlindungan di bawah pelan takaful motor:- 1) Pihak ketiga – memberikan anda perlindungan terhadap kematian, kecederaan tubuh badan dan/atau kerosakan harta benda pihak ketiga. 2) Komprehensif – memberikan perlindungan terhadap kematian, kecederaan tubuh badan dan/ atau kerosakan harta benda pihak ketiga; serta kerugian atau kerosakan ke atas kenderaan anda akibat kebakaran, kecurian atau kemalangan. Siapakah pihak ketiga? Pihak ketiga ialah individu lain yang mengalami kecederaan atau menanggung kerugian atau kerosakan akibat kemalangan yang melibatkan kenderaan anda. Contohnya pejalan kaki, pemandu lain atau penumpang yang berada di dalam kenderaan lain. Pihak pertama ialah anda sebagai pemilik kenderaan dan pihak kedua ialah pengendali takaful. Berapakah jumlah perlindungan yang patut diambil? Pastikan jumlah perlindungan yang diambil di bawah sijil takaful motor menggambarkan nilai pasaran kenderaan anda. Sekiranya jumlah perlindungan kurang daripada nilai pasaran, syarat purata akan diguna pakai apabila tuntutan dibuat. Syarat purata merupakan penalti kerana perlindungan terkurang untuk kenderaan anda. Perlindungan terkurang untuk kenderaan bermakna jumlah perlindungan yang diambil kurang daripada nilai pasaran kenderaan semasa kejadian kerosakan. Contoh: Jumlah perlindungan RM80,000 Nilai pasaran RM100,000 Kerugian RM5,000 Syarat purata RM80,000 x RM5,000 RM100,000 = RM4,000 Di dalam kes ini, pengendali takaful hanya akan membayar sebanyak RM4,000 dan anda perlu menanggung perbezaan kerugian sebanyak RM1,000. Apakah “diskaun tanpa tuntutan” atau no claim discount (NCD) Ia boleh diklasifikasikan sebagai insentif kepada anda kerana tidak membuat sebarang tuntutan sepanjang tempoh penyertaan pelan takaful motor. Diskaun Takaful Motor (Bahagian 1) Ringgit • 7 ini diberikan mengikut skala berikut apabila anda memperbaharui sijil anda. Tempoh takaful Diskaun Selepas satu tahun 25% Selepas dua tahun 30% Selepas tiga tahun 38 1/3% Selepas empat tahun 45% Selepas lima tahun dan ke atas 55% NCD boleh dipindahkan kepada pengendali takaful/ syarikat insurans lain atau kenderaan milik anda yang lain. Pembatalan sijil Anda boleh membatalkan sijil penyertaan anda dengan menghantar notis 14 hari secara bertulis kepada pengendali takaful dan anda perlu menyerahkan sijil motor dan sijil takaful bagi tujuan pembatalan. Dengan pembatalan tersebut, anda berhak untuk mendapat balik caruman yang belum luput sepanjang tempoh takaful secara pro rata. Ekses Ekses ialah kerugian yang anda perlu tanggung sebelum pengendali takaful membayar baki tuntutan anda. Dengan perkataan lain, jumlah ekses akan ditolak sebelum pembayaran dibuat. Contohnya, jika jumlah ekses ialah RM1,000 dan jumlah tuntutan ialah RM1,500, pengendali takaful hanya akan membayar sebanyak RM500 kepada anda. Bebanan (‘Loading’) Pengendali takaful boleh mengenakan nilai bebanan ke atas caruman bagi memastikan jumlah yang dikenakan adalah setara dengan risiko yang akan anda hadapi. Faktor bebanan yang sering diguna pakai ialah umur pemandu, ciri-ciri kehemahan pemandu, kapasiti enjin, tuntutan lepas yang tertentu bagi sesuatu kenderaan dan kenderaan yang dipulih semula. Indemniti Perl indungan takaful yang diber ikan akan menggantikan kerugian anda, dengan meletakkan anda dalam kedudukan kewangan yang sama seperti sebelum berlaku kerugian. Anda tidak boleh membuat keuntungan daripada tuntutan takaful motor. Pembaikan Pembaikan berlaku apabila, semasa memperbaiki sesuatu kenderaan, alat ganti sesuatu kenderaan yang lama akan digantikan dengan alat ganti francais yang baru. Contohnya, bampar yang lama akan digantikan dengan yang baru. Oleh itu, anda dikehendaki menanggung perbezaan harga antara bampar yang lama dengan yang baru, selaras dengan prinsip indemniti. Ini kerana caruman anda adalah berdasarkan jumlah perlindungan. Amaun ini sebaliknya bergantung kepada nilai kenderaan anda, yang pada kebiasaannya lebih rendah daripada yang baru. Pampasan bagi masa pembaikan sebenar Sekiranya anda mengalami kemalangan dan anda membuat tuntutan pihak ketiga terhadap sijil seseorang individu lain yang menyebabkan kemalangan, anda boleh menuntut pampasan bagi masa pembaikan sebenar kenderaan anda. Pampasan bagi masa pembaikan sebenar ini termasuk kos perjalanan alternatif atau menyewa kenderaan lain (yang sama jenis dan kapasiti enjin). Tempoh masa pembaikan sebenar ini berdasarkan cadangan hari yang diperlukan untuk memperbaik kenderaan anda seperti yang dinilai oleh pelaras kerugian bebas. Pengendali takaful, atas budi bicara mereka, boleh menambah tempoh tanggung selama tujuh hari bekerja bagi kelewatan yang tidak diduga atau yang tidak dapat dielakkan. Sumber: infoinsurans 8 • Ringgit Aduan tentang perkhidmatan masa hadapan (future services), terutamanya berkenaan dengan Pusat Kecergasan, merupakan antara aduan yang paling banyak diterima oleh Pusat Khidmat Aduan Pengguna Nasional (NCCC) dalam tempoh tiga tahun berturutan. Antara jenis aduan yang sering diterima adalah berkenaan dengan mutu perkhidmatan, layanan kakitangan, kandungan kontrak yang tidak jelas dan pembatalan kontrak. Walau bagaimanapun, aduan NCCC lebih tertumpu kepada pembatalan kontrak kerana kebanyakan aduan adalah berkenaan pengadu tidak dibenarkan membatalkan kontrak mereka. Kebanyakan pusat kecergasan di Malaysia mengendalikan pusat mereka dengan hanya memberi perkhidmatan kepada ahli. Bagi menggunakan perkhidmatan di pusat kecergasan, pengguna perlu menandatangani satu kontrak untuk satu tempoh sekurang-kurangnya 1 tahun. Apabila pengguna telah terikat dengan kontrak, kebiasaannya mereka tidak dibenarkan untuk menamatkan kontrak yang telah ditandatangani. Pengguna pula terpaksa membuat bayaran bulanan / tahunan sama ada perkhidmatan tersebut digunakan atau tidak. Berdasarkan kes yang diterima di NCCC, pengguna tidak dibenarkan untuk membatalkan kontrak mereka sebelum tamat tempoh kontrak. Dalam sesetengah kes, walaupun pengguna dibenarkan menamatkan kontrak, mereka masih dikenakan bayaran untuk tempoh kontrak tersebut. Lebih-lebih lagi apabila pengguna tersebut membuat bayaran auto-debit melalui kad kredit. Dalam situasi sebegini, NCCC menyeru mangsa kes sedemikian membuat aduan kepada NCCC dan NCCC akan membuat representasi bagi pihak pengadu. Dalam kes sedemikian, Seksyen 17 di bawah Akta Perlindungan Pengguna 1999 membenarkan pengguna untuk menamatkan kontrak masa hadapan. Terdapat dua perkara yang diterangkan di bawah seksyen ini: i) Pengguna boleh menamatkan kontrak masa hadapan dengan syarat mereka harus melangsaikan jumlah bayaran bagi perkhidmatan telah digunakan. ii) Bagi perkhidmatan yang masih belum pernah digunakan pula, pengguna boleh menamatkan kontrak tersebut. Tetapi pengendali dibenarkan untuk mengenakan 5% bayaran daripada keseluruhan jumlah asal kontrak. Sebagai contoh, pusat kecergasan mengenakan bayaran sebanyak RM2,400 untuk tempoh setahun. Pengguna ingin membatalkan kontrak selepas 4 bulan tanpa menggunakan perkhidmatan tersebut. Pengendali pusat boleh mengenakan bayaran sebanyak 5% daripada RM2,400, iaitu RM120. Manakala, lebihan daripada 5% tersebut hendaklah dipulangkan kepada pengguna jika bayaran telah dibuat. Kes di atas merujuk kepada pembayaran yang dibuat secara ansuran. Dalam hal ini, pengguna harus memastikan bahawa niat mereka untuk membatalkan kontrak perlu dimaklumkan kepada pengendali pusat. Ini adalah untuk mengelakkan pengguna dari terus dikenakan sebarang bayaran. NCCC telah menyelesaikan banyak kes tentang perkhidmatan pusat-pusat kecergasan. Walau bagaimanapun, dalam beberapa kes yang tidak dapat diselesaikan, maka pihak NCCC akan merujuk kes kepada Tribunal Tuntutan Pengguna Malaysia (TTPM). Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Perkhidmatan Masa Hadapan Ringgit • 9 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Ruangan Masalah Kewangan Anda Saya mempunyai masalah kewangan yang sangat kritikal. Saya mempunyai pinjaman kereta di bank Y dan perlu membayar RM600 sebulan dan pinjaman peribadi berjumlah RM5,000 dengan bank X. Saya sudah lama tidak membayar pinjaman peribadi ini. Dalam masa yang sama, saya juga telah membuat pinjaman dengan Ah Long sebanyak RM24,000. Saya perlu membayar secara ansuran sebanyak RM1,200 sebulan (bayaran bunga sahaja). Oleh sebab saya terpaksa membayar pinjaman Ah Long kerana bimbang kesannya jika tidak membayarnya, maka saya menangguhkan dahulu bayaran pinjaman dengan bank-bank lain. Gaji saya hanya RM2,300 sahaja dan saya juga memerlukan wang untuk keperluan lain seperti makan dan minum. Saya ingin meminta pendapat tuan, bagaimana untuk saya menyelesaikan masalah kewangan ini. Terima kasih. Pengguna Runsing Masalah Kewangan Anda Jawapan: Bagi pinjaman kereta dan pinjaman peribadi, anda harus berunding dengan bank berkenaan untuk memohon penstrukturan atau penjadualan semula pinjaman yang bersesuaian dengan kedudukan aliran tunai anda. Namun demikian, sekiranya anda masih gagal mencapai persetujuan dengan bank berkenaan berhubung cadangan pembayaran balik pinjaman, anda adalah dinasihatkan untuk merujuk kepada Agensi Kaunseling dan Pengurusan Kredit (AKPK). AKPK merupakan sebuah agensi yang ditubuhkan oleh Bank Negara Malaysia bagi menyediakan perkhidmatan pengurusan kewangan, kaunseling kewangan dan nasihat serta program pengurusan kredit. Perkhidmatan yang ditawarkan oleh AKPK adalah percuma. Anda boleh mengunjungi AKPK yang terdekat dengan membawa penyata gaji, penyata terkini pinjaman sewa beli kereta serta pinjaman peribadi dan juga laporan kredit dari Bank Negara Malaysia untuk penilaian kedudukan kewangan dan tindakan selanjutnya. Manakala, pinjaman dengan Ah Long adalah tidak tertakluk di bawah Akta Peminjam Wang 1951 kerana ia tidak berlesen. Risiko pinjaman Ah Long adalah di bawah tanggungjawab peminjam sendiri. Sekiranya terdapat ugutan atau ancaman daripada pihak Ah Long, anda boleh membuat aduan kepada pihak polis. 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
10 May 2013
RINGGIT Newsletter (March 2013 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-march-2013-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/Ringgit_mar2013.pdf
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Reading: RINGGIT Newsletter (March 2013 issue) is now available for download Share: RINGGIT Newsletter (March 2013 issue) is now available for download Release Date: 10 May 2013 The highlight for this month is "Kongsi Tabiat Kewangan Baik Dengan Anak-Anak dan Remaja". Other topics of interest include: Strategi Penentu Harga Baharu Untuk Meningkatkan Kecekapan Apa Yang Perlu Dilakukan Jika Mempunyai Hutang Tidak Terkawal? Takaful Kemalangan Diri Berhati-hati dengan Skim Perkongsian Masa Ruangan Masalah Kewangan Anda RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - March/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
MAC 2013 RAKAN KEWANGAN ANDA Kongsi Tabiat Kewangan Baik Dengan Anak-Anak dan Remaja IS S N 2 1 8 0 -3 6 8 4 • B il 0 3 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Pengurusan kewangan adalah satu kemahiran yang perlu dikuasai. Kemahiran ini perlu diajar dan dipupuk semenjak kecil. Ibu bapa merupakan individu yang paling terbaik untuk mendidik anak-anak yang kecil dan remaja untuk membolehkan mereka menguruskan kewangan mereka secara berhemat pada masa hadapan. Oleh itu, kongsikan beberapa tabiat kewangan di bawah ini bersama-sama dengan anak- anak. Secara tidak langsung, tabiat ini dapat membina asas kewangan yang kukuh untuk masa hadapan mereka. 1. Berbelanja menggunakan kupon atau semasa jualan murah Semasa anak-anak berasa teruja untuk membeli sesuatu barang seperti pakaian atau permainan, jelaskan kepada mereka bahawa dengan menggunakan kupon dan membeli ketika jualan murah, mereka boleh mendapat potongan harga. Ini dapat menjimatkan wang, yang boleh digunakan untuk membeli barangan yang lain. Apabila tiba musim jualan murah, anda boleh membawa anak-anak bersama-sama untuk berbelanja. Konsep ini bukan sahaja dapat memupuk sikap membeli semasa jualan murah, yang paling penting adalah sikap ‘Menangguhkan Kehendak’ dapat dipupuk dalam tabiat kewangan. Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Kongsi Tabiat Kewangan Baik Dengan Anak-Anak dan Remaja 2 • Ringgit Untuk anak yang remaja, anda hendaklah memberi peluang kepada mereka untuk berbelanja sendiri. Anda perlu menyediakan bajet tertentu untuk barangan tersebut. Nasihatkan sama ada mereka boleh menggunakan keseluruhan bajet tersebut, atau membeli semasa jualan murah atau menggunakan kupon. Jika terdapat lebihan wang, galakkan mereka untuk menyimpannya supaya boleh digunakan membeli barangan lain atau simpan sahaja untuk keperluan masa hadapan. 2. Menabung bersama-sama Menabung merupakan perkara asas dalam tabiat kewangan. Hal ini sangat sukar untuk difahami oleh kanak-kanak. Begitu juga sukar untuk dijadikan tabiat oleh orang dewasa. Namun begitu, ada cara sesuai untuk memupuk tabiat ini dalam diri mereka. Untuk mendidik anak-anak kecil, sediakan bekas kaca yang besar di satu sudut rumah bagi tujuan menyimpan syiling. Jelaskan kepada anak anda bahawa bekas ini adalah bertujuan untuk perbelanjaan istimewa keluarga. Maklumkan kepada semua ahli keluarga, sesiapa yang mempunyai lebihan syiling, boleh meletakkan syiling tersebut di dalam bekas dan kumpulkan sehingga penuh. Setelah penuh, gunakan duit syiling tersebut untuk perbelanjaan bersama- sama dengan keluarga. Untuk anak yang remaja, libatkan mereka dalam perbincangan semasa anda ingin membuat keputusan untuk membeli sesuatu barangan yang mahal seperti televisyen atau kereta. Hal ini bertujuan untuk memaklumkan anak anda tentang pembelian, dan secara tidak langsung, anak-anak tahu bahawa anda mempunyai simpanan untuk pembelian tersebut. Anda boleh bercerita serba sedikit tentang simpanan, pinjaman wang dan kadar faedah. Apabila anak-anak melihat tabiat kewangan yang diamalkan oleh anda, maka secara tidak langsung ia akan mengikis sikap untuk membeli mengikut kehendak, sebaliknya mengamalkan ‘konsep simpan dan tunggu’. Anda boleh mencadangkan kepada anak-anak untuk menabung bersama-sama agar pembelian tersebut boleh dicapai dengan cepat. 3. Menghadiahkan sesuatu untuk orang lain Untuk langkah awal, anda membuat bajet dan konsisten terhadap bajet itu. Jadikan majlis hari jadi anak-anak sebagai acara tahunan dalam kehidupan anda. Untuk anak-anak kecil, buatkan satu bajet untuk anak anda dan beritahu mereka tentang jumlah wang yang ada untuk membeli hadiah mereka. Tanyakan kepada anak anda apakah hadiah yang ingin dibeli dan jelaskan kepada mereka tentang harga hadiah tersebut, sama ada setara atau kurang daripada bajet yang ada. Langkah terbaik ialah cuba berbelanja kurang daripada jumlah bajet. Bagi anak remaja, biar anak remaja anda menentukan sendiri hadiah yang ingin mereka impikan berdasarkan kepada jumlah bajet yang anda sediakan untuk perbelanjaan hadiah hari jadi mereka. Berikan mereka masa dan peluang untuk membuat pengiraan sendiri berdasarkan bajet yang ada. Ringgit • 3 4. Rancang percutian bersama Merancang percutian adalah merupakan aktiviti yang menyeronokkan dan ia juga melibatkan perancangan bajet bagi tujuan tersebut. Untuk kanak-kanak kecil, anda boleh berbincang dengan anak-anak anda mengenai penginapan dan kolam mandi. Anda boleh memberitahu beberapa pilihan penginapan berdasarkan bajet yang ada, seperti menginap di hotel mahal, mempunyai kolam besar tetapi hanya boleh bermalam 3 hari sahaja atau menginap di hotel murah dan mempunyai kolam kecil sedikit tetapi boleh menginap selama 4 malam. Bantu anak anda membuat pilihan, yang secara tidak langsung akan membantu anda untuk mengetahui keutamaan percutian mereka. Untuk anak remaja, kongsikan bajet yang anda telah peruntukkan untuk percutian tersebut. Minta pendapat mereka untuk membuat perancangan. Sebagai contoh, makan tengah hari di restoran yang terbaik, tetapi perlu mengorbankan untuk pergi taman tema hiburan, atau sekadar makan nasi bungkus untuk membolehkan anda bermalam untuk satu malam lagi di hotel. 5. Penggunaan semula, baiki dan guna semula Mengelak daripada berlakunya pembaziran merupakan amalan sikap berjimat cermat dan mesra alam. Tanamkan dalam diri anak-anak tentang tiga perkara ini, iaitu guna semula barangan lama, baiki yang rosak dan guna semula dengan membeli barangan terpakai. Untuk anak-anak kecil, maklumkan kepada anak- anak anda tentang barangan yang ingin dibeli melalui kedai jualan murah atau jualan gudang. Terangkan kepada anak anda bahawa tujuan pembelian barang terpakai tersebut adalah untuk berjimat dan dapat mengelakkan pembaziran (barangan tersebut masih boleh digunakan dan boleh dielak daripada dibuang). Ia juga merupakan salah satu langkah berjimat cermat. Untuk anak remaja, anda boleh mengajarkan anak remaja anda membaiki barangan yang telah rosak. Ia merupakan satu asas kemahiran yang baik dan penting. Dengan ini, mereka bukan sahaja memiliki kemahiran tetapi juga mereka boleh belajar untuk berjimat cermat. Objektifnya, anda hanya inginkan mereka memahami konsep berjimat cermat, dan pada masa yang sama, mereka juga memiliki kemahiran membaiki barangan. 6. Bantu mereka yang kurang bernasib baik Tiada perkara yang benar-benar berkesan dalam membantu anak-anak memahami dan menghargai apa yang mereka ada. Dengan mendedahkan kepada mereka terhadap apa yang orang lain tiada, ia boleh membantu mereka menghargai apa yang mereka ada. Untuk anak-anak kecil, galakkan anak-anak anda menyertai program-program kebajikan. Dengan melakukan kerja-kerja kebajikan seperti mengumpul barangan permainan untuk kanak- kanak lain yang kurang bernasib baik, anak-anak anda akan mula berfikir tentang perkara yang dilakukan. Ia dapat menimbulkan kesedaran kepada anak-anak anda - bagaimanakah rasanya menjadi miskin atau kaya? Bagaimanakah rasanya tidak mempunyai pekerjaan dan tidak mempunyai tempat tinggal? Untuk anak remaja, galakkan anak anda menjadi sukarelawan di kawasan kejiranan anda atau rumah kebajikan. Ambil peluang seperti menolong jiran yang sedang sakit. Menggalakkan anak anda membantu orang lain adalah pengajaran yang penting dalam pendidikan kewangan. Sumber : Diterjemahkan daripada artikel “6 Great Teachable Money Moments to Share With Your Kids”, www.wisebread.com. 4 • Ringgit Bank Negara Malaysia telah mengumumkan tentang strategi penentuan harga yang baharu bagi perkhidmatan pembayaran untuk menangani perbezaan harga antara kaedah pembayaran secara elektronik (e-pembayaran) dengan kaedah pembayaran berasaskan kertas. Di bawah penentuan harga yang baharu ini, fi untuk kaedah e-pembayaran akan dikurangkan bagi memberikan insentif kepada para peniaga dan pengguna untuk menggunakan kaedah pembayaran yang lebih cekap, manakala caj akan dikenakan ke atas cek sebagai mencerminkan kosnya yang lebih tinggi. Berkuat kuasa pada 2 Mei 2013, fi untuk urus niaga Sistem GIRO Antara Bank atau IBG (Interbank GIRO) yang dilakukan secara dalam talian melalui perbankan Internet dan perbankan mudah alih adalah sebanyak 10 sen. Fi IBG dalam talian yang rendah ini bertujuan memberi insentif kepada pengguna untuk beralih daripada kaedah pembayaran yang berkos lebih tinggi yang lain kepada kaedah pembayaran alternatif yang lebih murah. Pembayaran dalam talian melalui perbankan Internet dan perbankan mudah alih memberikan manfaat yang ketara kepada individu dan peniaga. Setiap individu akan menikmati kemudahan urus niaga pada bila-bila masa dan di mana-mana sahaja tanpa perlu beratur di kaunter bank. Peniaga pula boleh mengurangkan kos menjalankan perniagaan melalui pengurangan atau penggunaan semula sumber, yang sebelum ini digunakan untuk mengendalikan wang tunai dan cek. Melalui peningkatan pembayaran secara elektronik, kos daripada pemprosesan secara manual, termasuk kos penghantaran melalui pos, akan dapat dijimatkan. Bagi mengurangkan kos dan ketidakcekapan yang berkaitan dengan penggunaan cek, caj untuk cek akan dinaikkan secara beransur-ansur bagi mencerminkan kos pengeluaran sebanyak RM3.00 bagi setiap cek. Tempoh selama setahun akan diberikan kepada orang ramai dan para peniaga untuk membiasakan, menyesuaikan diri dan beralih kepada penggunaan IBG bagi urusan pembayaran mereka. Berkuat kuasa pada 1 April 2014, pihak bank akan mengenakan caj memproses cek sebanyak 50 sen bagi setiap cek kepada pengeluar cek. Fi ini ialah tambahan kepada duti setem sedia ada sebanyak 15 sen bagi setiap cek. Dalam tempoh setahun ini, Bank Negara Malaysia akan bekerjasama rapat dengan pihak industri kewangan untuk terus menambah baik infrastruktur pembayaran bagi memastikan perkhidmatan pembayaran dapat diakses secara meluas, selamat dan mudah. Selain cek dan IBG, pelarasan harga terhadap kaedah dan saluran pembayaran lain, termasuk mesin juruwang automatik (ATM), akan dilaksanakan secara berperingkat-peringkat untuk menggalakkan pengguna menggunakan e-pembayaran yang lebih berkesan kos. Menjelang tahun 2020, penentuan harga bagi semua perkhidmatan pembayaran adalah berdasarkan kos menyediakan perkhidmatan berkenaan. Kini, terdapat 1.6 bilion urus niaga kewangan yang dibuat menerusi kaedah elektronik, iaitu dua kali jumlah urus niaga pada tahun 2006. Walaupun kemajuan yang dicapai setakat ini adalah menggalakkan, sasarannya adalah untuk meningkatkan jumlah e-pembayaran per kapita daripada 56 pada tahun 2012 kepada 200 pada tahun 2020 serta mengurangkan bilangan cek yang dijelaskan dalam negara kepada separuh, iaitu daripada 204 juta cek kepada 100 juta dalam tempoh yang sama. Pencapaian sasaran ini akan membawa Malaysia hampir kepada matlamatnya untuk memperoleh penjimatan tahunan sehingga 1% daripada Keluaran Dalam Negeri Kasar (KDNK), seperti yang ditunjukkan oleh kajian-kajian yang telah dijalankan. Kajian menunjukkan bahawa sesebuah ekonomi akan menikmati penjimatan tersebut apabila beralih daripada sistem pembayaran berasaskan kertas kepada e-pembayaran. Keperluan untuk mempercepat perpindahan kepada e-pembayaran adalah lebih penting sekarang agar seiring dengan peralihan Malaysia ke arah menjadi ekonomi bernilai tambah tinggi dan berpendapatan tinggi. Sumber : Bank Negara Malaysia Strategi Penentu Harga Baharu Untuk Meningkatkan Kecekapan Ringgit • 5 Apa Yang Perlu Dilakukan Jika Mempunyai Hutang Tidak Terkawal? Berikut adalah tiga langkah yang anda boleh gunakan untuk menangani masalah hutang tidak terkawal. 1. AKUI anda mempunyai masalah hutang tidak terkawal • Jangan menafikannya. Mengaku bahawa anda mempunyai masalah, terutama jika anda sedang mengalami beberapa petanda hutang tidak terkawal. • Jangan menambahkan lagi hutang. Ini termasuk membeli barangan dan perkhidmatan menggunakan kad kredit anda. 2. ANALISIS situasi untuk menilai kedudukan kewangan anda • Kemas kini semua penyata pinjaman anda untuk mengetahui jumlah hutang yang sebenarnya. • Bandingkan jumlah pembayaran balik hutang dengan pendapatan anda. • Bayar bal ik hutang anda mengikut keutamaan. Bayar pinjaman dan hutang tertunggak dengan kadar faedah yang tinggi terlebih dahulu. 3. AMBIL TINDAKAN segera untuk membetulkan keadaan • Sediakan bajet, sekiranya anda masih belum berbuat demikian. Bajet anda mesti mengambil kira semua pembayaran bulanan dalam senarai perbelanjaan anda. • Pert imbangkan untuk menggunakan tabungan atau menjual aset pelaburan bagi mengurangkan hutang. • Kurangkan perbelanjaan anda. • Berusaha untuk meningkatkan pendapatan, contohnya dengan membuat kerja sambilan. • Berunding dengan institusi kewangan untuk memohon penstrukturan atau penjadualan semula pinjaman yang bersesuaian dengan kedudukan aliran tunai anda. • Dapatkan bantuan Agensi Kaunseling dan Pengurusan Kredit (AKPK) jika institusi kewangan tidak dapat membantu anda. Sumber : Agensi Kaunseling dan Pengurusan Kredit (AKPK) 6 • Ringgit Apakah takaful kemalangan diri (KD)? Takaful KD adalah pelan takaful tahunan yang menyediakan pampasan sekiranya berlaku kematian, hilang upaya atau kecederaan yang disebabkan oleh kemalangan. Takaful KD juga boleh menyediakan perlindungan untuk perjalanan jangka pendek. Perlindungan takaful KD merangkumi kemalangan yang berlaku di mana-mana tempat di dunia, selama 24 jam sehari, tertakluk kepada terma dan syarat yang ditetapkan dalam sijil. Konsep takaful dalam takaful KD Apabila anda menyertai takaful KD, anda mencarum sejumlah wang ke dalam dana takaful am dalam bentuk caruman penyertaan (tabarru’). Di bawah kontrak perjanjian, semua peserta bersetuju untuk saling membantu antara satu sama lain sekiranya salah seorang peserta ditimpa kemalangan yang mengakibatkan kematian, hilang upaya atau kecederaan. Contoh : Pengendali takaful mempunyai jumlah lebihan (L) sebanyak RM4 juta dan jumlah caruman am (CA) sebanyak RM10 juta. Jumlah caruman anda pada tahun itu (C) ialah RM500 dan lebihan yang dikongsi bersama-sama di antara anda dan pengendali takaful adalah mengikut nisbah perkongsian yang telah dipersetujui (NP) iaitu 50:50. Jumlah perkongsian lebihan yang akan anda terima dikira seperti berikut: • Nisbah perkongsian lebihan = NP x L /CA = 50% x RM4 juta /RM10 juta = 20% • Jumlah lebihan yang diagihkan kepada anda = nisbah perkongsian lebihan x C = 20% x RM500 = RM100 Skop Perlindungan Perlindungan asas takaful KD meliputi kematian dan hilang upaya disebabkan oleh kemalangan. Selain perlindungan asas, pengendali takaful juga boleh menyediakan perlindungan yang mencakupi belanja perubatan, manfaat penghospitalan, pembedahan pembetulan dan belanja pengebumian. Skop perlindungan takaful KD adalah berbeza-beza antara pengendali takaful. Anda dinasihatkan supaya menyertai pelan yang memenuhi kehendak anda. Anda boleh menyertai takaful KD untuk diri anda sendiri atau pelan berkumpulan untuk keluarga anda. Majikan boleh menyertai takaful KD untuk pekerja mereka, dan dalam kes seperti ini, bayaran pampasan kepada pekerja adalah atas budi bicara majikan. Sesetengah pelan takaful KD juga menetapkan had umur yang boleh dilindungi. Takaful Kemalangan Diri Ringgit • 7 Perkara penting yang perlu diberikan perhatian apabila menyertai takaful KD • Skala manfaat Skala manfaat merujuk kepada amaun pampasan yang boleh dibayar oleh pengendali takaful apabila berlaku kematian, hilang upaya atau kecederaan. Anda dinasihatkan supaya memberikan perhatian pada skala manfaat dalam pelan anda kerana ia berbeza-beza antara pengendali takaful. • Perlindungan berganda Sekiranya anda mempunyai lebih daripada satu takaful atau insuran KD, dan kemudiannya anda meninggal dunia atau hilang upaya, anda atau benefisiari anda berhak mendapat pampasan di bawah setiap pelan/polisi. Walau bagaimanapun, bagi kerugian tertentu, seperti belanja perubatan yang pampasannya adalah berdasarkan pembayaran gantian, anda akan dibayar pampasan sekali sahaja berdasarkan kerugian sebenar yang dialami. • Benefisiari Anda dinasihatkan supaya menamakan benefisiari anda dan memastikan benefisiari anda mengetahui takaful KD yang anda sertai. Bagaimana membuat tuntutan? • Tuntutan kematian Apabila berlaku kematian, laporan polis hendaklah dibuat dan pengendali takaful mesti dimaklumkan dengan secepat mungkin. Pihak menuntut akan diberi borang tuntutan yang harus diserahkan bersama-sama dengan semua dokumen sokongan yang dikehendaki oleh pengendali takaful, seperti sijil kematian dan permit pengebumian. Jika tiada benefisiari yang dilantik, tanggungan si mati atau pentadbir harta pusaka si mati hendaklah mengemukakan bukti tanggungan atau surat kuasa mentadbir. • Tuntutan kecederaan Anda mestilah memberikan notis bertulis kepada pengendali takaful mengenai kecederaan anda dalam jangka masa yang ditetapkan dalam takaful KD. Anda hendaklah mengemukakan borang tuntutan berserta dengan semua dokumen sokongan, seperti laporan perubatan dan resit pembayaran belanja hospital kepada pengendali takaful. Anda akan dibayar pampasan untuk manfaat di bawah pelan jika rawatan diterima atau diagnosis dibuat dalam tempoh yang ditetapkan selepas tarikh kemalangan. Sumber : infoinsurans “Anda mestilah memberikan notis bertulis kepada pengendali takaful mengenai kecederaan anda dalam jangka masa yang ditetapkan ...” 8 • Ringgit Tawaran untuk menikmati pelbagai jenis kemudahan atau percutian pasti akan menarik perhatian para pengguna pada masa kini. Kini perkhidmatan skim perkongsian masa semakin banyak diperkenal kepada para pengguna, yang membolehkan mereka yang melanggan perkhidmatan ini akan mendapat ganjaran dari segi percutian atau kemudahan lain, serta keistimewaan seperti yang ditawarkan syarikat yang menganjurkan skim ini. Pengguna hanya perlu melanggan skim perkongsian masa ini daripada syarikat penganjur dengan membayar sejumlah bayaran dalam tempoh masa yang dipersetujui untuk menikmati pelbagai jenis kemudahan yang ditawarkan. Walaupun tawaran kemudahan yang disediakan nampak menarik, namun realitinya tidak semua yang ditawarkan itu sama seperti yang dijanjikan. Terdapat juga aduan yang diterima oleh NCCC, iaitu penganjur skim perkongsian masa membuat representasi palsu dan menjanjikan pelbagai tawaran. Namun, apabila diminta, kemudahan-kemudahan yang dijanjikan tidak dapat digunakan. Begitu juga, kemudahan tersebut tidak selesa seperti yang digambarkan. Pengguna akan lebih dihimpit dengan masalah jika bayaran langganan dibuat menerusi kad kredit. Ini kerana, kadangkala pelbagai jenis bayaran tersembunyi dikenakan ke atas pengguna dan cas langganan masih lagi berjalan walaupun mereka sudah menamatkan langganan tersebut. Kesannya, pengguna akan dibebani masalah hutang tanpa pengetahuan mereka sendiri. Adalah lebih bijak jika pengguna memastikan terlebih dahulu bahawa syarikat penganjur skim tersebut mempunyai sejarah perniagaan yang baik dan tiada rekod aduan berkaitan dengan perkhidmatan yang disediakan. Terma dan syarat yang terkandung dalam perjanjian perlu diteliti sebelum ditandatangani. Mengikut Seksyen 38 (1) Akta Kontrak 1950, pihak–pihak yang telah diikat di dalam kontrak yang dipersetujui mestilah melaksanakan tanggungjawab seperti yang telah dipersetujui dalam kontrak. Manakala, Seksyen 53 Akta Perlindungan Pengguna 1999 pula memperuntukkan bahawa setiap perkhidmatan yang dibekalkan kepada pengguna mestilah dijalankan dengan teliti dan kemahiran munasabah. Kesimpulannya, setiap terma dan syarat yang dipersetujui dalam perjanjian skim perkongsian masa mestilah dipatuhi dan dilaksanakan dengan baik oleh syarikat penganjur tanpa menindas hak pengguna. Tip Pengguna • Pastikan setiap tawaran yang dijanjikan oleh syarikat penganjur skim adalah munasabah dan boleh diperoleh. • Baca dan pastikan setiap syarat di dalam perjanjian adalah seimbang dan tidak berat sebelah. • Untuk mengelakkan daripada tertipu, anda boleh membuat semakan tentang kedudukan syar ikat penganjur dan maklum balas tentang perkhidmatan yang ditawarkan untuk mendapatkan kepastian. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Berhati-hati dengan Skim Perkongsian Masa Ringgit • 9 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Ruangan Masalah Kewangan Anda Saya bercadang untuk mempunyai rumah pertama, iaitu sebuah rumah teres. Walau bagaimanapun, saya kurang pasti apakah yang dimaksudkan dengan Mortgage Reducing Term Assurance (MRTA)? Apakah kelebihan dan perkara yang MRTA lindungi? Bagaimana pula dengan premium? Adakah kadar yang dikenakan berbeza mengikut negeri atau ditentukan oleh pemaju? Mohon penjelasan tuan. Terima kasih. Pengguna Johor Bharu MRTA (atau dalam Bahasa Melayu ialah Insurans Nyawa Gadai Janji Berkurangan) adalah sejenis perlindungan insurans hayat yang meliputi pembayaran balik pinjaman pembelian hartanah tertunggak (baki terhutang) kepada institusi kewangan sekiranya berlaku kematian, hilang upaya atau sakit kritikal peminjam. Oleh yang demikian, peminjam adalah digalakkan untuk memperoleh perIindungan MRTA. Premium biasanya telah diambil kira di dalam jumlah pinjaman dan diagihkan mengikut tempoh pinjaman. Premium hanya perlu dicaj sekali dalam tempoh pinjaman. Tidak timbul lagi premium yang perlu dibayar sama ada sebulan sekali atau setahun sekali. Seandainya pinjaman telah dibayar balik sepenuhnya lebih awal, pada amnya anda mempunyai opsyen untuk memohon pembayaran balik premium untuk baki tempoh yang belum luput atau meneruskan perlindungan insurans tersebut. Premium yang dikenakan adalah ditentukan oleh pihak insurans (bukannya oleh pihak pembiaya ataupun pihak pemaju) yang bergantung kepada jenis pelan yang dikehendaki dan mengambil kira faktor- faktor penentu, antaranya seperti berikut: • tempoh MRTA yang dikehendaki (iaitu tempoh pembiayaan yang diambil) • kadar faedah/caj keuntungan (ditentukan oleh pihak insurans) • jumlah diinsuranskan • jantina • umur • rekod kesihatan Masalah Kewangan Anda 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
17 Mar 2013
Bank Negara Malaysia Scholarship Programme 2013 / 2014 Nurturing Excellent Talents
https://www.bnm.gov.my/-/bank-negara-malaysia-scholarship-programme-2013-/-2014-nurturing-excellent-talents
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Reading: Bank Negara Malaysia Scholarship Programme 2013 / 2014 Nurturing Excellent Talents Share: Bank Negara Malaysia Scholarship Programme 2013 / 2014 Nurturing Excellent Talents Release Date: 17 Mar 2013 The online application for BNM Scholarship 2013 / 2014 will be made available starting 10 a.m. Sunday 17 March 2013. For more information on requirements, field of studies and how to apply, kindly visit the following page: BNM Scholarship 2013/2014  Biasiswa Bank Negara Malaysia Sesi Akademik 2013 / 2014 Sistem permohonan dalam talian untuk Biasiswa BNM 2013 / 2014 akan dibuka kepada umum mulai jam 10 pagi hari Ahad 17 Mac 2013. Untuk maklumat lanjut berkenaan syarat-syarat kelayakan, bidang pembelajaran dan cara memohon, sila layari laman berikut: Biasiswa BNM 2013/2014 © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
14 Mar 2013
RINGGIT Newsletter (January 2013 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-january-2013-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/Ringgit+Ed33+Jan+2013+%28Draft7%29.pdf
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Reading: RINGGIT Newsletter (January 2013 issue) is now available for download Share: RINGGIT Newsletter (January 2013 issue) is now available for download Release Date: 14 Mar 2013 The highlight for this month is "Berhati-hati Melabur dalam Skim Kepentingan". Other topics of interest include: Jimat Belanja Dengan Membawa Bekal Dari Rumah Dokumentasi Standard Untuk Perjanjian Pinjaman Perumahan Konvensional Tip Apabila Membuat Pinjaman Soalan Lazim Tentang Takaful Keluarga Berhemat Apabila Menggunakan Kad Kredit RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - January/2013 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Bil U’|/’|3 KKDN PP 15997/U5/Ems [B32591] . <r [D [D ".3 C) an r cu Z 03 Q ‘I ISSN 2180-3684 GABUNGAN $ BANK NEGARA MALAYSIA 9 7 7 2 1 8 0 3 6 8 0 0 3 EEEEETUUIJ-\AN|;’|F;E|§\SYl-;'||'XAN CENTRAL BANK or MALAYSIA Kata Editor, Wajah Baru RINGGIT 2013 Selamat Tahun Baru 2013. Sidang Redaksi Ringgit mengucapkan ribuan terima kasih atas sokongan pembaca sejak penerbitannya pada Mei 2010. Hasil Tinjauan Pembaca Ringgit pada tahun 2011, 97.6% merasakan maklumat dalam Ringgit adalah bersesuaian atau sangat bersesuaian dengan kehendak pembaca. 91.9% pembaca sangat setuju atau setuju dengan kenyataan bahawa Ringgit mudah difahami. Antara tiga topik yang paling diminati oleh pembaca ialah Perancangan Kewangan, Simpanan dan Penggunaan Bijak. Diharap tahun 2013 ini dapat mengubah gaya hidup dan sikap para pembaca ke arah pengurusan kewangan yang lebih cekap dan teratur. Tahun 2013, Ringgit ingin memperkenalkan dua ruangan baru, iaitu Masalah Kewangan Anda dan Ruangan Bersama NCCC. Ruangan Masalah Kewangan Anda merupakan ruangan berbentuk soal jawab berdasarkan soalan berkaitan masalah kewangan yang dikemukakan oleh pembaca. Soalan yang terpilih akan dijawab oleh agensi yang berkaitan. Para pembaca boleh mengajukan soalan melalui e-mel kepada [email protected]. Ruangan Bersama NCCC pula akan menjawab aduan berkaitan kewangan, yang disertai dengan tip dan panduan ringkas bagi mengelak daripada mengalami masalah tersebut. Diharapkan wajah baru Ringgit 2013 ini dapat memberi inspirasi baru kepada pembaca Ringgit, dan seterusnya menjadikan Ringgit sebagai bacaan utama dalam membuat keputusan mengenai perancangan kewangan buat diri sendiri dan keluarga. Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. RALAT: Artikel ‘Uruslah Harta Pusaka Sebelum Meninggal Dunia’, halaman 6, Ringgit Disember 2012, dinyatakan: d) Sedekah jariah dan wakaf yang tidak melebihi setengah harta anda, Sepatutnya ia dinyatakan sebagai: d) Sedekah jariah dan wakaf yang tidak melebihi 1/3 harta anda, 2 • Ringgit Berhati-Hati Melabur dalam Skim Kepentingan Terdapat laporan media tentang sindiket penipuan skim pelaburan beras yang dianjurkan oleh seorang lelaki tempatan di Kuching, Sarawak sejak dua bulan lalu. Ketua Pegawai Eksekutif Suruhanjaya Syarikat Malaysia (SSM) telah menasihatkan orang ramai supaya lebih berhati-hati sebelum menyertai sebarang skim pelaburan yang menjanjikan kadar pulangan yang tinggi dalam tempoh masa yang singkat. Ini bagi mengelakkan mereka daripada ditipu dan mengalami kerugian. Sekiranya pelaburan tersebut bersifat skim kepentingan, maka mereka perlu memastikan skim tersebut didaftar dan diluluskan oleh SSM. Mereka boleh membuat semakan tentang syarikat yang menganjurkan skim kepentingan yang diluluskan di laman sesawang SSM atau datang sendiri ke pejabat SSM yang berdekatan. Apakah Skim Kepentingan? Skim Kepentingan merupakan satu cara perniagaan di Malaysia. Skim Kepentingan melibatkan pengumpulan wang daripada orang ramai dengan tujuan untuk memperoleh satu kepentingan di dalam skim tersebut. Kepentingan yang dimaksudkan adalah kemudahan dan perkhidmatan yang disediakan, keuntungan atau pulangan, bergantung kepada jenis skim kepentingan tersebut. Penganjur skim kepentingan mestilah mendaftarkan skim tersebut dengan Suruhanjaya Syarikat Malaysia (SSM) sebelum ditawarkan kepada orang ramai. Penjualan kepentingan adalah tertakluk di bawah Bahagian 5 Penggal IV Akta Syarikat. Penganjur Ringgit • 3 perlu mematuhi Garis Panduan dan kehendak yang ditetapkan dan dikeluarkan oleh SSM dari semasa ke semasa. Bagaimana mengetahui skim itu adalah Skim Kepentingan? Skim yang ditawarkan mestilah mempunyai kriteria seperti berikut:- • Anda perlu membuat bayaran kepada syarikat, sama ada secara tunai atau sebagainya untuk menyertai skim. • Anda bukan pemegang syer dalam syarikat • Anda tidak terlibat dalam pengurusan seharian skim • Anda mempunyai kepentingan di dalam perniagaan atau skim tersebut. DAN mana-mana satu kriteria di bawah:- • Anda mempunyai kepentingan dalam keuntungan, aset atau realisasi di dalam mana-mana perniagaan skim di Malaysia atau sebaliknya. • Anda diberitahu bahawa anda akan mendapatkan pulangan/keuntungan pembayaran yang telah dibuat. • Anda mempunyai hak/kepentingan di dalam harta, termasuk hak untuk menggunakan kemudahan ke atas harta tersebut untuk lebih daripada 12 tahun. • Anda berhak untuk menggunakan kemudahan percutian melebihi dua kali dalam tempoh sesuatu skim kongsi masa. Contoh Skim Kepentingan • Tawaran keahlian melebihi 12 bulan bagi Kelab Golf, Kelab Rekreasi dan Kelab Kesihatan. • Tawaran untuk menjadi ahli skim kongsi masa. • Tawaran untuk melabur dalam skim pertanian dan skim ternakan air tawar bagi tujuan perdagangan. Skim ini juga dikenali sebagai skim kongsi tani atau skim plot penanam. • Tawaran untuk melabur dalam binatang ternakan (seperti burung unta, kuda, lintah, cacing, lembu, kambing, ikan sembilang dan burung layang- layang) bagi tujuan perdagangan. • Tawaran untuk melabur di dalam perniagaan tertentu yang pelabur tidak terlibat dalam tugasan harian perniagaan. • Tawaran untuk membeli tapak perkuburan, balang abu dan tempat penyimpanan balang abu daripada Taman Memorial. • Tawaran untuk membeli kepentingan dalam hartanah “greenbelt” yang pembeli menjangkakan keuntungan daripada penjualan tanah hasil usaha syarikat/pihak ketiga untuk mendapatkan kelulusan menukar zon kegunaan tanah. Skim ini dikenali sebagai Skim “Land Banking”. Senarai semakan untuk Skim Kepentingan 1) Hanya syarikat berhad yang dibenarkan untuk mengendalikan skim kepentingan. 2) Borang permohonan bagi pembelian kepentingan sesuatu skim hendaklah disertakan satu salinan prospektus. Kandungan prospektus akan menerangkan butir-butir lengkap tentang skim yang ditawarkan. 3) Skim mesti mempunyai surat ikatan amanah yang berdaftar dengan SSM. Surat ikatan amanah ini mengikat tanggungjawab penganjur skim terhadap pemegang kepentingan. Salinan surat ikatan amanah boleh didapati di SSM dengan kadar bayaran RM1.00 bagi satu muka surat. 4) Skim mempunyai pihak yang bertindak sebagai pemegang amanah. 5) Pemegang kepentingan diberi masa sekurang- kurangnya 10 hari tempoh bertenang untuk menarik balik permohonan, dan bayaran akan dikembalikan kepada pemohon tanpa sebarang denda. 6) Kakitangan jualan mestilah pekerja penganjur skim atau syarikat pemasaran yang dilantik oleh penganjur skim dan diluluskan oleh SSM. Untuk mengetahui lebih lanjut mengenai skim kepentingan, sila hubungi talian Hotline 03-2299 5500 atau melalui e-mel [email protected] atau mengunjungi laman sesawang www.ssm.com.my. Sumber : Suruhanjaya Syarikat Malaysia (SSM) 4 • Ringgit Membawa bekal dari rumah? Tabiat membawa bekal dari rumah dapat menjimatkan wang saku, dan pada masa yang sama dapat menikmati kualiti makanan yang sihat dan bersih. Wanita berkerjaya mungkin menjadikan alasan faktor kekangan masa menyebabkan mereka tidak sempat menyediakan makanan. Berdasarkan Laporan Perbincangan Kumpulan yang dilaksanakan oleh FOMCA pada tahun 2012, purata responden membelanjakan sekitar RM10 hingga RM50 sehari untuk membeli makanan yang siap dimasak. Berikut adalah tip bagaimana anda boleh menjimatkan belanja dengan membawa bekal dari rumah. a) Sarapan Anda boleh menyediakan sarapan yang ringkas, seperti sandwich, kuih-muih seperti karipap dan pau segera yang biasanya dijual di pasar raya. Sekiranya anda mempunyai masa, hidangan seperti bihun goreng, spageti juga menyelerakan jika ia dipanaskan di pejabat nanti. Untuk sarapan, anda telah menjimatkan perbelanjaan sebanyak RM2 hingga RM5 sehari. b) Makan tengah hari. Sekiranya anda bekerja, mungkin waktu pagi amat terhad untuk anda menyediakan makanan tengah hari. Anda boleh memanaskan makanan lebihan yang anda masak malam semalam untuk dibawa ke pejabat. Pastikan makanan tersebut dipanaskan dengan secukupnya agar ia tidak rosak sehingga menunggu waktu tengah hari. Untuk makan tengah hari, anda telah menjimatkan anggaran kos sebanyak RM6 hingga RM15. c) Minum petang Selepas sehar ian beker ja, anda tentu menginginkan waktu rehat sebentar. Pejabat anda mungkin mempunyai “pantry” yang lengkap. Maka, anda tidak perlu ke kedai mamak atau restoran untuk minum secawan teh tarik. Anda juga boleh membawa paket minuman segera untuk menikmati milo panas bersama-sama rakan sekerja. Untuk minum petang, anda telah menjimatkan perbelanjaan sebanyak RM1 hingga RM4 sehari. Berikut adalah keistimewaan dan kelebihan jika anda secara berterusan mengamalkan tip di atas. • Anda boleh memulakan tabungan dengan wang yang dapat anda jimatkan apabila membawa bekal dari rumah. • Anda dapat menikmati makanan yang sihat, berkhasiat dan segar. Kadang-kala makanan di restoran dipanaskan berhari-hari, yang menyebabkan anda tidak dapat menikmati makanan yang baru dimasak atau segar. • Apabila anda membawa bekal, anda tentu tidak keluar bersama-sama rakan-rakan yang lain. Ini dapat mengurangkan peluang untuk anda berbelanja atau “window shopping” pada sesuatu masa. Tip ini dapat menjimatkan poket anda. Selamat Mencuba! Jimat Belanja Dengan Membawa Bekal Dari Rumah Ringgit • 5 Berkuat kuasa mulai 1 Januari 2013, semua institusi perbankan dikehendaki menerima pakai dokumentasi yang standard bagi perjanjian pinjaman perumahan konvensional dan pembiayaan rumah bagi jumlah pokok sebanyak RM500,000 dan ke bawah. Inisiatif ini bertujuan untuk meningkatkan pemahaman peminjam dan kebolehbandingan terma dan syarat utama perjanjian pinjaman, termasuk tanggungjawab dan obligasi peminjam serta pembiaya di bawah perjanjian tersebut. Inisiatif ini, yang merupakan usaha bersama antara Bank Negara Malaysia, PEMUDAH dan industri kewangan, bertujuan untuk menggalakkan keberkesanan dalam proses perniagaan untuk mempertingkat kualiti penyampaian perkhidmatan dalam sektor perkhidmatan kewangan. Institusi perbankan dikehendaki menggariskan terma dan syarat utama secara konsisten dengan menggunakan templat yang disediakan oleh Persatuan Bank-bank dalam Malaysia (ABM) setelah berunding dengan Bank Negara Malaysia. Templat itu juga menerangkan terma dan syarat utama dengan menggunakan bahasa yang mudah. Ini akan membantu pengguna untuk membuat perbandingan antara bank sebelum membuat pinjaman perumahan. Selain itu, ia juga dapat mengurangkan risiko kepada peminjam akibat tidak memahami sepenuhnya terma kontrak perjanjian disebabkan oleh perbezaan antara bank dalam huraian dan peletakan terma dan syarat utama, serta penggunaan bahasa yang tidak jelas atau kompleks. Institusi perbankan dikehendaki menggunakan templat ini dalam semua perjanjian pinjaman perumahan konvensional dan pembiayaan rumah yang ditawarkan kepada individu bagi pembiayaan harta kediaman yang mempunyai jumlah pokok sebanyak RM500,000 dan ke bawah. Jumlah pokok ini hanya merujuk kepada amaun pinjaman untuk harga pembelian harta kediaman sahaja. Walau bagaimanapun, pinjaman atau pembiayaan itu boleh digunakan untuk menampung kos pengubahsuaian, Insurans Gadai Janji Berkurangan Tempoh (MRTA) atau premium insurans lain yang serupa yang dibenarkan oleh institusi perbankan dan bayaran guaman yang ditanggung daripada pembelian harta kediaman tersebut. Orang ramai boleh mengakses templat ini dan soalan lazim di laman sesawang ABM di www.abm.org.my. Sumber : Bank Negara Malaysia Dokumentasi Standard Untuk Perjanjian Pinjaman Perumahan Konvensional 6 • Ringgit Sebelum anda membuat pinjaman, anda perlu mempertimbang perkara-perkara berikut:- • Semasa membuat permohonan pinjaman, tanyakan dahulu kepada diri anda, apakah tujuan pinjaman tersebut dan tentukan sama ada anda mampu untuk membuat bayaran ansuran bulanan. • Jangan sesekali membuat pinjaman daripada peminjam wang yang tidak berlesen. • Waspada terhadap syarat dan terma pinjaman yang diambil. • Biasakan diri bertanya tentang kadar faedah efektif yang dikenakan bagi pinjaman sewa beli dan kadar tetap pinjaman berjangka. • Jumlah bayaran bulanan bagi semua pinjaman dan hutang kad kredit tidak boleh melebihi satu pertiga daripada gaji bersih anda. • Jangan terpedaya dengan penggunaan kad kredit dan kad caj sebagai wang ‘percuma’. • Membayar hanya bayaran minimum bil kad kredit menyebabkan hutang bertambah besar kerana kesan kompaun. • Berusaha untuk menjadi pembayar balik pinjaman yang baik agar mendapat laporan kredit yang positif. Tanda-tanda yang menunjukkan anda menghadapi masalah kewangan:- • Jika anda tidak dapat mengawal perbelanjaan – iaitu perbelanjaan melebihi pendapatan. • Jika hutang melebihi jumlah yang boleh anda uruskan. • Anda hanya mampu membayar 5% setiap bulan bagi penyata kad kredit. • Anda t idak mempunyai tabungan untuk menghadapi kecemasan peribadi atau keluarga. • Anda kerap menerima panggilan daripada pemungut hutang. • Anda menerima surat saman tuntutan hutang. Sekiranya anda menghadapi masalah seperti yang dinyatakan di atas, segeralah mendapatkan pertolongan dan nasihat kewangan daripada kaunselor kewangan yang profesional. Sumber : Buku Celik Wang, Agensi Kaunseling dan Pengurusan Kredit. Tip Apabila Membuat Pinjaman “Jumlah bayaran bulanan bagi semua pinjaman dan hutang kad kredit tidak boleh melebihi satu pertiga daripada gaji bersih anda.” Ringgit • 7 Takaful ialah satu skim insurans berlandaskan prinsip Islam iaitu saling menjamin, apabila sekumpulan peserta bersetuju untuk saling menjamin sesama mereka terhadap kerugian tertentu. Sekiranya anda menyertai skim takaful, anda bersetuju menderma sebahagian daripada caruman ke dalam kumpulan wang takaful bagi membantu mana-mana peserta kumpulan yang mengalami mana-mana kerugian tertentu. Bergantung pada terma dalam sijil takaful, seseorang peserta juga boleh berkongsi lebihan kumpulan wang takaful sekiranya beliau tidak pernah membuat tuntutan sepanjang tempoh takaful. Anda boleh membeli jenis takaful yang berbeza untuk melindungi harta benda, nyawa, kesihatan dan persaraan anda. Terdapat pelbagai jenis produk yang boleh memenuhi keperluan anda. Jenis takaful yang biasa didapati ialah takaful keluarga, takaful motor, takaful empunya/isi rumah, takaful berkaitan pelaburan, takaful perubatan dan kesihatan serta takaful kemalangan diri. Berikut adalah soalan lazim tentang takaful keluarga: 1. Adakah takaful keluarga hanya dikhaskan untuk orang Islam sahaja? Tidak, takaful keluarga terbuka kepada semua individu, tidak kira agama yang dianuti. Tidak ada sebarang penambahan daripada segi terma dan syarat yang akan dikenakan kepada peserta bukan Islam. 2. Apakah Akaun Peserta? Akaun Peserta (AP) ialah akaun pelaburan bagi sebahagian daripada ansuran caruman takaful anda yang telah dikreditkan untuk tujuan simpanan dan pelaburan. 3. Apakah Akaun Khas Peserta? Akaun Khas Peserta (AKP) ialah baki daripada ansuran caruman takaful anda yang dikreditkan sebagai caruman penyertaan (tabarru’) bagi Soalan Lazim Tentang TAKAFUL KELUARGA 8 • Ringgit tujuan pembayaran manfaat takaful kepada mana-mana peserta yang menghadapi musibah disebabkan oleh kematian atau hilang upaya kekal. 4. Apakah rider atau manfaat tambahan? Rider atau manfaat tambahan memberi perlindungan tambahan daripada takaful keluarga asas, seperti manfaat hospital dan pembedahan. 5. Apakah rider kematian akibat kemalangan? Rider kematian akibat kemalangan ialah perlindungan yang memberikan manfaat kematian dua kali ganda daripada jumlah perlindungan sekiranya kematian disebabkan oleh kemalangan. Contohnya, jika jumlah perlindungan untuk pelan asas ialah RM10,000, dengan rider ini, waris anda akan menerima sejumlah RM20,000 jika anda meninggal dunia akibat kemalangan. 6. Bagaimanakah caranya untuk saya membuat caruman takaful? Anda boleh memilih untuk membuat ansuran caruman takaful secara bulanan, suku-tahunan, separuh-tahunan atau tahunan. Anda boleh membuat pembayaran melalui arahan tetap bank, potongan gaji atau di mana-mana cawangan pengendali takaful anda. 7. Apakah hilang upaya kekal? Hilang upaya kekal ialah hilang upaya sama ada akibat kecederaan badan atau penyakit yang menyebabkan anda tidak berupaya langsung untuk melakukan sebarang kerja. 8. Adakah saya layak untuk mendapat pelepasan cukai perseorangan jika saya menyertai takaful keluarga? Apabila anda menyertai takaful keluarga, anda layak untuk mendapat pelepasan cukai perseorangan seperti insurans nyawa. Amaun maksimum bagi pelepasan takaful keluarga biasa ialah RM6,000 setahun setelah ditolak caruman yang dibayar kepada faedah skim persaraan, seperti Kumpulan Wang Simpanan Pekerja. Pengendali takaful anda akan mengeluarkan penyata caruman tahunan bagi menyokong penyata cukai pendapatan anda kepada Lembaga Hasil Dalam Negeri. Sumber : infoinsurans “Terdapat pelbagai jenis produk yang boleh memenuhi keperluan anda. Jenis takaful yang biasa didapati ialah takaful keluarga, takaful motor, takaful empunya/isi rumah, takaful berkaitan pelaburan, takaful perubatan dan kesihatan, takaful kemalangan diri.” Ringgit • 9 Kad kredit digunakan secara meluas dalam kalangan pengguna pada masa ini. Malah, kebanyakan perniagaan dan institusi perbankan menggalakkan pengguna menggunakan kad kredit sebagai kemudahan pembayaran, terutamanya apabila berurus niaga secara atas talian. Untuk menggalakkan penggunaan kad kredit dalam usaha untuk mendapatkan pelanggan, kebanyakan institusi kewangan mengadakan pelbagai promosi dan memberikan mata ganjaran atau bonus. Namun begitu, penggunaan kad kredit boleh memudaratkan jika pengguna tidak bijak mengawal perbelanjaannya. Kad kredit bukanlah suatu aset ataupun tanda kebanggaan seperti yang disangkakan. Setiap kali kad ini digunakan, seorang pengguna menjadi penghutang kerana wang yang digunakan bukannya wang mereka tetapi wang yang dipinjamkan oleh institusi kewangan. Pusat Khidmat Aduan Pengguna Nasional (NCCC) banyak menerima kes aduan daripada pengguna yang tidak mampu membayar balik pinjaman pihak bank ataupun hampir diisytiharkan bankrap. Dalam kebanyakan kes, pengadu memaklumkan bahawa jumlah hutang kad kreditnya dan caj yang dikenakan adalah tidak setimpal. Sebagai contoh, seorang pengadu hanya menggunakan kad kreditnya sebanyak RM4,000, tetapi disebabkan tidak membayar hutang pada masa yang ditetapkan, maka beliau dikenakan pelbagai penalti dan kadar faedah. Ini menyebabkan jumlah hutangnya semakin meningkat sehingga puluhan ribu. Pengguna adalah digalakkan untuk berurusan terus dengan institusi perbankan mereka untuk penjadualan atau penstrukturan pinjaman. Walau bagaimanapun, jika penyelesaian tidak dapat dicapai, pengguna dinasihatkan untuk mendapatkan khidmat nasihat Agensi Kaunseling dan Pengurusan Kredit (AKPK) untuk membantu menguruskan kewangannya. AKPK akan menstrukturkan semula semua hutang tersebut berdasarkan pendapatan bulanan, jumlah aset dan jumlah hutang mereka. NCCC menyediakan saluran kepada pengguna untuk mendapatkan keadilan mengenai isu-isu dan masalah kewangan pengguna. Tip NCCC kepada Pengguna • Sentiasa menjelaskan semua baki kad kredit tepat pada masanya. • Dengan hanya membuat bayaran minimum ke atas kad kredit, anda akan menanggung kadar faedah yang lebih tinggi (kesan faedah kompaun). • Baca dan fahami semua terma dan syarat sebelum menggunakan kad kredit. • Sentiasa menyemak butiran transaksi apabila menerima penyata bulanan kad kredit anda. Berhemat Apabila Menggunakan Kad Kredit Ruangan Bersama NCCC 10 • Ringgit Masalah Kewangan Anda Anda boleh menghantarkan masalah berkaitan kewangan anda kepada ringgit@ crrc.org.my atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1, Bangunan SKPPK, Jalan SS9A/17, 47300 Petaling Jaya Selangor. Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
18 Feb 2013
RINGGIT Newsletter (December 2012 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-december-2012-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/Ringgit+Ed32+Draft3_Dec2012.pdf
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Reading: RINGGIT Newsletter (December 2012 issue) is now available for download Share: RINGGIT Newsletter (December 2012 issue) is now available for download Release Date: 18 Feb 2013 The highlight for this month is "Apa Yang Menyebabkan Hutang Berlebihan?". Other topics of interest include: Uruslah Harta Pusaka Sebelum Meninggal Dunia Panduan Mudah Sebelum Membeli Kereta Takaful Berkaitan Pelaburan Mitos Tentang Unit Amanah AKPK Mensasar Pendidikan Kewangan Untuk Golongan Muda Menerusi Buku Komik Pengurusan Wang RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - December/2012 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed32 Draft2.PM6 IR .. DISEIVIER 2012 RAKAN KEWANGAN ANDA ( .1 ISSN 2180-8884 ° ° Uruslah Harta Pusaka Sebelum Meninggal Dunia ° Panduan Mudah Sebelum Membeli Kereta ° Takaful Berkaitan Pelaburan ° Mitos Tentang Unit: Amanah ° AKPK Mensasar Pendidikan Kewangan untuk Golongan Muda Menerusi Buku Komik Pengurusan Wang ISSN 2180-3684 M GABUNGAN BANK NEGARA MALAYSIA 9 7 7 2 1 8 0 3 6 8 0 0 3 PERSATUAN-PERSATUAN CENTRAL BANK or MALAYSIA PENGGUNA MALAYSIA 2 • Apa Yang Menyebabkan Hutang Berlebihan? Anda dikatakan telah berhutang secara berlebihan jika beban hutang terlalu berat untuk ditanggung. Dalam keadaan ini, mungkin pendapatan anda tidak mencukupi untuk membayar hutang. Anda terpaksa menggunakan tabungan dan pelaburan untuk membayar hutang tersebut. Tamak Salah satu punca utama yang menyebabkan keadaan hutang berlebihan adalah sifat tamak. Ada orang yang terlalu tamak sehingga mudah terpengaruh dengan skim cepat kaya dan berkesudahan dengan kerugian besar. Lebih teruk lagi, ada pula yang sanggup menggunakan pinjaman, iaitu berhutang dengan bank atau rakan untuk melabur dalam skim penipuan dan terperangkap dalam belenggu hutang yang lebih besar. Gaya hidup Ada orang yang hidup mewah dengan membeli barangan mahal padahal mereka tidak mampu. Mereka merasakan bahawa gaya hidup mewah ini penting bagi mengekalkan imej atau status mereka mengikut tanggapan orang lain. Keadaan tidak diduga Tidak kurang juga yang terpaksa berhutang disebabkan oleh keadaan yang tidak dapat dielakkan. Mungkin anda telah mengambil langkah sewajarnya untuk meminjam mengikut had kemampuan, tetapi keupayaan membayar balik hutang boleh terjejas jika berlaku sesuatu keadaan yang di luar kawalan anda. Keadaan ini seperti kehilangan pekerjaan, hilang upaya, menghidap penyakit kritikal, kemalangan atau kecemasan yang lain. Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 kereta tersebut. Jika ia merupakan pinjaman perumahan pula, institusi kewangan akan merampas rumah dan melelongnya. Seandainya hasil lelongan tidak mencukupi untuk menjelaskan hutang sepenuhnya, maka institusi kewangan akan mengambil tindakan undang-undang seperti kebankrapan terhadap anda (dan/atau penjamin, jika ada, untuk menuntut baki hutang). Bagi pinjaman tanpa cagaran, institusi kewangan mempunyai beberapa pilihan untuk melaksanakan penghakiman yang diperoleh untuk mendapatkan semula hutang mereka. Ini termasuk perintah rasmi rampasan dan jualan, saman prosiding “garnishee”, saman penghutang penghakiman dan petisyen kebankrapan ke atas peminjam (dan/atau penjamin, jika ada). Pada masa ini, petisyen kebankrapan hanya boleh dimulakan sekiranya jumlah hutang terkumpul mencecah RM30,000 ke atas. Sekiranya anda telah diisytiharkan bankrap, terdapat banyak sekatan dari segi undang-undang yang akan dikenakan. Pada umumnya anda tidak boleh melakukan perkara berikut: - • Memegang apa-apa jawatan awam tanpa kebenaran Ketua Pengarah Jabatan Insolvensi Malaysia (KPJIM). • Meneruskan sebarang tindakan mahkamah tanpa izin KPJIM. • Meninggalkan negara tanpa perintah mahkamah atau kebenaran KPJIM. • Menjadi pengarah syarikat atau menjalankan perniagaan atau terlibat dalam pengurusan syarikat tanpa kebenaran mahkamah atau KPJIM. • Melibatkan diri dalam pengurusan syarikat atau menjadi pekerja di syarikat yang dimiliki oleh pasangan atau saudara terdekat dan pasangan mereka. • Menjadi ahli jawatankuasa mana-mana badan yang berdaftar. • Tidak boleh membuat sebarang pinjaman melebihi RM1,000 tanpa memaklumkan kepada pemiutang tentang status kebankrapan. Jika anda gagal membuat bayaran ke atas pinjaman, dapatkan nasihat dengan segera. Jangan tunggu sehingga masalah berlarutan dan tidak terkawal. Lebih cepat anda mendapatkan bantuan, semakin mudahlah untuk menyelesaikan masalah anda. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) Beberapa tanda masalah kewangan Kad kredit • Membayar baki minimum sahaja setiap bulan. • Baki tertunggak meningkat setiap bulan • Menggunakan kad pada had maksimum. • Kerap mengambil pendahuluan wang tunai. • Tidak membayar atau lewat membuat bayaran. • Kad kredit dibatalkan oleh pihak bank. Pinjaman • Kerap kali menggunakan overdraf atau kemudahan pinjaman automatik daripada akaun semasa. • Menerima notis bayaran daripada pemiutang kerana tidak membayar hutang. • Gagal mendapat pinjaman kerana laporan kredit tidak memuaskan. • Meminjam wang daripada keluarga atau kawan untuk membayar hutang. • Kerap kali dihubungi oleh pihak pemungut hutang. Simpanan • Menggunakan simpanan pada kadar yang membimbangkan. • Mempunyai sedikit ataupun tiada langsung simpanan untuk menangani perbelanjaan kecemasan. Perbelanjaan • Hidup semata-mata bergantung pada pendapatan bulanan. • Bergantung kepada kerja sampingan, kerja lebih masa, komisen atau bonus untuk membiayai sara hidup. • Tidak mengetahui berapa banyak hutang sehinggalah penyata diterima. • Kerap kali bertengkar dengan pasangan mengenai wang. Apakah akibat tidak membayar hutang dengan bank? Apabila anda gagal menjelaskan sesuatu pinjaman, institusi kewangan akan mengambil tindakan mahkamah terhadap anda. Sekiranya pinjaman itu adalah pinjaman kereta, institusi kewangan akan menarik balik dan menjualkan 4 • Hak milik harta atau kuasa terhadap harta perlu disusun dengan baik sebelum anda meninggal dunia. Kadangkala usaha ini akan bertentangan dengan halangan psikologi kerana seolah-olah merancang pengurusan harta pusaka akan mengundang kedatangan maut dengan lebih cepat. Fahaman seperti ini patut dihindari. Masalah utama akibat daripada sikap menangguhkan membuat perancangan harta pusaka ialah ajal tidak berbau. Takut-takut anda meninggal dunia sebelum sempat menyusun perancangan harta dengan kemas. Ini akan mengundang pelbagai masalah. Harta anda kemungkinan besar akan dibekukan, yakni tidak dapat dimanfaatkan oleh ahli keluarga, isteri ataupun anak- anak anda. Sekiranya anda meninggal dunia tanpa mempunyai wasiat yang sah, satu proses perundangan yang boleh mengambil masa yang agak panjang terpaksa dilalui sebelum harta berkenaan dapat diagihkan atau dimanfaatkan oleh waris anda. Keadaan akan menjadi bertambah rumit sekiranya berlaku perbalahan antara ahli-ahli waris yang merasakan hak mereka tidak diambil kira dengan adil. Hibah, Wakaf dan Akaun Amanah Bagi penganut agama Islam, semasa masih hidup anda boleh membuat keputusan untuk terus mengagihkan harta anda dalam bentuk hibah (hadiah), wakaf ataupun menubuhkan dana khas dengan memindahkan sebahagian atau keseluruhan harta anda ke dalam akaun amanah yang akan dipegang oleh pemegang amanah yang anda lantik. • Hibah: Hadiah, iaitu pemberian hak milik anda secara sukarela kepada sesiapa yang pada hemat anda patut menerima hibah tersebut. Penerima hibah boleh terdiri daripada isteri, suami, anak- anak, ahli keluarga yang lain dan yang bukan tergolong dalam ahli waris anda. Sekiranya hak milik harta telah berpindah kepada penerima hibah dan jika penerima hibah meninggal dunia, harta yang dihibah akan menjadi harta pusaka penerima hibah tersebut. Anda boleh melantik pemegang amanah seperti Amanah Raya Berhad bagi kes penerima hibah yang masih bawah umur ataupun terdapat syarat-syarat yang perlu dipenuhi terlebih dahulu oleh penerima hibah tersebut. • Wakaf: pemindahan hak milik harta anda kepada sesuatu badan ataupun institusi dengan tujuan khusus ataupun umum yang melewati kepentingan ahli-ahli waris anda untuk mencakupi kepentingan masyarakat umum. Wakaf adalah amal jariah yang berterusan dan biasanya melibatkan “harta tak alih” seperti hartanah. • Akaun amanah: Dana ini ialah harta anda dalam bentuk harta alih, seperti wang tunai dan saham serta harta tak alih seperti hartanah. Dana ini akan dipegang dan diuruskan oleh pemegang amanah seperti Amanah Raya Berhad. Tujuan akaun amanah ialah memelihara kepentingan benefisiari apabila anda meninggal dunia. Biasanya benefisiari (penama yang mendapat manfaat) ini seperti isteri atau suami dan anak-anak. Harta yang telah dimasukkan ke dalam akaun amanah bukan harta pusaka. Maka agihannya boleh disegerakan apabila anda meninggal dunia. UruslahUruslahUruslah HartaHartaHarta PusakaPusakaPusaka SebelumSebelumSebelum MeninggalMeninggalMeninggal DuniaDuniaDunia ... bersambung ke muka 6 • 5 Memiliki kenderaan sendiri adalah impian bagi setiap individu. Kini, terdapat pelbagai tawaran dan promosi diperkenal untuk anda memiliki kereta impian, sama ada anda ingin menjual kereta lama dan membeli kereta yang baharu. Keputusan membeli kereta perlulah difikirkan secara teliti dengan mengambil kira komitmen bayaran bulanan, penyelenggaraan, membaik pulih kenderaan, insurans dan keperluan sekeluarga. Berikut adalah beberapa tip umum membeli kereta baharu dan terpakai yang boleh dijadikan sebagai panduan: - a) Apabila anda berhadapan dengan penjual kereta, pastikan penjual memaklumkan kepada anda harga kereta yang ditawarkan dan kos-kos yang terlibat secara terperinci. b) Pastikan perjanjian yang dibuat adalah mudah. Jangan tergesa-gesa membincangkan untuk menjual kereta lama anda atau pinjaman kereta, kecuali jika anda telah bersetuju dengan harga belian. c) Buat perbandingan harga antara syarikat penjual kereta yang lain serta promosi/pakej menarik yang memberi kelebihan kepada anda. d) Sebelum anda berkunjung ke bilik pameran kereta baru, pertimbangkan model-model yang sesuai dengan keperluan anda sekeluarga, dan yang paling penting, mengikut kemampuan anda. Anda boleh melawati beberapa bilik pameran model kereta yang berlainan. e) Jika boleh, pandu uji kenderaan untuk memastikan ia sesuai dengan keperluan anda. f) Anda juga boleh menyemak senarai harga kereta di pasaran semasa melalui surat khabar, iklan- iklan dan risalah-risalah. g) Pastikan kelengkapan aksesori kereta benar-benar lengkap, seperti yang dinyatakan semasa proses perjanjian jual beli, sebelum anda membawa pulang kereta berkenaan. h) Hati-hati dengan sebarang perubahan terhadap kenderaan, kemungkinan terdapat kekurangan aksesori pada kenderaan tersebut. i) Elakkan daripada menerima tawaran, membayar deposit atau perjanjian jual beli kereta pada cuti umum atau hujung minggu. Sebaik-baiknya, lakukan sewaktu hari bekerja. Ini untuk mengelakkan berlakunya penyelewengan daripada pihak ejen. j) Untuk pembelian kereta terpakai, pastikan dokumen pemilik kenderaan lama telah dipindah milik sepenuhnya kepada anda dan mendapat kelulusan daripada PUSPAKOM. Berikut disertakan serba ringkas prosedur membeli kereta bermula daripada membuat tempahan sehinggalah setelah menerima kenderaan. 1. Semasa membuat tempahan • Tempahan hendaklah dibuat dengan menggunakan cek atau bank deraf. Bayaran tunai tidak digalakkan. • Pastikan setiap bayaran yang dibuat diberikan resit rasmi syarikat serta merta sebagai mengakui penerimaan bayaran. • Pastikan borang tempahan diisi dengan betul, seperti maklumat peribadi, maklumat pinjaman dan maklumat kenderaan. • Anda harus menyimpan satu salinan yang lengkap yang telah ditandatangani. • Sila baca dan fahami keseluruhan terma dan syarat yang terkandung dalam borang tempahan tersebut. 2. Ketika Membuat pinjaman Ketika memohon pinjaman, serahkan dokumen- dokumen berikut: • Salinan borang tempahan rasmi syarikat pengedar. • Salinan kad pengenalan yang dicatatkan perkataan ‘untuk tujuan pinjaman dengan syarikat kewangan’ bagi mengelakkan penyalahgunaan salinan tersebut. • Salinan lesen memandu atau sekeping gambar pemohon. • Slip gaji terbaru bagi tempoh tiga bulan. • Penyata akaun simpanan/semasa/tetap • Borang EA. • Surat perlantikan tawaran kerja. Panduan Mudah Sebelum Membeli Kereta 6 • 3. Apabila pinjaman telah diluluskan, sila ambil tindakan berikut: • Hubungi syarikat kewangan dan sahkan syarat- syarat kelulusan pinjaman seperti dicatatkan dalam surat tawaran, seperti jumlah pinjaman, tempoh bayaran, kadar faedah dan jenis atau model kenderaan. • Semua dokumen mengenai perjanjian pinjaman ditandatangani di syarikat kewangan. • Tidak ada bayaran dikenakan bagi pengendalian proses pinjaman kenderaan. 4. Pendaftaran Kenderaan Pendaftaran kenderaan hanya boleh dibuat sekiranya: • Bayaran penuh harga kenderaan telah dibuat (bagi pembelian tanpa pinjaman). • Surat Aku Janji daripada syarikat kewangan dikeluarkan dan bayaran muka telah dijelaskan sepenuhnya. 5. Untuk tujuan pendaftaran, kemukakan dokumen-dokumen berikut di Jabatan Pengangkutan Jalan (JPJ): • Salinan kad pengenalan pembeli yang disahkan dicatatkan perkataan ‘untuk tujuan pendaftaran kenderaan di Jabatan Pengangkutan Jalan sahaja’ • 2 salinan JPJ K1 yang telah lengkap diisi dan ditandatangani oleh pembeli. • Borang pelepasan tanggungan JPJ yang lengkap diisi dan ditandatangani oleh pembeli dan juga ditandatangani oleh seorang saksi. • Surat jualan daripada syarikat pengedar. • Dokumen perlindungan insurans yang berkuat kuasa yang diisi penuh dengan butir-butir pembeli dan kenderaan. • Surat tuntutan hak milik daripada syarikat kewangan. • Resit tender nombor pendaftaran (jika ada). • Untuk mendapatkan pendaftaran segera, pembeli perlu hadir di Jabatan Pengangkutan Jalan. • Bayaran pendaftaran kereta, cukai jalan dan tuntutan hak milik termasuk dalam harga kenderaan yang diisytiharkan. • Bayaran tambahan dikenakan bagi kes-kes seperti penukaran nombor pendaftaran yang melibatkan pengekalan nombor pendaftaran lama kepada kereta baru. 6. Semasa penyerahan kenderaan Apabila anda menerima kenderaan baru, sila pastikan: • Kereta tersebut sempurna dan memuaskan. • Perkakas dan aksesori lengkap dibekalkan. • Buku jaminan diisi dan dicop dengan cop syarikat wakil pengedar dan ditandatangani oleh pembeli. • Borang penyerahan rasmi syarikat pengedar kereta hendaklah ditandatangani oleh pembeli serta wakil syarikat pengedar dan satu salinan disimpan oleh pembeli. Surat wasiat Walau apapun usaha semasa hayat anda menguruskan harta pusaka, janganlah anda lupa untuk menyediakan surat wasiat. Dokumen penting ini harus mengandungi perkara-perkara seperti berikut: - a) Pelantikan wasi – iaitu orang ataupun badan yang akan menguruskan agihan harta pusaka anda. b) Senarai hutang – hutang perlu dijelaskan sebaik-baiknya semasa hayat masih ada dan menjadi keutamaan selepas anda meninggal dunia. Malah penyusunan pembayaran hutang perlu didahulukan sebelum agihan harta pusaka. c) Senarai harta – harta sepencarian perlu ada senarai yang khusus. Senarai khusus ini akan memelihara hak suami atau isteri yang masih hidup. d) Sedekah jariah dan wakaf yang tidak melebihi setengah harta anda, boleh diperuntukkan kepada orang yang bukan waris. Maklumkan juga senarai harta yang telah dipindahkan hak miliknya semasa hayat anda yang tidak termasuk dalam kategori harta pusaka dan tidak boleh diagihkan mengikut Hukum Faraid. e) Hukum Faraid – cadangan pembahagian mengikut Hukum Faraid. Dalam Islam, ahli waris ditentukan seperti berikut: - i) Suami atau isteri; ii) Ayah, ibu, datuk, nenek dan seterusnya; iii) Anak, cucu dan seterusnya; iv) Adik beradik dan zuriatnya; v) Ayah saudara, ibu saudara dan zuriatnya. Terdapat cara pengiraan yang terperinci untuk menentukan jumlah agihan yang berhak diterima oleh seseorang waris. Peranan wasi sebagai pentadbir harta pusaka penting agar agihan dapat disempurnakan dengan adil dan cepat. Pengurusan harta pusaka tertakluk kepada dasar keadilan, kasih sayang, perkongsian, pertolongan dan timbang rasa. Maka memelihara hak ahli-ahli waris sepatutnya menjadi pertimbangan utama apabila mengurus agihan harta semasa hayat atau selepas anda meninggal dunia. Sumber: Panduan Kewangan Peribadi dan Keluarga “Cukup Wang Hati Tenang untuk Semua” oleh Hajah Rohani Datuk Hj Mohd Shahir. bersambung dari muka 4 ... • 7 Apakah takaful berkaitan pelaburan? Ia merupakan pelan takaful keluarga yang menggabungkan pelaburan dan perlindungan takaful. Caruman anda akan memberi perlindungan takaful, termasuk manfaat kematian dan kehilangan upaya. Sebahagian daripada caruman akan dilaburkan dalam pelbagai dana pelaburan pilihan anda yang dibenarkan oleh Syariah. Konsep takaful dalam takaful berkaitan pelaburan Dalam takaful berkaitan pelaburan, sebahagian daripada caruman anda akan diagihkan kepada dana takaful dalam bentuk caruman penyertaan (tabbarru’), dan sebahagian lagi akan digunakan bagi membeli unit berkaitan pelaburan. Jenis-jenis takaful berkaitan pelaburan Pelan Caruman Tunggal • Bayaran premium tunggal secara sekali gus. • Jumlah perlindungan biasanya adalah peratusan daripada caruman tunggal. • Bayaran manfaat adalah jumlah perlindungan dan nilai unit berkaitan pelaburan. Pelan Caruman Berkala • Bayaran caruman dibuat secara bulanan, suku tahunan, separuh tahunan atau tahunan • Jumlah perlindungan biasanya adalah gandaan caruman tahunan • Bayaran manfaat adalah jumlah perlindungan dan nilai unit berkaitan pelaburan Ciri unik takaful berkaitan pelaburan Takaful berkaitan pelaburan mempunyai ciri-ciri unik seperti berikut: - • Anda diberi kelonggaran untuk memilih tahap perlindungan dan pelaburan. • Anda boleh mengubah jumlah caruman mengikut perubahan kedudukan kewangan anda. • Anda boleh menukar dana pelaburan yang sedia ada kepada dana pelaburan yang lain. • Anda boleh menebus sebahagian daripada unit berkaitan pelaburan anda pada bila-bila masa. • Anda boleh memilih untuk melabur dalam pelbagai jenis dana pelaburan (ekuiti, bon atau instrumen kewangan lain.) Penebusan unit berkaitan pelaburan Anda mempunyai pilihan untuk menjual unit berkaitan pelaburan anda secara: - a) Pengeluaran separa Permohonan boleh dibuat dengan mengisi Borang Pengeluaran Separa menyatakan opsyen berikut: • Bilangan unit yang ingin anda jual; atau • Nilai tunai yang anda perlukan. b) Penyerahan Anda perlu mengisi Borang Penyerahan jika berhajat menjual semua unit berkaitan pelaburan anda. Nilai seunit berkaitan pelaburan adalah berdasarkan harga seperti yang dinyatakan dalam sijil. Pertimbangan penting untuk memilih pelan yang betul a) Perlindungan takaful Caruman anda biasanya memberi perlindungan takaful daripada kematian dan hilang upaya. Dengan caruman tambahan, anda boleh meluaskan perlindungan asas bagi merangkumi kemalangan diri dan penyakit kritikal. Takaful Berkaitan Pelaburan 8 • b) Pilihan dana pelaburan Anda diberi pilihan melabur dalam pelbagai dana pelaburan. Harga unit berkaitan pelaburan berubah mengikut nilai semasa dana pelaburan. Adalah penting bagi anda memilih dana pelaburan yang menggambarkan tahap risiko yang mampu anda ambil, kerana anda akan menanggung sepenuhnya risiko pelaburan itu. c) Fi dan caj Pengendali takaful mungkin akan mengenakan fi dan caj bagi perkhidmatan yang diberikan, seperti fi pengurusan dana, caj perkhidmatan dan penyerahan. Fi pengurusan dana dikenakan secara tahunan dan dikira sebagai peratusan daripada nilai dana pelaburan. Caj perkhidmatan adalah bagi menampung kos pentadbiran takaful berkaitan pelaburan anda. Caj penyerahan akan hanya dikenakan jika pelan diserahkan sebelum tempoh matang tamat. d) Alihan dana Sekiranya anda merasakan bahawa anda telah tersalah dalam membuat pilihan atau anda ingin menukar profil portfolio pelaburan anda, anda dibenarkan untuk menukar unit anda daripada satu dana pelaburan kepada dana yang lain. e) Nilai tunai terkumpul Caruman berkala takaful berkaitan pelaburan mungkin tidak mengumpul nilai tunai yang mencukupi pada peringkat awal sijil. Ini bermakna sekiranya sijil ditamatkan para peringkat awal, anda mungkin tidak akan mendapat balik sebarang nilai pelaburan. Harga bida dan harga tawaran Anda akan diberikan dua harga: harga tawaran untuk unit jualan dan harga bida untuk pembelian balik, sama seperti unit amanah. Perbezaan antara harga tawaran dan harga bida dipanggil “spread” bida/tawaran dan ia biasanya dinyatakan sebagai peratusan daripada harga tawaran, biasanya sekitar 5%. Tempoh bertenang Terdapat 15 hari tempoh membuat keputusan bagi membolehkan anda memikirkan sama ada mahu meneruskan dengan pelan takaful berkaitan pelaburan itu selepas anda menandatanganinya. Sekiranya anda bercadang untuk membatalkan pelan dalam tempoh tersebut, pengendali takaful akan memulangkan unit pelaburan dan caruman tabarru’ selepas ditolak fi perubatan dan kos pengunderaitan dalam penaksiran risiko. Nilai unit berkaitan pelaburan yang dipulangkan adalah berdasarkan harga seperti yang dinyatakan dalam sijil. Penyata tahunan Anda seharusnya menerima sekurang-kurangnya satu penyata tahunan mengenai status takaful berkaitan pelaburan anda, yang menunjukkan semua urus niaga atau caj dalam tempoh tersebut. Perkara yang perlu anda ingat • Sebelum anda melaburkan wang dalam takaful berkaitan pelaburan, fikirkan tentang risiko yang sanggup anda ambil dan pastikan anda benar- benar memahami risiko yang terlibat dan bersedia membiarkan wang anda terikat untuk tempoh tertentu. • Anda boleh mendapatkan nasihat profesional daripada pengendali takaful atau ejen anda mengenai risiko dan manfaat sesuatu pelan takaful berkaitan pelaburan. • Baca dengan teliti semua maklumat yang disediakan. Bagaimana saya membuat tuntutan? Pengendali takaful akan membayar tuntutan kepada anda atau penama anda, tertakluk kepada terma dan syarat takaful berkaitan pelaburan anda. Apabila membuat tuntutan: • Maklumkan pengendali takaful anda dengan segera. • Bagi tuntutan pelan takaful yang telah matang, anda dikehendaki melampirkan sijil asal takaful berkaitan pelaburan. Anda akan menerima nilai unit berkaitan pelaburan seperti yang dinyatakan dalam sijil. • Bagi tuntutan hilang upaya, anda dikehendaki melampirkan sijil asal takaful berkaitan pelaburan dan laporan doktor. • Bagi tuntutan kematian, penama anda dikehendaki melampirkan dokumen berikut: - > Sijil kematian yang disahkan; > Salinan kad pengenalan si mati; > Sijil asal takaful berkaitan pelaburan; > Bukti hubungan antara orang yang membuat tuntutan dengan si mati; dan > Dokumen-dokumen lain seperti yang diminta oleh pengendali takaful. Sumber: infoinsurans • 9 Terdapat beberapa salah anggap yang patut diketahui oleh pelabur unit amanah. Bacalah seterusnya untuk mengetahui cerita sebenar di sebalik enam mitos biasa dalam pelaburan unit amanah. 1. Masa paling baik untuk melabur ialah ketika pengagihan dividen dan bonus hampir hendak diumumkan. Tidak benar: Jika ejen unit amanah menasihatkan anda supaya melabur dalam unit amanah kerana bayaran dividen dan bonus akan dibayar tidak berapa lama lagi dan anda akan mendapat keuntungan segera, fikir baik-baik. Anda perlu mengetahui perkara yang terbabit dalam pengagihan bonus dan dividen unit amanah. Bonus akan meningkatkan jumlah unit dalam dana tersebut. Misalannya, pelaburan anda dalam sesuatu dana berharga RM1 satu unit dan anda melabur RM1,000 bagi 1,000 unit. Dana itu kemudiannya memberikan bonus sebanyak satu unit bagi setiap satu unit yang anda miliki (bonus satu- untuk-satu). Selepas itu, anda memiliki 2,000 unit. Tetapi unit tambahan itu tidak menaikkan nilai pelaburan anda kepada RM2,000. Nilainya kekal RM1,000 kerana unit tambahan itu sebenarnya mengurangkan nilai unit anda daripada RM1 kepada RM0.50 (RM1,000 dibahagi dengan 2,000 unit). Begitu juga, jika dana anda mengumumkan dividen sebanyak 5% atau RM0.05, nilai unit anda akan berkurangan daripada RM1 kepada RM0.95 selepas dividen diagihkan. Dividen itu tidak akan menaikkan nilai unit anda kepada RM1.05. Jadi, melabur sebelum bayaran dividen atau bonus diumumkan bukanlah cara untuk mendapat keuntungan segera. Sentiasa berfikir jangka panjang ketika melabur dalam unit amanah. 2. Sentiasa pilih dana yang dahulunya memberikan anda pulangan tinggi. Tidak benar: Prestasi lalu tidak menggambarkan prestasi masa akan datang. Pelabur tidak harus melihat kepada rekod prestasi lalu untuk meramalkan prospek akan datang. Kaji strategi pelaburan dan pengagihan aset dana tersebut untuk memantapkan keputusan pelaburan anda. Pada umumnya, pengagihan aset mempunyai sumbangan penting kepada pulangan keseluruhan dana. 3. Semua dana unit amanah sama. Tidak benar: Terdapat pelbagai dana dengan objektif pelaburan yang berbeza-beza. Setiap satu mempunyai ciri-ciri dan elemen risiko yang berbeza. Pelabur MESTI membaca prospektus dana untuk mempelajari dana tersebut dan harus menimbangkan untuk memilih dana yang sejajar dengan keperluan pelaburan dan profil risiko mereka. Anda mungkin melabur dalam dana yang salah jika anda fikir semua dana unit amanah sama. 4. Pulangannya hanyalah dividen. Tidak benar: Pelabur boleh mengukur prestasi pelaburan mereka dalam unit amanah melalui pelbagai cara. Ini lazimnya meliputi pengiraan untung modal (jumlah selepas harga jualan ditolak harga belian) atau jumlah pengagihan yang diterima daripada dana. Bagaimanapun, kaedah paling berkesan dalam mengukur prestasi ialah dengan memasukkan kedua- duanya sekali. Pengukuran prestasi ini dipanggil pulangan keseluruhan kerana membabitkan semua sumber pendapatan iaitu dividen dan untung modal (atau rugi). 5. Unit amanah ialah akaun simpanan dan bebas daripada risiko. Tidak benar: Pelaburan dalam unit amanah tidak sama dengan menyimpan wang anda dalam akaun simpanan. Jika anda melaburkan RM1,000, anda mestilah bersedia menerima hakikat bahawa ada kemungkinan akhirnya wang anda itu berkurangan daripada jumlah yang anda laburkan. Ini kerana pelaburan anda terdedah kepada risiko dan anda mungkin menanggung kerugian disebabkan oleh risiko tersebut. Semua bentuk pelaburan mempunyai tahap risikonya sendiri dan pelabur mestilah bersedia untuk menerima risiko tersebut. Mitos Tentang Unit Amanah ... bersambung ke muka 11 10 • Pada 12 Disember 2012, Agensi Kaunseling dan Pengurusan Kredit (AKPK) telah melancarkan buku komik ‘Pengurusan Wang’ dalam usahanya yang berterusan untuk meningkatkan lagi tahap pendidikan kewangan untuk masyarakat awam. Buku komik pendidikan kewangan bertujuan menambat hati golongan pembaca dewasa muda. Penerbitan buku komik adalah melalui usahasama AKPK dengan beberapa rakan strategik, iaitu Permodalan Nasional Berhad (PNB), Perbadanan Insurans Deposit Malaysia (PIDM), Persatuan Bank- Bank Malaysia (ABM), Suruhanjaya Sekuriti (SC), Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN), Bank Simpanan Nasional (BSN) dan Malaysian Electronic Payment System Sdn Bhd (MEPS). Puan Koid Swee Lian, Ketua Pegawai Eksekutif, AKPK, dalam ucapan perasmian menegaskan bahawa kecelikan kewangan merupakan satu kemahiran terpenting sebagai asas pengurusan kewangan peribadi individu yang akan menyumbang secara positif terhadap pembangunan ekonomi keluarga dan negara. Namun, keupayaan kewangan pengguna-pengguna dewasa masih menjadi perhatian utama memandangkan ramai lagi rakyat Malaysia yang masih tidak berupaya menguruskan kewangan mereka secara berhemat. Ini terbukti apabila masih terdapat kes-kes pinjaman tidak berbayar dan kebankrapan. AKPK Mensasar Pendidikan Kewangan untuk Golongan Muda Menerusi Buku Komik Pengurusan Wang (Old Master Q) AKPK, yang telah ditubuhkan oleh Bank Negara Malaysia sejak tahun 2006, telah memainkan peranan penting melalui program-program yang membentuk masyarakat kearah ’Mengamalkan Pengurusan Kewangan Berhemat Sebagai Budaya Hidup’ mereka. AKPK telah mewujudkan program-program pendidikan kewangan bertujuan untuk meningkatkan pemahaman pengguna-pengguna supaya mereka lebih mengenali produk-produk dan perkhidmatan perbankan serta menjadi peminjam yang bertanggungjawab. Semua perkhidmatan AKPK adalah percuma. Komik ‘Pengurusan Wang’ merupakan penerbitan terkini dalam rangkaian penerbitan buku pendidikan kewangan AKPK. Buku terbitan AKPK yang lain terdiri dari buku ‘POWER! – Pengurusan Wang Ringgit Anda’ dan buku ‘Celik Wang – Pengurusan Wang Secara Bijak’. Kedua-dua buku ‘POWER!’ dan ‘Celik Wang’ berdasarkan pengalaman dan kisah kehidupan sebenar para pelanggan AKPK. Komik ‘Pengurusan Wang’ sebaliknya mengambil pendekatan mudah faham untuk menarik minat pembaca-pembaca terutama golongan dewasa muda untuk memahami pendidikan kewangan secara lebih seronok dan mudah. Komik yang baru dilancarkan ini sebahagian besarnya berdasarkan dua watak utama dari komik ‘Old Master Q’ iaitu ‘Old Master Q’ dan ‘Big Potato’. Siri-siri komik ini telah mula diperkenal sejak tahun 1962 di Hong Kong dan setakat hari ini lebih 100 juta naskah komik ini telah terjual di serata dunia. • 11 6. Percaya kepada hanya satu syarikat pengurusan sahaja. Tidak benar: Bukan semua dana daripada syarikat pengurusan yang sama memberikan prestasi atau pulangan yang sama. Sesuatu dana mungkin mempunyai objektif pelaburan yang berbeza-beza, oleh itu mempunyai elemen risiko dan pendedahan yang berlainan. Bergantung kepada keadaan pasaran, setiap dana mempunyai prestasi masing-masing. Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut meningkatkan tahap kesedaran mengenai pelaburan bijak dan pengurusan kewangan melalui seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita dan pekerja kolar putih dan biru. Untuk maklumat lanjut, layari www.min.com.my, hubungi 03-62048889 atau lawati Facebook kami di www.facebook.com/ BMWSIDC. bersambung dari muka 9 ... Sejajar dengan semangat 1Malaysia dan untuk memastikan komik ini boleh dibaca oleh kesemua golongan rakyat Malaysia, komik kewangan ini juga diterbitkan dalam empat (4) bahasa, iaitu Bahasa Malaysia, Inggeris, Mandarin dan Tamil. Komik ini dijual pada harga runcit RM8 senaskah dan boleh didapati di pejabat AKPK di seluruh negara dan juga di rangkaian kedai 7-Eleven, kedai buku terkenal Kinokuniya, MPH, Popular dan sebagainya. Komik ‘Pengurusan Wang’ yang mempunyai 80 muka surat memaparkan komik-komik terpilih petikan daripada ‘Old Master Q’ berkaitan isu-isu kewangan, seperti tabiat berbelanja, jenis-jenis penipuan kewangan, tabungan dan unsur kewangan yang lain. Buku ini juga mengandungi unsur-unsur maklumat berguna mengenai pengurusan kewangan peribadi. Sumber: Agensi Kaunselling Dan Pengurusan Kredit Sejak awal penubuhannya dalam tahun 2006, AKPK telah menyediakan ruang yang membolehkan pengguna-pengguna mendapatkan bimbingan pengurusan kewangan mereka secara percuma. AKPK menyediakan perkhidmatan-perkhidmatan utama seperti pendidikan kewangan, kaunseling kredit dan pengurusan hutang kredit. Semenjak penubuhannya sehingga Oktober 2012, AKPK telah berjaya membantu 83,331 pelanggan- pelanggan bermasalah kewangan di bawah program pengurusan kredit. Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
02 Jan 2013
RINGGIT Newsletter (November 2012 issue) is now available for download
https://www.bnm.gov.my/-/ringgit-newsletter-november-2012-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761700/Ringgit_09_2012_03.pdf
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Reading: RINGGIT Newsletter (November 2012 issue) is now available for download Share: RINGGIT Newsletter (November 2012 issue) is now available for download Release Date: 02 Jan 2013 RINGGIT is a joint-effort publication between Bank Negara Malaysia and FOMCA and it is a monthly publication. The highlight for this month is "Pekerja Muda Hadapi Masalah Hutang Serius". Other topics of interest include: Merancang Perkahwinan Dan Keluarga Eratkan Hubungan Kekeluargaan Dengan Penambahan Simpanan di KWSP Panduan Melabur Dalam Unit Amanah Cara Mengendalikan Wang Polimer Yang Betul This publication is published in Bahasa Malaysia only. Click on the link below to get the latest issue: Issue - November/2012 [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Ringgit Ed31 Draft3.PM6 2 • KAJIAN: Pekerja Muda Hadapi Masalah Hutang Serius Persatuan Pendidikan dan Penyelidikan Untuk Pengguna, Malaysia (ERA Consumer Malaysia) dan Pusat Penyelidikan dan Sumber Pengguna (CRRC) telah menjalankan satu kajian terhadap perilaku dan tabiat kewangan golongan pekerja muda. Kajian berdasarkan kaji selidik ini mensasarkan kepada golongan pekerja muda yang berusia antara 18 tahun hingga 35 tahun di sekitar wilayah tengah Semenanjung Malaysia (Selangor, Kuala Lumpur dan Putrajaya). Responden dipil ih berdasarkan pangkalan data yang diberikan oleh Jabatan Statistik Malaysia. Saiz sampel kajian tersebut ialah sebanyak 1,002. Sidang Redaksi Penasihat Datuk Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu bt Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B Tingkat 2 Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. • 3 Penemuan yang utama Hasil kajian telah menunjukkan bahawa lebih kurang 47% pekerja muda mempunyai hutang yang serius, iaitu lebih daripada 30% daripada gaji bulanan mereka digunakan untuk membayar hutang. Pembiayaan tetap bulanan mereka terdiri daripada pinjaman rumah, pinjaman kereta, pinjaman peribadi, pinjaman pelajaran dan insurans. Kajian juga mendapati, 37% pekerja muda mengaku bahawa mereka berbelanja melebihi daripada tahap kemampuan mereka. Ini merupakan salah satu penyebab utama yang akan mengakibatkan seseorang menghadapi masalah dalam pengurusan kewangan. Selain itu, terdapat 37% pekerja muda tidak pernah memikirkan tentang pelan persaraan mereka. Bagi yang pernah berfikir tentang persaraan pula, 60% daripada mereka tidak berpuas hati atau kurang berpuas hati tentang pelan persaraan mereka. Ini menunjukkan pekerja muda tersebut kurang pendedahan tentang kepentingan pelan persaraan. Kebanyakan mereka beranggapan bahawa persaraan merupakan sesuatu yang tidak perlu difikirkan, atau hanya perlu risau sehingga tiba masa untuk mereka bersara. Responden juga ditanya soalan “Bagaimana anda menilai pengetahuan kewangan peribadi anda?” Responden dikehendaki memilih skala 1 hingga 6 tentang pengetahuan mereka tentang kewangan peribadi, iaitu skala 1 menunjukkan mereka mempunyai pengetahuan yang baik tentang pengurusan kewangan peribadi, manakala skala 6 tidak mempunyai pengetahuan langsung. Skor purata bagi persepsi pengetahuan kewangan individu adalah 3.4. 43% daripada pekerja muda tersebut memilih skor 4 dan ke atas, yang bermaksud mereka mempunyai sedikit pengetahuan tentang kewangan peribadi. ... bersambung ke muka 7 4 • Perkahwinan adalah suatu komitmen yang besar dan anda hanya boleh berumah tangga jika anda telah bersedia memikul tanggungjawab tersebut. Anda juga akan berhadapan dengan isu-isu kehidupan sebenar termasuk isu kewangan. Perkahwinan Anda seharusnya bersikap realistik tentang perbelanjaan perkahwinan anda. Anda pastinya akan terperanjat apabila mengetahui betapa besarnya jumlah yang terlibat bagi semua perbelanjaan yang berkaitan, seperti hadiah, majlis istiadat, jamuan makan, pakaian, kasut, barangan hantaran dan gambar perkahwinan. Dalam membuat perancangan perkahwinan, antara aspek yang perlu difikirkan adalah:- a) Sediakan senarai barangan yang mustahak bagi perkahwinan anda. b) Berbincang dengan pasangan anda tentang jumlah wang yang anda mampu peruntukkan. c) Dapatkan petua dan nasihat daripada orang yang berpengalaman dan cara berbelanja secara berhemat. d) Jangan berbelanja sehingga anda terpaksa meminjam daripada ahli keluarga atau bank. Anda sepatutnya membuat simpanan awal bagi perkahwinan sebagai sebahagian daripada perancangan kewangan anda secara menyeluruh. Terdapat banyak kes tentang pasangan yang mengalami masalah disebabkan hutang besar yang terpaksa ditanggung kerana perbelanjaan perkahwinan. Perkahwinan dan keluarga Wang merupakan isu yang sensitif. Ini menyebabkan ramai pasangan yang mengharungi alam perkahwinan tanpa berbincang antara satu sama lain secara terbuka mengenainya. Berikut adalah perkara yang melibatkan keputusan kewangan bersama (dengan andaian anda berdua bekerja):- • Perancangan kewangan anda sepatutnya beralih daripada perancangan individu kepada perancangan bersama pasangan. • Buat keputusan untuk menangani bil-bil rutin, perbelanjaan untuk keluarga dan anak, bajet isi rumah, termasuk simpanan dan pelaburan. Merancang Perkahwinan Dan Keluarga • 5 • Untuk membuat bayaran bagi perbelanjaan bersama, simpan duit di dalam akaun bersama setiap bulan. Kaji semula perbelanjaan ini sekurang-kurangnya sebulan sekali untuk melihat sama ada perbelanjaan bertambah kerana inflasi ataupun gaya hidup anda yang baru. • Jika anda berdua membuat keputusan untuk menggunakan kad kredit untuk perbelanjaan bersama, pastikan pasangan mempunyai akses kepada akaun bersama untuk memudahkan pembayaran kad kredit. • Sepertimana perancangan semasa anda bujang, anda perlu menyediakan dana kecemasan untuk menghadapi perbelanjaan di luar dugaan yang mungkin membebankan anda, pasangan atau keluarga anda. • Bincang tentang cara pelaburan anda dan pasangan, termasuk jenis risiko dan kecenderungannya. Adalah bijak untuk mempunyai portfolio pelaburan yang serupa bagi memenuhi matlamat kewangan anda seperti persaraan bersama dan hidup dalam keselesaan. Pelaburan ini juga adalah untuk menanggung pembiayaan pengajian dan kos sara hidup anak anda nanti. Hutang kewangan Anda harus berbincang tentang hutang yang akan dibebani bersama.Setiap pasangan harus membuat komitmen untuk menyelesaikan hutang masing-masing dalam jangka masa tertentu selepas berkahwin, sekiranya hutang tersebut tidak dapat dijelaskan sebelum berkahwin. Sekiranya perlu untuk mendapatkan pinjaman atau kad kredit selepas berkahwin, berbincanglah terlebih dahulu tentang komitmen dan kemampuan anda. Anda dan pasangan tidak perlu berselindung daripada berbincang tentang perkara hutang. Dilaporkan bahawa sesetengah perkahwinan gagal kerana masalah hutang yang dialami oleh pasangan mereka. Semakan kewangan Menyediakan bajet bulanan dan membuat semakan bagi perbelanjaan seminggu sekali menggunakan aliran tunai merupakan amalan yang sihat bagi keluarga anda. Nilai harta bersih keluarga anda (aset dan liabiliti) dan komitmen kewangan isi rumah sepatutnya disemak setiap bulan. Anda dan pasangan mesti mengkaji perbelanjaan perumahan dan harta nilai bersih setiap bulan. Jadikan ini suatu amalan yang ceria bersama-sama pasangan anda. Bincang secara positif untuk meningkatkan komitmen kewangan isi rumah, berusaha mencari idea yang kreatif dan bernas untuk menambahkan wang masing-masing dan keluarga anda. Sumber : Agensi Kaunseling dan Pengurusan Kredit (AKPK) “Adalah bijak untuk mempunyai portfolio pelaburan yang serupa bagi memenuhi matlamat kewangan anda seperti persaraan bersama dan hidup dalam keselesaan. Pelaburan ini juga adalah untuk menanggung pembiayaan pengajian dan kos sara hidup anak anda nanti.” 6 • Keluarga memainkan peranan penting dalam kehidupan seharian. Amat sukar untuk menjalani sesuatu kehidupan tanpa belaian kasih sayang keluarga. Anda mungkin sanggup berkorban nyawa demi keselamatan keluarga walaupun kadangkala anda cenderung untuk mengabaikan mereka tanpa disedari. Tidak dapat dinafikan, untuk membahagikan masa antara keluarga, rakan-rakan, kerjaya, hobi dan beberapa perkara penting dalam hidup bukanlah sesuatu yang mudah untuk dilakukan. Dalam dunia yang penuh persaingan dan materialistik ini, anda cenderung untuk bersikap kurang sensitif dan tidak peka dengan keperluan mereka yang berada di sekeliling, terutamanya ahli keluarga sendiri. Menzahirkan Kasih Sayang Adalah Proses Yang Mudah Alangkah baiknya jika anda dapat meluangkan sedikit masa untuk meluahkan rasa kasih sayang anda kepada keluarga. Hanya dengan satu panggilan atau khidmat pesanan ringkas (SMS) bertanyakan khabar, sudah cukup untuk menzahirkan kasih sayang anda kepada keluarga. Ia mungkin nampak kecil, namun lebih baik daripada langsung tidak berbuat apa-apa. Dengan pendekatan yang agak berbeza, anda mungkin boleh memberikan sesuatu yang bermakna kepada orang yang anda sayangi. Dengan sedikit usaha, anda mampu merapatkan lagi hubungan dengan pasangan anda mahupun dengan ibu bapa. Kemudahan Pelan Penambahan Simpanan Kumpulan Wang Simpanan Pekerja (KWSP) merupakan sebuah organisasi yang unik kerana, selain daripada usaha berterusan untuk menyediakan simpanan asas untuk hari tua, KWSP juga sentiasa mencetuskan peluang bagi meningkatkan simpanan persaraan serta menerapkan nilai-nilai murni dalam kalangan ahlinya. Eratkan Hubungan Kekeluargaan Dengan Penambahan Simpanan di KWSP • 7 KWSP telah menyediakan pelan Penambahan Simpanan atau ‘Topping Up’ khas untuk menggalakkan ahli keluarga supaya saling membantu dalam merancang masa depan mereka. Pelan ini merupakan penyelesaian terbaik dalam menghadapi situasi semasa yang kecukupan kewangan adalah antara faktor penting untuk menjalani kehidupan yang selesa. Pelan Penambahan Simpanan ini membenarkan anak ahli membuat penambahan ke dalam akaun simpanan ibu bapa dan pasangan suami isteri boleh menambah simpanan sesama sendiri. Anda tidak semestinya menjadi ahli KWSP untuk menambah simpanan ibu bapa atau pasangan anda atau kedua-duanya sekali. Akan tetapi, ibu bapa atau pasangan anda mestilah merupakan ahli KWSP untuk anda menambah simpanan ke dalam Akaun 1 mereka secara tunai ataupun cek, pada bila-bila masa sebelum mereka mencapai umur 55 tahun. Sediakan Payung untuk Keluarga Anda Sebelum Hujan Pelan Penambahan Simpanan ini bukan sahaja mudah, malah amat praktikal. Selain daripada memberikan wang tunai kepada ibu bapa atau pasangan anda, anda boleh mendepositkan sejumlah wang ke dalam akaun KWSP mereka untuk membolehkan mereka menikmati faedahnya dalam jangka masa panjang. Inisiatif ini membolehkan anda meningkatkan simpanan persaraan ahli keluarga anda. Ini amat penting bagi memastikan ahli keluarga anda tidak menghadapi masalah kewangan semasa mereka bersara. Anda tidak perlu membuat penambahan dalam jumlah yang besar ke dalam akaun ibu bapa atau pasangan anda. Dengan hanya serendah RM50, anda boleh memastikan insan-insan yang anda sayangi memiliki simpanan yang mencukupi semasa bersara. Namun, sekiranya anda berkemampuan, tiada sebarang had maksimum yang ditentukan untuk anda menambah simpanan KWSP mereka. Bagaimanapun, jumlah yang disumbangkan bukanlah faktor utama, sebaliknya apa yang lebih bermakna adalah, sikap mengambil berat dan bertanggungjawab terhadap keluarga bagi memastikan mereka menikmati persaraan yang selesa. Walaupun perjalanan untuk persaraan tampak masih jauh, adalah lebih baik jika ia dirancang lebih awal. Sebagai seorang anak, anda bertanggungjawab menjaga kebajikan ibu bapa yang bakal bergantung sepenuhnya kepada simpanan persaraan bagi menampung kos kehidupan harian semasa mereka bersara. Begitu juga bagi suami dan isteri; mereka perlu mengambil berat di antara satu sama lain, terutamanya setelah mereka bersara kelak. Keluarga Anda Adalah Anugerah yang Paling Bernilai Ibu bapa tidak boleh dicari ganti. Oleh itu, sudah menjadi tanggungjawab anda untuk memastikan kebajikan mereka terjaga sepertimana mereka berkorban untuk anda dahulu. Begitu juga kasih sayang antara suami isteri sangat tinggi nilainya. Demi memastikan sistem kekeluargaan di Malaysia terus kukuh, KWSP telah menyediakan alternatif terbaik menerusi Pelan Penambahan Simpanan. Kini, terpulang kepada anda untuk memulakan langkah. Artikel disumbangkan oleh Kumpulan Wang Simpanan Pekerja. Selain itu, responden juga menilai diri mereka dalam menguruskan kewangan peribadi pada skala 1 hingga 5, iaitu skala 1 menunjukkan mereka dapat menguruskan wang dengan sangat baik dan 4 pula adalah lemah, manakala skala 5 adalah tiada sebarang pendapat. 61.3% daripada responden mengaku bahawa mereka lemah dalam menguruskan kewangan. Suruhanjaya Pendidikan Kewangan Kebangsaan Untuk menangani tentang isu-isu pengurusan kewangan yang lemah dalam kalangan pekerja muda, FOMCA telah mencadangkan supaya ditubuhkan Suruhanjaya Pendidikan Kewangan Kebangsaan untuk menyepadukan dan menyelaras pendidikan kewangan bagi semua sektor, termasuk sekolah, pekerja muda, masyarakat dan keluarga. Pendidikan kewangan dapat membantu pengguna dalam menguruskan kewangan mereka dengan lebih baik serta mempunyai pengetahuan tentang sesuatu produk dan perkhidmatan kewangan. ... dari muka 3 8 • Apa itu unit amanah? Unit amanah merupakan salah satu produk pelaburan yang popular dalam kalangan pelabur. Ini dapat dibuktikan dengan adanya 40 buah syarikat pengurusan unit amanah di Malaysia dan 602 dana unit amanah dalam pasaran. Ini bukanlah suatu yang menghairankan kerana unit amanah merupakan salah satu cara untuk pelabur yang mempunyai modal minimum untuk melabur dan mempelbagaikan pelaburan mereka. Tetapi, apakah itu unit amanah? Unit amanah merupakan skim pelaburan yang mengumpulkan wang daripada ramai pelabur yang berkongsi matlamat kewangan yang sama. Sebagai pertukaran kepada wang itu, dana menerbitkan unit kepada pelabur yang dikenali sebagai pemegang unit. Pemegang unit boleh menjual semula (iaitu menebus) unit mereka kepada dana, atau membeli (dan menjual) unit seterusnya. Pengurusan dana Dana diurus oleh sekumpulan pengurus profesional (dikenali sebagai syarikat pengurusan unit amanah) yang akan melabur wang yang terkumpul dalam portfolio sekuriti seperti saham, bon dan instrumen pasaran wang atau sekuriti-sekuriti lain yang dibenarkan untuk mencapai objektif dana. Pendapatan Dana unit amanah memperoleh pendapatan daripada pelbagai pelaburan dalam bentuk dividen, pendapatan faedah dan perolehan modal. Pendapatan ini kemudian diagihkan kepada pemegang saham mengikut nisbah pegangan unit mereka, dalam bentuk dividen atau unit bonus. Perlindungan untuk pemegang unit Sebagai pemegang unit, perlindungan anda dalam unit amanah dipastikan melalui cara unit amanah itu dibentuk. Unit amanah sebenarnya satu amanah. Perlindungannya terkandung dalam surat ikatan yang menyatakan kewajipan, tanggungjawab dan jangkaan tiga pihak dalam unit amanah iaitu: Panduan Melabur Dalam Unit Amanah • 9 Ada beberapa sumber maklumat yang perlu anda kaji apabila memilih dana. Sumber tersebut ialah prospektus dana, surat ikatan amanah dan penyata kewangan yang mengandungi laporan tahunan dan interim yang boleh didapati secara percuma untuk semakan di premis pengurus dana. Baca prospektus Prospektus merupakan dokumen yang amat penting kerana ia mengandungi matlamat dana, strategi pelaburan dan polisi serta pulangan dan risiko yang diambil. Ia mungkin bahan bacaan yang agak sukar difahami, tetapi anda perlu membaca dengan teliti untuk memastikan bahawa matlamat pelaburan anda sama dengan dana tersebut. Kesimpulan Sebagai pelabur, anda perlu mempertimbang faktor berikut ketika memilih dana: • Objektif pelaburan – pastikan objektif dana dan matlamat pelaburan anda adalah selaras; • Polisi pelaburan - jenis pelaburan dan strategi yang dibenarkan perlulah selari dengan matlamat dan toleransi risiko anda; • Saiz dana dan aliran pertumbuhan; • Sebarang sekatan pelaburan, seperti pelaburan minimum yang diperlukan; • Tahap risiko pelaburannya - unit amanah tidak terlepas daripada risiko sepenuhnya; • Jenis dan jumlah yuran; • Prestasi lepas jumlah pulangan tahunan, NAV (nilai aset bersih, iaitu nilai bagi setiap unit), nisbah belanja, dan terutama pembahagian pendapatan kepada pelabur, dan pertumbuhan aset - supaya anda boleh mengukur prestasi dana selama ini; • Portfolio pelaburan terkini - supaya anda tahu peratusan pegangan bagi setiap jenis aset; dan • Maklumat berkenaan Lembaga Pengarah dan kumpulan pengurusan utama. Artikel perancangan kewangan dan pelaburan ini merupakan salah satu usaha berterusan SIDC dalam melahirkan pelabur yang arif dan berpengetahuan dalam pasaran modal. Selain itu, SIDC turut meningkatkan tahap kesedaran mengenai pelaburan bijak dan pengurusan kewangan melalui seminar dan bengkel pendidikan pelabur yang disasarkan untuk pelbagai lapisan masyarakat, seperti pelajar sekolah, pelajar institusi pengajian tinggi, ibu bapa, wanita dan pekerja kolar putih dan biru. Untuk maklumat lanjut, layari www.min.com.my, hubungi 03-62048889 atau lawati Facebook kami di www.facebook.com/PelaburMalaysia 10 • Wang polimer denominasi RM1 dan RM5 telah mula diperkenal dalam siri wang kertas Malaysia baharu. Antara ciri wang polimer ialah: 1. Ia tidak serap air mahupun cecair lain. 2. Ia bukan daripada bahan berserat – oleh itu ia tidak mudah koyak jika dilipat berulang kali. 3. Ia sukar untuk dikoyakkan. Walau bagaimanapun, sekali wang polimer terkoyak, ia mudah terkoyak dengan lebih teruk. 4. Ia tidak mudah bertanda atau menjadi kotor. Ia juga lebih bersih kerana bakteria tidak mudah merebak di atasnya. 5. Ia lebih kuat dan tahan lama berbanding dengan wang kertas. 6. Adalah sukar serta mengambil masa dan mahal untuk memalsukan wang polimer. Bank Negara Malaysia ingin berkongsi tip-tip berikut bagi memastikan wang polimer dikendalikan dengan cara yang betul. Tip-tip ini membolehkan wang polimer digunakan dengan lebih lama di dalam edaran. Bank Negara Malaysia berharap anda akan berkongsi tip pengendalian ini dengan ahli keluarga dan sahabat handai anda. Apa yang Perlu Anda Buat Cara Mengendalikan Wang Polimer Yang Betul 1. Simpan wang polimer secara mendatar dalam beg duit anda. Wang polimer ini tidak sepatutnya dilipat berulang kali kerana ia akan meninggalkan kesan berlipat yang kekal. C O N T O H C O N T O H • 11 2. Gunakan gelung kertas apabila hendak membungkus wang polimer. 3. Wang polimer yang bertanda boleh dibersihkan dengan sabun dan air sejuk. Perkara yang Perlu Dielakkan 1. Jangan dedahkan wang polimer secara langsung kepada cahaya panas atau suhu tinggi. 2. Jangan lipat wang polimer berulang kali, contohnya, menggunakannya sebagai bahan hiasan atau dalam aktiviti riadah. 3. Jangan gunakan gelung getah apabila mengumpulkan wang polimer semasa proses pembungkusan. 4. Jangan gunakan dawai kokot atau pin pada wang polimer. Sumber : Bank Negara Malaysia. 5. Jangan gunakan gunting, pisau atau apa-apa objek tajam untuk membuka bungkusan wang polimer. Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
23 Dec 2014
Payment Card Reform Framework
https://www.bnm.gov.my/-/payment-card-reform-23122014
https://www.bnm.gov.my/documents/20124/761697/Payment_Card_Reform_Framework.pdf
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Reading: Payment Card Reform Framework Share: Payment Card Reform Framework Release Date: 23 Dec 2014 Issuance Date 23 December 2014 Effective Date 15 January 2015 (with respect to the requirements set out in paragraphs 8.8, 9.1(a), 9.2(a), 9.6 and 9.8 in the Policy Document); and 1 July 2015 (with respect to all other requirements in the Policy Document). Applicability Applicable to the following entities as defined in paragraph 6.2 of the Policy Document: Issuers of credit card, debit card and international prepaid card; Acquirers of credit card, debit card and international prepaid card transactions; Operators of payment card networks; and Approved operators of payment systems including operators of payment card networks (with respect to paragraph 9.6 of the Policy Document only). Summary The Payment Card Reform Framework (the Framework) aims to foster an efficient, transparent and competitive payment card industry in Malaysia. In this regard, the Framework establishes an objective and transparent mechanism for the reimbursement of fees among players in the payment card industry to ensure that the cost of accepting payment cards is fair and reasonable. The Framework also introduces a series of measures to address other distortions in the payment card market in order to promote greater usage and acceptance of cost-effective payment cards. Issuing Department Payment Systems Policy Department See also: Payment Card Reform Framework Frequently Asked Questions (FAQs) © 2024 Bank Negara Malaysia. All rights reserved.
Issued on: 23 December 2014 Payment Card Reform Framework BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework PART A OVERVIEW 1. Introduction .................................................................................................. 1 2. Scope ........................................................................................................... 2 3. Applicability .................................................................................................. 2 4. Legal provisions ........................................................................................... 3 5. Effective date ............................................................................................... 3 6. Interpretation ............................................................................................... 4 7. Circulars superseded ................................................................................ 12 PART B POLICY REQUIREMENTS 8. Interchange fee framework ...................................................................... 13 8.1 Interchange fee ceiling for domestic debit card transactions ........... 13 8.2 Interchange fee ceiling for international debit card transactions ...... 13 8.3 Interchange fee ceiling for international prepaid card transactions ..................................................................................... 14 8.4 Interchange fee ceiling for credit card transactions .......................... 15 8.5 Obligation to comply with the interchange fee ceilings by operators of payment card networks ................................................ 18 8.6 Prohibition of circumvention ............................................................. 18 8.7 Recalculation of the interchange fee ceilings by the Bank ............... 19 8.8 Publication of interchange fee rates ................................................. 20 9. Measures to address other distortions in the payment card market ... 21 9.1 Unbundling of the MDR for domestic payment card transactions .... 21 9.2 Facilitating the identification of debit cards and international prepaid cards ................................................................................... 21 9.3 Removing restriction on co-badging of debit cards .......................... 22 BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework 9.4 No surcharging for debit card and international prepaid card transactions ..................................................................................... 23 9.5 Empowering merchants to steer cardholders to use cost- effective payment cards and to have the first priority in routing decisions .......................................................................................... 23 9.6 Prohibition on exclusivity to an account or a line of credit ................ 26 9.7 Minimum product offering for payment cards ................................... 26 9.8 Reporting and data retention requirements ...................................... 27 SCHEDULE ....................................................................................................... 28 [The remainder of this page is intentionally left blank] BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 1/28 PART A OVERVIEW 1. Introduction 1.1 Retail payment systems and instruments contribute to the broader effectiveness and stability of the financial system, in particular to facilitate the smooth functioning of commerce. Under the Financial Services Act 2013 [Act 758] (FSA) and the Islamic Financial Services Act 2013 (IFSA) [Act 759], the Bank shall, among others, foster safe, efficient and reliable payment systems and payment instruments. Policy Objectives 1.2 This Policy Document outlines requirements which aim to- (a) prevent indiscriminate increases in interchange fees and provide for an objective and transparent framework for the setting of interchange fees for domestic payment card transactions; and (b) address other distortions in the payment card market in order to create an enabling environment for wider deployment of point-of-sale (POS) terminals and to promote the greater usage and acceptance of cost- effective payment cards. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 2/28 2. Scope 2.1 This Policy Document sets out the requirements pertaining to- (a) establishing an objective and transparent framework for the setting of interchange fees for domestic payment card transactions; (b) unbundling of the merchant discount rate (MDR) for domestic payment card transactions; (c) facilitating the identification of debit cards and international prepaid cards; (d) removing restrictions on the co-badging of debit cards; (e) ensuring that merchants do not impose any surcharge on payment made using a debit card or an international prepaid card; (f) empowering merchants to steer cardholders to use the more cost- effective payment cards and to have the first priority in routing decisions; (g) prohibition on exclusivity to an account or a line of credit; (h) minimum product offering for payment cards; and (i) reporting and data retention requirements. 3. Applicability 3.1 Subject to paragraph 3.2, this Policy Document is applicable to all issuers, acquirers and operators of payment card networks as defined in paragraph 6.2 below. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 3/28 3.2 Paragraph 9.6 of this Policy Document is applicable to approved operators of payment systems as defined in paragraph 6.2 below including operators of payment card networks. 4. Legal provisions 4.1 The requirements in this Policy Document are specified pursuant to sections 33(1)(a) and 143 of the FSA and sections 43(1)(a) and 155 of the IFSA. 5. Effective date 5.1 Unless otherwise stated, this Policy Document comes into effect on- (a) 15 January 2015 with respect to the requirements set out in- (i) paragraph 8.8 (Publication of interchange fee rates); (ii) paragraph 9.1(a) (Unbundling of the MDR for domestic debit card, international debit card and credit card transactions); (iii) paragraph 9.2(a) (Facilitating the identification of of new and replacement debit cards); (iv) paragraph 9.6 (Prohibition on exclusivity to an account or a line of credit); (v) paragraph 9.8 (Reporting and data retention requirements); and (b) 1 July 2015 with respect to all other requirements. 5.2 For the purpose of paragraph 8.4(d) of this Policy Document, the Bank shall monitor the achievement of the industry indicators set out in the Schedule to this Policy Document commencing from 15 January 2015. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 4/28 6. Interpretation 6.1 The terms and expressions used in this Policy Document shall have the same meanings assigned to them in the FSA and the IFSA, as the case may be, unless otherwise defined in this Policy Document. 6.2 For the purposes of this Policy Document- “S” denotes a standard, requirement or specification that must be complied with. Failure to comply may result in one or more enforcement actions; “G” denotes guidance which may consist of such information, advice or recommendation intended to promote common understanding and sound industry practices which are encouraged to be adopted; “acquirer” means a registered operator of a payment system that provides merchant acquiring services for credit card, debit card and/or prepaid card transactions registered under section 17 of the FSA; “approved operator of a payment system” means a person approved under section 11 to operate a payment system set out in paragraph 1 of Division 1 of Part 1 of Schedule 1 of the FSA or in paragraph 1 of Part 1 of Schedule 1 of the IFSA; “Bank” means Bank Negara Malaysia; BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 5/28 “cardholder” means a person to whom a payment card or an Islamic payment card has been issued or any person who uses a payment card to obtain money, purchase goods or services or to make any payment; “co-badging” means the act of issuing a payment card with two or more unaffiliated payment card network applications or brands; “co-badged debit card” means a debit card with two or more unaffiliated payment card network applications or brands; “credit card”1 means a payment instrument or an Islamic payment instrument issued by an issuer approved under the FSA or the IFSA, which indicates a line of credit or financing based on Shariah principles granted by the issuer to the cardholder and where any amount of the credit or financing utilised by the cardholder has not been settled in full on or before a specified date, the unsettled amount may be subject to interest, profit or other charges and for the Islamic payment instrument, the unsettled amount may be subjected to a lesser rebate (ibra’) by the issuer, and any reference to “credit card” shall include a reference to both consumer and commercial cards; “credit card transaction” means a transaction for the purchase of goods or services using a credit card and acquired by an acquirer registered under the FSA, and any reference to “credit card transaction” shall include a reference to 1 Based on the definition provided under the Financial Services (Designated Payment Instruments) Order 2013 [P.U.(A)202] and the Islamic Financial Services (Designated Payment Instruments) Order 2013 [P.U.(A)208] BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 6/28 both card-present or face-to-face transactions and card-not-present or non- face-to-face transactions; “debit card”2 means a payment instrument or an Islamic payment instrument based on Shariah principles that is linked to a deposit account at a financial institution that can be used- (a) to pay for goods and services; (b) to withdraw cash from an automated teller machine (ATM) or withdraw cash at participating retail outlets through debit card usage by debiting the user’s account; or (c) for the purposes of (a) and (b), and any reference to “debit card” shall include a reference to both the domestic debit card and the international debit card and to both consumer and commercial cards; “domestic debit card” means a debit card issued in Malaysia by an issuer approved under the FSA or the IFSA under a debit card network operated by an operator of a domestic payment card network such as the Malaysian Electronic Clearing Corporation Sdn. Bhd. (MyClear), and any reference to “domestic debit card” shall include a reference to both consumer and commercial cards; 2Based on the definition provided under the Financial Services (Designated Payment Instruments) Order 2013 [P.U.(A)202] and the Islamic Financial Services (Designated Payment Instruments) Order 2013 [P.U.(A)208] BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 7/28 “domestic debit card transaction” means a transaction for the purchase of goods or services using a domestic debit card and acquired by an acquirer registered under the FSA, and any reference to “domestic debit card transaction” shall include a reference to both card-present or face-to-face transactions and card-not-present or non-face-to-face transactions; “domestic payment card transaction” or “payment card transaction” means a transaction for the purchase of goods or services using a payment card and acquired by an acquirer registered under the FSA, and any reference to “domestic payment card transaction” or “payment card transaction” shall include a reference to both card-present or face-to-face transactions and card- not-present or non-face-to-face transactions; “Effective Date”, in relation to a specific requirement in this Policy Document, means the relevant date as specified in paragraph 5; “electronic money” means a payment instrument or an Islamic payment instrument that stores funds electronically in exchange of funds paid to the issuer and is able to be used as a means of making payment to any person other than the issuer; “financial institution” means a licensed bank, a licensed Islamic bank, an issuer of a designated payment instrument as defined under the FSA or the IFSA or a development financial institution prescribed under the Development Financial Institutions Act 2002 [Act 618]; BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 8/28 “Government or its agencies” means- (a) the Federal Government, any State Government or local government, and includes any ministry, department or office of the Federal Government or of any State Government that accepts any statutory payment; or (b) any statutory body established under a written law passed by the Parliament or by any state legislative assembly that accepts any statutory payment; “industry indicators” means the industry indicators as set out in the Schedule to this Policy Document that the Bank considers in deciding whether to adjust the interchange fee ceiling for a credit card transaction; “interchange fee” means a fee paid by the acquirer to the issuer, whether directly or indirectly, for a domestic payment card transaction, including any fee or remuneration with a similar object or effect pursuant to the rules, condition or contract of an operator of a payment card network; “interchange fee framework” means a framework for regulating the setting of interchange fees for domestic payment card transactions; “international debit card” means a debit card issued in Malaysia by an issuer approved under the FSA or the IFSA under a debit card network operated by an operator of an international payment card network, and any reference to BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 9/28 “international debit card” shall include a reference to both consumer and commercial cards; “international debit card transaction” means a transaction for the purchase of goods or services using an international debit card and acquired by an acquirer registered under the FSA, and any reference to “international debit card transaction” shall include a reference to both card-present or face-to-face transactions and card-not-present or non-face-to-face transactions; “international prepaid card” means a prepaid card issued in Malaysia by an issuer approved under the FSA or the IFSA under a prepaid card network operated by an operator of an international payment card network, and any reference to “international prepaid card” shall include a reference to both consumer and commercial cards; “international prepaid card transaction” means a transaction for the purchase of goods or services using an international prepaid card and acquired by an acquirer registered under the FSA, and any reference to “international prepaid card transaction” shall include a reference to both card- present or face-to-face transactions and card-not-present or non-face-to-face transactions; “issuer” means any person, acting alone or under an arrangement with another person, who undertakes to be responsible for the payment obligation in respect of a credit card, debit card or prepaid card resulting from the BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 10/28 cardholder being issued with or using such payment card, and who has obtained the approval from the Bank under section 11 of the FSA or section 11 of IFSA to issue such payment card; “MDR” means a merchant fee or merchant discount rate paid by the merchant to the acquirer for each domestic payment card transaction comprising the interchange fee, the processing and other fees imposed by an operator of a payment card network, other costs incurred by the acquirer and the acquirer’s margin; “merchant” means a person who enters into a contract with an acquirer to accept payment cards for the purchase of goods or services; “operator of a payment card network” means an operator of a payment system approved under section 11 of the FSA or section 11 of the IFSA that provides a payment card network operation which enables payment to be made through the use of credit cards, debit cards and/or prepaid cards; “payment card” means any credit card, debit card, prepaid card or any other payment instrument as may be specified by the Bank3 that is associated with or bears the logo of a payment card network, and any reference to “payment card” shall include a reference to both consumer and commercial cards; 3 Any reference to “payment card” shall include a reference to payment card in both physical or electronic form based on the definition of “payment instrument” in the FSA and the IFSA read together with the definitions provided under the Financial Services (Designated Payment Instruments) Order 2013 [P.U.(A)202] and the Islamic Financial Services (Designated Payment Instruments) Order 2013 [P.U.(A)208]. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 11/28 “payment card network” means an electronic payment system or an Islamic electronic payment system based on Shariah principles, whether in or outside Malaysia, which accepts, transmits or processes information on payment transactions resulting from the use of payment cards for purposes of facilitating authorization, clearing and settlement among issuers, acquirers, merchants and cardholders; “point-of-sale” means the point or location where a payment card transaction is conducted or completed; “point-of-sale terminal” or “POS terminal” means a device that allows the acceptance of one or more payment cards to complete a payment card transaction; “prepaid card” means an electronic money stored on a host system or in a card where interchange fee is payable to the issuer, and any reference to “prepaid card” shall include a reference to the international prepaid card and to both consumer and commercial cards; “restrict” or “restricting” includes the act of imposing an obligation to pay a fee or other obligation with similar object or effect; “statutory payment” means any payment made pursuant to a written law; and BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 12/28 “written law” has the same meaning as defined in section 3 of the Interpretation Acts 1948 and 1967 [Act 388]. 7. Circulars superseded 7.1 With effect from 1 July 2015, the following circulars issued by the Bank are superseded- (a) Circular dated 15 July 2013 on “Interchange Fees” (Ref No.: JDSP/POL/4500/4/24/CMK/YKK/NAR); (b) Circular dated 15 November 2013 on “Interchange Fees” (Ref No.: JDSP/POL/4500/4/24/TNC/YKK/DL & NAR); (c) Circular dated 4 March 2014 on “Interchange Fees” (Ref No.: JDSP/POL/4500/4/24/YKK/NAR); and (d) Circular dated 10 April 2014 on “Issuance of Premium Credit Cards” (Ref No.: JDSP/POL/4500/4/24/AFM/YKK/NAR). [The remainder of this page is intentionally left blank] BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 13/28 PART B POLICY REQUIREMENTS 8. Interchange fee framework S 8.1 Interchange fee ceiling for domestic debit card transactions (a) With effect from 1 July 2015 and subject to sub-paragraph (b) below, the amount of any interchange fee that an issuer may receive or charge or the amount of any interchange fee that an acquirer is required to pay with respect to a domestic debit card transaction shall not exceed- (i) 0.15% of the value of the transaction; or (ii) 50 sen plus 0.01% of the value of the transaction, whichever is lower, or such other amount as may be calculated by the Bank in accordance with paragraph 8.7 below. (b) With effect from 1 July 2015 until 31 December 2020, no interchange fee shall be payable to an issuer or by an acquirer for any domestic debit card transaction made for payments to the Government or its agencies. S 8.2 Interchange fee ceiling for international debit card transactions (a) With effect from 1 July 2015 and subject to sub-paragraph (b) below, the amount of any interchange fee that an issuer may receive or charge or the amount of any interchange fee that an acquirer is required to pay with respect to an international debit card transaction shall not exceed- (i) 0.21% of the value of the transaction; or (ii) 70 sen plus 0.01% of the value of the transaction, BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 14/28 whichever is lower, or such other amount as may be calculated by the Bank in accordance with paragraph 8.7 below. (b) With effect from 1 July 2015 until 31 December 2020, no interchange fee shall be payable to an issuer or by an acquirer for any international debit card transaction made for payments to the Government or its agencies. S 8.3 Interchange fee ceiling for international prepaid card transactions (a) With effect from 1 July 2015 and subject to sub-paragraph (b) below, the amount of any interchange fee that an issuer may receive or charge or the amount of any interchange fee that an acquirer is required to pay with respect to an international prepaid card transaction shall not exceed:- (i) 0.21% of the value of the transaction; or (ii) 70 sen plus 0.01% of the value of the transaction, whichever is lower, or such other amount as may be calculated by the Bank in accordance with paragraph 8.7 below. (b) With effect from 1 July 2015 until 31 December 2020, no interchange fee shall be payable to an issuer or by an acquirer for any international prepaid card transaction made for payments to the Government or its agencies. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 15/28 S 8.4 Interchange fee ceiling for credit card transactions (a) With effect from 1 July 2015 until 31 December 2020 and subject to sub-paragraphs (b) to (d) below, the amount of any interchange fee that an issuer may receive or charge or the amount of any interchange fee that an acquirer is required to pay shall not exceed: (i) 1.10% of the value of the transaction with respect to a credit card transaction made under a payment card network where the operator of such network has established a Market Development Fund in accordance with sub-paragraph (b) below; or (ii) 1.00% of the value of the transaction with respect to a credit card transaction made under a payment card network where the operator of such network has not established a Market Development Fund in accordance with sub-paragraph (b) below. (b) An operator of a payment card network may establish a Market Development Fund to manage the interchange fee amounting to 0.10% of the value of any credit card transaction for the purpose of funding the deployment of POS terminals by the participants in the payment card network of the said operator . (c) Where a Market Development Fund has been established by an operator of a payment card network in accordance with sub-paragraph (b) above, the said operator shall- (i) cause 0.10% of the value of any credit card transaction to be paid into the Market Development Fund; BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 16/28 (ii) manage the Market Development Fund subject to a set of objective and transparent rules as may be determined by the said operator with the approval of the Bank. (d) In the event the industry indicators for any particular year between 2015 and 2020 are not met, the interchange fee ceiling with respect to a credit card transaction in the subsequent year(s) shall be adjusted in accordance with the following formula: 4 Subject to a minimum of 48 bps or such number of bps as may be determined by the Bank in accordance with paragraph 8.7 of this Policy Document 5 Basis points Adjusted interchange fee ceiling for the subsequent year4 (bps5) = Interchange fee ceiling for the particular year (bps) - X Where- Interchange fee ceiling would start at 100 bps in 2015 BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 17/28 And X = Percentage of cumulative non- achievement of the industry indicators6 600%7 X 312 bps8 X 2.19 No. of years between the year the interchange fee ceiling is to be adjusted and 2020 (e) With effect from 1 January 2021, the amount of any interchange fee that an issuer may receive or charge or the amount of any interchange fee that an acquirer is required to pay with respect to a credit card transaction shall not exceed 0.48% of the value of the transaction, or such other amount as may be calculated by the Bank in accordance with paragraph 8.7 below. 6 The industry indicators and the corresponding weightage are set out in the Schedule of this Policy Document. Cumulative non-achievement of the industry indicators is calculated by adding the percentage of non-achievement for every year. 7 The achievement of the industry indicators is measured in the ratio of 100% for 1 year and 600% for 6 years. 8 This represents the excess interchange fee above the eligible costs for a credit card transaction which is 52 bps per year (calculated by deducting the interim ceiling of 100 bps with the eligible costs of 48bps) amounting to 312 bps for 6 years. 9 A selected constant to ensure that the higher the level of non-achievement of the industry indicators, the faster the rate of reduction of the interchange fee ceiling to the interchange fee ceiling determined based on the eligible costs of a credit card transaction. And X = No. of bps to be deducted from the interchange fee ceiling for the particular year BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 18/28 S 8.5 Obligation to comply with the interchange fee ceilings by operators of payment card networks An operator of a payment card network shall ensure that the interchange fee rates that the operator sets in its rules, condition or contract with issuers and acquirers shall not exceed the interchange fee ceilings set out in paragraphs 8.1 to 8.4 above. S 8.6 Prohibition of circumvention (a) No person shall, directly or indirectly, evade or circumvent the interchange fee ceilings set out in paragraphs 8.1 to 8.4 above. (b) Without prejudice to the generality of sub-paragraph (a) above, any net compensation received by an issuer from an operator of a payment card network with respect to a domestic debit card transaction, an international debit card transaction, an international prepaid card transaction or a credit card transaction or in relation to debit card, prepaid card or credit card related activities shall be treated as part of the interchange fees received by the issuer and are thus subject to the interchange fee ceilings set out in paragraphs 8.1 to 8.4 above. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 19/28 (c) For the purpose of sub-paragraph (b) above- (i) an issuer is deemed to have received net compensation if the total amount of payments, incentives, fees or funds received by an issuer from an operator of a payment card network during a calendar year exceeds the total amount of all fees, payments or funds paid by the issuer to the operator of the payment card network during that calendar year; and (ii) any payment, incentives or funds received by an issuer from an operator of a payment card network for the purpose of payment card infrastructure development shall not be included in the computation of net compensation subject to the prior written approval from the Bank. S 8.7 Recalculation of the interchange fee ceilings by the Bank (a) Subject to sub-paragraphs (b) and (c) below, the Bank shall review, recalculate and adjust the interchange fee ceilings set out in paragraphs 8.1 to 8.4 above at the end of every three-year interval commencing from 1 July 2015 or at such other date as may be determined by the Bank in writing due to changes in eligible costs and other relevant factors, and an issuer, an acquirer and an operator of a payment card network shall comply with the adjusted interchange fee ceilings. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 20/28 (b) The Bank shall review the cost incurred by issuers to fund an interest- free period for the credit card business on a yearly basis. (c) The interchange fee ceiling for credit card transactions shall not exceed 1.10% or 1.00% of the value of transaction, as the case may be, for the period between 1 July 2015 and 31 December 2020 except where the sum of the eligible costs for a credit card transaction determined by the Bank exceeds 1.10% or 1.00% of the value of the transaction, as the case may be. S 8.8 Publication of interchange fee rates An operator of a payment card network shall publish prominently on the website of the said operator the interchange fee rates for domestic debit card transactions, international debit card transactions, international prepaid card transactions and credit card transactions which are applicable to the payment card network in Malaysia. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 21/28 9. Measures to address other distortions in the payment card market S 9.1 Unbundling of the MDR for domestic payment card transactions (a) With effect from 15 January 2015, an acquirer shall charge merchants specified and separate MDR for each of the following transactions which reflects the cost structure of the respective transactions: (i) domestic debit card transactions; (ii) international debit card transactions; and (iii) credit card transactions. (b) With effect from 1 July 2015, an acquirer shall charge merchants specified and separate MDR for the international prepaid card transactions which reflects the cost structure of such transactions. S 9.2 Facilitating the identification of debit cards and international prepaid cards (a) With effect from 15 January 2015, an issuer shall ensure that any new or replacement debit card issued by the issuer is visually and electronically identifiable including through the prominent display of the word “Debit” on the face of the debit card. (b) With effect from 1 July 2015, an issuer shall ensure that any new or replacement international prepaid card issued by the issuer is visually BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 22/28 and electronically identifiable including through the prominent display of the word “Prepaid” on the face of the international prepaid card. (c) With effect from 1 January 2018, an issuer shall ensure that all its debit cards and international prepaid cards on issue or in circulation are visually and electronically identifiable including through the prominent display of the word “Debit” and “Prepaid” on the face of the debit cards and the international prepaid cards, respectively. S 9.3 Removing restriction on co-badging of debit cards (a) An operator of a payment card network shall not, either directly or indirectly or through an agent or a third party, by rule, condition, contract or by any means whatsoever, do or omit to do an act which has the following object or effect: (i) restricting or preventing an issuer from issuing a co-badged debit card or an acquirer from acquiring a transaction carried out using a co-badged debit card; (ii) restricting or preventing an issuer from giving equal branding to the payment card networks that are available on a co-badged debit card; or (iii) imposing an obligation to pay a fee or other obligation with similar object or effect in relation to a transaction carried out BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 23/28 using a co-badged debit card which is not routed or processed via the payment card network of the said operator. (b) An issuer shall give equal branding to the payment card networks that are available on a co-badged debit card by ensuring that the logo of the payment card networks are of equal size and are displayed on the same side of the debit card. S 9.4 No surcharging for debit card and international prepaid card transactions An acquirer shall ensure that merchants do not impose any surcharge on a transaction made using a domestic debit card, an international debit card or an international prepaid card. S 9.5 Empowering merchants to steer cardholders to use cost-effective payment cards and to have the first priority in routing decisions (a) An operator of a payment card network or an acquirer shall not, either directly or indirectly or through an agent or a third party, by rule, condition, contract or by any means whatsoever, do or omit to do an act which has the following object or effect- (i) restricting or preventing a merchant from steering a cardholder to use any payment card, or any payment card network available on a payment card, and for the purpose of this subparagraph, the act of “steering” includes the act of BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 24/28 indicating preference or offering discount or other benefit for the use of a payment card or a payment card network but excludes the act of imposing a surcharge on a payment card transaction; (ii) restricting or preventing a merchant from routing or setting priority routing to route a transaction made using a co-badged debit card to the payment card network of the merchant’s choice; (iii) restricting the number of payment card networks on which a payment card transaction may be routed or processed at the point-of-sale; or (iv) restricting or preventing an acquirer or a merchant from giving equal prominence to a competing payment card network at the point of sale. (b) For transactions made using a co-badged debit card- (i) merchants shall have the first priority in deciding which payment card network that a transaction is to be routed or processed, followed by cardholders; (ii) acquirers shall ensure that the POS terminals that they deploy to merchants are enabled to allow merchants to choose the payment card network of the merchant’s choice; and BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 25/28 (iii) acquirers shall ensure that a merchant who decides to set priority routing at the POS terminals display a prominent notice at the point of sale to inform customers about the payment card network that is prioritised by the merchant for routing purposes over other payment card networks. (c) An acquirer shall provide in the monthly or periodic statement sent to all its merchants the following information: (i) the respective MDR applicable for each payment card transaction; (ii) the respective interchange fee rate applicable for each payment card transaction; and (iii) the website address of each payment card network where details of interchange fee rates are published. (d) An acquirer shall provide in its monthly or periodic statement sent to all its merchants a prominent notice to notify the merchants of any reduction in interchange fee rates together with- (i) a notice of the corresponding reduction in the MDR charged to the merchants; or (ii) an explanation as to why there is no corresponding reduction in the MDR charged to the merchants. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 26/28 S 9.6 Prohibition on exclusivity to an account or a line of credit An approved operator of a payment system including an operator of a payment card network shall not do or omit to do an act which has the object or effect of restricting or preventing the access or use of, an account maintained by a customer with a financial institution or a line of credit extended by a financial institution to a customer, via other payment card networks, payment systems or payment instruments. S 9.7 Minimum product offering for payment cards (a) An issuer who issues a debit card, a prepaid card or a credit card shall offer to its customers, at the minimum, the option of obtaining a basic debit card, a basic prepaid card or a basic credit card as the case may be, with minimal or no cardholder incentives or rewards, and at zero or a nominal fee charged to the customers subject to the prior written approval from the Bank. (b) In providing customers with an option to obtain a basic debit card, a basic prepaid card or a basic credit card as the case may be under sub-paragraph (a) above, an issuer shall also provide the customers with the choice of obtaining- (i) a payment card that enables a cardholder to make payment to any merchants acquired in or outside Malaysia under the BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 27/28 payment card networks available in the respective payment card; or (ii) a payment card that enables a cardholder to make payment to any merchants acquired in Malaysia under the payment card networks available in the respective payment card. S 9.8 Reporting and data retention requirements (a) Each issuer, acquirer and operator of a payment card network shall submit to the Bank a report in such format and at such periodic intervals as the Bank may specify in writing. (b) Information or data required in the report in sub-paragraph (a) above may include details of costs incurred in relation to a debit card, prepaid card and credit card transaction, interchange fees, MDR, the processing or other fees imposed by operators of payment card networks, incentives, funds and payments received from operators of payment card networks, transaction decline rates and such other information and data as the Bank may specify in writing. (c) Each issuer, acquirer and operator of a payment card network shall retain evidence of compliance with the obligations set out in paragraphs 8 and 9 above for a period of not less than seven years after the completion of the transactions, operations or events related to the respective obligations. BNM/RH/STD 029-7 Payment Systems Policy Department Payment Card Reform Framework Page 28/28 SCHEDULE Industry indicators (sub-paragraph 8.4(d)) Industry Indicators 2015 2016 2017 2018 2019 2020 1) Cumulative POS terminals comprising: a. Contact terminals b. Contactless terminals 280,000 252,000 28,000 330,000 264,000 66,000 430,000 301,000 129,000 560,000 392,000 168,000 690,000 483,000 207,000 800,000 560,000 240,000 2) Debit card transactions (million) 89 137 246 433 681 1,000 Notes: 1. The industry indicator on “Cumulative POS terminals” represents the cumulative total number of POS terminals deployed in Malaysia (net of terminals that have been terminated) which satisfy the following characteristics: (a) There is at least one (1) payment card transaction per month for each of the POS terminals; and (b) Any new POS terminal deployed commencing from 15 January 2015 is deployed at new merchants or at new merchant outlets. 2. For the purpose of determining the level of non-achievement of the industry indicators under paragraph 8.4(d) above, equal weightage of 50% is assigned to each of the industry indicators set out above.
Public Notice
19 Dec 2014
Repurchase Agreement Transactions
https://www.bnm.gov.my/-/repurchase-agreement-transactions-19122014
https://www.bnm.gov.my/documents/20124/761697/Repurchase_Agreement_Transactions.pdf
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Reading: Repurchase Agreement Transactions Share: Repurchase Agreement Transactions Release Date: 19 Dec 2014 Issuance Date 2 December 2014 Effective Date 2 December 2014 Applicability FSA Summary The policy document on repurchase agreement (repo) transactions aims to:- (a) set out the scope of repo transactions that can be conducted by licensed banks and licensed investment banks; and (b) promote sound risk management practices by licensed banks and licensed investment banks particularly credit risk, market risk, counterparty risk and settlement risk for the conduct of repo transactions. Click here to view. © 2024 Bank Negara Malaysia. All rights reserved.
Tambahkan Nilai Harta Bersih Anda APRIL 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 4 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Tinjauan Terhadap Pembaca RINGGIT 2012 Membina kekayaan adalah berkait rapat dengan penambahan nilai harta bersih, iaitu aset tolak liabiliti sama dengan nilai harta bersih, yang mungkin positif (nilai aset melebihi nilai liabiliti) atau negatif (nilai liabiliti melebihi nilai aset). Format Membina Kekayaan Nilai harta bersih = Jumlah aset keseluruhan – Jumlah liabiliti (hutang keseluruhan) Dalam topik ini, tumpuan diberikan untuk meningkatkan aset melalui Simpanan dan Pelaburan Matlamat pelaburan anda Apabila anda menabung secara berterusan, anda perlu membuat keputusan penting tentang cara melaburkan wang anda. Langkah pertama anda untuk melabur secara berhemat adalah dengan menetapkan matlamat pelaburan anda. Bagaimana menetapkan matlamat pelaburan yang sesuai dengan keperluan anda? Terdapat pelbagai soalan penting yang perlu difikirkan sebelum keputusan pelaburan dibuat. Cuba kaji soalan-soalan berikut:- • Apakah matlamat kewangan anda? Kenapakah anda perlu menyimpan dan melabur wang? • Berapakah jumlah wang yang perlu disimpan dan berapa pula jumlah wang yang perlu dilaburkan untuk mencapai matlamat tersebut? • Berapakah lama wang perlu disimpan atau dilaburkan untuk mencapai matlamat tersebut? • Berapa banyak risiko yang sanggup anda tanggung? Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Yu Kin Len Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 1D-1, Bangunan SKPPK Jalan SS9A/17 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Tambahkan Nilai Harta Bersih Anda 2 • Ringgit • Berapa banyak pulangan yang dijangkakan daripada simpanan atau pelaburan anda? • Apakah yang sanggup anda korbankan demi mencapai matlamat ini? Contohnya menukar gaya hidup atau tabiat perbelanjaan yang sedia ada. Ambil kira sumber pendapatan anda dan fikir bagaimana anda boleh menyimpan dan melabur secara konsisten. Matlamat kewangan dan pelaburan anda seharusnya munasabah dan boleh dicapai. Risiko dan pulangan pelaburan Menyimpan wang di dalam akaun simpanan atau simpanan tetap adalah pelaburan yang paling selamat. Dengan menyimpan wang di dalam akaun tetap, anda mungkin tidak dapat membina kekayaan secepat yang diinginkan. Sungguhpun pelaburan lain dapat memberi pulangan yang lebih baik, ia mempunyai risiko yang lebih tinggi, kerana kemungkinan besar pelaburan tersebut akan jatuh nilainya. Apabila melaburkan wang, anda sememangnya mengharapkan pulangan. Kadar pulangan atas pelaburan biasanya dikira dalam peratusan tahunan. Jika membeli saham pada harga RM10 sesaham dan harga tersebut naik kepada RM10.80 selepas setahun, kadar pulangannya ialah 8%. Pulangan sebenar pelaburan adalah selepas menolak segala perbelanjaan yang berkaitan. Sebagai contoh, jika anda membeli rumah dan kemudian menjualkannya, anda hanya dapat memastikan pulangan yang diperoleh selepas menolak kos, seperti fi guaman, komisen ejen, duti setem dan faedah pinjaman bank. Ingat! Apabila memilih pelaburan, semakin tinggi pulangannya, semakin tinggi risikonya. Jangan letakkan semua telur di dalam satu bakul Jangan laburkan wang anda dalam satu jenis pelaburan sahaja. Jika apa-apa berlaku kepada pelaburan tersebut, semua wang itu akan hilang. Adalah penting untuk mempelbagai pelaburan anda. Meletakkan wang anda dalam pelbagai pelaburan merupakan tindakan yang bijak. Buat perancangan pelaburan yang seimbang. Apabila berbuat demikian, anda boleh mengurangkan risiko kehilangan wang anda. Cara anda melabur bergantung kepada profil pelaburan, iaitu sama ada anda seorang pelabur yang agresif, sederhana ataupun konservatif. Kebanyakan orang berada di pertengahan profil tersebut. Jika anda merupakan pelabur yang sederhana, mungkin sebahagian besar daripada wang anda berada dalam kelas aset yang berlainan daripada dana amanah saham dan bakinya pula dalam pelaburan pendapatan tetap seperti simpanan tetap. Jumlah yang diagihkan kepada kelas aset boleh dibahagikan lagi kepada segmen berlainan seperti bon dan dana ekuiti. Sekiranya anda pelabur yang agresif, anda mungkin akan melabur dalam pelaburan yang lebih aktif seperti pasaran saham. Tetapi sebaliknya, jika anda adalah pelabur yang konservatif, anda mungkin mempelbagai pelaburan anda dalam pelaburan yang kurang agresif seperti bon dan simpanan tetap. Tiada dua pelaburan yang sama! Cuma anda seorang sahaja yang boleh membuat keputusan tentang pilihan yang bersesuaian serta berapa banyak wang simpanan yang akan dilaburkan dalam pelbagai jenis pelaburan yang terdapat di pasaran. Sumber: Celik Wang, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 3 Setiap pengguna memerlukan ketenangan fikiran apabila mengetahui bahawa simpanan mereka di bank adalah selamat. Perlindungan insurans deposit memberikan jaminan tersebut. Di samping itu, pengguna kini boleh berasa lega mengetahui bahawa manfaat takaful dan insurans mereka juga dilindungi oleh Perbadanan Insurans Deposit Malaysia (PIDM). PIDM merupakan sebuah agensi kerajaan yang ditubuhkan pada tahun 2005 untuk melindungi penyimpan yang mempunyai deposit di bank serta pemilik sijil takaful dan polisi insurans sekiranya berlaku kegagalan institusi ahli. Perlindungan bagi insurans deposit PIDM melindungi simpanan deposit anda sehingga RM250,000 bagi setiap penyimpan di setiap bank ahli. Deposit yang layak dilindungi oleh PIDM adalah akaun simpanan, akaun semasa, deposit tetap, deposit mata wang asing, serta akaun perniagaan milikan tunggal, perkongsian, praktik profesional dan syarikat. Selain itu, akaun deposit konvensional dan Islam juga dilindungi secara berasingan sehingga RM250,000 bagi setiap penyimpan di setiap bank ahli. Had RM250,000 ini termasuk amaun prinsipal deposit dan faedah/pulangan. Akaun yang dilindungi secara berasingan Akaun Bersama: Akaun bersama mendapat perlindungan insurans deposit secara berasingan, asa lkan rekod bank ah l i menyenara ikan nama pemegang-pemegang akaun bersama. Bagaimanapun, perlindungan maksimum bagi akaun bersama ialah RM250,000 secara kolektif dan bukan RM250,000 bagi setiap pemegang akaun bersama. Akaun Amanah: Bagi akaun amanah, benefisiari boleh mendapat perlindungan secara berasingan sekiranya pemegang amanah mengemukakan kepentingan setiap benefisiari dan amaun yang tertakluk bagi setiap benefisiari dalam rekod bank ahli. Setiap benefisiari dilindungi secara berasingan sehingga RM250,000 daripada deposit diinsuranskan bagi jenis akaun mereka yang lain. Akaun Perniagaan Milikan Tunggal, Perkongsian atau Praktik Profesional dan Syarikat: Akaun-akaun ini juga dilindungi secara berasingan sehingga RM250,000. Langkah Perlindungan Kewangan Diperkukuhkan Bagi Pengguna (Bahagian 1) 4 • Ringgit Contoh Pemegang akaun Jenis akaun Amaun (RM) Dilindungi (RM) Ahmad Simpanan 300,000 250,000 Ahmad dan isteri Semasa 300,000 250,000 Ahmad, isteri dan anak perempuan Simpanan 250,000 250,000 Ahmad dan Leong & Co. (firma perundangan) Semasa 200,000 200,000 Ahmad dan Ali Sdn. Bhd. Semasa 50,000 50,000 Jumlah deposit 1,100,000 Jumlah deposit yang dilindungi 1,000,000 Jenis produk yang TIDAK layak mendapat perlindungan insurans deposit seperti deposit yang tidak boleh dibayar di Malaysia, instrumen deposit boleh niaga, deposit pembawa lain, amanah saham, stok dan saham serta produk atau akaun pelaburan berkaitan emas. Bank-bank ahli PIDM ialah semua bank perdagangan berlesen di bawah Akta Bank dan Institusi-Institusi Kewangan 1989 dan semua bank Islam berlesen di bawah Akta Bank Islam 1983, termasuk bank-bank asing yang beroperasi di Malaysia. Keahlian adalah wajib mengikut peruntukan Akta Perbadanan Insurans Deposit Malaysia (Akta PIDM). Sila perhatikan tanda keahlian ini di semua pintu masuk cawangan bank ahli anda. Sekiranya anda mempunyai simpanan deposit dalam cawangan berbeza bagi sesebuah bank ahli, amaun yang layak dilindungi akan dijumlahkan bagi tujuan perlindungan insurans deposit. Tempat tinggal atau kewarganegaraan anda tidak menjejaskan perlindungan insurans deposit. Deposit yang disimpan di bank ahli PIDM akan dilindungi sehingga RM250,000 bagi setiap penyimpan di setiap bank ahli. Sekiranya berlaku kegagalan sesebuah bank ahli, anda tidak perlu mengemukakan sebarang tuntutan. PIDM akan membuat pengumuman untuk memaklumkan mengenai pembayaran balik deposit yang dilindungi. Pembayaran balik deposit akan dibuat berdasarkan rekod penyimpan yang diperoleh daripada bank ahli. Peraturan-Peraturan Peruntukan Maklumat Insurans Deposit 2011 Bank ahli sepatutnya memaklumkan kepada anda sama ada sesuatu produk deposit itu layak atau tidak layak mendapat perlindungan insurans deposit oleh PIDM sebelum anda menyimpan wang di bank tersebut. Semua produk deposit yang layak mendapat perlindungan insurans deposit terdapat dalam satu daftar senarai yang boleh didapati di bank ahli. Keperluan ini adalah sejajar dengan Peraturan Peruntukan Maklumat Insurans Deposit 2011 bagi memastikan bank-bank ahli menyediakan kepada anda maklumat yang tepat, relevan dan terkini mengenai perlindungan insurans deposit dan perlindungan bagi produk deposit mereka. Tiada permohonan dan tiada pembayaran Sistem Perlindungan Insurans Deposit disediakan oleh PIDM secara automatik dan tidak memerlukan sebarang permohonan. Penyimpan deposit juga tidak dikenakan bayaran bagi perlindungan yang disediakan oleh PIDM. Untuk maklumat lanjut mengenai sistem perlindungan ini, sila hubungi talian maklumat bebas tol PIDM 1-800-88-1266 (Isnin hingga Jumaat dari 8.30 pagi hingga 5.30 petang), atau e-mel kepada [email protected], atau layari laman sesawang PIDM di www.pidm.gov.my Sumber: Perbadanan Insurans Deposit Malaysia (PIDM) Perhatikan tanda keahlian ini untuk mengetahui sama ada sesebuah bank merupakan bank ahli PIDM. SIMPANAN BANK ANDA PE RL INDUNGAN INSURANS DEPOSIT IANYA AUTOMATIK PIDM ANDA PIDM akan membayar balik simpanan bank anda sehingga RM250,000 dengan segera. Untuk maklumat lanjut, hubungi 1-800-88-1266 atau layari www.pidm.gov.my Bagaimana Sistem Insurans Deposit berfungsi: Ringgit • 5 Baca terma dan syarat perjanjian dengan teliti Anda perlu membaca dan memahami terma serta syarat perjanjian sesuatu produk, sama ada berkaitan pinjaman atau pelaburan terlebih dahulu, sebelum menandatangani sebarang dokumen yang berkaitan. Tanggungjawab sebagai penjamin Anda perlu memahami tanggungjawab dan kewajipan anda sebagai penjamin. Sebagai penjamin, anda terikat secara undang-undang untuk membayar balik pinjaman sekiranya peminjam tidak menjelaskan pinjaman tersebut. Pendedahan maklumat kewangan Jangan mendedahkan maklumat kewangan anda, seperti nombor akaun, nombor kad kredit, kata laluan akaun dan sebagainya kepada pihak ketiga sama ada melalui telefon, e-mel atau mana-mana pautan di laman sesawang. Transaksi di mesin ATM Jangan membenarkan pihak ketiga melakukan transaksi di mesin ATM bagi pihak anda, walaupun orang yang dikenali seperti pasangan anda. Transaksi kad kredit Kad kred i t hendak lah d igunakan sebagai kemudahan membuat bayaran dan digunakan mengikut kemampuan. Selepas sebarang transaksi menggunakan kad kredit, pastikan jumlah yang dimasukkan adalah betul dan pastikan kad kredit yang dipulangkan adalah kepunyaan anda. Penyerahan dokumen Berwaspada sebelum menyerahkan salinan kad pengenalan atau pasport kepada pihak ketiga selain daripada institusi kewangan atau peguam-peguam yang bertindak bagi pihak anda. Kemudahan perbankan internet Jangan terpedaya untuk membuka akaun kemudahan perbankan internet hanya untuk membolehkan anda menerima hadiah atau hadiah warisan daripada mana- mana pihak yang tidak dikenali. Ini merupakan satu cubaan penipuan! Jika anda telah berbuat demikian, segera hubungi dan laporkan kepada bank anda dan pihak polis untuk tindakan lanjut serta maklumkan kepada Bank Negara Malaysia. Fungsi “memory cache” Sila pastikan anda log keluar (log-out) secara sempurna selepas selesai menggunakan perbankan internet dan padamkan “memory cache” selepas sebarang transaksi dilakukan. Sumber: Bank Negara Malaysia Tip Pengguna Mengenai Isu Perbankan 6 • Ringgit Takaful motor memberikan perlindungan terhadap kerugian atau kerosakan kenderaan sendiri akibat kebakaran, kecurian atau kemalangan; dan/atau kecederaan tubuh badan atau kematian pihak ketiga, kerosakan atau kerugian harta benda pihak ketiga. Di Malaysia, perlindungan terhadap risiko pihak ketiga diwajibkan di bawah Akta Pengangkutan Jalan 1987. Menjadi satu kesalahan bagi seseorang individu menggunakan atau menyebabkan atau membenarkan individu lain menggunakan kenderaan bermotor tanpa perlindungan yang sewajarnya. Jenis perlindungan Secara amnya, terdapat dua jenis perlindungan di bawah pelan takaful motor:- 1) Pihak ketiga – memberikan anda perlindungan terhadap kematian, kecederaan tubuh badan dan/atau kerosakan harta benda pihak ketiga. 2) Komprehensif – memberikan perlindungan terhadap kematian, kecederaan tubuh badan dan/ atau kerosakan harta benda pihak ketiga; serta kerugian atau kerosakan ke atas kenderaan anda akibat kebakaran, kecurian atau kemalangan. Siapakah pihak ketiga? Pihak ketiga ialah individu lain yang mengalami kecederaan atau menanggung kerugian atau kerosakan akibat kemalangan yang melibatkan kenderaan anda. Contohnya pejalan kaki, pemandu lain atau penumpang yang berada di dalam kenderaan lain. Pihak pertama ialah anda sebagai pemilik kenderaan dan pihak kedua ialah pengendali takaful. Berapakah jumlah perlindungan yang patut diambil? Pastikan jumlah perlindungan yang diambil di bawah sijil takaful motor menggambarkan nilai pasaran kenderaan anda. Sekiranya jumlah perlindungan kurang daripada nilai pasaran, syarat purata akan diguna pakai apabila tuntutan dibuat. Syarat purata merupakan penalti kerana perlindungan terkurang untuk kenderaan anda. Perlindungan terkurang untuk kenderaan bermakna jumlah perlindungan yang diambil kurang daripada nilai pasaran kenderaan semasa kejadian kerosakan. Contoh: Jumlah perlindungan RM80,000 Nilai pasaran RM100,000 Kerugian RM5,000 Syarat purata RM80,000 x RM5,000 RM100,000 = RM4,000 Di dalam kes ini, pengendali takaful hanya akan membayar sebanyak RM4,000 dan anda perlu menanggung perbezaan kerugian sebanyak RM1,000. Apakah “diskaun tanpa tuntutan” atau no claim discount (NCD) Ia boleh diklasifikasikan sebagai insentif kepada anda kerana tidak membuat sebarang tuntutan sepanjang tempoh penyertaan pelan takaful motor. Diskaun Takaful Motor (Bahagian 1) Ringgit • 7 ini diberikan mengikut skala berikut apabila anda memperbaharui sijil anda. Tempoh takaful Diskaun Selepas satu tahun 25% Selepas dua tahun 30% Selepas tiga tahun 38 1/3% Selepas empat tahun 45% Selepas lima tahun dan ke atas 55% NCD boleh dipindahkan kepada pengendali takaful/ syarikat insurans lain atau kenderaan milik anda yang lain. Pembatalan sijil Anda boleh membatalkan sijil penyertaan anda dengan menghantar notis 14 hari secara bertulis kepada pengendali takaful dan anda perlu menyerahkan sijil motor dan sijil takaful bagi tujuan pembatalan. Dengan pembatalan tersebut, anda berhak untuk mendapat balik caruman yang belum luput sepanjang tempoh takaful secara pro rata. Ekses Ekses ialah kerugian yang anda perlu tanggung sebelum pengendali takaful membayar baki tuntutan anda. Dengan perkataan lain, jumlah ekses akan ditolak sebelum pembayaran dibuat. Contohnya, jika jumlah ekses ialah RM1,000 dan jumlah tuntutan ialah RM1,500, pengendali takaful hanya akan membayar sebanyak RM500 kepada anda. Bebanan (‘Loading’) Pengendali takaful boleh mengenakan nilai bebanan ke atas caruman bagi memastikan jumlah yang dikenakan adalah setara dengan risiko yang akan anda hadapi. Faktor bebanan yang sering diguna pakai ialah umur pemandu, ciri-ciri kehemahan pemandu, kapasiti enjin, tuntutan lepas yang tertentu bagi sesuatu kenderaan dan kenderaan yang dipulih semula. Indemniti Perl indungan takaful yang diber ikan akan menggantikan kerugian anda, dengan meletakkan anda dalam kedudukan kewangan yang sama seperti sebelum berlaku kerugian. Anda tidak boleh membuat keuntungan daripada tuntutan takaful motor. Pembaikan Pembaikan berlaku apabila, semasa memperbaiki sesuatu kenderaan, alat ganti sesuatu kenderaan yang lama akan digantikan dengan alat ganti francais yang baru. Contohnya, bampar yang lama akan digantikan dengan yang baru. Oleh itu, anda dikehendaki menanggung perbezaan harga antara bampar yang lama dengan yang baru, selaras dengan prinsip indemniti. Ini kerana caruman anda adalah berdasarkan jumlah perlindungan. Amaun ini sebaliknya bergantung kepada nilai kenderaan anda, yang pada kebiasaannya lebih rendah daripada yang baru. Pampasan bagi masa pembaikan sebenar Sekiranya anda mengalami kemalangan dan anda membuat tuntutan pihak ketiga terhadap sijil seseorang individu lain yang menyebabkan kemalangan, anda boleh menuntut pampasan bagi masa pembaikan sebenar kenderaan anda. Pampasan bagi masa pembaikan sebenar ini termasuk kos perjalanan alternatif atau menyewa kenderaan lain (yang sama jenis dan kapasiti enjin). Tempoh masa pembaikan sebenar ini berdasarkan cadangan hari yang diperlukan untuk memperbaik kenderaan anda seperti yang dinilai oleh pelaras kerugian bebas. Pengendali takaful, atas budi bicara mereka, boleh menambah tempoh tanggung selama tujuh hari bekerja bagi kelewatan yang tidak diduga atau yang tidak dapat dielakkan. Sumber: infoinsurans 8 • Ringgit Aduan tentang perkhidmatan masa hadapan (future services), terutamanya berkenaan dengan Pusat Kecergasan, merupakan antara aduan yang paling banyak diterima oleh Pusat Khidmat Aduan Pengguna Nasional (NCCC) dalam tempoh tiga tahun berturutan. Antara jenis aduan yang sering diterima adalah berkenaan dengan mutu perkhidmatan, layanan kakitangan, kandungan kontrak yang tidak jelas dan pembatalan kontrak. Walau bagaimanapun, aduan NCCC lebih tertumpu kepada pembatalan kontrak kerana kebanyakan aduan adalah berkenaan pengadu tidak dibenarkan membatalkan kontrak mereka. Kebanyakan pusat kecergasan di Malaysia mengendalikan pusat mereka dengan hanya memberi perkhidmatan kepada ahli. Bagi menggunakan perkhidmatan di pusat kecergasan, pengguna perlu menandatangani satu kontrak untuk satu tempoh sekurang-kurangnya 1 tahun. Apabila pengguna telah terikat dengan kontrak, kebiasaannya mereka tidak dibenarkan untuk menamatkan kontrak yang telah ditandatangani. Pengguna pula terpaksa membuat bayaran bulanan / tahunan sama ada perkhidmatan tersebut digunakan atau tidak. Berdasarkan kes yang diterima di NCCC, pengguna tidak dibenarkan untuk membatalkan kontrak mereka sebelum tamat tempoh kontrak. Dalam sesetengah kes, walaupun pengguna dibenarkan menamatkan kontrak, mereka masih dikenakan bayaran untuk tempoh kontrak tersebut. Lebih-lebih lagi apabila pengguna tersebut membuat bayaran auto-debit melalui kad kredit. Dalam situasi sebegini, NCCC menyeru mangsa kes sedemikian membuat aduan kepada NCCC dan NCCC akan membuat representasi bagi pihak pengadu. Dalam kes sedemikian, Seksyen 17 di bawah Akta Perlindungan Pengguna 1999 membenarkan pengguna untuk menamatkan kontrak masa hadapan. Terdapat dua perkara yang diterangkan di bawah seksyen ini: i) Pengguna boleh menamatkan kontrak masa hadapan dengan syarat mereka harus melangsaikan jumlah bayaran bagi perkhidmatan telah digunakan. ii) Bagi perkhidmatan yang masih belum pernah digunakan pula, pengguna boleh menamatkan kontrak tersebut. Tetapi pengendali dibenarkan untuk mengenakan 5% bayaran daripada keseluruhan jumlah asal kontrak. Sebagai contoh, pusat kecergasan mengenakan bayaran sebanyak RM2,400 untuk tempoh setahun. Pengguna ingin membatalkan kontrak selepas 4 bulan tanpa menggunakan perkhidmatan tersebut. Pengendali pusat boleh mengenakan bayaran sebanyak 5% daripada RM2,400, iaitu RM120. Manakala, lebihan daripada 5% tersebut hendaklah dipulangkan kepada pengguna jika bayaran telah dibuat. Kes di atas merujuk kepada pembayaran yang dibuat secara ansuran. Dalam hal ini, pengguna harus memastikan bahawa niat mereka untuk membatalkan kontrak perlu dimaklumkan kepada pengendali pusat. Ini adalah untuk mengelakkan pengguna dari terus dikenakan sebarang bayaran. NCCC telah menyelesaikan banyak kes tentang perkhidmatan pusat-pusat kecergasan. Walau bagaimanapun, dalam beberapa kes yang tidak dapat diselesaikan, maka pihak NCCC akan merujuk kes kepada Tribunal Tuntutan Pengguna Malaysia (TTPM). Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Perkhidmatan Masa Hadapan Ringgit • 9 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Ruangan Masalah Kewangan Anda Saya mempunyai masalah kewangan yang sangat kritikal. Saya mempunyai pinjaman kereta di bank Y dan perlu membayar RM600 sebulan dan pinjaman peribadi berjumlah RM5,000 dengan bank X. Saya sudah lama tidak membayar pinjaman peribadi ini. Dalam masa yang sama, saya juga telah membuat pinjaman dengan Ah Long sebanyak RM24,000. Saya perlu membayar secara ansuran sebanyak RM1,200 sebulan (bayaran bunga sahaja). Oleh sebab saya terpaksa membayar pinjaman Ah Long kerana bimbang kesannya jika tidak membayarnya, maka saya menangguhkan dahulu bayaran pinjaman dengan bank-bank lain. Gaji saya hanya RM2,300 sahaja dan saya juga memerlukan wang untuk keperluan lain seperti makan dan minum. Saya ingin meminta pendapat tuan, bagaimana untuk saya menyelesaikan masalah kewangan ini. Terima kasih. Pengguna Runsing Masalah Kewangan Anda Jawapan: Bagi pinjaman kereta dan pinjaman peribadi, anda harus berunding dengan bank berkenaan untuk memohon penstrukturan atau penjadualan semula pinjaman yang bersesuaian dengan kedudukan aliran tunai anda. Namun demikian, sekiranya anda masih gagal mencapai persetujuan dengan bank berkenaan berhubung cadangan pembayaran balik pinjaman, anda adalah dinasihatkan untuk merujuk kepada Agensi Kaunseling dan Pengurusan Kredit (AKPK). AKPK merupakan sebuah agensi yang ditubuhkan oleh Bank Negara Malaysia bagi menyediakan perkhidmatan pengurusan kewangan, kaunseling kewangan dan nasihat serta program pengurusan kredit. Perkhidmatan yang ditawarkan oleh AKPK adalah percuma. Anda boleh mengunjungi AKPK yang terdekat dengan membawa penyata gaji, penyata terkini pinjaman sewa beli kereta serta pinjaman peribadi dan juga laporan kredit dari Bank Negara Malaysia untuk penilaian kedudukan kewangan dan tindakan selanjutnya. Manakala, pinjaman dengan Ah Long adalah tidak tertakluk di bawah Akta Peminjam Wang 1951 kerana ia tidak berlesen. Risiko pinjaman Ah Long adalah di bawah tanggungjawab peminjam sendiri. Sekiranya terdapat ugutan atau ancaman daripada pihak Ah Long, anda boleh membuat aduan kepada pihak polis. 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my Sebarang maklum balas sila e-melkan kepada [email protected]
Public Notice
17 Dec 2014
RINGGIT Newsletter (October 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-october-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed54+Oct+2014+v3.pdf
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Kereta Baharu Vs Kereta Terpakai? OKTOBER 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 0 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Kereta telah menjadi suatu keperluan untuk semua orang pada masa ini, terutama bagi mereka yang mempunyai keluarga. Ramai pengguna muda yang teruja untuk membeli kereta sebaik sahaja mendapat pekerjaan. Namun begitu, adakah anda pernah memikirkan sama ada anda perlu membeli kereta baharu atau kereta terpakai? Keputusan untuk membeli kereta ini wajar ditimbangkan dengan sebaiknya. Tidak perlu terlalu ghairah apabila melihat model kereta keluaran baharu tanpa memikirkan komitmen yang bakal ditanggung kelak. Berikut ialah langkah-langkah yang perlu diambil sebelum membuat keputusan membeli kereta:- Langkah 1: Baharu vs Terpakai Persoalan yang perlu difikirkan adalah yang mana satu paling ekonomi? Apakah kos-kos yang terlibat sekiranya anda membeli kereta baharu atau terpakai? Kereta terpakai mempunyai nilai yang tinggi sekiranya pemilik terdahulu kerap melakukan penyelenggaraan dan menjaga keadaan kenderaan dengan baik. Anda boleh mempertimbang soalan-soalan berikut sebelum membuat keputusan: 1. Adakah anda mempunyai beberapa model kereta dalam fikiran anda? Atau adakah anda tidak memilih mana-mana jenama atau jenis Kereta Baharu Vs Kereta Terpakai? 2 • Ringgit kenderaan yang ingin dibeli asalkan ia dalam keadaan yang baik? 2. Berapakah bajet anda untuk menampung kos-kos dan pembiayaan kereta, sama ada kereta baharu atau terpakai? 3. Apakah ciri-ciri dan aspek paling penting untuk anda memiliki kereta? (Warna, ruang yang selesa, penjimatan petrol dan sebagainya) 4. Berapa lamakah anda bercadang untuk menggunakan kereta tersebut? Apabila membuat keputusan, anda perlu melihat bajet serta kos-kos yang berkaitan, seperti petrol, bayaran letak kereta, kos penyelenggaraan, insurans dan paling penting adalah kemampuan anda untuk membayar balik pinjaman. Sebaik sahaja anda telah memutuskan model kereta yang anda inginkan, langkah seterusnya adalah untuk mendapatkan pinjaman kereta. Langkah 2: Pinjaman Kereta Kadar faedah bagi kereta terpakai biasanya lebih tinggi berbanding kereta baharu. Anda perlu membuat kajian terhadap kadar faedah yang ditawarkan oleh pihak bank. Bandingkan juga dengan tempoh pinjaman yang ingin diambil. Sesetengah syarikat kereta menjalinkan kerjasama dengan bank-bank untuk menawarkan kadar faedah yang terbaik bagi pinjaman kereta baharu. Gunakan hak anda untuk membuat pilihan. Langkah 3: Bayaran pendahuluan Kebiasaannya pembayaran pendahuluan untuk kedua-dua kenderaan baharu dan terpakai adalah sebanyak 10%. Namun begitu, terdapat pengeluar kereta yang mengecualikan pendahuluan ini. Perniagaan kereta terpakai tidak menawarkan pinjaman penuh kerana pihak bank tidak mahu menanggung risiko yang besar pada kereta terpakai. Hal ini disebabkan kontrak sewa beli sangat berisiko dan ada beberapa bank yang tidak menyediakan pinjaman untuk kereta terpakai. Kereta terpakai tidak mempunyai jaminan. Oleh itu, anda perlu memastikan kenderaan terpakai tersebut mendapat surat kebenaran dan telah menjalani pemeriksaan PUSPAKOM. Beberapa syarikat perniagaan menawarkan tiada bayaran pendahuluan, dan pinjaman meliputi sehingga 90% daripada kos untuk membeli kereta baharu. Walaupun ia nampak seperti satu kelebihan, namun anda perlu bijak merancang. Kereta baharu juga dijamin waranti dan boleh mengurangkan kos penyelenggaraan anda. Walau bagaimanapun, apabila memiliki kenderaan baharu, sebaik-baiknya anda tidak menjualnya dalam tempoh masa terdekat. Hal ini disebabkan kereta baharu akan mengalami susut nilai sekurang-kurangnya 10% pada tahun pertama. Berikut adalah jadual pengiraan sewa beli:- Harga kereta (RM) 55,000 55,000 55,000 55,000 Kadar faedah (kadar sama rata) 5% 5% 5% 5% Bayaran pendahuluan 10% 10% 30% 30% Tempoh pinjaman (tahun) 5 7 5 7 Pengiraan Bayaran pendahuluan (RM) 5,500 5,500 16,500 16,500 Pinjaman Diambil (RM) 49,500 49,500 38,500 38,500 Jumlah Faedah (RM) 12,375 17,325 9,625 13,475 Jumlah pinjaman (Pokok + Faedah) (RM) 61,875 66,825 48,125 51,975 Asuran bulanan (RM) 1,031 796 802 619 Sumber: Buku Power, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Langkah 4: Kos susut nilai Salah satu kelemahan utama membeli sebuah kereta baharu adalah ia akan mengalami susut nilai lebih Ringgit • 3 tinggi dalam beberapa tahun pertama. Susut nilai tetap akan berlaku walaupun anda seorang yang sangat teliti dan cermat dalam penjagaan kereta. Contoh carta kos bagi sebuah kereta tempatan, kereta import dan terpakai serta jumlah susut nilai dalam tempoh 5 hingga 6 tahun. Pengiraan kos bagi kereta tempatan baharu dan terpakai Tahun Keluaran Jenis Kereta Jumlah BARU 2008 (Harga Jualan pada 2008) Proton Saga BLM (Auto) RM37,998 TERPAKAI 2008 (Dijual pada 2014) Proton Saga BLM RM19,500 Peratus Susut Nilai 48.2% Pengiraan kos bagi kereta import baharu dan terpakai Tahun Keluaran Jenis Kereta Jumlah BARU 2008 (Harga Jualan pada 2008) BMW 320i Sports RM245,800 TERPAKAI 2008 (Dijual pada 2014) BMW 320i Sports RM118,800 Anggaran peratus Susut nilai 51.7% *Harga diperoleh dalam talian dan adalah tepat pada masa penyelidikan dilakukan oleh Michelle Brohier, penulis Ringgitplus. Harga kereta terpakai berbeza berdasarkan pengedar dan keadaan kereta Merujuk jadual di atas, kedua-dua kereta mengalami susut nilai mengikut peratusan yang berbeza. Anda perlu bijak membuat keputusan setelah meneliti carta di atas. Sebagai panduan, anda boleh merujuk perbandingan kebaikan dan keburukan membeli kereta baharu dan terpakai:- Kereta baharu Kebaikan • Ciri > Lebih banyak pilihan untuk memenuhi keperluan anda (jenama, warna, spesifikasi). > Teknologi terkini (hybrid). > Keselamatan (penggera, ABS, beg udara). • Kebolehpercayaan > Tidak perlu bimbang tentang sejarah latar belakang. > Kos penyelenggaraan rendah. > Tempoh jaminan lebih panjang. • Kewangan > Mudah diperoleh. > Margin pembiayaan lebih tinggi. > Kadar faedah lebih rendah. > Tempoh pinjaman lebih panjang. Keburukan > Harga lebih tinggi. > Susut nilai tinggi – sekurangnya 10 % dalam tahun pertama. Oleh itu kerugian lebih tinggi akan dialami apabila kenderaan dijual semula. > Premium insurans lebih tinggi. > Kos kewangan lebih tinggi sepanjang tempoh pinjaman. Kereta Terpakai Kebaikan > Biasanya lebih murah. > Lebih mampu milik. > Boleh dibeli secara tunai dan memudahkan pengguna. > Premium insurans lebih rendah. Keburukan • Ciri > Kurang pilihan. • Kebolehpercayaan > Sejarah latar belakang yang tidak pasti. > Kos penyelenggaraan lebih tinggi. > Tanpa jaminan. > Pemeriksaan PUSPAKOM. • Kewangan > Mungkin agak sukar diperoleh. > Margin pembiayaan lebih rendah. > Kadar faedah lebih tinggi. > Tempoh pinjaman lebih singkat. Sumber: Buku Power, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Yang manakah pilihan anda? Pilihan terletak di tangan anda. Kedua-dua kereta baharu dan terpakai mempunyai pro dan kontra seperti yang ditunjukkan sebelum ini. Segelintir daripada anda lebih menyukai kereta lama daripada yang baharu. Buat keputusan berdasarkan bajet anda. Paling penting, anda mampu membuat bayaran balik pinjaman. Sumber: Olahan daripada artikel Michelle Brohier, penulis Ringgitplus dan Buku Power, Agensi Kaunseling dan Pengurusan Kredit 4 • Ringgit Perjanjian penyewaan biasanya dilakukan antara pihak pemilik dengan penyewa. Menyewakan aset seperti rumah kepada orang lain ada risikonya, terutama apabila penyewa tidak menepati tarikh bayaran sewa bulanan dan tidak menjelaskan bil-bil utiliti. Rungsing dengan aset yang disewakan, maka anda boleh menyediakan perjanjian penyewaan supaya kepentingan kedua-dua belah pihak dapat persetujui secara bersama. Kepentingan mempunyai perjanjian penyewaan adalah seperti berikut:- 1. Menetapkan kadar sewaan dan tempoh kepada penyewa Dengan perjanjian ini, pemilik perlu mengikut dokumen perjanjian dan tidak boleh menaikkan kadar sewa dalam tempoh perjanjian. Secara tidak langsung perjanjian ini juga melindungi hak penyewa. 2. Melindungi Deposit Penyewa Perjanjian juga penting sebagai bukti bahawa penyewa telah membayar sejumlah deposit kepada pemilik. Deposit itu akan dikembalikan kepada penyewa setelah tamat tempoh sewaan. Tanpa perjanjian, pemilik boleh menafikan sebarang urus niaga yang telah berlaku pada masa lalu. Di samping itu, perjanjian penyewaan juga menggariskan secara jelas tentang tanggungjawab pemilik dan penyewa sepanjang tempoh sewaan. 3. Memberi kelebihan kepada pemilik Salah satu kriteria yang digunakan oleh bank-bank utama untuk mengakses kredit seseorang adalah melalui pendapatan individu. Sekiranya pemilik Kepentingan membuat Perjanjian Penyewaan mempunyai perjanjian penyewaan yang sah, maka perjanjian ini boleh dijadikan sebagai bukti pendapatan tambahan bagi menyokong permohonan pinjaman anda dengan pihak bank. Ia merupakan satu kelebihan kepada pemilik. 4. Melindungi hak pemilik Perjanjian penyewaan perlu mempunyai klausa yang melindungi pemilik rumah, seperti pemilik berhak menuntut bayaran sewa tertunggak kepada penyewa, pemilik rumah boleh memfailkan saman pengusiran di mahkamah dengan perjanjian sebagai bukti. Sebarang pertikaian antara pemilik dan penyewa boleh dirujuk kepada kontrak penyewaan. Perjanjian penyewaan juga memberikan hak kepada pemilik untuk melucut hak deposit sekiranya berlaku kerosakan harta benda. Hak untuk kehilangan deposit juga memastikan penyewa mematuhi tempoh pembiayaan, sekiranya penyewa berpindah secara tiba-tiba tanpa notis. 5. Anda tidak memerlukan Kontrak Penyewaan sekiranya Terdapat beberapa sebab kerana tidak mempunyai kontrak penyewaan. Tempoh sewaan jangka pendek seperti 3 hingga 6 bulan. Biasanya penyewa mendapatkan rumah sewa untuk jangka pendek, seperti menunggu untuk pengubahsuaian rumah atau bekerja sementara di sesuatu tempat. Anda dinasihatkan untuk menyediakan perjanjian sewaan dengan penyewa agar hak anda dan penyewa dapat dilindungi. Sumber: Diolah daripada artikel loanstreet.com.my Ringgit • 5 Bagi pelabur-pelabur saham, soalan lazim yang selalu bermain dalam fikiran ialah “Patutkah saya melabur untuk pertumbuhan atau pendapatan?” Sebelum membuat keputusan, seorang pelabur perlu memahami perbezaan antara saham pendapatan dan saham pertumbuhan. Apa sebenarnya saham pendapatan (income stock)? Saham pendapatan ialah saham yang membayar dividen. Tujuan memiliki saham pendapatan ialah untuk mendapatkan dividen tinggi secara konsisten, iaitu sebagai sumber pulangan semasa dan bukannya untuk mengharapkan naik nilai harga saham anda. Harga saham pendapatan lazimnya kurang meruap (volatile) berbanding saham-saham lain yang didagangkan di pasaran saham. Oleh itu, apabila pasaran menurun, harga saham-saham pendapatan akan mengalami penurunan harga yang perlahan kerana para pelabur akan mengekalkan pegangan saham mereka selagi syarikat membayar dividen. Saham-saham seperti ini kurang terjejas disebabkan oleh kitaran perniagaan, iaitu produk dan perkhidmatan yang ditawarkan syarikat masih tetap diperlukan pengguna walaupun keadaan ekonomi kurang baik. Ini termasuklah saham syarikat berkaitan kemudahan awam, makanan dan keperluan harian yang lain. Ini bererti, saham syarikat yang menawarkan produk dan perkhidmatan sebegini berisiko rendah. Walau bagaimanapun, anda perlu memantau kadar faedah dan inflasi apabila melabur dalam saham- Melabur untuk Pertumbuhan atau Pendapatan? saham ini. Hal ini disebabkan ia sensitif kepada perubahan kadar tersebut. Apabila kadar faedah naik, atau jika kadar hasil dividen sesuatu saham itu kekal, ataupun turun pada tahap yang lebih rendah berbanding kadar faedah yang ditawarkan oleh instrumen pelaburan yang lain (seperti simpanan tetap ataupun bon korporat), maka harga saham ini mungkin turun. Selain itu, sekiranya kadar inflasi naik dan kadar hasil dividen sesuatu saham itu dikekalkan setiap tahun, hakikatnya, dividen sebenar yang diperolehi adalah lebih rendah. Bagaimana pula dengan saham pertumbuhan (growth stock)? Berbeza dengan saham pendapatan, saham pertumbuhan membayar dividen yang minimum ataupun t idak membayar dividen langsung. Sebaliknya, saham pertumbuhan menawarkan potensi pertumbuhan yang tinggi. Ia biasanya mempunyai kadar pertumbuhan yang lebih tinggi berbanding kadar pertumbuhan purata (lazimnya dua angka), untuk tiga tahun berturut-turut . Kebanyakan syarikat pertumbuhan yang berpotensi terlibat dalam industri yang sedang berkembang pesat, seperti syarikat- syarikat teknologi maklumat dan teknologi bio. Syarikat-syarikat ini selalunya mendahului pasaran ataupun mempunyai potensi untuk mendahului pasaran. Antara ciri-ciri utama syarikat-syarikat ini ialah kos penyelidikan dan pembangunan mereka yang tinggi berbanding pendapatan mereka. Selain itu, syarikat-syarikat yang kukuh dalam bidang pasaran tertentu ataupun syarikat-syarikat yang “Bagi menentukan saham mana satu yang sesuai, anda perlu menilai kedudukan dan menetapkan matlamat kewangan anda terlebih dahulu.” 6 • Ringgit mempunyai halangan kemasukan yang tinggi juga tergolong dalam kategori ini. Walau bagaimanapun, melabur dalam saham pertumbuhan mempunyai risiko tersendiri. Oleh sebab potensi pertumbuhan ialah sesuatu yang belum terjadi dan persekitaran perniagaan sentiasa berubah-ubah, maka syarikat-syarikat ini juga menanggung risiko yang lebih tinggi apabila produk dan perkhidmatan mereka gagal mengikuti perkembangan semasa dalam pasaran mereka. Jadi, mana satu yang patut dipilih? Sekarang, anda sudah mempunyai pemahaman asas mengenai saham pendapatan dan saham pertumbuhan serta perbezaan antara kedua- duanya. Persoalannya yang mana satukah saham yang perlu dipilih? Bagi menentukan saham mana satu yang sesuai, anda perlu menilai kedudukan dan menetapkan matlamat kewangan anda terlebih dahulu. Secara amnya, sekiranya anda tergolong dalam kategori berikut, saham pendapatan lebih sesuai untuk anda kerana risikonya lebih rendah dan lebih mudah dijangka: • Anda inginkan pendapatan yang tetap daripada pasaran saham untuk menampung perbelanjaan anda; atau • Anda hampir bersara dan bergantung kepada pendapatan daripada pasaran saham untuk mengekalkan taraf kehidupan anda; atau • Anda baru sahaja hendak mula melabur dalam pasaran saham. Manakala, saham pertumbuhan sewajarnya menjadi pilihan anda jika: • Anda mempunyai sejumlah wang dan ingin melabur untuk jangkamasa panjang bagi memperoleh kenaikan modal. Pastikan anda mengenali saham syarikat yang dilaburkan Membeli saham sesebuah syarikat secara tidak langsung bermakna anda memiliki sebahagian daripada perniagaan syarikat tersebut. Sekiranya anda yakin ia berpotensi tinggi dan memiliki asas/ fundamental yang kukuh, maka anda perlu percaya kepada naluri dan meneruskan niat untuk melabur dalam syarikat tersebut. Pendapat berikut mungkin tidak sama dengan pandangan umum, tetapi bukan semua syarikat dalam industri terbaru dan terkini merupakan pilihan pelaburan yang baik. Jangan melabur dalam saham syarikat teknologi bio semata-mata kerana orang ramai mengatakan ia bagus dan mereka juga melabur dalam syarikat itu. Sentiasa ingat bahawa anda perlu memahami perniagaan syarikat yang anda pilih dan bagaimana syarikat tersebut mengaut keuntungannya. Hal ini disebabkan oleh saham pertumbuhan biasanya berisiko tinggi kerana ketidakpastian dalam potensi perniagaan syarikat. Pastikan anda membuat kajian terlebih dahulu agar dapat mengurangkan kemungkinan anda kehilangan wang. Tujuan utama melabur ialah untuk membuat wang, tidak kira sama ada ia membayar pendapatan dividen ataupun untung modal. Walau bagaimanapun, anda seharusnya membina portfolio berdasarkan keperluan peribadi – iaitu sama ada anda memerlukan wang untuk jangka masa pendek atau anda hendak mengumpul kekayaan dalam jangkamasa panjang. Anda juga boleh mencuba untuk menggabungkan kedua-dua jenis saham dalam portfolio pelaburan dan menilai keuntungannya secara keseluruhan. Sumber: www.investsmartsc.my Ringgit • 7 Pernahkah anda mendengar atau membaca tentang istilah ‘Undang-Undang Lemon’ atau ‘Lemon Law’? Pastinya, ada yang baru kali pertama mendengarnya. Ada pula yang mungkin sudah mengetahui serba sedikit tentang Undang-Undang Lemon ini, khususnya mereka yang pernah berada di negara-negara yang telah melaksanakannya, seperti Amerika Syarikat atau Singapura. Bagi yang memahami prinsip Undang- Undang Lemon, sudah pasti mereka merasakan undang-undang ini perlu dilaksanakan di Malaysia bagi memperkukuh lagi perlindungan pengguna. Undang-Undang Lemon merujuk kepada prinsip yang boleh diguna pakai dalam mana-mana akta yang sedia ada, contohnya Akta Perlindungan Pengguna 1999 ataupun Akta Sewa Beli 1967. Ia digunakan apabila pengguna membeli sesuatu produk yang kecacatannya tidak dapat dipulihkan, dibaiki ataupun dikurangkan kerosakannya. Mengapakah ia dipanggil Undang-Undang Lemon? Amerika Syarikat, yang merupakan antara negara yang mula-mula memperkenal dan menguatkuasakan Undang-Undang Lemon ini, menggunakan istilah Lemon sebagai merujuk kepada pengalaman yang tidak manis, seperti mengigit ‘terus’ buah lemon yang masam rasanya. Prinsip Undang-Undang Lemon terpakai kepada apa sahaja produk pengguna yang mempunyai jangka hayat melebihi 6 bulan, seperti telefon bimbit, peralatan elektrik, laptop, komputer, perabot atau kenderaan. Namun, antara semua produk yang dinyatakan itu, kerosakan ataupun kecacatan pada kenderaan merupakan yang paling tinggi nilainya serta boleh membahayakan nyawa pengguna kenderaan dan juga pengguna jalan raya yang lain. Oleh itu, Undang-Undang Lemon penting dilaksanakan di Malaysia bagi menangani isu kerosakan kereta serta kemungkinan berlakunya kemalangan akibat daripada kerosakan tersebut. Statistik Pusat Khidmat Aduan Pengguna Nasional (NCCC) menunjukkan bahawa aduan sektor automobil telah merekodkan nilai aduan yang tertinggi untuk tahun 2011, 2012 dan 2013 secara berturut-turut. Oleh sebab prinsip Undang-Undang Lemon masih belum wujud di Malaysia, maka jumlah aduan berkaitan sektor automobil, khususnya kereta baru, semakin meningkat secara mendadak. Hal ini menyebabkan pengguna terpaksa bergantung kepada waranti yang diberikan untuk membaiki kerosakan yang dialami. Dalam kebanyakan keadaan, waranti yang diberikan ini tidak mencukupi untuk memperbaiki kerosakan ataupun kecacatan pada kereta tersebut. Singapura merupakan antara negara yang telah mengguna pakai prinsip Undang-Undang Lemon. Sekiranya pengguna di negara tersebut memenuhi syarat dan kriteria yang ditetapkan, pihak bank yang memberikan pinjaman kepada individu yang menghadapi masalah dengan kereta yang baru dibeli, pegawai bank tersebut akan membantu untuk mendapatkan pampasan yang sewajarnya berdasarkan prinsip Undang-Undang Lemon. Dengan Ruangan Bersama NCCC Pentingnya Prinsip Undang- Undang Lemon 8 • Ringgit Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda pelaksanaan Undang-Undang Lemon, pihak bank wajib meminda kontrak sewa beli dengan pelanggan mereka supaya selari dengan prinsip Undang- Undang Lemon ini. Tambahan pula, kereta baharu yang dibeli dengan menggunakan pembiayaan bank adalah menjadi milik bank sehinggalah segala hutang dilangsaikan. Oleh itu, sebagai pemilik kereta tersebut, pihak bank bertanggungjawab untuk memastikan kereta tersebut dalam keadaan yang selamat dan bebas daripada sebarang kerosakan ataupun kecacatan yang boleh membahayakan nyawa pelanggan mereka. Dengan keadaan seperti ini, pihak bank secara tidak langsung akan bertanggungjawab atas kerosakan ataupun kecacatan pada kereta apabila Undang-Undang Lemon dilaksanakan. Kebanyakan negara maju serta mempunyai ekonomi yang kukuh telah lama mengamalkan prinsip Undang- Undang Lemon. Sebagai contoh, Singapura telah menguatkuasakan prinsip Undang-Undang Lemon dalam Akta Perlindungan Pengguna (Perdagangan Adil). Begitu juga di Amerika Syarikat, yang telah melaksanakan prinsip ini sejak tahun 70-an lagi. Terdapat tanggapan sesetengah syarikat penjual kereta bahawa mereka akan mengalami kerugian sekiranya prinsip Undang-Undang Lemon ini dilaksanakan kerana mereka terpaksa menggantikan kereta yang rosak atau cacat itu dengan kereta yang baharu. Tanggapan ini tidak benar kerana dengan pelaksanaan prinsip Undang-Undang Lemon ini, ia menyebabkan syarikat penjual kereta lebih sensitif terhadap perlindungan pengguna. Oleh itu, ia menyebabkan pengguna lebih gemar untuk memilih jenama kereta itu kerana pengguna mempunyai keyakinan yang tinggi terhadap kualiti dan mutu perkhidmatan syarikat itu. Justeru, pada 14 Oktober 2014 yang lalu, NCCC dan Persatuan Pengguna-Pengguna Standard Malaysia telah mengadakan seminar bertemakan ‘Apabila Kehidupan Memberikan Lemon kepada Anda’. Tujuan seminar ini adalah untuk memberi kesedaran kepentingan prinsip ini dalam perlindungan pengguna. Seminar ini juga bermatlamat untuk menganalisis kepentingan dan kesan positif pelaksanaan prinsip Undang-Undang ‘Lemon’ kepada pengguna dan juga syarikat pengeluar serta penjual kereta tempatan dan import. Sem ina r d i sampa i kan o l eh pence ramah berpengalaman dari Persatuan Pengguna Singapura dan Australia bagi berkongsikan pengalaman pelaksanaan Undang-Undang ‘Lemon’ di negara mereka. Turut juga hadir ialah Jabatan Pengangkutan Jalan Raya, Institut Penyelidikan Jalan Raya Malaysia (MIROS), SGS Malaysia, Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan, Bahagian Undang-undang dari Universiti Islam Antarabangsa, Persatuan Automobil Malaysia (AAM), Mazda, Toyota dan Honda. Walaupun proses pelaksanaan prinsip ini mungkin mengambil masa agak lama untuk dilaksanakan di Malaysia, sebagai langkah permulaan, NCCC dan Persatuan Pengguna-Pengguna Standard Malaysia berhasrat pihak-pihak berkepentingan dapat melihat kepentingan prinsip ini. NCCC juga menyediakan laman sesawang www.standardsusers.org atau facebook www.facebook.com/standardsusers kepada pengguna untuk mengetahui lebih lanjut mengenai prinsip Undang-Undang ‘Lemon’ dan mengalu-alukan maklum balas daripada pelbagai pihak. Ringgit • 9 Ruangan Masalah Kewangan Anda Baru-baru ini saya telah menerima panggilan daripada wakil sebuah syarikat insurans yang menawarkan insurans perlindungan kemalangan dan hayat dengan bayaran bulanan serendah RM80 sebulan. Syarikat tersebut mendakwa bahawa perlindungan ini merupakan perlindungan tambahan, sekiranya saya telah mempunyai perlindungan insurans yang lain. Setelah mendengar penerangan selama hampir 15 minit, saya menyatakan tidak berminat dengan produk yang ditawarkan. Wakil syarikat cuba memujuk saya dengan menyatakan bahawa promosi akan berakhir dalam minggu tersebut. Tanpa memberikan sebarang persetujuan, saya memutuskan panggilan. Namun begitu, selepas dua minggu saya terkejut kerana menerima surat daripada syarikat insurans berkenaan dengan pakej insurans seperti yang dinyatakan dan meminta saya menjelaskan bayaran. Saya telah menghubungi syarikat insurans berkenaan dengan menyatakan saya tidak pernah bersetuju untuk membeli produk yang ditawarkan dan meminta membatalkan perlindungan tersebut. Adakah wajar pihak syarikat insurans berkenaan menjadikan saya sebagai pelanggan pakej tersebut serta meminta bayaran walaupun saya tidak setuju? Apakah nasihat tuan mengenai perkara ini. Terima kasih. Terima kasih. Jawapan: Pihak insurans tersebut tidak wajar menjadikan anda sebagai pelanggan pakej insurans itu dan menuntut bayaran kerana anda tidak bersetuju membeli produk tersebut. Perkara seumpama ini juga sering berlaku melalui SMS, iaitu pihak syarikat insurans menawarkan perlindungan insurans seperti yang anda terangkan di atas tadi. Etika perniagaan seperti ini tidak sepatutnya berlaku dan syarikat insurans sepatutnya memantau etika penjualan yang diamalkan. Syarikat insurans sepatutnya mengamalkan etika yang berhemah ketika membuat pemasaran produk insurans kepada orang ramai. Nasihat saya, anda perlu membuat aduan dengan pihak insurans berkenaan dengan menyatakan bahawa anda tidak bersetuju untuk membeli perlindungan insurans tersebut dan menuntut pihak insurans membatalkan perlindungan tersebut. Sekiranya pihak insurans gagal menyelesaikan aduan tuan dengan sewajarnya, anda boleh mengemukakan aduan kepada Bank Negara Malaysia melalui BNMLINK atau dengan menulis aduan kepada BNMTELELINK menerusi alamat berikut: LINK dan Pejabat Wilayah Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur E-mel: [email protected] Bank Negara Malaysia merupakan badan yang mengawal selia institusi kewangan dan syarikat-syarikat insurans di Malaysia. Setelah aduan anda direkodkan dalam sistem Bank Negara Malaysia, mereka akan menjalankan siasatan berdasarkan aduan anda. Syarikat insurans tersebut atau ejennya perlu diambil tindakan kerana menjual polisi insurans secara yang menyalahi undang-undang dan tidak beretika. Oleh kerana isu ini juga berunsurkan isu perlindungan data peribadi, anda boleh membuat aduan di Jabatan Perlindungan Data Peribadi di bawah Kementerian Komunikasi dan Multimedia Malaysia. Namun anda harus memastikan sepenuhnya bahawa anda tidak pernah memberi kebenaran kepada pihak insurans yang menghubungi anda itu dengan apa jua cara sekali pun. Jika didapati bersalah, pihak yang berkenaan akan dikenakan hukuman sewajarnya berdasarkan Akta Perlindungan Data Peribadi. Tawaran Perlindungan Insurans melalui Talian 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah \ disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia tidak pernah meminta tidak pernah meminta tidak menyimpan wang maklumat peribadi atau sesiapa pun memindahkan orang ramai dalam maklumat kewangan wang ke dalam akaun mana-mana akaun anda pihak ketiga BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) ‘.ii':‘i“§“fif.°E'3‘:$3a 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] Untuk dan hantar kepada Untuk maklumat lanjut, sila rujuk BNMLINK (Pusat Perkhidmatan Pelanggan) menghantar BNM TANYA 15888 Amaran Penipuan Kewangan yang Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Dato' Onn, 50480) pertanyaan [P°"‘a"V33"/ terdapat di laman sesawang atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: atau aduan “"3" '‘‘"da] Bank Negara Malaysia Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching melalui SMS, (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang) taiP “@ www.bnm.gov.my
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19 Nov 2014
RINGGIT Newsletter (September 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-september-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed53+Sep+2014+v9.pdf
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Pengurusan Kewangan: Kemahiran Untuk Semua Orang SEPTEMBER 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 9 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Tinjauan Terhadap Pembaca Ringgit 2014 Tinjauan Terhadap Pembaca Ringgit 2014 Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Hutang isi rumah negara pada 2013 dilaporkan telah mencecah 86.7% berbanding nisbah Keluaran Dalam Negara Kasar. Merujuk kepada data Jabatan Insolvensi Malaysia pula, seramai 134,550 orang individu diisytihar muflis sepanjang tahun 2007 hingga Jun 2014. Secara purata, ia menunjukkan seramai 68 orang diisytiharkan muflis setiap hari. Golongan berumur 35 hingga 44 tahun mencatatkan peratusan tertinggi, iaitu 34.23 peratus, diikuti kumpulan berumur 45 hingga 54 tahun sebanyak 26.70 peratus, manakala golongan berumur 25 hingga 34 tahun mencatatkan 20.27 peratus. Jika dilihat kepada punca muflis pula, data Jabatan Insolvensi Malaysia, antara tahun 2007 hingga 2013, mendapati hutang disebabkan oleh sewa beli kenderaan mencatatkan sebanyak 30,452 kes, diikuti pinjaman perumahan 20,529 kes, pinjaman peribadi sebanyak 18,053 kes dan pinjaman perniagaan sebanyak 14,431 kes. Masalah ini timbul disebabkan mereka gagal menguruskan kewangan dengan baik. Begitu juga dengan tahap kesedaran mereka terhadap kesan yang akan dihadapi oleh mereka apabila tidak membayar hutang. Apabila mereka gagal melunaskan hutang, maka nama mereka akan disenaraihitamkan. Oleh itu, apabila mereka ingin membuat permohonan Pengurusan Kewangan: Kemahiran Untuk Semua Orang 2 • Ringgit membuat pinjaman pada masa akan datang, permohonan tersebut tidak diluluskan oleh pihak institusi kewangan. Baru-baru ini, dilaporkan sebanyak 183,486 peminjam Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) langsung tidak membuat sebarang pembayaran sejak tahun 2010. Peminjam ini diberi peluang untuk berbincang mengenai kaedah pembayaran balik sebelum tindakan undang-undang diambil terhadap mereka. Pengetahuan dan kesedaran tentang pengurusan kewangan perlu diberikan di peringkat kanak-kanak tadika, pelajar sekolah, mahasiswa pengajian tinggi, pekerja muda dan semua peringkat umur. Berdasarkan kajian yang dijalankan oleh Pusat Penyelidikan dan Sumber Pengguna (CRRC) pada tahun 2012, 47 peratus pengguna muda berumur 18 tahun hingga 35 tahun menghadapi masalah hutang yang serius. Manakala, 37 peratus daripada mereka berbelanja di luar kemampuan. Purata perbelanjaan menggunakan kad kredit pula sebanyak RM702 sebulan. Ini menunjukkan kehidupan dan kos sara hidup generasi pengguna pada masa kini semakin mencabar. Pengguna perlu bijak dan mencari alternatif bagi mempelbagai sumber pendapatan. Langkah penjimatan dan perancangan kewangan sangat penting bagi menjamin kesejahteraan hidup keluarga. Pengguna muda perlu mengatur belanjawan peribadi untuk keluarga. Amalkan prinsip ‘Bersusah-susah dahulu, bersenang-senang kemudian’. Berikut ialah beberapa langkah yang boleh dilakukan dalam menguruskan kewangan, iaitu:- a) Simpan 10 peratus daripada pendapatan bulanan. b) Catatkan segala perbelanjaan harian, termasuk bayaran yang dibuat menggunakan kad kredit. c) Senaraikan segala hutang dan bil tertunggak. Tetapkan matlamat anda untuk melangsaikan hutang tersebut. d) Utamakan keperluan daripada kehendak. e) Tetapkan azam untuk mencapai matlamat kewangan. Disiplinkan diri dan jangan berputus asa. f) Sediakan perlindungan kewangan yang terbaik untuk diri dan keluarga anda. g) Sentiasa mengemas kini maklumat pembayaran pinjaman dengan pihak institusi perbankan (sekiranya ada). h) Dapatkan maklumat terkini laporan kredit melalui Sistem Maklumat Rujukan Kredit Berpusat (CCRIS) di Bank Negara Malaysia dan cawangan/ pejabat wilayah berhampiran. Menyedari kepentingan pendidikan dan pengurusan kewangan, FOMCA telah mengadakan Program Bulan Kewangan Berhemat pada bulan Oktober tahun 2011. Program ini telah dijadikan sebagai acara tahunan. Pada tahun 2014, tema Bulan Kewangan Berhemat ialah ‘Pendidikan Kewangan untuk Semua’. Tema ini bertujuan untuk memberikan penekanan kepada rakyat Malaysia bahawa pengurusan kewangan merupakan kemahiran hidup bagi semua orang. Sepanjang bulan ini pelbagai aktiviti dirancang antaranya latihan kewangan untuk kanak-kanak pra sekolah, pendidikan kewangan untuk eksekutif muda, ceramah di sekolah dan di institusi pengajian tinggi, bengkel kewangan untuk komuniti khususnya golongan belia dan wanita serta pendidikan pelaburan untuk pemimpin masyarakat. Melalui aktiviti ini, pengguna akan diberi kesedaran agar membangunkan dan mengekalkan tabiat kewangan yang sihat untuk kesejahteraan kewangan mereka. Sumber: FOMCA “Langkah penjimatan dan perancangan kewangan sangat penting bagi menjamin kesejahteraan hidup keluarga.” Ringgit • 3 Menurut statistik Bank Negara Malaysia, terdapat 8.3 juta pemegang kad kredit di Malaysia pada akhir 2013. Persoalannya, adakah anda benar-benar memahami tentang terma dan syarat sebelum memiliki kad kredit? Kad kredit boleh memberi pelbagai kemudahan kepada pelanggan. Namun begitu, sebelum memiliki kad kredit, pengguna perlu mengetahui terma dan syarat yang ditawarkan. Kandungan terma dan syarat ini biasanya ditulis dalam bahasa yang formal dan teknikal, agak sukar untuk difahami oleh pengguna. Anda juga boleh meminta bantuan pegawai khidmat pelanggan menerangkan kandungan tersebut. Selain itu, anda boleh pertimbangkan beberapa perkara utama sebelum anda memilih jenis kad kredit. Antaranya ialah:- a) Bayaran tahunan dan Cukai Perkhidmatan kerajaan Bayaran tahunan adalah bergantung kepada jenis kad yang ditawarkan oleh institusi bank. Kad jenis Gold Mastercard/Visa/Amex biasanya mengenakan bayaran tahunan antara RM70 hingga RM200 bagi kad utama dan RM60 hingga RM150 untuk kad tambahan. Sesetengah bank juga menawarkan Kad Kredit: Terma Dan Syarat Yang Perlu Anda Ketahui pengecualian yuran tahunan, seperti contoh sekiranya anda mencapai jumlah minimum atau anda berbelanja pada jumlah minimum yang ditetapkan. Semua kad kredit juga tertakluk kepada cukai perkhidmatan kerajaan sebanyak RM50 bagi pemegang kad utama dan RM25 bagi pemegang kad tambahan. Beberapa bank menawarkan rebat cukai sekiranya anda menggunakan kad kredit dengan jumlah tertentu. Ada antaranya yang menawarkan tebusan mata ganjaran untuk membayar yuran tersebut. Anda disarankan untuk sentiasa menyemak dengan pihak bank bagaimana anda boleh berjimat daripada bayaran cukai. b) Had kredit Anda harus bertanyakan mengenai had kredit anda, walaupun ia ada dinyatakan dalam penyata bulanan anda. Biasanya, jika pendapatan anda kurang daripada RM36,000 setahun, jumlah had kredit akan menjadi dua kali ganda gaji bulanan anda. Contoh sekiranya pendapatan tahunan anda berjumlah RM36,000, had kad kredit yang anda perolehi adalah sebanyak RM6,000. “Memahami bagaimana kad kredit anda berfungsi merupakan salah satu cara utama dalam pengurusan hutang yang berkesan.” 4 • Ringgit Namun, anda perlu mengelakkan daripada berbelanja melebihi had kredit kerana anda akan dikenakan penalti dan akaun anda digantung sementara oleh pihak bank. c) Bayaran minimum Bayaran minimum bermaksud anda membayar bil bulanan kad kredit secara minimum untuk mengelakkan penalti. Kadar rata bayaran minimum biasanya RM50 atau 5 peratus daripada jumlah baki kad kredit anda. Ia bergantung kepada yang mana lebih tinggi. Ketahui kadar bayaran minimum anda supaya anda dapat membuat jangkaan sebelum anda menerima penyata. Anda dinasihatkan agar membayar lebih daripada jumlah minimum pada setiap bulan. Bayaran penuh adalah lebih baik. d) Kadar faedah Salah satu tanggapan biasa yang salah tentang kad kredit ialah faedah akan dikenakan ke atas segala perbelanjaan yang anda gunakan. Hakikatnya, anda hanya akan dikenakan kadar faedah sekiranya anda mempunyai baki tertunggak di dalam akaun. Tempoh bebas faedah (bagi kebanyakan bank ialah 20 hari dari tarikh penyata, tetapi anda perlu merujuk kepada terma dan syarat kad anda). Oleh itu, jika anda membayar sepenuhnya, dan menjelaskan dengan segera, anda tidak perlu membayar faedah. Pada masa ini pemegang kad kredit dikenakan faedah bertingkat. Ini bertujuan untuk menggalakkan penggunaan kad kredit secara berdisplin. Kadar bertingkat adalah seperti berikut:- Rekod pembayaran balik Kadar faedah Pemegang kad yang menjelaskan bayaran minimum selama 12 bulan berturut-turut Sehingga 15% setahun Pemegang kad yang menjelaskan bayaran minimum selama 10 bulan atau lebih sepanjang tempoh 12 bulan Sehingga 17% setahun Lain-lain Sehingga 18% setahun Walau bagaimanapun, bank-bank mempunyai kriteria yang berbeza untuk kadar faedah berperingkat. Sila dapatkan maklumat daripada pihak bank untuk keterangan lanjut. e) Yuran dan caj tambahan Akhir sekali, lihat sama ada bank anda mengenakan caj tambahan untuk perkhidmatan tertentu. Sebagai contoh, menggunakan kad kredit bagi pendahuluan tunai dan urus niaga luar negara. Kemungkinan anda akan dikenakan kadar yang lebih tinggi daripada kadar faedah biasa ke atas pembelian runcit. Memahami bagaimana kad kredit anda berfungsi merupakan salah satu cara utama dalam pengurusan hutang yang berkesan. Ingat bahawa kad kredit hanyalah alat dan jika digunakan dengan bijak, ia boleh menjimatkan banyak wang. Pada akhirnya, anda perlu bertanggungjawab atas keputusan kewangan anda sendiri. Sumber asal artikel ini daripada Brendon Lee, disiarkan dalam RinggitPlus.com. RinggitPlus membandingkan kad kredit, pinjaman peribadi dan pinjaman perumahan untuk membantu rakyat Malaysia. “Beberapa bank menawarkan rebat cukai sekiranya anda menggunakan kad kredit dengan jumlah tertentu.” Ringgit • 5 Persaraan pastinya bukan satu subjek yang akan anda fikirkan setiap hari. Namun, topik ‘5 Mitos Persaraan’ yang dikongsikan dalam RINGGIT isu bulan Jun 2014 yang lalu mungkin boleh mengubah persepsi anda tentang persaraan. Anda perlu bertindak untuk memastikan bahawa anda mempunyai kewangan yang mencukupi apabila anda bersara kelak. Anda tidak perlu bersara untuk mengetahui apakah makna persaraan yang sebenar. Anda boleh melihat sendiri bagaimana ibu bapa dan rakan-rakan anda menjalani kehidupan persaraan mereka. Bagi mereka yang telah merancang dan menyimpan untuk persaraan, mereka menikmati taraf hidup dan gaya hidup sama seperti semasa mereka masih bekerja. Namun demikian, sekiranya mereka tidak merancang persaraan dengan baik, mereka menghadapi kemerosotan taraf hidup kerana pendapatan persaraan yang tidak mencukupi untuk menampung persaraan mereka. Berapa banyak pendapatan persaraan yang diperlukan bila bersara bergantung kepada gaya hidup yang dijalani semasa persaraan. Tanpa menggantikan pendapatan yang diperoleh dengan secukupnya, anda mungkin tiada pilihan lain selain daripada mengurangkan gaya hidup anda atau bergantung kepada orang lain untuk memberi dan menambah pendapatan persaraan anda, terutama sekali jika anda tidak mampu bekerja. Tiga Isu Utama Persaraan Persoalannya, adakah anda mempunyai cara untuk mengekalkan gaya hidup apabila bersara. Untuk berbuat demikian, terdapat tiga isu utama persaraan yang harus diberi perhatian semasa masih bekerja. Kecukupan - untuk menggantikan pendapatan yang diperoleh Pertama, berapa banyakkah pendapatan yang diperlukan untuk persaraan. Berdasarkan kajian Pentadbir Pencen Swasta (PPA), pada umumnya individu yang telah bersara memerlukan nisbah pendapatan 2/3 daripada gaji terakhirnya untuk mengekalkan taraf hidup pada masa persaraannya. Dengan erti kata lain, jika seseorang itu mempunyai gaji bulanan sebanyak RM10,000 sebelum bersara, dia hanya memerlukan kira-kira RM7,000 sebagai pendapatan bulanan persaraan beliau untuk menikmati kualiti kehidupan yang sama. Andaian di sebalik nisbah pendapatan 2/3 penggantian ini adalah terdapat pengurangan 50% dalam semua perbelanjaan yang berkaitan dengan kerja anda, manakala perbelanjaan persaraan bagi masa lapang, percutian dan penjagaan kesihatan akan meningkat sebanyak 20%. “... adakah anda mempunyai cara untuk mengekalkan gaya hidup apabila bersara?” 6 • Ringgit Mencukupi - untuk keseluruhan tempoh hayat persaraan Kedua, anda perlu memastikan bahawa pendapatan anda dapat mencukupi sepanjang tempoh persaraan. Isu utama di sini adalah jangka hayat yang panjang dengan simpanan yang rendah ini akan menyebabkan anda mengalami kekurangan wang apabila usia semakin meningkat. Rakyat Malaysia dijangka akan hidup lebih lama, iaitu purata jangka hayat kini adalah kira-kira 75 tahun. Angka ini dijangka meningkat melebihi 80 tahun dalam beberapa tahun akan datang jika kemajuan dalam bidang perubatan terus meningkat. Ini bermakna, rakyat Malaysia rata-ratanya perlu memperuntuk simpanan yang mencukupi untuk menampung 20 hingga 30 tahun daripada kehidupan persaraan mereka, dengan usia persaraan sekarang yang telah ditetapkan pada 60 tahun. Kemampanan - untuk melindungi daripada inflasi Ketiga, ancaman paling besar dalam memenuhi keperluan kewangan semasa bersara ialah inflasi. Untuk melindungi daripada kesan inflasi bagi jangka panjang, pilihan terbaik adalah dengan memastikan kadar pertumbuhan simpanan persaraan dan pulangan pelaburan lebih tinggi daripada kadar inflasi. Jika tidak, inflasi akan menghakis taraf dan kualiti hidup persaraan dari masa ke masa. Hakikatnya, menempuh alam persaraan memerlukan perancangan yang rapi dan teliti. Oleh yang demikian, anda perlu menangani isu-isu persaraan mulai sekarang, sementara anda masih lagi bekerja. Memandangkan tumpuan lebih diberikan kepada kehidupan semasa, maka apa yang perlu anda lakukan adalah membuat simpanan dan menabung untuk persaraan yang mencukupi secara berterusan. Jika tidak, anda mungkin terlepas peluang dan berharap keadaan akan berubah apabila anda bersara. Sudah tentu anda tidak mahu mendapat kejutan apabila anda bersara kelak. *Dato ‘Steve Ong adalah Ketua Pegawai Eksekutif Pentadbir Pencen Swasta (PPA), pentadbir pusat untuk Skim Persaraan Swasta (PRS). PPA ditugaskan oleh Suruhanjaya Sekuriti Malaysia untuk menggalakkan pertumbuhan industri PRS, mewujudkan kesedaran dan mendidik orang ramai mengenai perancangan persaraan. PPA juga melindungi kepentingan pencarum PRS. PPA mengalu-alukan soalan yang berkaitan dengan perancangan persaraan. Sebarang maklum balas sila e-melkan kepada [email protected] atau layari www.ppa.my untuk maklumat lanjut mengenai soal perancangan persaraan. “...anda perlu memastikan bahawa pendapatan yang anda dapat mencukupi sepanjang tempoh persaraan...” Ringgit • 7 Pengguna mudah tertarik pada produk dan perkhidmatan kecantikan tanpa mengkaji terlebih dahulu mengenai risiko yang mungkin terdapat pada produk dan perkhidmatan tersebut. Kesan sampingan yang berpunca daripada produk dan perkhidmatan kecantikan bukanlah suatu perkara yang baru. Kemajuan teknologi juga bukan merupakan suatu faktor pengesahan tahap keselamatan sesuatu produk dan khidmat. Justeru, NCCC ingin menarik perhatian pengguna tentang risiko-risiko yang mungkin dialami jika perkara ini dipandang ringan. Pengguna harus sedar bahawa tidak semua produk kecantikan yang berada di pasaran telah mendapat kelulusan daripada Kementerian Kesihatan Malaysia (KKM). Ada juga dijual tanpa kelulusan dan akhirnya mendatangkan mudarat pada kesihatan pengguna. Begitu juga dengan perkhidmatan pakar kecantikan. Mereka yang memperkenal diri sebagai pakar kecantikan sebenarnya mungkin tidak seperti yang diperkatakan. Hal ini disebabkan kawal selia KKM tidak merangkumi pakar kecantikan dan tiada pengiktirafan secara khusus dikeluarkan oleh KKM kepada pakar-pakar kecantikan ini. Jadi, jika pengguna mengalami kesan sampingan, mereka tidak boleh membuat aduan kepada KKM, sebaliknya mereka perlu mengambil tindakan mahkamah. Hal ini sudah tentu melibatkan kos guaman yang tinggi. NCCC memandang serius permasalahan ini dan mengesyorkan pengguna supaya mengambil berat terhadap nasihat-nasihat berikut: 1. Semak dengan KKM terlebih dahulu tentang produk yang dijual di pasaran dan juga produk yang digunakan/diberikan oleh pusat kecantikan bagi memastikan tahap keselamatan produk tersebut. 2. Elak daripada melanggan khidmat yang memerlukan perubahan yang besar terhadap keadaan fizikal diri anda. 3. Dapatkan nasihat doktor yang bertauliah terlebih dahulu untuk mengetahui punca permasalahan diri anda dan sama ada rawatan yang ditawarkan oleh pusat kecantikan selamat untuk anda. 4. Elak daripada menggunakan produk yang berlainan jenis pada satu-satu masa kerana dikhuatiri tindak balas produk-produk ini tidak sesuai antara satu sama lain. Hal ini boleh memudharatkan kulit anda. 5. Dapatkan nasihat/khidmat guaman jika anda menjadi mangsa kepada kecuaian pakar kecantikan. 6. Pilih produk yang benar-benar mendapat kelulusan KKM dan dijamin selamat. NCCC mengalu-alukan sebarang pertanyaan daripada pengguna di seluruh Malaysia dan nasihat yang diberikan bergantung kepada permasalahan yang anda hadapi. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-78779000 atau myAduan@ nccc.org.my Ruangan Bersama NCCC Bijak Memilih Produk Kecantikan 8 • Ringgit Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Ruangan Masalah Kewangan Anda Saya mempunyai masalah hutang yang ditinggalkan oleh arwah ibu. Saya merupakan anak tunggal yang kematian ibu. Ibu saya telah meninggal tiga bulan yang lalu. Saya tidak mengetahui bahawa ibu saya mempunyai hutang kereta, hutang rumah dan pinjaman peribadi sehingga apabila pihak bank menghubungi saya dan memaklumkan perkara tersebut. Oleh kerana kealpaan saya tidak menyelidiki hutang-piutang ibu saya, maka kereta ibu saya telah ditarik oleh pihak bank. Pihak insurans juga tidak memberi perlindungan terhadap pinjaman kereta kerana kelulusan pinjaman hanya baru 1 bulan sahaja. Untuk makluman, saya bekerja swasta dengan pendapatan RM3,500 sebulan. Mustahil untuk saya menjelaskan hutang-hutang ibu saya yang banyak itu. Baki pinjaman kereta sebanyak RM58,000 dan pinjaman peribadi sebanyak RM25,000. Pinjaman rumah masih belum diketahui. Saya mohon khidmat nasihat tuan mengenai perkara ini. Terima kasih. Jawapan: Kami memaklumkan bahawa hutang yang ditinggalkan oleh arwah ibu anda boleh diselesaikan dengan harta- harta lain yang ditinggalkan olehnya sekiranya jumlah tersebut mencukupi. Harta-harta lain adalah termasuk harta alih, iaitu wang simpanan, KWSP, insurans atau harta tak alih seperti rumah atau tanah. Bagi membolehkan harta yang ditinggalkan oleh arwah ibu anda dapat ditadbirkan untuk pembayaran hutang, anda perlu membuat permohonan untuk pentadbiran harta pusaka dengan pengeluaran Surat Kuasa Mentadbir. Melalui pentadbiran ini, harta alih tersebut akan diguna untuk menyelesaikan segala hutang arwah, manakala baki harta alih tersebut (sekiranya ada) akan dibuat pembahagiannya menurut hukum syarak iaitu hukum Faraid. Sekiranya anda telah memfailkan pentadbiran harta pusaka arwah, sama ada di AmanahRaya, Pejabat Tanah atau melalui lantikan peguam, maka anda perlu memaklumkan kepada pentadbir tersebut mengenai hutang arwah agar penyelesaian hutang berkenaan dapat dilakukan. Bagi mendapatkan maklumat lanjut mengenai pentadbiran harta pusaka, sila hubungi Amanah Raya Berhad melalui talian CARELine kami iaitu 03-2072 9999 atau emel: [email protected] Ringgit • 9 GST MEMBANGUN & MAJU BERSAMA 951- L55!!! rews, $5/<4/Wm /</m mi/u éU/<A/ ‘/A/V4 P//<Erm/</W Eacéé Wcwzcu 1300 888 500 www.gst.customs.gov.my Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah \ disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia tidak pernah meminta tidak pernah meminta tidak menyimpan wang maklumat peribadi atau sesiapa pun memindahkan orang ramai dalam maklumat kewangan wang ke dalam akaun mana-mana akaun anda pihak ketiga BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) ‘.ii':‘i“§“fif.°E'3‘:$3a 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] Untuk dan hantar kepada Untuk maklumat lanjut, sila rujuk BNMLINK (Pusat Perkhidmatan Pelanggan) menghantar BNM TANYA 15888 Amaran Penipuan Kewangan yang Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Dato' Onn, 50480) pertanyaan [P°"‘a"V33"/ terdapat di laman sesawang atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: atau aduan “"3" '‘‘"da] Bank Negara Malaysia Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching melalui SMS, (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang) taiP “@ www.bnm.gov.my
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21 Oct 2014
RINGGIT Newsletter (August 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-august-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed52+Aug+2014+v5.pdf
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Cara Mendidik Anak Mengenai Pengurusan Kewangan OGOS 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 8 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Dengan wang sebanyak RM100 ke pasar sekarang tidak dapat membeli banyak bahan makanan, lebih-lebih lagi jika anda tidak mempunyai senarai dan perancangan barangan yang perlu dibeli. Sebuah artikel bertajuk “Eat for Less” oleh penulis S.Indramalar telah mengupas tajuk ini dengan pendekatan yang amat mudah. Beliau telah menyenaraikan barangan yang perlu dibeli untuk keperluan satu minggu bagi keluarga yang mempunyai empat orang anggota keluarga. Membeli barangan makanan untuk kaum keluarga lazimnya merupakan perbelanjaan yang agar besar selepas bayaran rumah dan kereta. Jika keluarga anda mempunyai anak-anak remaja lelaki pada peringkat umur 13 tahun ke atas, dengan selera makan yang tinggi, kos barangan dapur merupakan antara perbelanjaan bulanan yang tinggi. Penulis S.Indramalar ingin membuktikan dengan bajet RM10 mencukupi untuk makan malam bagi empat orang. Jadi keseluruhan perbelanjaan dapur sebulan hanya mencecah RM300. Bajet ini tidak termasuk beras, pasta, minyak masak, gula dan rempah ratus. Berikut adalah senarai pembelian barangan dapur berlandaskan menu Jimat Belanja Dapur 2 • Ringgit mingguan seperti:- Hari Pertama: Nasi lemak dengan kari ayam Bahan-bahan: 1/3 ayam, 1 biji timun, 1/3 ikan bilis, 4 biji tomato dan sebiji kelapa. Hari Kedua: Burger ayam dengan kentang goreng Bahan-bahan: Dada ayam dicincang, bawang, serbuk roti, perisa dan kentang. Hari Ketiga: Nasi dengan tiga jenis lauk Bahan-bahan: Kurma ayam, kangkung, lobak dan cendawan. Hari Keempat: Bihun Goreng Bahan-bahan: 4 biji telur, 2 keping tauhu dan taugeh. Hari Kelima: Beriani Telur Bahan-bahan: 4 biji telur, 1 batang lobak, 1 biji kentang, 4 biji tomato dan 2 keping tauhu. Hari Keenam: Nasi dengan tiga jenis lauk Bahan-bahan: Ikan goreng, bayam, tempe dan kari dal. Hari Ketujuh: Nasi goreng Bahan-bahan: 4 biji telur, ikan bilis, 1 biji lobak dan 2 biji tomato. Pembel ian bahan-bahan untuk menu yang disenaraikan dibeli sekali gus. Senarai barangan adalah seperti berikut:- • 1 kg ayam = RM7.50 • 20 biji telur = RM7.00 • 1 kg kangkung = RM1.50 • 1 bungkus cendawan = RM2.50 • 4 keping tauhu = RM2.40 • Taugeh = RM1.00 • 1 kg ikan = RM10.90 • 1 kg bunga salad = RM4.40 • Parsli = RM4.00 • 2 biji kelapa parut = RM4.00 • 2 keping tempe = RM3.20 • 2 batang lobak merah = RM2.00 • 1 kg bayam = RM2.00 • 1 kg tomato = RM4.30 • 1 kg kentang = RM2.20 • 500gm ikan bilis = RM9.00 • 2 biji timun = RM1.30 • 500gm kacang dal = RM3.00 *senarai harga adalah merupakan anggaran sahaja. Keseluruhan perbelanjaan ini cuma sekitar RM72.20 bagi menyediakan tujuh kali makan malam untuk keluarga seramai empat orang. Jika dilihat pada menu hidangan untuk tujuh hari, memang bukan semua hari anda akan menghidangkan nasi dan lauk. Anda boleh mempelbagai dengan bihun dan nasi goreng. Anda juga boleh menghidangkan bubur nasi dan bahan gorengan, seperti lobak asin atau telur asin serta sayur-sayuran. Menyediakan menu mingguan merupakan satu disiplin yang amat baik dan ia merupakan cara untuk menjimatkan perbelanjaan dapur. Memasak pasta seperti spegeti, makaroni juga merupakan satu cara berhemat, selain merupakan hidangan yang sihat. Sumber: Buku “Cukupkah Wang Anda?” oleh Hajah Rohani Datuk Hj Mohd Shahir terbitan Galeri Ilmu Sdn Bhd. Ringgit • 3 Rubiah ialah seorang ibu tunggal yang tinggal bersama-sama empat orang anak. Suaminya telah meninggal dunia dan meninggalkan anak-anak yang masih kecil. Sejak itu, Rubiah membesarkan anak- anaknya seorang diri. Beliau telah berjanji tidak akan membiarkan anak-anaknya merasai kehilangan ayah mereka. Rubiah telah bekerja keras untuk memberikan mereka apa yang diperlukan. Beliau masih teringat tentang kesusahannya sebagai seorang wanita yang tidak berpendidikan, terpaksa menyuap nasi kepada empat orang anaknya. Pendapatan Rubiah sebagai kerani yang tidak seberapa itu cukup untuk anak-anaknya meneruskan pendidikan supaya mereka boleh bergantung pada diri sendiri kelak. Rubiah selalu memastikan anak- anaknya mempunyai keperluan yang mencukupi. Untuk itu, beliau sentiasa bekerja lebih masa untuk menyara keluarganya. Rubiah tidak pernah jatuh ke dalam cengkaman hutang sewaktu membesarkan anak-anaknya. Semua anaknya telahpun dewasa dan mempunyai kerja tetap. Anak perempuan Rubiah kemudiannya melahirkan seorang anak lelaki yang menjadi harapan beliau. Selepas beberapa tahun membanting tulang bekerja, beliau tidak sabar untuk bersara dan berehat sambil meluangkan masa dengan cucu-cucunya. Malangnya, cucu Rubiah mengalami kemerosotan kesihatan. Beliau tidak pernah membayangkan cucunya memerlukan pelbagai pembedahan untuk kegagalan jantung kecilnya itu. Rubiah dan keluarga bertungkus lumus menjaga cucu kesayangan beliau. Mereka turut memastikan dia menerima rawatan perubatan yang terbaik supaya dapat diselamatkan dan memberi peluang untuk hidup secara normal. Apabila kedua-dua anak perempuan dan menantunya tidak dapat menanggung kos untuk anaknya, Rubiah melibatkan diri lalu mengambil tanggungjawab menjaga kesihatan cucunya yang makin merosot. Untuk menyelamatkan cucu beliau, Rubiah terpaksa mengumpul wang yang cukup untuk membiayai semua bil rawatan cucunya. Beliau tidak tahu kepada siapa untuk mendapatkan pembiayaan lalu membuat keputusan untuk mengeluarkan simpanan KWSP. Kisah Benar: Hidup bersara bebas hutang ... bersambung ke muka 7 4 • Ringgit Sebagai ibu bapa, tugas memastikan anak anda berada di landasan yang tepat ke arah pengurusan kewangan bijak adalah sangat penting. Semuanya bermula dengan memastikan mereka lebih memahami dan menghargai nilai wang itu sendiri. Malahan, pendidikan yang diberikan sekarang bakal menjadi panduan ketika anak anda dewasa kelak. Terdapat pelbagai cara untuk membantu anak-anak kita memahami tentang wang. Ingat, setiap kanak-kanak adalah unik dan mungkin memerlukan pendekatan yang berbeza bagi memastikan pembelajaran mereka berjaya. Setelah membaca artikel ini, anda akan dapat mengenal pasti lima cara yang boleh digunakan dalam mendidik anak mengenai wang. 1. Bawa anak pergi membeli barangan dapur Mungkin anda sering membeli-belah bersama anak- anak. Tetapi untuk sesi berikutnya, apa kata anda memberi peluang kepada mereka untuk membuat urusan membeli-belah sendiri? Cuba berikan sedikit wang kepada mereka, misalnya RM10.00. Seterusnya cabar anak-anak untuk membeli sebanyak mungkin barangan dengan wang yang diberikan. Untuk menjadikan ia lebih sistematik, anda boleh menyenaraikan jenis barangan makanan asas yang diperlukan oleh ‘bank makanan’, seperti susu, roti dan sebagainya. Satu cara lagi adalah dengan membiarkan anak yang membuat pembelian barangan dapur, sambil membantu mereka dalam membuat pengiraan kos dan sebarang keputusan pembelian. Pastikan anda memberi ganjaran jika mereka memilih harga barangan yang lebih berpatutan! 2. Libatkan anak-anak anda dalam pengurusan bajet Jika anak anda sudah cukup dewasa untuk memahami konsep bajet keluarga, apa kata beri peluang untuk 5 Cara Mendidik Anak Mengenai Pengurusan Kewangan Ringgit • 5 mereka bertanggungjawab dalam menguruskan mana-mana seksyen dan kategori dalam bajet tersebut. Mereka boleh bermula dengan memilih untuk menguruskan satu kategori terlebih dahulu. Kategori yang dipilih mestilah dalam kategori perbelanjaan yang fleksibel, yang kita mempunyai kawalan terhadap berapa nilai yang mesti dibelanjakan dalam sebulan. Contohnya bajet hiburan atau barangan dapur. Biarkan anak anda membuat sedikit kajian untuk mencari harga yang paling berpatutan, dan biarkan mereka meletakkan bajet pada tempat yang dirasakan paling sesuai. Tidak mengapa jika mereka membuat kesilapan, seperti terlebih belanja dan memilih barangan mahal. Ini akan memberikan peluang untuk mendidik mereka tentang perbezaan barangan keperluan dan kehendak, seterusnya menyelesaikan permasalahan apabila berdepan pelbagai pilihan barangan di pasaran. 3. Tunjuk cara menggunakan aplikasi bajet di Internet Internet menawarkan pelbagai aplikasi atas talian seperti bagaimana membuat bajet secara mudah, sama ada secara percuma atau berbayar. Contoh- contoh aplikasi sesawang seperti: • http://www.bankinginfo.com.my/_system/media/ downloadables/budget_cal_eng.xls • http://www.akpk.org.my/tools/budget-application Anda juga boleh mengajar anak menggunakan aplikasi kalkulator kewangan peribadi secara online. Jika mereka suka bermain permainan seperti ‘Angry Birds’ dan ‘Fruit Ninja’ di telefon pintar atau komputer tablet, pastinya permainan membuat bajet akan kelihatan seperti satu lagi permainan yang menyegarkan minda mereka. Melalui aplikasi sesawang ini mereka boleh memulakan pengiraan bajet mereka sendiri. Paling utama, belajar untuk mengira perbelanjaan adalah jalan yang terbaik bagi memastikan mereka mampu menguruskan bajet mereka sendiri nanti. 4. Bawa anak anda ke bank Sudahkah anak anda mempunyai akaun simpanan? Jika tidak, apa tunggu lagi? Bawa anak ke bank dan buka akaun sekarang. Selepas membuka akaun, sebagai permulaan, terangkan bagaimana dividen yang diperoleh membuatkan duit mereka bertambah. Bagi menarik minat mereka tentang simpanan, belikan mereka tabung yang mempunyai bentuk yang menarik. Malahan, hampir setiap bank menghadiahkan tabung kepada kanak-kanak yang membuka akaun simpanan atau pelaburan bersama-sama mereka. Apabila penyata akaun diterima, tariklah perhatian anak-anak anda dengan menekankan betapa pelaburan mereka sudah makin meningkat. Apabila sahaja ia sudah menjadi tabiat, tabung merupakan “Satu cara lagi adalah dengan membiarkan anak yang membuat pembelian barangan dapur, sambil membantu mereka dalam membuat pengiraan kos dan sebarang keputusan pembelian.” 6 • Ringgit Apabila wang itu telah habis digunakan, beliau menggunakan kad kredit untuk menyelesaikan bil-bil perubatan yang selebihnya. Malangnya tanpa disedari, bil kad kredit Rubiah melonjak tinggi. Rubiah tidak mampu membiayai jumlah kos bil yang tinggi dan akhirnya telah memenuhi had kad kreditnya. Setelah itu, beliau mula gagal membayar bil kad kreditnya dan juga lambat membuat bayaran pinjaman keretanya. Walaupun keadaan cucunya bertambah baik disebabkan pembedahan, kewangan Rubiah memerlukan perhatian yang serius. Beliau telah berhutang sebanyak RM80,000 dan tidak mempunyai jalan penyelesaian. Apabila keretanya ditarik dan dihantar pelbagai surat guaman oleh pemiutang untuk tindakan undang-undang, beliau bertekad untuk mencari pertolongan. Sebelum itu, Rubiah pernah mendengar tentang perkhidmatan Agensi Kaunseling dan Pengurusan Kredit melalui kawan-kawan, lantas beliau membuat keputusan untuk pergi ke agensi bagi menyelesaikan masalah ini. AKPK telah menasihatkan beliau bagaimana menguruskan kewangannya dengan lebih baik untuk waktu-waktu yang memerlukan. Hal ini untuk memastikan bahawa Rubiah tidak akan jatuh ke dalam cengkaman hutang sekali lagi. Kaunseling kewangan AKPK yang dilalui oleh Rubiah berserta program pengurusan kewangan AKPK membolehkannya berusaha untuk mencapai kehidupan bersara yang bebas daripada hutang. *Nama individu dalam cerita ini telah diubah untuk melindungi identiti individu berkenaan. Kisah kejayaan ini hanyalah bertujuan untuk memaklumkan pembaca tentang perkhidmatan AKPK dan sebagai nasihat untuk pembaca daripada sudut pengurusan kewangan. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) perkara pertama yang bermain di kepala anak anda apabila diberikan duit. 5. Biarkan mereka membuat kesilapan, asalkan mereka belajar Jika anak anda membuat kesilapan dalam pengurusan kewangan, biarkanlah mereka. Hal ini disebabkan jumlah yang terlibat selalunya kecil sahaja. Contohnya, jika dia mahukan satu alat permainan dan berjaya mengumpulkan wang yang cukup untuk membelinya, jangan halang dia daripada membelinya. Ini supaya, dia akan dapat merasai bagaimana perasaan tidak mempunyai duit yang cukup untuk perkara-perkara lain. Selepas itu, cuba tanya anak anda sama ada pilihan membelanjakan simpanan mereka tepat atau tidak. Anda akan terkejut melihat bagaimana cepat pertumbuhan pemikiran rasionalnya, dan akhirnya anak anda akan bijak membuat keputusan dalam berbelanja. Kesimpulan Apabila berbincang tentang mendidik anak-anak mengenai pengurusan wang, anda kena percaya bahawa tiada istilah terlalu awal untuk bermula. Dengan mengajar mereka untuk menghargai nilai wang, anda akan membimbing mereka menjadi seseorang yang sangat bijak menguruskan wang di masa hadapan. © Suruhanjaya Sekuriti Malaysia (SC). Kandungan artikel ini diterbitkan semula dengan kebenaran SC. ... dari muka 4 Ringgit • 7 Pembantu rumah merupakan salah satu alternatif lazim yang sering diambil oleh para pengguna yang sibuk bekerja, lebih-lebih lagi mereka yang mempunyai anak. Tujuan asal untuk meringankan beban, sebaliknya boleh bertukar menjadi suatu permasalahan jika pembantu rumah yang tidak tepat diambil bekerja. Berdasarkan Laporan NCCC tahun 2013, sebanyak 396 aduan direkodkan berkenaan pembantu rumah dan juga agensi yang dipilih. Kes yang sering dicatatkan di NCCC lazimnya melibatkan pembantu rumah yang tidak kelayakan, iaitu keupayaan pembantu rumah tersebut tidak seperti yang dijanjikan oleh agensi yang menawarkan perkhidmatan. Contohnya, terdapat pengguna yang mendakwa bahawa mereka dijanjikan pembantu rumah yang mahir menjaga kanak-kanak di bawah umur 6 tahun oleh agensi yang terlibat. Namun hakikatnya, pembantu rumah tersebut gagal untuk melaksanakan tugas seperti yang dijanjikan agensi, malah pembantu rumah tersebut membuat pengakuan bahawa apa yang dijanjikan oleh agensi tentang keupayaannya menjaga kanak-kanak di bawah umur 6 tahun adalah tidak benar. Jadi apakah tindakan yang boleh diambil oleh pengguna dalam situasi seperti ini? Pengguna diingatkan supaya memandang serius setiap butiran yang terkandung di dalam kontrak pekerjaan yang disediakan oleh pihak agensi. Hal ini disebabkan, sesetengah agensi cuba untuk menolak apa jua liabiliti yang mungkin berlaku dengan memanipulasikan terma-terma yang terkandung di dalam kontrak. Nasihat NCCC apabila berurusan dengan agensi pembantu rumah ialah: 1. Semak syarat kontrak bagi mengetahui tentang liabiliti kedua-dua pihak iaitu agensi dan majikan; 2. Pastikan terdapat tempoh percubaan pembantu rumah tersebut sebelum mengambilnya bekerja secara sah; 3. Periksa jika terdapat tempoh waranti (lazimnya 3 bulan) jika pembantu rumah tersebut gagal mematuhi tanggungjawabnya; 4. Kaji jadual bayaran gaji/bayaran kepada agensi. Hal ini disebabkan terdapat sesetengah agensi memberikan maklumat yang berbeza apabila berlaku permasalahan. Sebaiknya segala syarat dibuat secara bertulis; 5. Pastikan kontrak tidak berat sebelah / memihak sebelah pihak sahaja. Akta Perlindungan Pengguna 1999 memperuntukkan mengenai kontrak berat sebelah, iaitu kontrak seperti ini adalah tidak sah. Akta Kontrak tidak terpakai bagi kontrak yang berat sebelah. Selain itu, Akta Perlindungan Pengguna juga ada memperuntukkan mengenai sesuatu perkhidmatan yang dibekalkan mestilah memenuhi/setara dengan apa yang dijanjikan sebelum perkhidmatan tersebut dibekalkan. Pada masa ini tidak terdapat badan kawal selia yang memantau aktiviti atau salah laku oleh agensi pembantu rumah. Sehubungan itu, pengguna dinasihatkan supaya mengambil pembantu rumah melalui agensi-agensi yang tersenarai dalam persatuan agensi pembantu rumah (PAPA). Sekiranya anda merupakan majikan dan kali pertama ingin mendapatkan khidmat pembantu rumah, dapatkan nasihat dan pengalaman daripada majikan yang mempunyai pengalaman mengenai agensi dan pembantu rumah terlebih dahulu bagi mengelakkan sebarang masalah yang tidak diingini. Namun begitu, bagi pengguna yang ingin mendapatkan ganti rugi, anda boleh memfailkan tuntutan di Tribunal Tuntutan Pengguna Malaysia bagi nilai tuntutan yang tidak melebihi RM25,000. Anda juga boleh mendapatkan khidmat nasihat daripada NCCC tentang hak anda dan tindakan yang boleh diambil. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected] Ruangan Bersama NCCC Pembantu Rumah: Membantu Atau Membebankan? 8 • Ringgit Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Ruangan Masalah Kewangan Anda Dua bulan yang lalu saya telah menempah tiket penerbangan dari Kuala Lumpur ke Kuala Terengganu. Salah seorang pekerja di bahagian kaunter ‘drop baggage’ telah melakukan kesilapan dan cuai ketika meletakkan penanda sehingga menyebabkan beg dan kotak-kotak yang mengandungi keperluan perkahwinan saya hilang. Saya telah membuat laporan kepada bahagian aduan di syarikat penerbangan tersebut, namun layanan yang diberikan sangat mengecewakan saya. Bagaimanakah tuan boleh menasihatkan saya mengenai perkara ini? Bolehkah tuan memberikan tip/panduan sebelum menggunakan perkhidmatan mana-mana syarikat penerbangan? Terima kasih. Jawapan: Sememangnya banyak aduan seperti ini diterima oleh NCCC yang melibatkan syarikat penerbangan, terutamanya penerbangan kos rendah. Pada pendapat saya, adalah wajar untuk pengguna membaca segala terma dan syarat di laman sesawang syarikat-syarikat penerbangan kos rendah sebelum membuat keputusan untuk membeli tiket dengan syarikat tersebut. Syarikat-syarikat penerbangan kos rendah pula, seharusnya lebih bertanggungjawab dengan mendedahkan segala terma dan syarat secara telus. Namun, masalahnya ialah fon yang digunakan untuk terma dan syarat adalah terlalu kecil, ayat terlalu panjang dan sukar difahami orang awam. Oleh itu, syarikat-syarikat penerbangan kos rendah seharusnya menggunakan fon yang mudah untuk dibaca, menggunakan ayat yang sesuai agar mudah difahami orang awam serta menjawab dengan telus Perkhidmatan penerbangan kos rendah dan terang segala soalan yang dikemukakan oleh orang awam. Dalam kes seperti di atas, syarikat penerbangan perlu dipertanggungjawab sepenuhnya. Pertama sekali, mereka seharusnya mengaku tentang kelemahan/ kecuaian mereka serta meminta maaf kepada anda atas kejadian itu. Selepas menerima aduan, mereka juga seharusnya segera mencari beg dan kotak anda kerana ia penting untuk majlis perkahwinan anda. Akhir sekali, jika mereka tidak dapat menemukan beg tersebut, mereka seharusnya memberi pampasan/ ganti rugi yang setimpal dengan kehilangan beg dan kotak anda. Jika aduan anda tidak dikendalikan dengan sewajarnya, anda dinasihatkan supaya merujuk hal ini kepada Kementerian Pengangkutan untuk tindakan seterusnya. Selain i tu, pengguna juga boleh membaca pengalaman-pengalaman orang lain di internet yang menggunakan penerbangan kos rendah. Ini mungkin dapat memberikan gambaran yang lebih jelas kepada anda sebelum membuat keputusan memilih syarikat penerbangan kos rendah. Ringgit • 9 MEMBANGUN & MAJU BERSAMA qsr um S/2/<5/WA se/<5Am>/rm éU/<A/ ./mum my cum re/<.KI//pmn rm ’« K ‘\ \\ 1300 888 500 www.gst.customs.gov.my Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah \ disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia tidak pernah meminta tidak pernah meminta tidak menyimpan wang maklumat peribadi atau sesiapa pun memindahkan orang ramai dalam maklumat kewangan wang ke dalam akaun mana-mana akaun anda pihak ketiga BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) ‘.ii':‘i“§“fif.°E'3‘:$3a 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] Untuk dan hantar kepada Untuk maklumat lanjut, sila rujuk BNMLINK (Pusat Perkhidmatan Pelanggan) menghantar BNM TANYA 15888 Amaran Penipuan Kewangan yang Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Dato' Onn, 50480) pertanyaan [P°"‘a"V33"/ terdapat di laman sesawang atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: atau aduan “"3" '‘‘"da] Bank Negara Malaysia Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching melalui SMS, (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang) taiP “@ www.bnm.gov.my
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16 Oct 2014
Circular Pursuant to the Coming into Force of the Amendments to the AMLATFA
https://www.bnm.gov.my/-/circular-pursuant-to-the-coming-into-force-of-the-amendments-to-the-amlatfa-1
https://www.bnm.gov.my/documents/20124/761697/Circular+030-4.pdf
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Reading: Circular Pursuant to the Coming into Force of the Amendments to the AMLATFA Share: Circular Pursuant to the Coming into Force of the Amendments to the AMLATFA Release Date: 16 Oct 2014 Effective Date 1 September 2014 & 1 October 2014 Applicability Authorised person, an operator of a designated payment system, a registered person, as the case may be, under the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA); Prescribed institutions under the Development Financial Institutions Act 2002 DFIA); Money services business licensed under the Money Services Business Act 2011 (MSBA); and/or Reporting Institutions under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) Summary The purpose of this circular is to inform the reporting institutions (RIs) of the coming into force of the AMLATFA amendments on the 1 September 2014 and 1 October 2014 for provisions relating to Part IVA of the AMLATFA. Queries related to this document may be directed to the following officers: Bank Negara Malaysia’s general line: 03-2698 8044 Name E-mail Extension No.Pn. Suhanna Omar [email protected] 8838Pn. Nurul Fitrah Md Nazri [email protected] 7478En. Mohamad Haizad Safie [email protected] 8094 Issuing Department Jabatan Perisikan Kewangan dan Penguatkuasaan Download Attachment Circular Pursuant to the Coming into Force of the Amendments to the AMLATFA © 2024 Bank Negara Malaysia. All rights reserved.
CENTRAL BANK or MALAYSIA f£§§‘"“" I5\JA0a4|:)(I)s}i(:.-Iuala Lumpur fi BANK NEGARA MALAYSIA Bilangan Kami : 13 October 2014 To: . Authorised person, an operator of a designated payment system, a registered person, as the case may be, under the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA); Prescribed institutions under the Development Financial Institutions Act 2002 DFIA); Money services business licensed under the Money Services Business Act 2011 (MSBA); and/or Reporting Institutions under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) Tuan/Puan, Coming into Force of the Amendments to the AMLATFA This circular is issued to inform the reporting institutions (Rls) of the coming into force of the AMLATFA amendments on the 1 September 2014 and 1 October 2014 for provisions relating to Part IVA of the AMLATFA. 2. In pursuing the objective of safeguarding the integrity of the financial system, the AMLATFA amendments will ensure that the AMLATFA remains relevant and effective in combating money laundering and terrorism financing (ML/T F) threats. The amendments are aimed at: 0 providing further clarity on reporting obligations; o strengthening measures on declaration for cross-border transportation of cash and bearer negotiable instruments (BNI); strengthening ML/TF investigation and prosecution powers; and 0 providing effective and dissuasive sanctions and penalties for contraventions of the AMLATFA provisions. 3. The AMLATFA amendments were published in the gazette on 8 August 2014 and Rls may obtain a copy of the amendments at http://wvvw.federa|gazette.agc.gov.my. Yang benar, <:3«M. (Abd. Rahman Abu Bakar) Pengarah Jabatan Perisikan Kewangan dan Penguaikuasaan
Public Notice
10 Oct 2014
Concept Paper on Payment Card Reform Framework
https://www.bnm.gov.my/-/concept-paper-on-payment-card-reform-framework-1
https://www.bnm.gov.my/documents/20124/761697/CP_Payment_Card_Reform_Framework.pdf
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Reading: Concept Paper on Payment Card Reform Framework Share: Concept Paper on Payment Card Reform Framework Release Date: 10 Oct 2014 This Concept Paper sets out the draft Policy Document which outlines the framework to regulate the setting of interchange fees for domestic payment card transactions and the measures to address other distortions in the payment card market in order to foster an efficient, transparent and competitive payment card industry in Malaysia. Bank Negara Malaysia (the Bank) invites written comments on this Concept Paper. To facilitate the Bank's assessment, please support each comment with a clear rationale, supporting evidence or illustration and proposed alternative, where relevant. Please submit all written comments to the Bank by 10 November 2014 addressed to- Pengarah Jabatan Dasar Sistem Pembayaran Bank Negara Malaysia Jalan Dato' Onn 50480 Kuala Lumpur Email: [email protected] Should you require further clarification, please contact any of the following officers: Yip Kah Kit        Email: [email protected]   Nur Ain Razali   Email: [email protected] Attachment: Concept Paper - Payment Card Reform Framework © 2024 Bank Negara Malaysia. All rights reserved.
Kereta Baharu Vs Kereta Terpakai? OKTOBER 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 0 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Kereta telah menjadi suatu keperluan untuk semua orang pada masa ini, terutama bagi mereka yang mempunyai keluarga. Ramai pengguna muda yang teruja untuk membeli kereta sebaik sahaja mendapat pekerjaan. Namun begitu, adakah anda pernah memikirkan sama ada anda perlu membeli kereta baharu atau kereta terpakai? Keputusan untuk membeli kereta ini wajar ditimbangkan dengan sebaiknya. Tidak perlu terlalu ghairah apabila melihat model kereta keluaran baharu tanpa memikirkan komitmen yang bakal ditanggung kelak. Berikut ialah langkah-langkah yang perlu diambil sebelum membuat keputusan membeli kereta:- Langkah 1: Baharu vs Terpakai Persoalan yang perlu difikirkan adalah yang mana satu paling ekonomi? Apakah kos-kos yang terlibat sekiranya anda membeli kereta baharu atau terpakai? Kereta terpakai mempunyai nilai yang tinggi sekiranya pemilik terdahulu kerap melakukan penyelenggaraan dan menjaga keadaan kenderaan dengan baik. Anda boleh mempertimbang soalan-soalan berikut sebelum membuat keputusan: 1. Adakah anda mempunyai beberapa model kereta dalam fikiran anda? Atau adakah anda tidak memilih mana-mana jenama atau jenis Kereta Baharu Vs Kereta Terpakai? 2 • Ringgit kenderaan yang ingin dibeli asalkan ia dalam keadaan yang baik? 2. Berapakah bajet anda untuk menampung kos-kos dan pembiayaan kereta, sama ada kereta baharu atau terpakai? 3. Apakah ciri-ciri dan aspek paling penting untuk anda memiliki kereta? (Warna, ruang yang selesa, penjimatan petrol dan sebagainya) 4. Berapa lamakah anda bercadang untuk menggunakan kereta tersebut? Apabila membuat keputusan, anda perlu melihat bajet serta kos-kos yang berkaitan, seperti petrol, bayaran letak kereta, kos penyelenggaraan, insurans dan paling penting adalah kemampuan anda untuk membayar balik pinjaman. Sebaik sahaja anda telah memutuskan model kereta yang anda inginkan, langkah seterusnya adalah untuk mendapatkan pinjaman kereta. Langkah 2: Pinjaman Kereta Kadar faedah bagi kereta terpakai biasanya lebih tinggi berbanding kereta baharu. Anda perlu membuat kajian terhadap kadar faedah yang ditawarkan oleh pihak bank. Bandingkan juga dengan tempoh pinjaman yang ingin diambil. Sesetengah syarikat kereta menjalinkan kerjasama dengan bank-bank untuk menawarkan kadar faedah yang terbaik bagi pinjaman kereta baharu. Gunakan hak anda untuk membuat pilihan. Langkah 3: Bayaran pendahuluan Kebiasaannya pembayaran pendahuluan untuk kedua-dua kenderaan baharu dan terpakai adalah sebanyak 10%. Namun begitu, terdapat pengeluar kereta yang mengecualikan pendahuluan ini. Perniagaan kereta terpakai tidak menawarkan pinjaman penuh kerana pihak bank tidak mahu menanggung risiko yang besar pada kereta terpakai. Hal ini disebabkan kontrak sewa beli sangat berisiko dan ada beberapa bank yang tidak menyediakan pinjaman untuk kereta terpakai. Kereta terpakai tidak mempunyai jaminan. Oleh itu, anda perlu memastikan kenderaan terpakai tersebut mendapat surat kebenaran dan telah menjalani pemeriksaan PUSPAKOM. Beberapa syarikat perniagaan menawarkan tiada bayaran pendahuluan, dan pinjaman meliputi sehingga 90% daripada kos untuk membeli kereta baharu. Walaupun ia nampak seperti satu kelebihan, namun anda perlu bijak merancang. Kereta baharu juga dijamin waranti dan boleh mengurangkan kos penyelenggaraan anda. Walau bagaimanapun, apabila memiliki kenderaan baharu, sebaik-baiknya anda tidak menjualnya dalam tempoh masa terdekat. Hal ini disebabkan kereta baharu akan mengalami susut nilai sekurang-kurangnya 10% pada tahun pertama. Berikut adalah jadual pengiraan sewa beli:- Harga kereta (RM) 55,000 55,000 55,000 55,000 Kadar faedah (kadar sama rata) 5% 5% 5% 5% Bayaran pendahuluan 10% 10% 30% 30% Tempoh pinjaman (tahun) 5 7 5 7 Pengiraan Bayaran pendahuluan (RM) 5,500 5,500 16,500 16,500 Pinjaman Diambil (RM) 49,500 49,500 38,500 38,500 Jumlah Faedah (RM) 12,375 17,325 9,625 13,475 Jumlah pinjaman (Pokok + Faedah) (RM) 61,875 66,825 48,125 51,975 Asuran bulanan (RM) 1,031 796 802 619 Sumber: Buku Power, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Langkah 4: Kos susut nilai Salah satu kelemahan utama membeli sebuah kereta baharu adalah ia akan mengalami susut nilai lebih Ringgit • 3 tinggi dalam beberapa tahun pertama. Susut nilai tetap akan berlaku walaupun anda seorang yang sangat teliti dan cermat dalam penjagaan kereta. Contoh carta kos bagi sebuah kereta tempatan, kereta import dan terpakai serta jumlah susut nilai dalam tempoh 5 hingga 6 tahun. Pengiraan kos bagi kereta tempatan baharu dan terpakai Tahun Keluaran Jenis Kereta Jumlah BARU 2008 (Harga Jualan pada 2008) Proton Saga BLM (Auto) RM37,998 TERPAKAI 2008 (Dijual pada 2014) Proton Saga BLM RM19,500 Peratus Susut Nilai 48.2% Pengiraan kos bagi kereta import baharu dan terpakai Tahun Keluaran Jenis Kereta Jumlah BARU 2008 (Harga Jualan pada 2008) BMW 320i Sports RM245,800 TERPAKAI 2008 (Dijual pada 2014) BMW 320i Sports RM118,800 Anggaran peratus Susut nilai 51.7% *Harga diperoleh dalam talian dan adalah tepat pada masa penyelidikan dilakukan oleh Michelle Brohier, penulis Ringgitplus. Harga kereta terpakai berbeza berdasarkan pengedar dan keadaan kereta Merujuk jadual di atas, kedua-dua kereta mengalami susut nilai mengikut peratusan yang berbeza. Anda perlu bijak membuat keputusan setelah meneliti carta di atas. Sebagai panduan, anda boleh merujuk perbandingan kebaikan dan keburukan membeli kereta baharu dan terpakai:- Kereta baharu Kebaikan • Ciri > Lebih banyak pilihan untuk memenuhi keperluan anda (jenama, warna, spesifikasi). > Teknologi terkini (hybrid). > Keselamatan (penggera, ABS, beg udara). • Kebolehpercayaan > Tidak perlu bimbang tentang sejarah latar belakang. > Kos penyelenggaraan rendah. > Tempoh jaminan lebih panjang. • Kewangan > Mudah diperoleh. > Margin pembiayaan lebih tinggi. > Kadar faedah lebih rendah. > Tempoh pinjaman lebih panjang. Keburukan > Harga lebih tinggi. > Susut nilai tinggi – sekurangnya 10 % dalam tahun pertama. Oleh itu kerugian lebih tinggi akan dialami apabila kenderaan dijual semula. > Premium insurans lebih tinggi. > Kos kewangan lebih tinggi sepanjang tempoh pinjaman. Kereta Terpakai Kebaikan > Biasanya lebih murah. > Lebih mampu milik. > Boleh dibeli secara tunai dan memudahkan pengguna. > Premium insurans lebih rendah. Keburukan • Ciri > Kurang pilihan. • Kebolehpercayaan > Sejarah latar belakang yang tidak pasti. > Kos penyelenggaraan lebih tinggi. > Tanpa jaminan. > Pemeriksaan PUSPAKOM. • Kewangan > Mungkin agak sukar diperoleh. > Margin pembiayaan lebih rendah. > Kadar faedah lebih tinggi. > Tempoh pinjaman lebih singkat. Sumber: Buku Power, Agensi Kaunseling dan Pengurusan Kredit (AKPK) Yang manakah pilihan anda? Pilihan terletak di tangan anda. Kedua-dua kereta baharu dan terpakai mempunyai pro dan kontra seperti yang ditunjukkan sebelum ini. Segelintir daripada anda lebih menyukai kereta lama daripada yang baharu. Buat keputusan berdasarkan bajet anda. Paling penting, anda mampu membuat bayaran balik pinjaman. Sumber: Olahan daripada artikel Michelle Brohier, penulis Ringgitplus dan Buku Power, Agensi Kaunseling dan Pengurusan Kredit 4 • Ringgit Perjanjian penyewaan biasanya dilakukan antara pihak pemilik dengan penyewa. Menyewakan aset seperti rumah kepada orang lain ada risikonya, terutama apabila penyewa tidak menepati tarikh bayaran sewa bulanan dan tidak menjelaskan bil-bil utiliti. Rungsing dengan aset yang disewakan, maka anda boleh menyediakan perjanjian penyewaan supaya kepentingan kedua-dua belah pihak dapat persetujui secara bersama. Kepentingan mempunyai perjanjian penyewaan adalah seperti berikut:- 1. Menetapkan kadar sewaan dan tempoh kepada penyewa Dengan perjanjian ini, pemilik perlu mengikut dokumen perjanjian dan tidak boleh menaikkan kadar sewa dalam tempoh perjanjian. Secara tidak langsung perjanjian ini juga melindungi hak penyewa. 2. Melindungi Deposit Penyewa Perjanjian juga penting sebagai bukti bahawa penyewa telah membayar sejumlah deposit kepada pemilik. Deposit itu akan dikembalikan kepada penyewa setelah tamat tempoh sewaan. Tanpa perjanjian, pemilik boleh menafikan sebarang urus niaga yang telah berlaku pada masa lalu. Di samping itu, perjanjian penyewaan juga menggariskan secara jelas tentang tanggungjawab pemilik dan penyewa sepanjang tempoh sewaan. 3. Memberi kelebihan kepada pemilik Salah satu kriteria yang digunakan oleh bank-bank utama untuk mengakses kredit seseorang adalah melalui pendapatan individu. Sekiranya pemilik Kepentingan membuat Perjanjian Penyewaan mempunyai perjanjian penyewaan yang sah, maka perjanjian ini boleh dijadikan sebagai bukti pendapatan tambahan bagi menyokong permohonan pinjaman anda dengan pihak bank. Ia merupakan satu kelebihan kepada pemilik. 4. Melindungi hak pemilik Perjanjian penyewaan perlu mempunyai klausa yang melindungi pemilik rumah, seperti pemilik berhak menuntut bayaran sewa tertunggak kepada penyewa, pemilik rumah boleh memfailkan saman pengusiran di mahkamah dengan perjanjian sebagai bukti. Sebarang pertikaian antara pemilik dan penyewa boleh dirujuk kepada kontrak penyewaan. Perjanjian penyewaan juga memberikan hak kepada pemilik untuk melucut hak deposit sekiranya berlaku kerosakan harta benda. Hak untuk kehilangan deposit juga memastikan penyewa mematuhi tempoh pembiayaan, sekiranya penyewa berpindah secara tiba-tiba tanpa notis. 5. Anda tidak memerlukan Kontrak Penyewaan sekiranya Terdapat beberapa sebab kerana tidak mempunyai kontrak penyewaan. Tempoh sewaan jangka pendek seperti 3 hingga 6 bulan. Biasanya penyewa mendapatkan rumah sewa untuk jangka pendek, seperti menunggu untuk pengubahsuaian rumah atau bekerja sementara di sesuatu tempat. Anda dinasihatkan untuk menyediakan perjanjian sewaan dengan penyewa agar hak anda dan penyewa dapat dilindungi. Sumber: Diolah daripada artikel loanstreet.com.my Ringgit • 5 Bagi pelabur-pelabur saham, soalan lazim yang selalu bermain dalam fikiran ialah “Patutkah saya melabur untuk pertumbuhan atau pendapatan?” Sebelum membuat keputusan, seorang pelabur perlu memahami perbezaan antara saham pendapatan dan saham pertumbuhan. Apa sebenarnya saham pendapatan (income stock)? Saham pendapatan ialah saham yang membayar dividen. Tujuan memiliki saham pendapatan ialah untuk mendapatkan dividen tinggi secara konsisten, iaitu sebagai sumber pulangan semasa dan bukannya untuk mengharapkan naik nilai harga saham anda. Harga saham pendapatan lazimnya kurang meruap (volatile) berbanding saham-saham lain yang didagangkan di pasaran saham. Oleh itu, apabila pasaran menurun, harga saham-saham pendapatan akan mengalami penurunan harga yang perlahan kerana para pelabur akan mengekalkan pegangan saham mereka selagi syarikat membayar dividen. Saham-saham seperti ini kurang terjejas disebabkan oleh kitaran perniagaan, iaitu produk dan perkhidmatan yang ditawarkan syarikat masih tetap diperlukan pengguna walaupun keadaan ekonomi kurang baik. Ini termasuklah saham syarikat berkaitan kemudahan awam, makanan dan keperluan harian yang lain. Ini bererti, saham syarikat yang menawarkan produk dan perkhidmatan sebegini berisiko rendah. Walau bagaimanapun, anda perlu memantau kadar faedah dan inflasi apabila melabur dalam saham- Melabur untuk Pertumbuhan atau Pendapatan? saham ini. Hal ini disebabkan ia sensitif kepada perubahan kadar tersebut. Apabila kadar faedah naik, atau jika kadar hasil dividen sesuatu saham itu kekal, ataupun turun pada tahap yang lebih rendah berbanding kadar faedah yang ditawarkan oleh instrumen pelaburan yang lain (seperti simpanan tetap ataupun bon korporat), maka harga saham ini mungkin turun. Selain itu, sekiranya kadar inflasi naik dan kadar hasil dividen sesuatu saham itu dikekalkan setiap tahun, hakikatnya, dividen sebenar yang diperolehi adalah lebih rendah. Bagaimana pula dengan saham pertumbuhan (growth stock)? Berbeza dengan saham pendapatan, saham pertumbuhan membayar dividen yang minimum ataupun t idak membayar dividen langsung. Sebaliknya, saham pertumbuhan menawarkan potensi pertumbuhan yang tinggi. Ia biasanya mempunyai kadar pertumbuhan yang lebih tinggi berbanding kadar pertumbuhan purata (lazimnya dua angka), untuk tiga tahun berturut-turut . Kebanyakan syarikat pertumbuhan yang berpotensi terlibat dalam industri yang sedang berkembang pesat, seperti syarikat- syarikat teknologi maklumat dan teknologi bio. Syarikat-syarikat ini selalunya mendahului pasaran ataupun mempunyai potensi untuk mendahului pasaran. Antara ciri-ciri utama syarikat-syarikat ini ialah kos penyelidikan dan pembangunan mereka yang tinggi berbanding pendapatan mereka. Selain itu, syarikat-syarikat yang kukuh dalam bidang pasaran tertentu ataupun syarikat-syarikat yang “Bagi menentukan saham mana satu yang sesuai, anda perlu menilai kedudukan dan menetapkan matlamat kewangan anda terlebih dahulu.” 6 • Ringgit mempunyai halangan kemasukan yang tinggi juga tergolong dalam kategori ini. Walau bagaimanapun, melabur dalam saham pertumbuhan mempunyai risiko tersendiri. Oleh sebab potensi pertumbuhan ialah sesuatu yang belum terjadi dan persekitaran perniagaan sentiasa berubah-ubah, maka syarikat-syarikat ini juga menanggung risiko yang lebih tinggi apabila produk dan perkhidmatan mereka gagal mengikuti perkembangan semasa dalam pasaran mereka. Jadi, mana satu yang patut dipilih? Sekarang, anda sudah mempunyai pemahaman asas mengenai saham pendapatan dan saham pertumbuhan serta perbezaan antara kedua- duanya. Persoalannya yang mana satukah saham yang perlu dipilih? Bagi menentukan saham mana satu yang sesuai, anda perlu menilai kedudukan dan menetapkan matlamat kewangan anda terlebih dahulu. Secara amnya, sekiranya anda tergolong dalam kategori berikut, saham pendapatan lebih sesuai untuk anda kerana risikonya lebih rendah dan lebih mudah dijangka: • Anda inginkan pendapatan yang tetap daripada pasaran saham untuk menampung perbelanjaan anda; atau • Anda hampir bersara dan bergantung kepada pendapatan daripada pasaran saham untuk mengekalkan taraf kehidupan anda; atau • Anda baru sahaja hendak mula melabur dalam pasaran saham. Manakala, saham pertumbuhan sewajarnya menjadi pilihan anda jika: • Anda mempunyai sejumlah wang dan ingin melabur untuk jangkamasa panjang bagi memperoleh kenaikan modal. Pastikan anda mengenali saham syarikat yang dilaburkan Membeli saham sesebuah syarikat secara tidak langsung bermakna anda memiliki sebahagian daripada perniagaan syarikat tersebut. Sekiranya anda yakin ia berpotensi tinggi dan memiliki asas/ fundamental yang kukuh, maka anda perlu percaya kepada naluri dan meneruskan niat untuk melabur dalam syarikat tersebut. Pendapat berikut mungkin tidak sama dengan pandangan umum, tetapi bukan semua syarikat dalam industri terbaru dan terkini merupakan pilihan pelaburan yang baik. Jangan melabur dalam saham syarikat teknologi bio semata-mata kerana orang ramai mengatakan ia bagus dan mereka juga melabur dalam syarikat itu. Sentiasa ingat bahawa anda perlu memahami perniagaan syarikat yang anda pilih dan bagaimana syarikat tersebut mengaut keuntungannya. Hal ini disebabkan oleh saham pertumbuhan biasanya berisiko tinggi kerana ketidakpastian dalam potensi perniagaan syarikat. Pastikan anda membuat kajian terlebih dahulu agar dapat mengurangkan kemungkinan anda kehilangan wang. Tujuan utama melabur ialah untuk membuat wang, tidak kira sama ada ia membayar pendapatan dividen ataupun untung modal. Walau bagaimanapun, anda seharusnya membina portfolio berdasarkan keperluan peribadi – iaitu sama ada anda memerlukan wang untuk jangka masa pendek atau anda hendak mengumpul kekayaan dalam jangkamasa panjang. Anda juga boleh mencuba untuk menggabungkan kedua-dua jenis saham dalam portfolio pelaburan dan menilai keuntungannya secara keseluruhan. Sumber: www.investsmartsc.my Ringgit • 7 Pernahkah anda mendengar atau membaca tentang istilah ‘Undang-Undang Lemon’ atau ‘Lemon Law’? Pastinya, ada yang baru kali pertama mendengarnya. Ada pula yang mungkin sudah mengetahui serba sedikit tentang Undang-Undang Lemon ini, khususnya mereka yang pernah berada di negara-negara yang telah melaksanakannya, seperti Amerika Syarikat atau Singapura. Bagi yang memahami prinsip Undang- Undang Lemon, sudah pasti mereka merasakan undang-undang ini perlu dilaksanakan di Malaysia bagi memperkukuh lagi perlindungan pengguna. Undang-Undang Lemon merujuk kepada prinsip yang boleh diguna pakai dalam mana-mana akta yang sedia ada, contohnya Akta Perlindungan Pengguna 1999 ataupun Akta Sewa Beli 1967. Ia digunakan apabila pengguna membeli sesuatu produk yang kecacatannya tidak dapat dipulihkan, dibaiki ataupun dikurangkan kerosakannya. Mengapakah ia dipanggil Undang-Undang Lemon? Amerika Syarikat, yang merupakan antara negara yang mula-mula memperkenal dan menguatkuasakan Undang-Undang Lemon ini, menggunakan istilah Lemon sebagai merujuk kepada pengalaman yang tidak manis, seperti mengigit ‘terus’ buah lemon yang masam rasanya. Prinsip Undang-Undang Lemon terpakai kepada apa sahaja produk pengguna yang mempunyai jangka hayat melebihi 6 bulan, seperti telefon bimbit, peralatan elektrik, laptop, komputer, perabot atau kenderaan. Namun, antara semua produk yang dinyatakan itu, kerosakan ataupun kecacatan pada kenderaan merupakan yang paling tinggi nilainya serta boleh membahayakan nyawa pengguna kenderaan dan juga pengguna jalan raya yang lain. Oleh itu, Undang-Undang Lemon penting dilaksanakan di Malaysia bagi menangani isu kerosakan kereta serta kemungkinan berlakunya kemalangan akibat daripada kerosakan tersebut. Statistik Pusat Khidmat Aduan Pengguna Nasional (NCCC) menunjukkan bahawa aduan sektor automobil telah merekodkan nilai aduan yang tertinggi untuk tahun 2011, 2012 dan 2013 secara berturut-turut. Oleh sebab prinsip Undang-Undang Lemon masih belum wujud di Malaysia, maka jumlah aduan berkaitan sektor automobil, khususnya kereta baru, semakin meningkat secara mendadak. Hal ini menyebabkan pengguna terpaksa bergantung kepada waranti yang diberikan untuk membaiki kerosakan yang dialami. Dalam kebanyakan keadaan, waranti yang diberikan ini tidak mencukupi untuk memperbaiki kerosakan ataupun kecacatan pada kereta tersebut. Singapura merupakan antara negara yang telah mengguna pakai prinsip Undang-Undang Lemon. Sekiranya pengguna di negara tersebut memenuhi syarat dan kriteria yang ditetapkan, pihak bank yang memberikan pinjaman kepada individu yang menghadapi masalah dengan kereta yang baru dibeli, pegawai bank tersebut akan membantu untuk mendapatkan pampasan yang sewajarnya berdasarkan prinsip Undang-Undang Lemon. Dengan Ruangan Bersama NCCC Pentingnya Prinsip Undang- Undang Lemon 8 • Ringgit Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda pelaksanaan Undang-Undang Lemon, pihak bank wajib meminda kontrak sewa beli dengan pelanggan mereka supaya selari dengan prinsip Undang- Undang Lemon ini. Tambahan pula, kereta baharu yang dibeli dengan menggunakan pembiayaan bank adalah menjadi milik bank sehinggalah segala hutang dilangsaikan. Oleh itu, sebagai pemilik kereta tersebut, pihak bank bertanggungjawab untuk memastikan kereta tersebut dalam keadaan yang selamat dan bebas daripada sebarang kerosakan ataupun kecacatan yang boleh membahayakan nyawa pelanggan mereka. Dengan keadaan seperti ini, pihak bank secara tidak langsung akan bertanggungjawab atas kerosakan ataupun kecacatan pada kereta apabila Undang-Undang Lemon dilaksanakan. Kebanyakan negara maju serta mempunyai ekonomi yang kukuh telah lama mengamalkan prinsip Undang- Undang Lemon. Sebagai contoh, Singapura telah menguatkuasakan prinsip Undang-Undang Lemon dalam Akta Perlindungan Pengguna (Perdagangan Adil). Begitu juga di Amerika Syarikat, yang telah melaksanakan prinsip ini sejak tahun 70-an lagi. Terdapat tanggapan sesetengah syarikat penjual kereta bahawa mereka akan mengalami kerugian sekiranya prinsip Undang-Undang Lemon ini dilaksanakan kerana mereka terpaksa menggantikan kereta yang rosak atau cacat itu dengan kereta yang baharu. Tanggapan ini tidak benar kerana dengan pelaksanaan prinsip Undang-Undang Lemon ini, ia menyebabkan syarikat penjual kereta lebih sensitif terhadap perlindungan pengguna. Oleh itu, ia menyebabkan pengguna lebih gemar untuk memilih jenama kereta itu kerana pengguna mempunyai keyakinan yang tinggi terhadap kualiti dan mutu perkhidmatan syarikat itu. Justeru, pada 14 Oktober 2014 yang lalu, NCCC dan Persatuan Pengguna-Pengguna Standard Malaysia telah mengadakan seminar bertemakan ‘Apabila Kehidupan Memberikan Lemon kepada Anda’. Tujuan seminar ini adalah untuk memberi kesedaran kepentingan prinsip ini dalam perlindungan pengguna. Seminar ini juga bermatlamat untuk menganalisis kepentingan dan kesan positif pelaksanaan prinsip Undang-Undang ‘Lemon’ kepada pengguna dan juga syarikat pengeluar serta penjual kereta tempatan dan import. Sem ina r d i sampa i kan o l eh pence ramah berpengalaman dari Persatuan Pengguna Singapura dan Australia bagi berkongsikan pengalaman pelaksanaan Undang-Undang ‘Lemon’ di negara mereka. Turut juga hadir ialah Jabatan Pengangkutan Jalan Raya, Institut Penyelidikan Jalan Raya Malaysia (MIROS), SGS Malaysia, Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan, Bahagian Undang-undang dari Universiti Islam Antarabangsa, Persatuan Automobil Malaysia (AAM), Mazda, Toyota dan Honda. Walaupun proses pelaksanaan prinsip ini mungkin mengambil masa agak lama untuk dilaksanakan di Malaysia, sebagai langkah permulaan, NCCC dan Persatuan Pengguna-Pengguna Standard Malaysia berhasrat pihak-pihak berkepentingan dapat melihat kepentingan prinsip ini. NCCC juga menyediakan laman sesawang www.standardsusers.org atau facebook www.facebook.com/standardsusers kepada pengguna untuk mengetahui lebih lanjut mengenai prinsip Undang-Undang ‘Lemon’ dan mengalu-alukan maklum balas daripada pelbagai pihak. Ringgit • 9 Ruangan Masalah Kewangan Anda Baru-baru ini saya telah menerima panggilan daripada wakil sebuah syarikat insurans yang menawarkan insurans perlindungan kemalangan dan hayat dengan bayaran bulanan serendah RM80 sebulan. Syarikat tersebut mendakwa bahawa perlindungan ini merupakan perlindungan tambahan, sekiranya saya telah mempunyai perlindungan insurans yang lain. Setelah mendengar penerangan selama hampir 15 minit, saya menyatakan tidak berminat dengan produk yang ditawarkan. Wakil syarikat cuba memujuk saya dengan menyatakan bahawa promosi akan berakhir dalam minggu tersebut. Tanpa memberikan sebarang persetujuan, saya memutuskan panggilan. Namun begitu, selepas dua minggu saya terkejut kerana menerima surat daripada syarikat insurans berkenaan dengan pakej insurans seperti yang dinyatakan dan meminta saya menjelaskan bayaran. Saya telah menghubungi syarikat insurans berkenaan dengan menyatakan saya tidak pernah bersetuju untuk membeli produk yang ditawarkan dan meminta membatalkan perlindungan tersebut. Adakah wajar pihak syarikat insurans berkenaan menjadikan saya sebagai pelanggan pakej tersebut serta meminta bayaran walaupun saya tidak setuju? Apakah nasihat tuan mengenai perkara ini. Terima kasih. Terima kasih. Jawapan: Pihak insurans tersebut tidak wajar menjadikan anda sebagai pelanggan pakej insurans itu dan menuntut bayaran kerana anda tidak bersetuju membeli produk tersebut. Perkara seumpama ini juga sering berlaku melalui SMS, iaitu pihak syarikat insurans menawarkan perlindungan insurans seperti yang anda terangkan di atas tadi. Etika perniagaan seperti ini tidak sepatutnya berlaku dan syarikat insurans sepatutnya memantau etika penjualan yang diamalkan. Syarikat insurans sepatutnya mengamalkan etika yang berhemah ketika membuat pemasaran produk insurans kepada orang ramai. Nasihat saya, anda perlu membuat aduan dengan pihak insurans berkenaan dengan menyatakan bahawa anda tidak bersetuju untuk membeli perlindungan insurans tersebut dan menuntut pihak insurans membatalkan perlindungan tersebut. Sekiranya pihak insurans gagal menyelesaikan aduan tuan dengan sewajarnya, anda boleh mengemukakan aduan kepada Bank Negara Malaysia melalui BNMLINK atau dengan menulis aduan kepada BNMTELELINK menerusi alamat berikut: LINK dan Pejabat Wilayah Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur E-mel: [email protected] Bank Negara Malaysia merupakan badan yang mengawal selia institusi kewangan dan syarikat-syarikat insurans di Malaysia. Setelah aduan anda direkodkan dalam sistem Bank Negara Malaysia, mereka akan menjalankan siasatan berdasarkan aduan anda. Syarikat insurans tersebut atau ejennya perlu diambil tindakan kerana menjual polisi insurans secara yang menyalahi undang-undang dan tidak beretika. Oleh kerana isu ini juga berunsurkan isu perlindungan data peribadi, anda boleh membuat aduan di Jabatan Perlindungan Data Peribadi di bawah Kementerian Komunikasi dan Multimedia Malaysia. Namun anda harus memastikan sepenuhnya bahawa anda tidak pernah memberi kebenaran kepada pihak insurans yang menghubungi anda itu dengan apa jua cara sekali pun. Jika didapati bersalah, pihak yang berkenaan akan dikenakan hukuman sewajarnya berdasarkan Akta Perlindungan Data Peribadi. Tawaran Perlindungan Insurans melalui Talian 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah \ disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia tidak pernah meminta tidak pernah meminta tidak menyimpan wang maklumat peribadi atau sesiapa pun memindahkan orang ramai dalam maklumat kewangan wang ke dalam akaun mana-mana akaun anda pihak ketiga BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) ‘.ii':‘i“§“fif.°E'3‘:$3a 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] Untuk dan hantar kepada Untuk maklumat lanjut, sila rujuk BNMLINK (Pusat Perkhidmatan Pelanggan) menghantar BNM TANYA 15888 Amaran Penipuan Kewangan yang Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Dato' Onn, 50480) pertanyaan [P°"‘a"V33"/ terdapat di laman sesawang atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: atau aduan “"3" '‘‘"da] Bank Negara Malaysia Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching melalui SMS, (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang) taiP “@ www.bnm.gov.my
Public Notice
10 Oct 2014
Download the 2015 Budget Speech by Prime Minister of Malaysia
https://www.bnm.gov.my/-/download-the-2015-budget-speech-by-prime-minister-of-malaysia
https://www.bnm.gov.my/documents/20124/761697/budget2015_en.pdf
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Reading: Download the 2015 Budget Speech by Prime Minister of Malaysia Share: Download the 2015 Budget Speech by Prime Minister of Malaysia Release Date: 10 Oct 2014 The 2015 Budget Speech by YAB Dato' Sri Mohd. Najib Tun Abdul Razak, Prime Minister. Click on the hyperlink below to download. The 2015 Budget Speech © 2024 Bank Negara Malaysia. All rights reserved.
Microsoft Word - 10 October 2014 - 1.10 PM (FINAL ENGLISH) 1 THE 2015 BUDGET SPEECH By YAB DATO’ SRI MOHD NAJIB TUN HAJI ABDUL RAZAK PRIME MINISTER AND MINISTER OF FINANCE INTRODUCING THE SUPPLY BILL (2015) IN THE DEWAN RAKYAT FRIDAY, 10 OCTOBER 2014 “BUDGET 2015: PEOPLE ECONOMY” Mr. Speaker Sir, I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2015 and to appropriate that sum for the service of that year” be read a second time. 2 INTRODUCTION Mr. Speaker Sir, 1. In the name of Allah, the Most Gracious and the Most Merciful. Let us pray and seek His blessings for me to table this important document, the 2015 Budget, to this august House and the rakyat. 2. Before I proceed, on behalf of the Government, I would like to extend condolences on the loss of Allahyarham Tun Hajah Suhaila Binti Tan Sri Mohammad Noah who was the wife of our third Prime Minister. May her soul be placed among the pious. 3. I would also like to take this opportunity on this blessed Friday afternoon to welcome back YAB Deputy Prime Minister and others who have returned from performing the Haj. I also wish them the gift of Haji Akbar. 4. Throughout nearly 60 years of independence, we have formulated various short, medium and long-term plans in our efforts to achieve prosperity. The fact is we have implemented various strategies that were carefully and sistematically planned to develop the economy. If not, Malaysia would not have reached its present level of success. 5. Nevertheless, many people are not aware that the process to develop and prosper the nation has not been easy. It takes hard work, comprehensive plans as well as painful and unpopular decisions. However, all these have to be undertaken by a responsible and accountable Government that always prioritises the interests of the rakyat. 6. From an economic perspective, when we achieved independence 57 years ago, we developed the country based on agriculture before progressing to a modern industrialised economy. Next, we moved into the upper-middle income phase. We are now moving towards a services-based economy. 3 7. In brief, the objectives, principles and thrusts of the three Outline Perspective Plans, ten Malaysia Plans, New Economic Policy, National Development Policy, National Vision Policy and since 2010, the National Transformation Policy, have all focused on poverty eradication, increasing income and restructuring of society. This is with the aim to achieve socio-economic goals; diversify the commodity-based economy; human capital development; enhancing competitiveness of the public and private sectors; higher value chain; inclusive development; as well as transformation of the Government, economy, social and politics. 8. Clearly, our former leaders in their wisdom have carried out responsibilities to develop Malaysia in their own mould. The struggle started with Tunku Abdul Rahman, followed by Tun Abdul Razak who had implemented development and restructured society, to Tun Hussein who maintained peace and unity. Tun Mahathir modernised the country while Tun Abdullah emphasised human capital development. 9. Further, the present Government is committed to driving growth with a broader approach to place Malaysia on a strong foundation. 10. This is my sixth budget since I assumed leadership of the administration, and the country’s 56th budget. The 2015 Budget completes the ten Malaysia Plans. 11. Further, in May 2015, the 11th Malaysia Plan (11MP) will be launched. At the same time, a new approach known as the Malaysian National Development Strategy (MyNDS) is being formulated. 12. MyNDS will be a key basis to planning and preparation of programmes and projects under 11MP. The emphasis is on using limited resources optimally, with focus on high-impact projects and programmes at low cost as well as efficient and rapid implementation. This means Budget 2016 will be the trigger to the final five years of Malaysia’s progress to a high-income advanced economy by 2020. 4 13. Many countries such as Korea, Germany, Japan, Taiwan and China began their economic progress based on agriculture and have since moved to an economy that emphasises high level of knowledge, skills, innovation and expertise. 14. To put it simply, economic planning and policies of a country need to be adjusted according to the developments and challenges in the domestic and external environment. Hence, to remain resilient and competitive, Malaysia must move to an economy based on knowledge, high skills, expertise, creativity and innovation. 15. Indeed, from the economic perspective, a rapidly developing country typically generates wealth through capital economy activities. However, the rakyat voice their grievances and complaints through blogs, letters, meetings, interviews and dialogues over the millions spent, billions allocated and various mega projects questioning the benefits to the people. 16. I understand the people on the ground, whether in rural and urban areas, may not comprehend or appreciate the relevance of the budget to them. 17. The biggest challenge I face in administrating Malaysia is its diverse communities. As recent as yesterday, I was asked by reporters on what was the most difficult issue that I had to decide on. I responded that it is how to balance between policies that are populist in nature as compared to those policies based on economic and financial imperatives. 18. The Government is steadfast in strengthening fiscal governance. For instance, consolidating the fiscal deficit is a moral responsibility of our generation towards the future generation. In essence, we do not want Malaysia to inherit Federal Government finances burdened with debt. 19. Taking into account the needs of the rakyat and the realities of life, the basis for the formulation of this year’s budget must therefore emphasise the balance between the capital economy and people’s economy. 5 20. The Capital Economy refers to economic management and policies from the macro perspective. This will facilitate a country to set its main targets and benchmark against other countries. These include economic management based on capital, GDP growth, per capita income, private investment, capital market, corporate profits, sovereign and credit ratings, Bursa index and share value. Hence, I will now call it the Capital Economy. 21. When we refer to the People’s Economy, it is an economy that is rakyat- orientated covering priorities and interests of the rakyat such as cost of living, household income, education opportunities, employment and business, quality of life, skills training, entrepreneurship as well as security and safety. In brief, it refers to an economy based on the daily lives of the rakyat which I call the People’s Economy. 22. It is a fact that from the theoretical perspective, the capital economy and the people’s economy cannot be separated and they exist in a symbiotic relationship. However, I wish to reiterate that this Budget will focus on the people’s economy as the bedrock in prioritising the interests of the rakyat. Hence, when we achieve advanced nation status, the benefits of the nation’s wealth and prosperity will be enjoyed by the rakyat. ECONOMIC PERFORMANCE AND PROSPECTS 23. Beginning from 3 April 2009, it has been more than five years since I became the Prime Minister and introduced 1Malaysia: People First, Performance Now based on the National Transformation Policy (NTP). The NTP comprises the Government Transformation Programme (GTP), Economic Transformation Programme (ETP), Political Transformation Programme (PTP), Community Transformation Programme (CTP), Social Transformation Programme (STP) and Fiscal Transformation Programme (FTP) in our efforts to achieve an advanced high-income economy. The ETP targets an increase in Malaysia’s gross national income (GNI) per capita to USD15,000 and mobilise USD444 billion in investment by 2020. 24. Since 2009, a total of 196 projects from 12 National Key Economic Areas (NKEAs) and 6 Strategic Reform Initiatives (SRIs) have been implemented. Total 6 investment reached RM219 billion and more than 437,000 high-paying job opportunities created. 25. The economy expanded with positive growth in all sectors and registered GDP growth of 6.3%. We are grateful to the Almighty that this performance is the highest among ASEAN countries in the first half of 2014. 26. We take pride in the performance of the capital market between 2009 and 2014. The FBM KLCI has risen 114% from 884.45 points in January 2009 to 1,892.65 points in July 2014. Market capitalisation also increased 162% from RM667.87 billion to RM1,749.49 billion on 7 October 2014. 27. The GNI per capita also increased 50% from USD6,700 to USD10,060 in the last five years. I am confident that this year we will achieve strong economic growth between 5.5% and 6%. In addition, the fiscal deficit continues to improve. The fiscal deficit has declined from 6.7% in 2009 to 3.9% in 2013 and is expected to reduce further to 3.5% of GDP in 2014. 28. For 2015, economic growth is expected to remain strong between 5% and 6% while the fiscal deficit is projected to further decline to 3% of GDP. 29. I am pleased to note that we have achieved several new records including: First: The FBM KLCI reached 1,892.65 points in July 2014, a historic new high; and Second: Foreign direct investment (FDI) totalling RM38.7 billion in 2013 was the highest realised investment to date. 2015 BUDGET ALLOCATION 30. The 2015 Budget allocates a total of RM273.9 billion, an increase of RM9.8 billion compared with the 2014 initial allocation. Of the amount, RM223.4 billion is for Operating Expenditure while RM50.5 billion for Development Expenditure. 7 31. Under Operating Expenditure, RM65.6 billion is for Emoluments and RM38.1 billion for Supplies and Services. The largest share of RM116.4 billion is for Fixed Charges and Grants, while RM1.5 billion is for Purchase of Assets. The remaining RM1.8 billion is for Other Expenditures. 32. Under Development Expenditure, the economic sector will receive the highest share at RM29.3 billion, followed by the social sector with RM12.6 billion for education and training, health, housing and the well-being of society. In addition, RM4.9 billion is allocated to the security sector. The balance of RM1.7 billion is for general administration and RM2 billion for contingencies. 33. In 2015, the Federal Government revenue collection is estimated at RM235.2 billion, an increase of RM10.2 billion from 2014. 34. In 2015, with the implementation of the Goods and Services Tax (GST) Government revenue is estimated at RM23.2 billion. However, as a caring Government, we have exempted several goods from GST amounting to RM3.8 billion. 35. With the implementation of GST, the Sales and Services Tax (SST), will be abolished resulting in revenue foregone of RM13.8 billion. This means that after deducting RM13.8 billion and RM3.8 billion from a revenue of RM23.2 billion, the Government will have a balance of RM5.6 billion. 36. Of the total, RM4.9 billion is channelled back to the rakyat through assistance programmes such as the increase in Bantuan Rakyat 1Malaysia (BR1M). Finally, net revenue collection from GST will only amount to RM690 million. 2015 BUDGET: THE PEOPLE’S ECONOMY 37. The 2015 Budget is formulated with focus on the people’s economy and outlines seven main strategies: First Strategy: Strengthening Economic Growth; 8 Second Strategy: Enhancing Fiscal Governance; Third Strategy: Developing Human Capital and Entrepreneurship; Fourth Strategy: Advancing Bumiputera Agenda; Fifth Strategy: Upholding Role of Women; Sixth Strategy: Developing National Youth Transformation Programme; and Seventh Strategy: Prioritising Well-Being of the Rakyat. FIRST STRATEGY: STRENGTHENING ECONOMIC GROWTH 38. The Government will continue to provide a conducive and comprehensive ecosystem to accelerate domestic and foreign investment. Measure 1: Invigorating Services Sector 39. In 2013, the services sector contributed 55.2% to GDP. To achieve the target of 60% by 2020, the Government will boost the services sector by implementing the following initiatives: First: Implementing the Services Sector Blueprint; Second: Setting up a Services Sector Guarantee Scheme amounting to RM5 billion for SMEs in the services sector, with a maximum financing of RM5 million together with 70% Government guarantee. The scheme is expected to benefit 4,000 SMEs; Third: Establishing a Research Incentive Scheme for Enterprises (RISE) with an allocation of RM10 million to encourage companies to set up research centres in high technology, ICT and knowledge-based industries; Fourth: Reintroducing the Services Export Fund (SEF) totalling RM300 million to encourage SMEs to conduct market feasibility studies and undertake export promotion to penetrate new markets; and 9 Fifth: Strengthening the Franchise Development Scheme under the Ministry of Domestic Trade, Co-operatives and Consumerism in collaboration with the Malaysian Franchise Association. A sum of RM20 million is allocated for the scheme. Measure 2: Strengthening Islamic Financial Market 40. Currently, the Malaysian Islamic finance accounts for 25% of total assets in the banking system. Internationally, Malaysia remains as the largest sukuk market accounting for 60% of the global sukuk market. 41. The Government will introduce a new shariah-compliant investment product in 2015 called the Investment Account Platform (IAP). IAP will provide opportunities to investors in financing entrepreneurial activities and developing viable SMEs. At the same time, IAP will be a platform to attract institutional and individual investors including high net worth individuals to invest in the Islamic financial market. Initially, IAP will be implemented with a startup fund of RM150 million. 42. To promote investment in IAP, the Government proposes individual investors be given income tax exemption on profits earned from qualifying investment for three consecutive years. 43. To boost domestic sukuk and bond issuance and trading, the Government introduced the Exchange Traded Bond and Sukuk (ETBS) in January 2013. The Government proposes that the Malaysian Government Securities and Government Investment Issues be listed and traded in ETBS. 44. In addition, expenses incurred in the issuance of sukuk are given deduction from year of assessment 2003 until year of assessment 2015. Therefore, it is proposed that deduction for expenses incurred in the issuance of sukuk based on Ijarah and Wakalah principles be extended for another three years until year of assessment 2018. 10 Measure 3: Promoting Domestic Shipping Industry 45. The Merchant Shipping Act 2011 mandates insurance or financial security for third-party liability coverage for ships operating in Malaysia. Currently, most large cargo ship owners in Malaysia have third-party liability coverage through Protection and Indemnity (P&I) overseas. 46. To assist owners of cargo ships with gross tonnage not exceeding 300 tonnes, the Government will establish a Malaysia P&I Club under Exim Bank. The Club will offer third-party liability protection at reasonable premiums. Measure 4: Ensuring balanced and inclusive regional growth with continued promotion of investment in less developed areas 47. In this context, the Government will enhance the special incentives package provided under the Economic Corridors to include more areas that are less developed. Measure 5: Incentives for Industrial Area Management 48. Among the key factors that support the development of industries is by having systematically maintained public facilities/infrastructure. In this regard, an incentive of 100% income tax exemption for a period of five years will be made available to encourage the private sector to manage, maintain and upgrade industrial estates in less developed areas. On the other hand, an incentive of 70% income tax exemption for a period of five years will be made available to the private sector to manage industrial estates in other areas. Measure 6: Capital Allowance to Increase Automation in Labour Intensive Industries 49. The Government will provide incentive in the form of capital allowance on automation expenditure to encourage automation in the manufacturing sector, according to the following categories: 11  First Category: for high labour intensive industries (such as rubber products, plastics, wood, furniture and textiles), an automation capital allowance of 200% will be provided on the first RM4 million expenditure incurred within the period from 2015 to 2017; and  Second Category: for other industries, automation capital allowance of 200% will be provided on the first RM2 million expenditure incurred within the period from 2015 to 2020. Measure 7: Promoting High-Quality and Focused Investment 50. In promoting high-quality and focused investment, a more specialised incentive package will be offered for investment projects based on technology, innovation and knowledge, involving highly qualified and knowledgeable employees with high salaries. Measure 8: Accelerating Public and Private Investment 51. In 2015, several infrastructure projects will be implemented: First: Construction of the 59-km Sungai Besi – Ulu Klang Expressway (SUKE) at a total construction cost of RM5.3 billion; Second: Construction of the 276-km West Coast Expressway from Taiping to Banting at a total construction cost of RM5 billion; Third: Construction of the 47-km Damansara – Shah Alam Highway (DASH) at a total construction cost of RM4.2 billion; Fourth: Construction of the 36-km Eastern Klang Valley Expressway (EKVE) at a total construction cost of RM1.6 billion; 12 Fifth: Upgrading the East Coast railway line along Gemas – Mentakab, Jerantut – Sungai Yu and Gua Musang – Tumpat with an allocation of RM150 million; Sixth: Construction of the 56-km Second MRT Line from Selayang to Putrajaya at an estimated cost of RM23 billion; and Seventh: LRT 3 Project, which will link Bandar Utama to Shah Alam and Klang, at an estimated cost of RM9 billion, will be implemented. 52. The Pengerang Integrated Petroleum Complex project with a total investment of RM69 billion is expected to create more than 10,000 job opportunities. 53. Additionally, to develop the electric vehicle manufacturing industry in Malaysia, a Sustainable Mobility Fund of RM70 million will be established under SME Bank. Initially, 50 electric buses will be introduced. Measure 9: Encouraging Establishment of Principal Hub 54. For this the Government will continue its efforts to further increase the number of multinational companies’ global operational centres in Malaysia. In line with this, customised incentives for Principal Hubs will be introduced early next year. Measure 10: Spurring Creative Industry 55. To develop creative industries such as animation, filming, designing and cultural heritage, the Government has allocated RM200 million to MyCreative Ventures in 2012. To further promote the industry, a Digital Content Industry Fund will be set up under the Communications and Multimedia Commission with an allocation of RM100 million. 13 Measure 11: Increasing Capacity of High-Speed Broadband 56. The High-Speed Broadband (HSBB) will continue to be implemented in areas of high economic impact, covering state capitals and selected major towns nationwide. A sum of RM2.7 billion will be spent over the next three years to build 1,000 new telecommunication towers and laying of under sea cables. Measure 12: Boosting Tourism Industry 57. In conjunction with Malaysia – Year of Festivals 2015, the Government is targeting 29.4 million foreign tourist arrivals with expected income of RM89 billion. For this, RM316 million is allocated for various programmes under Ministry of Tourism and Culture. Measure 13: Developing Small and Medium Enterprises 58. Currently, SMEs contribute 33% to GDP and the share is targeted to increase to 41% by 2020. 59. To accelerate the participation of SMEs in economic activity, the Government proposes the implementation of SME Investment Partner. Under the programme, SMEs will be given financing assistance in the form of loans, equity or both, particularly at the startup stage. An initial fund totalling RM375 million will be provided for a period of five years, of which RM250 million is from SME Bank and RM125 million from private investors. In addition, RM10 million will be allocated for the Business Accelerator Programme under SME Corp. 60. To enhance use of new technology, automation and innovation in the development of SMEs, RM80 million is allocated for a Soft Loan Scheme for Automation and Modernisation of SMEs under the Malaysian Industrial Development Finance Berhad. 61. TEKUN has channelled loans totalling RM3.1 billion to nearly 300,000 borrowers with loan limits of between RM1,000 and RM100,000. In 2015, TEKUN will provide additional funds of RM500 million which will be distributed as follows: 14 First: RM350 million is allocated for Bumiputera entrepreneurs to provide financing to nearly 33,000 new borrowers; Second: RM50 million will be allocated to the Young Indian Entrepreneurs Financing Scheme that will benefit 5,000 Indian entrepreneurs; Third: RM50 million will be allocated to the Young Professional Women Entrepreneurs Development Programme that will benefit 5,000 professional women; and Fourth: RM50 million will be allocated to the Armed Forces Veteran Entrepreneur Development Programme that will benefit 5,000 veterans who were not on a pensionable scheme. 62. To assist SME entrepreneurs from the Chinese community, the Government will provide soft loans totalling RM50 million, and RM30 million for hawkers and petty traders. Measure 14: Developing Innovation and Commercialisation 63. Currently, Malaysia’s R&D expenditure as a share of GDP is low, compared with advanced economies such as Japan and South Korea. In this regard, the Government will allocate RM1.3 billion to the Ministry of Science, Technology and Innovation to implement several related programmes including: First: Target 360 high-impact innovative products to be commercialised within the next five years; Second: Provide research funds amounting to RM290 million to implement various high-impact R&D&C programmes; Third: Rebrand SIRIM. For this, an SME Technology Penetration and Upgrading Programme and technology auditing will be implemented; 15 Fourth: Introduce a new initiative namely Public Private Research Network spearheaded by Ministry of Education in collaboration with the Malaysian Technology Development Corporation with an allocation of RM50 million; and Fifth: Strengthen Technology Commercialisation Platform Programme by Agensi Inovasi Malaysia with an additional allocation of RM50 million. SECOND STRATEGY: ENHANCING FISCAL GOVERNANCE. 64. The Government continues with efforts to strengthten financial sustainability to ensure the well-being of the rakyat and reduce fiscal deficit to achieve a balanced budget. Measure 1: Implementing GST. 65. During the announcement of GST in the 2014 Budget, the Government proposed not to impose GST on basic food items and services. Based on the feedback received from all segments of society, the Government agrees to widen the scope of items that will not be subjected to GST as follows: (i) All types of fruits whether local or imported; (ii) White bread and wholemeal bread; (iii) Coffee powder, tea dust and cocoa powder; (iv) Yellow mee, kuey teow, laksa and meehoon; (v) The National Essential Medicine covering almost 2,900 medicine brands. These medicines are used to treat 30 types of diseases including heart failure, diabetes, hypertension, cancer and fertility treatment; (vi) Reading materials such as children’s coloring books, exercise and reference books, text books, dictionaries and religious books; and (vii) Newspapers. 16 66. In addition, the Government has also agreed electricity consumption that is not subject to GST be increased from the first 200 units to 300 units. This will benefit 70% of households. 67. Further, to ensure the implementation of GST does not burden the rakyat, the Government has agreed that the retail sale of RON95 petrol, diesel and LPG be given relief from the payment of GST. Through this measure, consumers and targeted groups will not have to pay GST on the purchase of RON95 petrol, diesel and LPG. 68. Of the 944 goods and services in the basket of goods of the CPI, the prices of 532 items or 56% are expected to reduce up to 4.1%. Among the goods are medicines, electrical appliances such as refrigerators and washing machines, textile products, plastic products such as pails and plates, shoes and slippers, household furniture, baby diapers, soap, meat, chicken eggs, cooking oil, seafood, rice and vegetables. 69. Meanwhile, about 354 goods and services may experience some price increase but less than 5.8%. The Government hopes that traders will be responsible and not raise prices indiscriminately to burden the rakyat. The Government will disseminate shoppers’ guide to enable consumers compare prices before and after the implementation of GST. 70. Indeed, with the implementation of GST, the Government will be able to reduce the tax burden on the rakyat as follows: First: For individuals and households for year of assessment 2015 (i) Individual income tax rates will be reduced by 1 to 3 percentage points. With this measure, 300,000 individual taxpayers will no longer pay income tax. (ii) Tax payers with family and income of RM4,000 per month will not have tax liability. (iii) Individual income tax will be restructured whereby the chargeable income subject to the maximum rate will be increased from exceeding 17 RM100,000 to exceeding RM400,000. The current maximum tax rate at 26% will be reduced to 24%, 24.5% and 25%. This will result in the existing taxpayer enjoying a tax saving of at least 5.3%. Second: For year of assessment 2015, cooperative income tax rate will also be reduced by 1 to 2 percentage points. In addition, secretarial fee and tax filing fee are allowed as deduction; Third: For year of assessment 2016, corporate income tax rate will be reduced by 1 percentage point from 25% to 24%; and Fourth: For year of assessment 2016, income tax rate for SMEs will also be reduced by 1 percentage point from 20% to 19% 71. The experience of other countries has shown that a key critical factor in the succesful implementation of GST is the level of readiness by businesses. To assist businesses, the following incentives and assistance will be provided: First: Training grant of RM100 million provided to businesses for their employees to attend GST courses; Second: Financial assistance amounting to RM150 million provided to SMEs for the purchase of accounting software; Third: Accelerated Capital Allowance on purchase of ICT equipment and software; and Fourth: Expenses incurred for training in accounting and ICT relating to GST will be given additional tax deduction. Measure 2: Subsidy Rationalisation 72. The Government had allocated RM588 million for various subsidies in 1994. This amount has increased to RM40.5 billion in 2014. 18 73. To improve the public finance position, the Government is committed to implementing subsidy rationalisation, particularly for petroleum. The rasionalisation aims to ensure a more targeted subsidy, reduce leakages and smuggling. The Government will ensure that the subsidy rationalisation is implemented in stages so that it does not burden the rakyat. 74. At present, the Government allocates more than RM21 billion a year to subsidise RON95 petrol, diesel and LPG cooking gas. As a result, the allocation for subsidies has increased 14 times from RM1.65 billion in 2002 to RM23.5 billion in 2013, solely to maintain the low retail petrol price. This is due to the increase in number of vehicles from 13.6 million units in 2008 to 23.7 million units in 2013. 75. To ensure a more targeted subsidy and taking into account the rakyat's awareness and readiness to subsidy rationalisation, the Government will develop a new mechanism for providing petroleum subsidy. I will announce the new mechanism soon. Measure 3: Disseminating Widely National Blue Ocean Strategy. 76. The National Blue Ocean Strategy has demonstrated the effectiveness of the implementation of Government projects and programmes. In this regard, RM356 million will be provided in 2015 for the following programmes: First: Establishing four more UTCs in Terengganu, Kelantan, Negeri Sembilan and Perlis and one mini UTC in Kedah; and Second: Accelerating upskilling to 5,000 trainees through the 1Malaysia Skills and Employability Scheme for the public sector and 1Malaysia Training Centre for the private sector. 19 THIRD STRATEGY: DEVELOPING HUMAN CAPITAL AND ENTREPRENEURSHIP. 77. Currently, human resource is among the key factors contributing to prosperity of a nation. Wealth creation is no longer solely dependent on resources such as petroleum, oil palm or minerals but also includes ideas, creativity and innovation as well as people’s skills including invention of new products which are capable of driving economic growth and nurturing new entrepeneurs. 78. Consistent with the people’s economy, it is the Government’s aspiration to increase the component of wages to GDP from 34% currently to 40% by 2020. Measure 1: Strengthening Teaching Professionalism and School Performance. 79. The education sector will continue to be strengthened in line with the Malaysia Education Blueprint 2013 – 2025. For this purpose, the Government will allocate RM56 billion to the Ministry of Education for various teaching and learning programmes. Emphasis will be given towards strengthening schools which require guidance and special assistance. In this regard, a sum of RM250 million will be allocated for School Improvement Specialist Coaches and School Improvement Partners programmes. Measure 2: Empowering Trust Schools and Building New Schools 80. The Government will expand the Trust Schools programme which started in 2011. To date, 30 Trust Schools have been set up benefiting nearly 20,000 students and 1,500 teachers. Under the programme, Principals are accorded autonomy and are highly accountable for the management as well as the teaching and learning process in schools. As such, the Government plans to expand 20 more Trust Schools in Johor, Sarawak, Selangor, Perak, Negeri Sembilan and the Federal Terrritory of Kuala Lumpur with an allocation of RM10 million in 2015. 81. The Government will also build 12 new schools comprising seven primary schools, three secondary schools and two boarding schools nationwide. 20 Measure 3: Mainstreaming Technical and Vocational Education. 82. By 2020, at least 46% of jobs will require technical and vocational qualifications. For this, the Government will increase the student intake in vocational and community colleges through the Vocational and Technical Transformation programme and upgrade colleges. For this purpose, the Government allocates RM1.2 billion. 83. Currently, applications for entry into Technical and Vocational Training (TEVT) programmes received by the Ministry of Education far exceed the capacity of 20,000 places. To open up more opportunities in this field, the Government will allocate RM100 million immediately to Ministry of Education for 10,000 placements in technical and vocational private colleges. Further, RM50 million will be allocated to MARA to implement TEVT programmes. 84. To encourage private companies, the Government proposes that the existing tax incentives be enhanced as follows: First: Double deduction for scholarships awarded to students in vocational and technical courses at the certificate level; Second: Double deduction on expenses incurred by a company to implement a structured internship programme for students at diploma and vocational level; and Third: Further deduction on training expenses incurred by an employer for employees to obtain certificate qualifications from accredited vocational and professional bodies. Measure 4: Development and Maintenance of Education Facilities. 85. To ensure a safe and conducive learning environment, the Government will allocate RM800 million for the following: - National Schools RM450 million; 21 - National-type Chinese schools RM50 million; - National-type Tamil schools RM50 million; - Religious schools RM50 million; - Fully residential schools RM50 million; - Government Aided Religious Schools RM50 million; - MARA Junior Science Colleges RM50 million; - Registered Sekolah Pondok RM25 million; and - National-type Chinese Secondary Schools (Conforming Schools) which use the national curriculum RM25 million 86. The Government is pleased to announce that the electricity and water bills of all National-type schools under the Ministry of Education will be paid in full up to a maximum limit of RM5,000 a month compared with RM2,000 previously. Measure 5: Sponsoring Education. 87. In 2015, the Government will allocate RM3 billion for sponsoring education of which RM1.9 billion will be given to the Public Services Department, Ministry of Education RM759 million and Ministry of Health RM258 million. Measure 6: Expanding MyBrain15 Programme. 88. The Government has introduced MyBrain15 Programme to produce 60,000 PhD holders by 2023. To date, 34,525 students are pursuing post-graduate studies with a cost of over RM386 million. In 2015, RM112 million will be allocated for this programme. MyBrain15 Programme, which is currently for the private sector, is proposed to be extended to civil servants and employees of statutory bodies who are keen to further their studies on part-time basis in local higher learning institutions. Measure 7: Tabung Pendidikan Tinggi Nasional 89. Since the establishment of Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) in 1997 to date, 2.1 million borrowers have taken loans worth RM47.8 22 billion. However, as at 31 August 2014, only RM5.36 billion or 46% of RM11.76 billion has been collected. 90. Sadly, 174,000 borrowers have not made any payments since 2010. As such, the Government will take appropriate new measures to recover the outstanding loans. 91. It is a sin to die without settling one’s debts as the soul will not rest in peace. 92. To encourage repayments, the Government proposes that a 10% rebate is given to borrowers who continuously make repayments for 12 months until 31 December 2015. An additional 20% discount will be offered to borrowers who make lump sum repayments from today until 31 March 2015. 93. Since 2005, National Education Savings Scheme (SSPN-i), SSPN-i account holders with a monthly household income not exceeding RM2,000 have been enjoying matching grants. To encourage more parents to become depositors and obtain the same benefits, the Government proposes contributors’ monthly household income limit be increased to RM4,000. Measure 8: Enhancing Graduate Employability 94. To date, it is estimated that 53,000 graduates remain unemployed after six months of graduating. To enhance graduates’ employability, the Government proposes that the curriculum and skill training programmes at public skill training institutions as well as institutions of higher learning be reviewed. For this, Talent Corp will provide RM30 million for Industry Academia Collaboration programme where universities, Government entities and industries will collaborate to develop the curriculum for the internship programmes and industrial training. 95. In addition, graduates’ self-confidence and English proficiency skills will be enhanced. Currently, students need to have a minimum of Band 1 in Malaysian University English Test for entry into public institutions of higher learning (IPTA). Beginning next year: 23 (i) for entry into IPTAs the minimum MUET band will be increased according to the field of study, for example: (a) Arts and Social Science courses – Band 2 (b) Science, Technology, Engineering and Mathematics (STEM) courses – Band 3 (c) Law and Medical courses – Band 4 (ii) to graduate, students must achieve: (a) Arts and Social Science courses – Band 3 (b) STEM courses – Band 4 (c) Law and Medical courses – Band 5 I would urge private institutions of higher learning to implement the same requirements. Measure 9: Improving the Well-being of Employees. 96. In the second quarter of 2014, there were a total of 13.5 million jobs, an increase of around 1.6 million jobs compared to 2010. To safeguard the welfare of workers: (i) The Employment Act 1955 and related labour acts will be reviewed, including better terms and conditions of employment, appointment and dismissal, flexible working arrangements and termination benefits; (ii) The JobsMalaysia portal will be improved to meet the needs of an increasingly dynamic labour market; (iii) The Government will introduce an Employment Insurance System aimed at assisting retrenched workers by giving temporary financial assistance as well as providing opportunities for reskilling and upskilling; and 24 (iv) Providing technical training and education assistance to Indian youth, particularly those from low-income families with an allocation of RM30 million. 97. In 2011, Skim Latihan 1Malaysia has enabled aound 45,000 graduates from the low-income households and rural areas to obtain jobs. The Government supports CSR effort by the employers in its implementation through double deduction incentive to companies for the purpose of tax computation until 31 December 2016. I propose the tax incentive be extended until 31 December 2020. Measure 10: Globally Recognised Industry and Professional Certification Programme 98. To intensify upskilling and reskilling programmes, the Government will introduce a new programme, namely Globally Recognised Industry and Professional Certification Programme or 1MalaysiaGRIP with an allocation of RM300 million in matching grants between the Government and the Human Resources Development Fund to train 30,000 workers. Measure 11: Double Shift Training 99. The Government will increase skills training programmes in institutes under Department of Labour (JTK). The training programme is for students with Malaysia Skills Certificate (SKM), university or college graduates as well as industrial workers particularly semi-skilled workers. In order to optimise the 32 JTK training institutes, the Government will leverage the double shift training capacity for full-time programmes comprising 176 courses with high demand in the labour market. With intake of two times per year, an estimated 48,000 students will be trained in the five year period of implementation with an allocation of RM570 million. Measure 12: Promoting Startups 100. The Government aspires to position Malaysia as a choice location for Startups in the region. Among the efforts is the establishment of MaGIC which aims to create 25 a more conducive ecosystem to facilitate the Startups to commence operations. To attract more expatriate entrepreneurs establish Startups in Malaysia, the paid-up capital for Startups is set at RM75,000. Eligible expatriate Startup entrepreneurs will be given Work Pass for one year. FOURTH STRATEGY: ADVANCING THE BUMIPUTERA AGENDA 101. Since Independence, all plans and policies for Malays and Bumiputeras by the Government have been formulated taking into account the multiracial nature of society. In principle, this practice has been long adopted as a social contract by society at large in Malaysia and is protected and encapsulated in the Federal Constitution. 102. As such, it cannot be denied by anyone that Malays and Bumiputera are the thrust of national agenda. Therefore, any national iniatiatives which do not take into account or neglect the Malay and Bumiputera agenda, whether Muslim or non- Muslim are unjust and unfair. 103. History has proven that since decades of implementation, not only have Malays and Bumiputera, but also all rakyat have benefited from the nation’s economic development. Clearly, we did this without usurping or denying anyone’s rights but by creating new wealth and generating sustainable economic growth. Furthermore, by 2020, the total number of Malays and Bumiputera, whether Muslim or non-Muslim, will reach 70% of the population. Measure 1: Increasing equity ownership of Bumiputeras. 104. In the context of corporate equity ownership, the Bumiputera have yet to achieve the 30% target. Meanwhile, their effective control over corporations is currently only around 10%. Hence, EKUINAS will be allocated RM600 million to increase bumiputera ownership in private companies and GLCs. To date, EKUINAS has cumulative investments of RM2.3 billion in various sectors. 26 Measure 2: Strengthening Bumiputera Entrepeneurship. 105. To increase the number of Bumiputera entrepeneurs, several initiatives will be implemented including: First: Strengthening the role of the National Entrepeneurship Institute (INSKEN) as a Centre of Excellence for Bumiputera Entrepeneurship; Second: Further accelerate the Bumiputera Entrepeneurs Startup Scheme (SUPERB) with additional allocation of RM30 million. This programme will be extended to entrepeneurs in Sabah and Sarawak; Third: Introducing pre-export programme for high-performing Bumiputera companies (TERAS) for enhanced branding, international certification and market surveys for Bumiputera products. The programme targets 60 TERAS companies to increase their capacity and penetrate international markets; and Fourth: Expanding carve-out and compete programme through meritocracy for Government and privatised projects including MRT second phase and Pan-Borneo Highway. Measure 3: Bumiputera SMEs 106. For Bumiputera SMEs, among the initiatives under 2015 Budget include the following: First: Lembaga Tabung Haji will allocate RM200 million for the establishment of the shariah-compliant Restricted Investment Account (RIA) under Bank Islam. The purpose of this account is to provide financing and credit between RM50,000 and RM1 million from January 2015; and Second: Amanah Ikhtiar Malaysia (AIM) will use internal sources of RM1.8 billion for financing to benefit 346,000 Sahabat AIM. 27 Measure 4: Developing Bumiputera Human Capital 107. As a premier Bumiputera institution, MARA needs to be strengthened. The development of human capital is an important aspect of advancing the Bumiputera agenda. In this regard, the Government will implement the following initiatives: First: RM2 billion is allocated to MARA for sponsoring education to eligible Bumiputera students; Second: RM72 million will be used by Yayasan Peneraju Pendidikan Bumiputera to implement three programmes in the form of scholarship, training and financial assistance to benefit 5,000 people; and Third: Establishing a Professional Accounting Centre in Universiti Teknologi MARA in collaboration with Malaysian Institute of Accountants. 108. The Government is concerned and gives importance to the development and improving the welfare of the rakyat in Sabah and Sarawak in the national development agenda. 109. In this regard, as the North-South Highway project has transformed the development from Perlis to Johor, the Government intends to start construction of the 1,663-km Pan-Borneo Highway comprising 936 km in Sarawak and 727 km in Sabah at a total construction cost of RM27 billion. 110. Through NBOS, a mini UTC and RTC each will be established in Sabah and Sarawak to facilitate transactions for the communities in interior and urban areas. 111. The Government will undertake the construction of Tenom Health Clinic, Sabah and Lubok Antu, Sarawak as well as upgrade facilities at Hospital Tawau. Nuclear medical and radiotherapy services will also be provided to treat cancer patients at Hospital Wanita dan Kanak-kanak Likas, Sabah. 28 112. Sabah has a long and wide coastline. To enhance security in Eastern Sabah Security Zone (ESSZONE) and Eastern Sabah Security Command (ESSCOM), the Government will allocate RM660 million. 113. Two battalions comprising a battalion PGA PDRM and an Army battalion with 1,280 new personnel have been approved. Two new camps will also be built in ESSZONE, namely Kem Batalion 20 PGA in Beluran and Kem ATM in Felda Sahabat, Lahad Datu, Sabah. 114. In addition, military and security operation equipment will be further improved, such as procurement of high-capability monitoring radar. The Government will also use a modified oil rig and an auxillary vessel as Sea Basing in the ESSZONE waters, with an allocation of RM230 million through Petronas CSR programme. 115. Furthermore, to enable high-capacity aircraft to land, the Government will upgrade the runway at the airport in Lahad Datu, as well as relocate Squadron Hawk from Butterworth to Labuan, with an allocation of RM50 million. 116. The Government will also relocate water villages in Semporna and Sandakan in stages. The Government hopes that through the initiative, the safety of Malaysians in Sabah will be safeguarded and economic activities to rebound. 117. To strengthen the food supply chain in Sabah and Sarawak, the Government will introduce for the first time, a hill paddy subsidy, with an allocation of RM70 million. The assistance will benefit paddy farmers in Sabah and Sarawak covering 76,000 hectares of crop area. 118. The Government gives top priority to the rakyat particularly in terms of their daily cost of living. To standardise the prices of essential goods between Peninsular, Sabah and Sarawak, the following measures will be implemented by the Ministry of Domestic Trade, Co-operatives and Consumerism: 29 First: Providing an allocation of RM262 million to finance the cost of transportation and the enforcement of price control on essential goods especially in Sabah and Sarawak; and Second: Setting up two more KR1M in Sabah bringing the total to 16, and three in Sarawak, bringing the total to 19. FIFTH STRATEGY: UPHOLDING ROLE OF WOMEN 119. Indeed women are special. Their uniqueness not only adds grace to the family but they also play a crucial role in addressing life’s challenges. The Government recognises that women have a pivotal role in national development and in nurturing future generations. 120. Presently, women represent only 38% of the total workforce in the country. To enhance the contribution of women in national development, the Government will continue to focus on efforts to intensify the involvement of women in the job market and entrepreneurial activities. For this purpose, the Ministry of Women, Family and Community Development is allocated RM2.26 billion for development and operating expenditure. Among the programmes include: First: Strengthening Women Directors Programme to achieve the 30% participation of women in decision-making positions. In 2015, the Government plans to train 125 potential women directors to fill the position as members of the board of Government-linked companies and the private sector. I urge the Government-owned companies and the private sector to provide more opportunities for professional women to be represented in Boards of Directors; Second: Improving opportunities for women to return to the job market through the 1Malaysia Support for Housewife programme which emphasises skills training and incentives for housewives; and 30 Third: Talent Corp will set up the Women Career Comeback Programme for professional women returning to the job market based on professional qualifications. 121. The Government is concerned with the well-being of women, particularly in terms of safety. Accordingly, the Government will buy the premises for the Women Special Protection Homes in the Eastern, Northern and Central zones. In addition, to provide opportunities for single mothers who are interested in entrepreneurship, the Government will continue the Single Mother Skill Incubator Programme (I-KIT), Women Entrepreneurship Incubator Programme (IkUnita) and Women Core Development Programme. 122. A sum of RM30 million will be allocated through Amanah Ikhtiar Malaysia (AIM) to inculcate the spirit of entrepreneurship among Indian women. 123. Furthermore, for civil servants, the Government will improve the Child Care Leave eligibility by revising the conditions so that the eligibility is not tied to the duration of maternity leave, effective from 1 January 2015. The leave is limited to children until they reach one year and is extended to female personnel with step children, legally adopted children, foster children and children with disabilities. 124. In line with Government’s aspiration to encourage the establishment of more child care centres at the work place in the private sector, the existing guidelines will be reviewed. From January 2015, the Government will allow employers to set up child care centres beyond the second floor subject to conditions set by the local authorities. The Government’s efforts will uphold women’s role and enable them to participate actively at the national level. SIXTH STRATEGY: DEVELOPING NATIONAL YOUTH TRANSFORMATION PROGRAMME. 125. Youth are not only the hope of the nation, not just an asset or even a partner in national development, but more valuable than all of the above. Therefore, the 31 Government recognises the role of youth in becoming future leaders and upholding the responsibility of further developing and prospering our beloved nation. 126. In order to achieve this aspiration, the Government will launch the National Youth Transformation Programme. To successfully implement the youth programmes, a sum of RM320 million is allocated as follows: First: Review the existing National Service Training Programme or PLKN, and introduce a new concept that incorporate skills requirement and patriotism which will be introduced shortly; Second: Improve the Rakan Muda programme and introduce Unity Camp programme; Third: Strengthen youth leadership through Youth Leadership Academy programme to hone leadership skills among Malaysian youth; Fourth: Intensify youth volunteerism programmes through 1M4U and introduce MyCorp programme. The MyCorp programme involves welfare and socio-economic volunteer activities for youth at the international level with an allocation of RM10 million; Fifth: Enhance entrepreneurial talent among the youth through the programmes under Malaysian Global Innovation & Creativity Centre (MaGIC), SME Bank and Agro Bank as well as introduce Online Resource Centre and organise an international social entrepreneurship conference; Sixth: Implement the Youth Agropreneur Programme under the purview of FAMA involving 1,200 youth and targeting a monthly income exceeding RM5,000; and 32 Seventh: Increase the capacity and skills of youth through National Youth Vocational Institute (IKBN) Transformation and Coding Bootcamp programmes as well as PADU programme (Projek Angkat Dan Upaya). 127. The Government also aims to provide a comprehensive ecosystem for youth to increase their capabilities and progress in work, business and entrepreneurship as well as enjoy housing, recreational and sports facilities. For this, the Government will establish 1Malaysia Youth City with an allocation of RM100 million to fund three pilot projects in the Peninsula, Sabah and Sarawak. 128. When we review the needs of youth, home ownership appears to be a big issue especially cost of houses and financing. Recognising this problem, I’m glad to announce the Youth Housing Scheme which is a smart partnership between the Government, Bank Simpanan Nasional, Employees Provident Fund and Cagamas. 129. The scheme offers a funding limit for a first home not exceeding RM500,000 for married youth aged between 25 and 40 years with household income not exceeding RM10,000. The maximum loan period is 35 years. 130. Under the scheme, the Government will provide monthly financial assistance of RM200 to borrowers for the first two years to reduce the burden of monthly installments. The Government will also give a 50% stamp duty exemption on the instrument of transfer agreements and loan agreements. 131. The Government will also provide a 10% loan guarantee to enable borrowers to obtain full financing including cost of insurance. Borrowers can also withdraw from EPF Account 2 to top up their monthly installment and other related costs. 132. Hence, I urge the youth to grab this opportunity which is offered on a ‘first come first served basis’ for 20,000 units only. 133. The Government will take concerted efforts towards transforming Malaysia into a sporting nation. For this, the Government will implement a Sporting Nation 33 Blueprint. To achieve the aspiration, the Government has allocated RM103 million to implement the following measures: First: Ensure the sustainability and continuity of sports talent starting from primary school through Malaysian Talent Identification programme. The programme involves testing, screening and talent specialisation among students; Second: Improve the quality of high-performance sports for six selected fields in the first phase namely Soccer, Cycling, Badminton, Sepak Takraw, Swimming and Athletics; Third: Foster FitMalaysia Programme with focus on physical fitness; and Fourth: Celebrate National Sports Day on the first Saturday in November every year with simultaneous participation of the public and private sectors as well as the rakyat nationwide. SEVENTH STRATEGY: PRIORITISING WELL-BEING OF THE RAKYAT 134. The prosperity of the nation is contingent upon its ability to provide a better quality of life and improved well-being of the rakyat. 135. To ease the burden of school expenses incurred by the parents and guardians of students, particularly for low-income group, the Government will continue the schooling assistance programme. Starting January 2015, a RM100 each will be given to all primary and secondary school students with an allocation of RM540 million which will benefit 5.4 million students. 136. In addition, for the purpose of purchasing reference books and instruments the Government will continue to implement the 1Malaysia Book Voucher Programme with the assistance of RM250 per student. A sum of RM325 million will be allocated for this programme and is expected to benefit about 1.3 million students. 34 137. To Strengthen Food Supply Chain, apart from assisting the farmers, breeders and fishermen to increase their income, the Government will allocate RM6 billion to Ministry of Agriculture and Agro-Based Industry to implement the following initiatives: First: From 2015 to 2017, the Government will establish 65 permanent farmers’ markets and 50 fish markets that will operate daily in selected locations. To date, there are 526 farmers’ markets and 50 fish markets nationwide; Second: Introduce a weekly auction programme for quality vegetables at reasonable prices at 85 FAMA Trading Operation Centres and selected farmers’ markets nationwide; Third: Accelerating planting and replanting of fruit trees such as durian, mangosteen, langsat, rambutan as well as intensifying Jom Bertani Programme so the rakyat can cultivate cash crops and vegetables for their own consumption; and Fourth: Providing RM100 million matching grant to Farmers’ Organisation Authority to enable the members to obtain loans to improve farm productivity and marketing channels. 138. Apart from this, the Government will accelerate the development of four new Integrated Agriculture Development Area in Rompin, Batang Lupar, Kota Belud and Pekan involving paddy cultivation areas of 25,905 hectares. For a start, the Government will allocate RM100 million. 139. Every segment of society irrespective of where they are, are important. The Government is concerned with the development and welfare of the fishermen who continue to face various challenges. To address the issue of unstable income, especially during the monsoon season, as well as in less conducive environment in fishing villages, the Government will: 35 First: Increase the living allowance for fishermen in Zone A to RM300 from RM200 a month. For the fishermen in Zone B and C, the living allowance will be increased to RM250; Second: Provide a monthly allowance of RM200 for the first time for full-time coastal fishermen. The allowance will benefit around 44,000 fishermen; Third: Further accelerate aquaculture activities such as cage farming of fish, shrimp, mussels and oysters to diversify sources of income of fishermen who are affected especially during the monsoon season. For this, a total of RM60 million is allocated; and Fourth: Install the Automatic Identification System on fishing boats to increase fish landing, ensure the fishing boats’ bearings are according to landing zones and reduce operating costs. For this, RM27 million will be allocated. 140. In the 2012 Budget, I announced an allocation of RM300 million for the Special Housing Fund for Fishermen to build and refurbish houses for fishermen. To continue with these noble efforts, I am pleased to announce an additional RM250 million for housing projects and to improve the living condition of fishing villages. 141. The Government is committed to implementing various initiatives including price uniformity scheme, transport subsidy and establishing more Kedai Rakyat 1Malaysia (KR1M). Among the measures that will be implemented by the Ministry of Domestic Trade, Co-operatives and Consumerism include: First: Establish another 20 KR1M in Peninsular Malaysia; Second: Set up price watch team comprising consumer associations; and Third: Strengthen GST Enforcement Unit with 2,270 personnel, Price Monitoring Unit with 1,300 personnel and Consumer Squads with 202,800 volunteers as well as involve 579 mukim and village heads. 36 142. To improve the public transport system, the Government will introduce the following programmes: First: Provide intercity bus services to those residing outside Kuala Lumpur (KL) but work in KL. The service will be offered with a discounted monthly fare of 30%. For a start, three bus routes will be operational namely the Rawang-KL; Klang-KL and Seremban-KL; Second: Provide Electric Train Service (ETS) for Ipoh-Butterworth route starting April 2015; and Third: Upgrade stage bus services in several states through a contracting system with existing bus companies. The programme will be implemented in phases in Kuching, Ipoh, Seremban, Kuala Terengganu and Kangar. 143. Recently, the Government provided a one-off special assistance of RM500 to rubber smallholders affected by the decline in rubber prices. The Malaysian Rubber Board (MRB) will allocate RM100 million to implement a regulatory price mechanism at the farm level to protect smallholders from losses incurred, particularly when the world market price falls below a minimum fixed price. MRB will also provide soft loans of RM6.4 million as working capital to 64 smallholder cooperatives to purchase rubber directly from 442,000 rubber smallholders nationwide. 144. For oil palm smallholders, the Government will continue to provide incentives for new planting and replanting with an allocation of RM41 million. Further, export duty exemption for crude palm oil (CPO) will be extended until December 2014. 145. For health services and facilities for the rakyat, the Government will allocate RM23.3 billion to implement the following initiatives: First: Build two hospitals namely Hospital Dungun in Terengganu and Hospital Seri Iskandar in Perak. Another 20 Health Clinics and four 37 dental clinics, including health clinics in Kuala Lipis, Pahang and dental clinic in Kluang, Johor will be built; Second: Establish an additional 30 1Malaysia clinics, bringing the total to 290 clinics nationwide and build a health clinic in Cyberjaya. The Government will station 30 doctors in these clinics; Third: Replace 635 units of haemodialysis machines in Government hospitals and clinics with an allocation of RM30 million. To encourage private sector participation, the Government will also provide space in Government hospitals and health clinics to place another 244 haemodialysis machines which will be contributed by the private sector as part of their corporate social responsibility; and Fourth: Provide medicines for patients undergoing chronic and acute haemodialysis treatment with an allocation of RM45.4 million. 146. Currently, expenses incurred for treatment of serious diseases such as cancer, kidney failure and heart attack are given a tax relief up to RM5,000 per year. To reduce the burden of medical expenses and treatment of serious diseases, the Government proposes the existing tax relief be increased to RM6,000 per year. The relief is available to the tax payer, the spouse and children. 147. Currently, the dengue fever epidemic is getting worse. To contain the epidemic from spreading, dengue prevention programme will be enhanced through community awareness and purchasing dengue prevention equipment such as reagents, Ultra Low Volume and Mist Blower. Apart from that, the Government will distribute 55,000 dengue test kits free of charge to private clinics to expedite early dengue detection process. For this, RM30 million will be allocated. 148. The Government is concerned over those who need help and support. Consistent with this, the Government will allocate RM2.2 billion to the Ministry of Women, Family and Community Development. Among the programmes that will be implemented include: 38 First: Provide RM1.2 billion in financial assistance for poor families, children, senior citizens and the disabled (OKU). The Government also agrees to increase the allowance for working OKU from RM300 to RM350. Meanwhile, financial assistance for non-working OKU will be increased from RM150 to RM200. This will benefit 110,000 OKU involving RM66 million; Second: Increase tax relief for each disabled child from RM5,000 to RM6,000; Third: Increase tax relief for the purchase of basic supporting equipment for the tax payer, spouse, children and parents with disabilities from RM5,000 to RM6,000; Fourth: Increase the daily food allowance from RM8 to RM16 for 8,700 residents in 63 institutions under the Social Welfare Department; Fifth: Increase the annual grant for the National Council for Persons with Disabilities from RM500,000 to RM1 million; and Sixth: Establish an additional five Senior Citizens Activity Centres bringing it to a total of 50 centres nationwide as well as Senior Citizens Care Services programme which provides free transportation for senior citizens to hospitals. 149. In addition, to strengthen early childhood education, the Government will allocate RM711 million to the Ministry of Education, Tabika Kemas, PERMATA and Tabika Perpaduan. 150. To address the issue of home ownership at affordable prices, various projects and programmes will continue to be implemented, among them: First: Build 80,000 units under the 1Malaysia People’s Housing Programme (PR1MA) with an allocation of RM1.3 billion. To enable more people to own houses, the ceiling of household income is raised from RM8,000 to 39 RM10,000. In addition, a Rent-To-Own Scheme will be introduced specifically for individuals who are unable to obtain bank financing; Second: National Housing Department (JPN) to build 26,000 units under the People’s Housing Programme (PPR) with an allocation of RM644 million; and Third: Syarikat Perumahan Negara Berhad (SPNB) to build 12,000 units of Rumah Mesra Rakyat (RMR) and 5,000 units of Rumah Idaman Rakyat. SPNB will also build 20,000 units of Rumah Aspirasi Rakyat on privately-owned land. 151. To enable more people to own their first home and reduce the cost of buying a house, the Government has agreed to extend the 50% stamp duty exemption on instruments of transfer and loan agreements and increase the purchase limit from RM400,000 to RM500,000. The exemption will be given until 31 December 2016. 152. The Government also agrees to improve Skim Rumah Pertamaku under the purview of Cagamas by raising the ceiling price to RM500,000 in line with the stamp duty exemption. In addition, the age of borrowers to qualify for the scheme will be increased from 35 to 40 years. 153. To make the living conditions more comfortable for the rakyat who live in public low-cost housing, RM40 million will be allocated under the Public Housing Maintenance Programme. Meanwhile, RM100 million will also be allocated under the 1Malaysia Maintenance Fund for maintenance of private low-cost housing. 154. Currently, gains from the disposal of property under the Real Property Gains Tax Act 1976, are assessed formally. The Government has implemented the Self- Assessment System for individual and company income tax effective from the year 2001 and 2004, respectively. In tandem with the Government's aspiration to modernise the tax system and given that people are more responsible, it is proposed that tax on gains from the disposal of property be self-assessed by the taxpayer effective from the year 2016. 40 155. The Government remains committed to providing and upgrading rural facilities and infrastructure. A sum of RM4.5 billion will be allocated, particularly in Sabah and Sarawak for the implementing of the following programmes: First: Construction of 635 km of rural roads including former logging roads in Sabah and Sarawak with an allocation of RM943 million; Second: Implement electricity connection for 15,000 houses with an allocation of RM1.1 billion; Third: Implement rural clean water supply for 7,500 houses with an allocation of RM394 million; Fourth: Build and rehabilitate dilapidated houses involving 9,500 units with an allocation of RM200 million; Fifth: Increase the quality of rural air services in Sabah and Sarawak through maintenance and lease of new aircraft with an allocation of RM160 million; Sixth: Implement economic development programmes, infrastructure facilities and improve the living standard of the Orang Asli community with an allocation of RM352 million; and Seventh: Install an additional 10 lamp posts bringing it to 20 in every village nationwide, involving 22,000 villages and an allocation of RM26 million. This brings to a total of RM56 million for the provision of street lighting in villages. 156. Water supply is important for our daily life as well as for industries. In this regard, the Government will formulate a National Water Blueprint to ensure sustainable long-term water supply nationwide. These include holistic management of rivers, construction and improving water treatment plants. 41 157. Water supply sources will be diversified through groundwater exploration, and reuse of treated water for industries and agriculture as well as expanding the use of storm water retainer system. To address water supply shortage in the Klang Valley, the construction of Air Langat 2 Water Treatment Plant will be expedited. Costing RM3 billion, the plant will increase the supply of treated water to 1,130 million litres daily. 158. In addition, the Government will intensify efforts to address the problem of non-revenue water. A sum of RM112 million is allocated for setting up leakage control zones as well as detecting and repairing leaking pipes. 159. To increase the level of safety and public order as well as national security, RM17.7 billion is allocated to the ATM while RM9.1 billion, to the PDRM. A sum of RM804 million is also allocated to Maritime Enforcement Agency Malaysia to strengthen maritime enforcement. 160. The Government is committed to reducing the crime rate in the country, one of the NKRAs. For this, the Government will increase the intake of policemen by 11,757 personnel, build 14 Police Headquarters (IPK) and Police Stations including a new block for IPK Perlis as well as strengthen the PDRM police patrol through the purchase of 1,000 units of motorcycles.The Government will also allocate RM121 million for PDRM to implement various programmes under NKRA. 161. To increase the readiness of ATM’s personnel and assets, RM7 billion will be allocated to purchase and maintain the defence assets. Apart from this, the welfare of armed forces personnel will also be improved, including health services and housing. 162. Meanwhile, to improve maritime safety, APMM will be allocated RM393 million. This is for improving operational efficiency and the purchase of seven new patrol vessels. 42 163. Jabatan Sukarelawan Malaysia or RELA under the Ministry of Home Affairs will continue to be a voluntary agency to assist the security forces to maintain peace and security of the nation. A sum of RM117 million will be allocated to strengthen the role of RELA, particularly for training and capacity building. 164. The Government recognises the important role played by NGOs. Therefore, I am pleased to declare 2015 as the year of empowerment of NGOs and volunteerism or MyNGO 2015. For this, the Government will provide a one-off grant of RM50 million to creditable NGOs, including uniformed bodies that are involved in community development programmes, unity, social welfare, consumerism, health and security. 165. The MPs of this august chamber and rakyat Malaysia who are watching Budget 2015. 166. We should be grateful for the peace and harmony that we have built. 167. The year 2014 has been truly challenging with the mysterious disappearance of MH370 and the tragic downing of MH17 in east Ukraine. 168. Come what may, Malaysians remained calm and strong in the face of adversity. We were united in grief and remained in solidarity. 169. The Government persevered in the crisis and managed to bring home almost all Malaysians who perished in the MH17 incident. 170. Life goes on, when things get tough the tough gets going. 171. According to Rabindranath Tagore, “If you cry because the sun has gone out of your life, your tears will prevent you from seeing the stars.” 172. The Government has agreed to build the Al-Quran Printing Centre in Putrajaya which will be the second largest in the world after Saudi Arabia with an 43 allocation of RM30 million over three years. The centre will be a focal point for Islamic calligraphy and art. 173. Malaysia was built over the years by Barisan Nasional, supported by the rakyat. 174. Despite all the challenges, Malaysia achieved several accolades on the international front: First: Improved our ranking in the World Competitiveness Index from 15th position to 12th in 2014. The ranking reflects that Malaysia is more competitive than the United Kingdom, Australia and Finland; Second: Ranked 3rd out of 22 countries for evaluation on Best Emerging Markets released by Bloomberg; and Third: Ranked 6th out of 189 countries in World Bank’s Ease of Doing Business Report and first in access to credit. 175. According to a hadith, if we are grateful to God we are thankful to all mankind. 176. In the last budget I announced the improvement in 81 schemes of service. In this Budget, the Government will continue to improve another 252 schemes of service to increase the effectiveness of public service delivery. 177. To appreciate the services of contract officers and staff of KEMAS, JASA, JPNIN, JAKIM and Seranta Felda who have served more than 15 years and have retired, the Government agrees to provide a monthly assistance of RM300 benefiting 1,655 people. 178. The Government is concerned about the difficulties of civil servants to obtain financing for houses. Therefore, I wish to announce an increase in the minimum eligibility for housing loans from RM80,000 to RM120,000 and the maximum eligibility limit from RM450,000 to RM600,000. In addition, the processing fee for 44 housing loan application of RM100 is abolished. Both proposals will take effect on 1 January 2015. 179. The Government is committed to increasing the construction of houses under 1Malaysia Civil Servants’ Housing or PPA1M. Currently, 10,639 PPA1M houses have been approved for construction. In 2015, to enable more civil servants to buy PPA1M houses, the Government agrees to build an additional 5,380 units including 1,600 units in Putrajaya, Bukit Jalil (1,530 units), Papar, Sabah (1,290 units) and Bukit Pinang, Kedah (960 units). In addition, the Government will improve PPA1M as follows: First: Reducing the minimum price of houses currently at RM150,000 to RM90,000 per unit with a minimum floor area of 850 square feet; Second: Raising the qualifying requirement of household income from RM8,000 to RM10,000 per month; and Third: Providing a facilitation fund of up to 25% from the project cost for developers participating in the scheme. 180. Comfortable homes will contribute to increased productivity. For this, the Government allocates RM500 million for repair and maintenance that will be implemented in stages for military, police, teachers’ and medical staff’s quarters nationwide. In addition, RM105 million is allocated to Ministry of Urban Wellbeing, Housing and Local Government for maintenance of Government quarters under the MyBeautiful Malaysia Programme covering 126 locations. 181. Taking into consideration the increased revenue collection from GST and the affordability of the Government, we will increase BR1M from RM650 to RM950. The assistance is for households with a monthly income of RM3,000 and below. It will be disbursed in three instalments of RM300 each to be paid in January and May with the balance of RM350 from September 2015. 45 182. For households with a monthly income between RM3,000 and RM4,000, the Government will increase BR1M from RM450 to RM750. This assistance will be disbursed in three instalments that is RM200 to be paid in January and May while the balance of RM350 from September 2015. 183. For single individuals aged 21 and above and with a monthly income not exceeding RM2,000, BR1M will be increased from RM300 to RM350 a year. This assistance will be disbursed early next year. 184. In addition, the Government will replace the group takaful insurance or i- BR1M with Family Bereavement Scheme. The new scheme will entitle the next of kin of BR1M recipients to receive RM1,000 effective for a year. 185. Members of Parliament (MPs) play an increasingly important role, particularly in local communities from various aspects, including welfare, religion, social and education. 186. In this regard, the services of MPs as people’s representatives or leaders in the respective parliamentary constituencies are needed at all hours. To reflect the responsibilities and the leadership, I propose that their allowances be raised as follows:  The allowance of MPs of Dewan Rakyat will be increased from the equivalent grade 54 to equivalent grade Jusa C, consistent with their responsibility; and  The allowance of MPs of Dewan Negara will be increased from equivalent grade 48 to equivalent between grade 54 and Jusa C. 187. Meanwhile, the salaries and allowances of the Speaker of Dewan Rakyat and Speaker of Dewan Negara as well as their respective Deputies will be increased effective 1 January 2015. 46 188. The Government will review the salary scheme of members of the administration and make a decision at an appropriate time. This includes the Prime Minister, the Deputy Prime Minister, Ministers and Deputy Ministers. 189. For civil servants, I am pleased to announce a half-month bonus with a minimum payment of RM500 to be paid in January 2015. Government pensioners will also receive special financial assistance of RM250. 190. I hope the financial assistance will ease the burden of civil servants and pensioners. Mr. Speaker Sir, I beg to propose. LIST OF APPENDICES APPENDIX TAX MEASURE PAGE 1 Tax Incentive Under Investment Account Platform (IAP) (i) 2 Extension of Tax Incentive for the Issuance of Sukuk (ii) 3 Tax Incentive for Medical Tourism (iii) 4 Tax Incentive for Scholarships (iv) 5 Tax Incentive for Structured Internship Programme (SIP) (v) 6 Tax Incentive for Training (vii) 7 Review of Relief on Medical Expenses for Serious Diseases (ix) 8 Review of Relief for the Disabled Child (x) 9 Review of Individual Relief for Purchase of Basic Supporting Equipment for the Disabled (xi) 10 Extension of Stamp Duty Exemption for the Purchase of First Residential Property (xii) (i) APPENDIX 1 TAX INCENTIVE UNDER INVESTMENT ACCOUNT PLATFORM (IAP) Current Position IAP is a new funding model based on syariah principle with the aim to finance projects and venture companies. The objective of IAP is to attract participation from individual and institutional investors to boost development of small and medium enterprises (SMEs) as well as entrepreneurs through a funding system which is efficient, simple and transparent. Proposal To ensure IAP is able to facilitate the provision of funding for the benefit of both parties namely investors and SMEs as well as entrepreneurs through effective projects financing, it is proposed that profit earned by individual investors from investments made through IAP be accorded income tax exemption. This incentive is subject to the following conditions: i. Tax exemption shall only be accorded for 3 consecutive years starting from the first year profit is earned; ii. The investment is made for a period of 3 years starting from the operation date of IAP; iii. Tax incentive shall only be accorded for investment activities in Malaysia, in venture companies owned by Malaysian or locally incorporated companies; iv. Tax exemption shall only be accorded for investments made in SMEs and venture companies in any sectors; and v. Definition for SMEs is as per the latest definition issued by SME Corporation Malaysia. Effective Date From the operational date of IAP scheduled to be from 1 September 2015 to 31 August 2018. (ii) APPENDIX 2 EXTENSION OF TAX INCENTIVE FOR THE ISSUANCE OF SUKUK Current Position Deduction is given on expenses incurred for the issuance of sukuk under the principles of Mudhrabah, Musyarakah, Ijarah, Istisna’, Murabahah, Bai’ Bithaman Ajil based on tawarruq and Wakalah approved by the Securities Comission or the Labuan Financial Services Authority. This incentive is given from year of assessment 2003 to year of assessment 2015. Proposal To expand the sukuk market at the international level, it is proposed that deduction on the expenses incurred for the issuance of sukuk under the principles of Ijarah and Wakalah be extended for another 3 years. Effective Date From year of assessment 2016 to year of assessment 2018. (iii) APPENDIX 3 TAX INCENTIVE FOR MEDICAL TOURISM Current Position A company that provides private healthcare facilities services to healthcare traveller is given exemption on income equivalent to Investment Tax Allowance of 100% of qualifying capital expenditure for a period of 5 years. This incentive is given to new companies as well as existing ones engaged in expansion, modernization or refurbishment. Eligible companies must be: i. licensed by the Ministry of Health; and ii. registered with the Malaysian Healthcare Travel Council. Qualified healthcare traveller is as follows: i. Malaysia My Second Home participant and his dependents; ii. Expatriate holding a Malaysian work permit and his dependents; or iii. Non-Malaysian citizen who visits and receives treatment from private healthcare facilities in Malaysia. This incentive is for applications received by Malaysian Investment Development Authority (MIDA) from 1 January 2010 to 31 December 2014. Proposal In view that Malaysia has the potential to be a hub for medical tourism in the region and to further stimulate its growth, it is proposed that new companies and existing companies engaged in expansion, modernization and refurbishment that provide private healthcare facilities to at least 5% healthcare traveller from their total patients be given exemption on income equivalent to Investment Tax Allowance of 100% of qualifying capital expenditure for a period of 5 years. Effective Date For applications received by MIDA from 1 January 2015 to 31 December 2017. (iv) APPENDIX 4 TAX INCENTIVE FOR SCHOLARSHIPS Current Position Scholarships awarded by companies to students pursuing diploma or bachelor degree course at higher educational institution are given double deduction. Scholarships eligibility criteria for students are: i. Malaysian citizen and resident in Malaysia; ii. pursuing full time course; iii. have no source of income; and iv. whose parents or guardian total monthly income does not exceed RM5,000. Double deduction is given on allowable expenses as follows: i. Fee on course of study required by higher educational institution; and ii. Educational aid and cost of living expenses throughout the student’s period of study at higher educational institution. This incentive takes effect from year of assessment 2011 until year of assessment 2016. Proposal To encourage companies to provide scholarships in the field of vocational and technical, it is proposed that the scholarships awarded by the company to Malaysian students studying in the vocational and technical fields in institutions recognised by the Government be given double deduction. Eligibility criteria for the incentives are maintained. Effective Date From year of assessment 2015 to year of assessment 2016. (v) APPENDIX 5 TAX INCENTIVE FOR STRUCTURED INTERNSHIP PROGRAMME (SIP) Current Position The Ministry of Education in collaboration with Talent Corporation Malaysia Berhad (TalentCorp) has implemented a programme called SIP that provides practical experience which emphasizes on the development of specific knowledge or skills, including technical, communication or business skills. The SIP programme has to be approved by TalentCorp. Companies that implement SIP are eligible to claim double deduction on the expenses incurred. The eligibility criteria for the students and conditions for companies under SIP programme are as follows: i. The students are Malaysian citizens; ii. The students are pursuing full-time first degree programme in higher education institution registered with the Ministry of Education; iii. The students complete the approved internship programme before the completion of final semester of his first degree; iv. Internship programme is for a minimum period of 10 weeks; and v. Monthly allowance for the students of not less than RM500. Double deduction is given on the following allowable expenses: i. Minimum monthly allowance of not less than RM500; ii. Expenditure incurred for the provision of training to the students; iii. Meals, transport and accommodation allowances; and iv. Payment to the appointed third party to run the SIP programme. This incentive is effective from year of assessment 2012 until year of assessment 2016. (vi) Proposal To encourage companies to extend the SIP programme to full time students pursuing training at the vocational and diploma levels, it is proposed that expenses incurred in implementing SIP programme for students in vocational and diploma courses be given double deduction. The eligibility criteria for students and conditions for the companies under the current SIP programme is to be maintained. Effective Date From year of assessment 2015 to year of assessment 2016. (vii) APPENDIX 6 TAX INCENTIVE FOR TRAINING Current Position Expenses incurred by a company to send employees for training at approved training institutions are eligible for further deduction subject to: Manufacturing companies i. Training programs approved by the Malaysian Investment Development Authority (MIDA); or ii. Training programs conducted by training institutions approved by the Minister of Finance. Non-manufacturing companies i. Training programs approved by the Minister of Finance or any agencies appointed by the Minister of Finance; or ii. Training programs conducted by training institutions approved by the Minister of Finance. Companies carrying on hotel or tour operating business i. Training programs approved by the Minister of Tourism and Culture; or ii. Training programs conducted by training institutions approved by the Minister of Finance. Incentives are effective from year of assessment 1991. (viii) Proposal Incentives should be provided to employers on training cost incurred to enhance skills, knowledge and qualifications of their employees and thus support the Government’s effort to strengthen the development of human capital. It is proposed further deduction be given on the training expenses incurred by companies for the employees to obtain industry recognized certifications and professional qualifications such as in the field of accounting, finance and project management. Training programs are those approved by agencies appointed by the Minister of Finance. Effective Date From year of assessment 2015. (ix) APPENDIX 7 REVIEW OF RELIEF ON MEDICAL EXPENSES FOR SERIOUS DISEASES Current Position Relief up to RM5,000 is claimable by an individual taxpayer on medical expenses for treatment of serious diseases for oneself, spouse and children. Eligible expenses are for medical treatment of serious diseases such as cancer, kidney failure, heart disease, acquired immune deficiency syndrome (AIDS), Parkinson's disease and leukemia. Proposal To reduce the burden of medical expenses and treatment of serious diseases, it is proposed that the current relief be increased from RM5,000 to a maximum of RM6,000. Effective Date From year of assessment 2015. (x) APPENDIX 8 REVIEW OF RELIEF FOR THE DISABLED CHILD Current Position A taxpayer with disablities or with disabled dependents is eligible for the following reliefs: i. Personal relief of RM9,000. ii. Additional relief of RM6,000 for the disabled taxpayer. iii. Relief of RM3,000 for the spouse. iv. Additional relief of RM3,500 for the disabled spouse. v. Relief of RM5,000 for each disabled child. vi. Additional relief of RM6,000 for each disabled child aged 18 years and above pursuing tertiary education at local or overseas institutions. Proposal To alleviate the cost of living of a taxpayer with disabilities or taxpayer with a disabled child, it is proposed that the tax relief for each disabled child be increased from RM5,000 to RM6,000. Effective Date From year of assessment 2015. (xi) APPENDIX 9 REVIEW OF INDIVIDUAL RELIEF FOR PURCHASE OF BASIC SUPPORTING EQUIPMENT FOR THE DISABLED Current Position Individual taxpayer is given tax relief of up to RM5,000 for the purchase of basic supporting equipment for the use of the disabled tax payer, spouse, child and parents. Basic supporting equipment includes haemodialysis machine, wheelchair, artificial limbs and hearing aids. Proposal To reduce the cost of living, it is proposed that the relief for purchase of basic supporting equipment for the disabled taxpayer, spouse, child and parents be increased from RM5,000 to a maximum of RM6,000. Effective Date From year of assessment 2015. (xii) APPENDIX 10 EXTENSION OF STAMP DUTY EXEMPTION FOR THE PURCHASE OF FIRST RESIDENTIAL PROPERTY Current Position To encourage home ownership, the Government had provided stamp duty exemptions on the following instruments: Year Tax Incentive For Home Ownership Exemption Period 2008 Budget 50% stamp duty exemption on instrument of transfer for the purchase of residential property priced not exceeding RM250,000. For sales and purchase agreement (S&P) executed from 8.9.2007 to 31.12.2010. 2009 Budget 50% stamp duty exemption on loan agreement for the purchase of residential property priced not exceeding RM250,000. For S&P executed from 30.8.2008 to 31.12.2010. 2011 Budget 50% stamp duty exemption on instrument of transfer and loan agreement for the purchase of residential property priced not exceeding RM350,000. For S&P executed from 1.1.2011 to 31.12.2012. 2013 Budget 50% stamp duty exemption on instrument of transfer and loan agreement for the purchase of first residential property priced not exceeding RM400,000. For S&P executed from 1.1.2013 to 31.12.2014. (xiii) Proposal To reduce the cost of ownership of the first residential property and in light of increasing price of residential property, it is proposed that 50% stamp duty exemption on instrument of transfer and loan agreement be extended to the purchase of the first residential property priced not exceeding RM500,000. The stamp duty exemption is only eligible for Malaysian who has never owned a residential property. Effective Date For sales and purchase agreement executed from 1 January 2015 to 31 December 2016.
Public Notice
29 Sep 2014
RINGGIT Newsletter (July 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-july-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed51+July+2014+v5.pdf
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PERANGKAP HUTANG JULAI 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 7 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Amalan menabung mempunyai banyak kebaikannya. Selain dapat menyediakan kewangan untuk masa hadapan, tabiat menabung yang diajar sejak kecil membantu mengelakkan pembaziran dan mencegah tabiat berhutang. Namun, amalan baik yang disemai sejak kecil itu tidak menjanjikan anda bebas daripada hutang. Ada sesetengah individu berhutang kerana mengambil mudah masalah berkenaan. Ia disebabkan mereka tahu ada banyak agensi mahupun pertubuhan bukan kerajaan (NGO) yang bersedia membantu menyelesaikan masalah hutang yang dihadapi. Ada orang berhutang kerana mahu menunjuk-nunjuk dan tidak kurang juga disebabkan terpaksa untuk memenuhi tuntutan hidup. Namun sedarkah anda, berhutang bukan saja membebankan diri sendiri malah ia juga boleh mengganggu perasaan jika jumlah hutang yang dipinjam agak besar dan sukar dilunaskan dalam tempoh ditetapkan. Perangkap Hutang 2 • Ringgit Perancangan kewangan yang lemah dan tabiat berbelanja yang tidak mengikut kemampuan merupakan faktor utama bertambahnya bebanan hutang serta ketidakupayaan membayar balik pinjaman. Bukan hanya golongan dewasa, ada juga generasi muda yang terjebak dalam kancah hutang termasuklah mereka yang baru menjengah dunia pekerjaan. Untuk mengetahui lebih lanjut mengenai isu hutang, ikuti sesi soal jawab bersama Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Johor, Mohd Nasir Mustafa. Soalan (S): Mengapa kebanyakan kita gemar berhutang walaupun untuk membeli barangan yang tidak penting? Jawapan (J): Mereka yang berhutang biasanya disebabkan oleh lima perkara iaitu personaliti, pengaruh persekitaran, promosi, pujian dan perasaan serta ‘pokai’. 1. Personaliti Tabiat semula jadi yang suka berhutang. Ia menjadi kebiasaan kepada individu berkenaan apatah lagi jika sering melihat ibu bapa, adik- beradik dan saudara-maranya yang berhutang untuk memenuhi kehendak diri. 2. Pengaruh persekitaran Rakan sebaya dan juga persekitaran atau situasi di sekeliling mereka menjadikan hutang sebagai gaya hidup. Keadaan bertambah buruk jika ada rakan yang turut memberi galakan berhutang bagi membeli barangan dikehendaki seperti kereta, kononnya untuk memastikan diri sama taraf dengan kerjaya masing-masing. 3. Promosi Sesetengah institusi kewangan dan syarikat tertentu menyasarkan golongan muda dan berkerjaya sebagai pelanggan. Promosi secara besar-besaran dijalankan bagi menarik perhatian golongan muda membeli menggunakan kad kredit atau cara berhutang yang lain. Pelbagai taktik digunakan oleh jurujual dalam merencanakan promosi ini sebagai strategi menarik golongan muda menggunakan kad kredit. 4. Pujian dan perasaan Darah muda, memang suka pujian dan terdorong untuk kelihatan anggun, cantik serta bergaya selaras dengan usia muda dan kerjaya. Disebabkan itu, eksekutif muda wanita dan lelaki berlumba-lumba membeli barangan berjenama yang bukan murah harganya. Bagi mereka, ‘biar papa asal bergaya’ bagi menjaga penampilan untuk kekal menarik. Akhirnya, individu yang suka berbelanja tanpa mengikut kemampuan terjebak di dalam kancah hutang yang serius. 5. Kehabisan wang atau ‘pokai’ Disebabkan kehendak hati untuk nampak mewah, mereka sanggup berhutang walaupun menyedari diri kurang berkemampuan. Bertambah teruk apabila jumlah gaji yang diperoleh setiap bulan tidak mencukupi. Untuk menyelesaikan masalah hutang yang ditanggung, wujud gejala ‘gali lubang, tutup lubang’, iaitu mencipta hutang baru untuk membayar hutang lama. Tidak salah memilih gaya hidup yang dikehendaki, tetapi ukurlah baju di badan sendiri, jalan mana yang hendak anda lalui sama ada jalan menuju kebahagiaan atau kesengsaraan. Namun begitu, ada juga mereka ini yang berhutang disebabkan terpaksa seperti ditimpa kemalangan, membayar perubatan diri serta keluarga, bencana alam dan sebagainya. Ringgit • 3 S: Apakah jenis hutang yang biasa menghantui golongan muda? J: Ada dua jenis pinjaman iaitu bercagar dan tidak bercagar. Pinjaman bercagar adalah pinjaman kenderaan atau sewa beli kereta dan pinjaman perumahan. Pinjaman tidak bercagar seperti kad kredit dan pinjaman peribadi. Kebanyakan hutang dalam kalangan generasi muda adalah pinjaman tidak bercagar. Mengikut statistik Jabatan Insolvensi Malaysia, pinjaman sewa beli adalah penyumbang terbesar kepada kadar kebankrapan. S: Bagaimanakah cara pengurusan hutang yang betul? J: Cara atau kaedah berhutang yang betul ialah dengan membuat hutang yang produktif. Misalnya, hutang untuk melanjutkan pelajaran, membeli rumah atau hartanah dan modal perniagaan. Jumlah yang dipinjam juga sangat penting bagi memastikan seseorang itu mampu membuat bayaran balik. Penghutang disarankan membuat bayaran ansuran pinjaman tidak melebihi 40 peratus daripada gaji bersih setiap bulan. Selain itu, pembayaran semula hutang mengikut jadual yang ditetapkan membantu mengelakkan penalti dan caj tambahan lain. Sekiranya anda menghadapi masalah dalam pembayaran balik pinjaman, segeralah berjumpa dengan institusi kewangan dan berbincang. Berdiam atau melarikan diri bukan satu penyelesaian yang baik. S: Bagaimana cara untuk mengelakkan diri daripada berhutang? J: Setiap individu tidak dapat mengelakkan diri daripada berhutang, bezanya adalah alasan untuk berhutang. Jika anda bijak dalam menguruskan hutang pasti ia tidak memberi kesan negatif kepada diri sendiri dan keluarga. Sebaiknya, anda perlu bijak membezakan keperluan dan kehendak, merancang pembelian serta elakkan pembelian secara mendadak. Amalkan gaya hidup sederhana dan sentiasa beringat untuk menabung sebahagian daripada pendapatan bagi menghadapi situasi kecemasan seperti sakit, hilang pekerjaan dan sebagainya. S: Apakah peranan AKPK bagi membantu generasi muda mendapatkan ilmu mengenai pengurusan kewangan dengan lebih mendalam? J: AKPK ada membuat program khusus bagi mendekati golongan muda dan menerapkan pengetahuan peng- urusan kewangan. Antaranya: • Program POWER! – P e n g u r u s a n w a n g r i n g g i t golongan dewasa muda. • Modul Pengurusan Kewangan Peribadi yang diluluskan oleh Agensi Kelayakan Malaysia / Malaysian Qualifications Agency (MQA) sebagai salah satu mata pelajaran elektif yang ditawarkan kepada pelajar. • Program pengurusan kewangan berhemat melalui modul Program Latihan Khidmat Negara (PLKN). • Menawarkan sesi kaunseling kewangan bagi mendapatkan khidmat nasihat. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK), artikel ini disiarkan di Harian Metro, 27 Jun 2014 4 • Ringgit Terdapat pelbagai pelan insurans yang ditawarkan di pasaran pada hari ini. Anda boleh menginsuranskan pelbagai perkara dari aset fizikal seperti kereta sehingga organ seperti pankreas. Terbaru, anda juga boleh menginsuranskan kucing kesayangan anda. Namun begitu, perkara yang menjadi kebiasaan adalah insurans gadai janji, yang lebih dikenali sebagai insurans pinjaman rumah. Apakah tujuan anda menginsuranskan pinjaman rumah? Biasanya insurans tersebut akan membayar pinjaman sekiranya berlaku kematian atau hilang upaya kekal kepada pembeli rumah. Syarikat insurans tidak mempertimbang tuntutan insurans sekiranya anda mengguna alasan hidup anda tidak bernasib baik, diberhentikan kerja atau malas bekerja. Insurans ini bertujuan untuk melindungi keluarga anda daripada mengalami masalah rumah yang ditarik balik oleh pihak pemberi kredit apabila anda meninggal dunia. Terdapat dua jenis insurans gadai janji, iaitu Insurans Bertempoh Gadai Janji Berkurangan (Mortgage Reducing Term Assurance, MRTA) dan Insurans Bertempoh Gadai Janji Bertahap (Mortgage Level Term Assurance, MLTA). MRTA vs MLTA Bagi memulakan perbincangan tentang kedua-dua jenis insurans ini, kami menyediakan carta yang mudah bagi menunjukkan perbezaan di antara kedua-dua jenis insurans tersebut. Walaupun tujuan insurans tersebut adalah sama, namun anda akan dapat melihat perbezaannya. Adakah saya memerlukan insurans gadai janji? Untuk menjawab soalan ini pasti rumit. Adakah anda memerlukan insurans hayat? Adakah anda memerlukan insurans kemalangan diri? Ramai yang tidak mengendahkan perkara ini, cuma apabila berlaku kejadian seperti hilang upaya kekal atau kematian, maka barulah mereka benar-benar melihat kepentingan mempunyai insurans gadai janji. Apabila anda meninggal, orang yang disayangi perlu meneruskan bayaran pinjaman atau jika keadaan mendesak, terpaksa menjual rumah untuk membayar balik pinjaman. Penyelesaian terbaik adalah membayar pinjaman perumahan tersebut sepenuhnya sebelum meninggal. Namun begitu, realiti sebenarnya kehidupan tidak seperti yang dirancangkan. Tiada siapa yang tahu apa akan berlaku esok? Insurans adalah bertujuan untuk melindungi anda apabila berlaku sesuatu bencana/ Bagaimana Anda Menginsuranskan Pinjaman Rumah: MRTA atau MLTA? MRTA MLTA Tujuan Perlindungan Perlindungan, Simpanan dan/atau nilai wang Perlindungan Menjelaskan pinjaman perumahan yang tertunggak mengikut kadar pinjaman secara menurun Menjelaskan pinjaman perumahan yang tertunggak mengikut kadar jumlah yang diinsuranskan Bayaran Bayaran premium tunggal dibuat secara tunai atau dibiayai di dalam pinjaman perumahan Dibayar secara berkala secara bulanan, suku tahunan, setengah tahun atau tahunan Jumlah premium Lebih rendah Lebih tinggi Penamaan Bank sebagai penerima Sesiapa sahaja boleh diletak sebagai penerima Pindah Milik Tidak Ya Sesuai untuk* Pembeli berhasrat untuk memiliki rumah untuk tempoh masa yang panjang Pembeli berhasrat untuk menjual rumah dalam tempoh yang pendek *Ia merupakan cadangan, anda harus memilih mana-mana insurans yang bersesuaian dengan keperluan anda. Insurans yang dipilih sepatutnya membuatkan anda berasa selesa sekiranya berlaku sebarang musibah atau bencana. Ringgit • 5 musibah. Oleh itu, adalah penting untuk mempunyai perlindungan insurans sebagai jaminan masa depan. Ejen hartanah sudah tentu akan menggalakkan anda untuk mengambil insurans. Kadangkala, dasar mereka hanya memastikan agar mendapat bayaran tanpa mengambil kira apa yang akan berlaku kepada anda. Namun, apabila diperkenal tentang kelebihan polisi insurans, dan gesaan yang mungkin membuat anda berasa bersalah jika tidak meninggalkan orang yang tersayang dalam keadaan tenang dan selesa, perlu diingat bahawa keputusan mutlak mengenai pembelian insurans adalah terletak di tangan anda. Adakah perlu membeli insurans gadai janji sebaik sahaja membeli rumah saya? Jawapan mudahnya ialah tidak perlu. Ejen insurans dan bank boleh menjual polisi insurans secara berasingan sekiranya anda tidak membelinya dalam masa yang sama anda membeli rumah. Tetapi harus diingat, apabila anda mengasingkan pembelian insurans gadai janji:- 1) Anda perlu membayar MRTA secara premium tunggal – adakah anda mampu membayar jumlah tersebut? Kebanyakan pengguna mengambil MRTA ketika membuat permohonan pinjaman perumahan dan premium insurans dimasukkan ke dalam pinjaman untuk membantu anda membayarnya secara bulanan. Sehubungan itu, anda perlu mempunyai wang yang mencukupi di tangan untuk membayar premium insurans tersebut, sekiranya anda memilih untuk membeli insurans secara berasingan. 2) Adakah tidak mempunyai sebarang insurans gadai janji membuatkan anda berasa lemah semangat? Sesetengah individu suka memiliki insurans dan jika tidak mempunyai polisi insurans walaupun dalam tempoh yang singkat, boleh menyebabkan mereka berasa gelisah. Jika anda jenis orang seperti ini, bolehkah anda hanya memiliki pinjaman perumahan, tetapi tidak memiliki insurans gadai janji? Sekiranya anda telah membuat keputusan, berikut adalah soalan seterusnya – yang mana satukah pilihan anda? Yang mana lebih baik? Terdapat dua perbezaan penting di antara MRTA dan MLTA yang perlu diberi perhatian. Pertama, MRTA akan membayar berdasarkan jumlah yang masih terhutang kepada bank dan MLTA akan membayar jumlah sebenar yang dipersetujui dalam polisi tidak kira berapa banyak jumlah yang anda berhutang (biasanya ia lebih tinggi daripada jumlah yang terhutang dan berdasarkan nilai atau harga belian harta tersebut). Perbezaan kedua adalah MRTA hanya memerlukan pembayaran premium secara tunggal manakala MLTA merupakan bayaran berulang secara tahunan. Dua perkara lagi yang boleh anda pertimbangkan: MLTA baik kerana anda bukan sahaja akan menerima jumlah yang anda perlu bayar balik kepada bank tetapi anda akan menerima jumlah tambahan sebagai nilai tunai. Namun, premium MLTA adalah bayaran secara berulang-ulang menyebabkan anda akan membayar jumlah premium yang lebih tinggi berbanding MRTA. Apabila mengambil kira jumlah pembayaran yang lebih tinggi, adakah jumlah ini memberi nilai kepada wang anda? Sebaliknya, MRTA baik sekiranya anda hanya mahu melindungi pinjaman perumahan anda. Walaupun nilai insurans gadai janji sangat minimum, namun ia tetap memberi anda perlindungan. MRTA merupakan pembayaran secara premium tunggal dan ia sangat mudah jika anda tidak mempunyai aliran wang tunai yang mencukupi untuk terus membayar premium setiap tahun. Anda perlu ingat bahawa MRTA tidak boleh dipindah milik - bermakna insurans anda terikat kepada rumah anda di sepanjang tempoh pembiayaan. Sekiranya anda memilih untuk menjual rumah tersebut, anda tidak boleh membawa polisi tersebut untuk melindungi harta seterusnya. Sebaliknya, MLTA membenarkan anda berbuat demikian, kerana polisi tersebut akan mengikut anda (sekiranya anda mahu). Dalam hal ini, yang mana satu pilihan terbaik adalah terletak di tangan anda. Sekiranya anda mahukan polisi secara minimum dan hanya untuk melindungi rumah anda, MRTA adalah pilihan anda. Tetapi sekiranya anda inginkan sesuatu yang lebih, MLTA akan menjadi pilihan yang lebih baik. Akhirnya, setiap polisi mempunyai keistimewaannya yang tersendiri. Anda tidak boleh menyatakan yang mana satukah lebih baik. Seperti kebiasaan, setelah memberikan anda maklumat mengenai ciri-ciri dan kelebihan sesuatu produk, pilihan terbaik tetap di tangan anda. Sumber: Artikel asal oleh Michelle Brohier diterjemah daripada Ringgitplus.com 6 • Ringgit Simpanan tetap atau lebih dikenali sebagai ‘FD’ (fixed deposit) di Malaysia, ialah sejenis simpanan di bank atau akaun pelaburan yang menjanjikan pelabur satu kadar faedah yang tetap. Sebagai balasan, pelabur bersetuju untuk tidak mengeluarkan dananya dalam jangka masa yang ditetapkan. Dalam pelaburan simpanan tetap, faedah hanya akan dibayar pada penghujung tempoh pelaburan. Ini berlainan dengan akaun simpanan biasa yang faedah dikira setiap hari dan selalunya dibayar pada hujung setiap bulan. Oleh kerana tempoh dan kadar faedah sudah ditetapkan, anda mudah mengira jumlah faedah yang bakal diperoleh pada hujung tempoh pelaburan simpanan tetap. Bagaimana simpanan tetap berfungsi Anda dibenarkan membuat penunaian awal sebelum tarikh matang sijil akaun simpanan tetap tetapi pembayaran faedah akan dikurangkan dan diselaraskan menurut terma-terma dan syarat-syarat akaun simpanan tetap. Tempoh simpanan tetap berbeza dari satu bulan sehingga lima tahun. Apabila anda melabur dalam pelaburan simpanan tetap, anda selalunya dikemukakan dengan tempoh berbeza atau opsyen jangka masa berbeza seperti satu bulan, tiga bulan, enam bulan, satu tahun dan sebagainya. Setiap tempoh atau jangka masa memberi kadar faedah yang berbeza. Contohnya, bank biasanya menyatakan kadar faedah simpanan tetap mereka dalam jadual seperti yang berikut:- Tempoh / Jangka Masa Kadar Faedah (% p.a.) 1 bulan 3.00 2 bulan 3.00 3 bulan 3.05 6 bulan 3.10 12 bulan 3.15 Ini bermakna jika anda pilih untuk melabur dalam simpanan tetap dengan tempoh 3 bulan, anda akan mendapat kadar faedah 3.05% setahun pada hujung tempoh 3 bulan tersebut. Apakah Simpanan Tetap? Bagaimana Simpanan Tetap Berfungsi? Ringgit • 7 Apa Yang Anda Perlu Tahu Walaupun ia mudah, sesetengah simpanan tetap menawarkan berbagai-bagai ciri. Berikut akan bincangkan sebahagian daripada ciri-ciri biasa yang anda akan dapati bila membuat perbandingan antara simpanan tetap yang ditawarkan oleh bank-bank di Malaysia. Kekerapan pembayaran faedah Ini merujuk kepada masa faedah atas simpanan tetap anda dikira dan dibayar. Opsyen yang paling biasa ialah pembayaran faedah pada tarikh matang (iaitu pada penghujung tempoh yang dipersetujui) untuk simpanan tetap jangka pendek, dan pembayaran faedah tahunan (iaitu setiap tahun) untuk simpanan tetap jangka panjang. Sesetengah opsyen biasa adalah: • Pembayaran tahunan: faedah dibayar pada hujung setiap tahun • Pembayaran separa-tahun: faedah dibayar pada hujung setiap enam bulan • Pembayaran suku tahunan: faedah dibayar pada hujung setiap empat bulan • Pembayaran dua minggu: faedah dibayar pada hujung setiap dua minggu • Pembayaran mingguan: faedah dibayar pada hujung setiap minggu • Pembayaran pada tarikh matang: faedah dibayar pada hujung tempoh simpanan tetap Kiraan faedah simpanan tetap Di Malaysia, bank selalunya menyebut kadar faedah tahunan bagi simpanan tetap. Contohnya, kadar faedah simpanan tetap 3 bulan akan disebut sebagai 3.05% p.a. (p.a. juga dikenali sebagai per annum atau setahun). Ini bermakna, untuk pelaburan berjumlah RM10,000, jumlah faedah atas pelaburan ini ialah: RM10,000 x 3.05% x (3 bulan/12 bulan) = RM76.25 Pelaburan atau pembaharuan automatik Sekiranya akaun simpanan tetap anda mempunyai kemudahan pelaburan atau pembaharuan automatik, bank akan melaburkan semula wang anda secara automatik (termasuk faedah yang diperoleh) ke dalam pelaburan simpanan tetap yang baru bila pelaburan lama sudah sampai tempoh matangnya. Pelaburan simpanan tetap yang baru ini akan dilaburkan untuk jangka masa yang sama, tetapi kadar faedahnya tidak semestinya sama dengan pelaburan sebelumnya. Anda dinasihatkan mencatat peringatan dalam diari anda untuk membandingkan kadar faedah simpanan tetap sebelum tempoh matang tiba. Untuk membatalkan opsyen pelaburan atau pembaharuan automatik, anda hanya perlu memberitahu bank sebelum sampai tempoh matang simpanan tetap anda. Artikel ini daripada iMoney.my, portal perbandingan kewangan di Malaysia. Lawati www.imoney.my untuk membanding simpanan tetap, pinjaman rumah, insurans kereta dan kad kredit yang terdapat di Malaysia. 8 • Ringgit Menurut Laporan Aduan Pusat Khidmat Aduan Pengguna Nasional (NCCC) pada tahun 2013, sebanyak 2,031 aduan diterima tentang pusat kecantikan dan pusat kecergasan, iaitu 45.4% aduan melibatkan pusat kecantikan, manakala 49.1% berkaitan pusat kecergasan. NCCC mendapati iklan dan janji yang dibuat oleh pusat-pusat kecantikan adalah untuk menarik perhatian pelanggan bagi mendapatkan perkhidmatan mereka. Akhirnya pengguna mendapati mereka hanya membazirkan wang apabila tiada perubahan terhadap perkhidmatan yang dilanggan. Daripada jumlah aduan yang diterima tentang pusat kecantikan dan pusat kecergasan ini, sebahagiannya berkaitan dengan kontrak dan deposit/pemulangan wang. Sebanyak 46.5% aduan melibatkan pengguna tidak dibenarkan membatalkan kontrak atau pakej yang telah ditandatangani. Jika ada beberapa pusat yang bersetuju untuk memulangkan wang, caj pentadbiran pula dikenakan ke atas pengguna. Terdapat beberapa pusat juga mengamalkan polisi bahawa ‘wang tidak boleh dikembalikan’. Hal ini bertentangan dengan Akta Perlindungan Pengguna 1999 yang mengkhusus kepada kontrak masa hadapan. Kebanyakan pengadu mendakwa mereka terjebak ke dalam perangkap apabila tertarik dengan iklan yang memaparkan ungkapan seperti ‘sesi percubaan percuma bernilai RM139’, ‘sesi percubaan percuma selama 7 hari’ dan lain-lain lagi. Apabila mereka ke pusat kecantikan atau kesihatan tersebut, mereka diminta untuk menandatangani kontrak dan diberitahu bahawa sejumlah wang perlu dibayar ataupun perlu menjadi ahli sebelum mereka boleh menikmati sesi percubaan percuma. Pengadu tidak berpuas hati apabila menyedari bahawa mereka perlu membayar untuk sesi percubaan yang ‘percuma’ itu. Di samping itu, selepas membayar sejumlah wang untuk proses rawatan selama 10 sesi, mereka akan dikenakan bayaran bagi produk yang digunakan semasa proses rawatan. Selain itu, terdapat dalam kalangan pengadu yang menerima pesanan ringkasan (SMS) daripada pusat- pusat kecantikan yang mengatakan mereka telah ‘terpilih’ untuk mencuba sesi percubaan percuma. Aduan berkaitan tahap perkhidmatan pusat kecantikan pula mencatatkan sebanyak 21.1%, iaitu pengguna tidak berpuas hati terhadap perkhidmatan yang dijanjikan. Biasanya pengadu tidak berpuas hati kerana tiada perbezaan yang dialami selepas melanggan perkhidmatan. Contohnya, pengadu tidak dapat mengurangkan berat badan seperti yang diinginkan. Memandangkan keperluan dan permintaan orang ramai yang semakin meningkat terhadap perkhidmatan kecantikan ini, maka pihak berkuasa perlu meneliti perkara ini dengan lebih serius dan melakukan tindakan penguatkuasaan. Pihak berwajib perlu memastikan kualiti dan keselamatan produk mematuhi standard minimum yang ditetapkan. Selain itu, pengguna juga perlu mengetahui hak dan tanggungjawab mereka kerana perkhidmatan ini secara tidak langsung berkait rapat dengan kesihatan dan nyawa mereka. Oleh itu, pendidikan pengguna perlu dipergiat lagi. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected] Ruangan Bersama NCCC Berhati-hati dengan Pusat Khidmat Kecantikan Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Ringgit • 9 Ruangan Masalah Kewangan Anda Nama saya En S. Saya telah membeli penyaman udara berharga RM3,200 daripada Syarikat X yang menyediakan perkhidmatan bayaran secara ansuran. Baru-baru ini saya telah dimaklumkan oleh Bahagian Kredit syarikat tersebut bahawa saya mempunyai bayaran tertunggak sebanyak RM1,000, sedangkan saya telah membuat bayaran bulanan RM200 sebulan melalui perbankan internet. Syarikat X meminta saya mengemas kini kredit akaun pembayaran. Apabila saya mengemukakan masalah ini, syarikat X menafikan pembayaran saya dengan menyatakan bahawa saya dikenakan kadar faedah dalam anggaran RM49 hingga RM89. Syarikat juga memaklumkan secara tegas, jika saya tidak membayar bayaran tertunggak sebanyak RM1,000, tindakan undang-undang akan diambil dan penyaman udara saya akan diambil semula. Mohon pandangan tuan mengenai perkara ini. Terima kasih. Jawapan: Perkara seperti ini memang sentiasa berlaku apabila kita sebagai pengguna tidak mengambil tahu hak sebagai pengguna mahupun memahami syarat-syarat yang tertera dalam kontrak pembelian dan bayaran secara ansuran dengan mana-mana syarikat yang menawarkan perkhidmatan sebegini. Dalam hal ini, kedua-dua pihak iaitu pengguna dan pihak yang menyediakan perkhidmatan bayaran ansuran harus bertanggungjawab. Bagi mengelakkan kekeliruan, adalah wajar untuk pihak yang menyediakan bayaran ansuran untuk mengemukakan secara telus kepada pengguna mengenai syarat-syarat yang terkandung dalam kontrak kepada pengguna. Contohnya, jumlah yang perlu dibayar setiap bulan dan tarikh akhir jumlah tersebut harus diterima oleh pihak yang menyediakan bayaran ansuran tersebut. Pembelian Produk secara Bayaran Ansuran Jika syarat ini dilanggar, apakah yang boleh terjadi kepada pengguna dan tindakan yang boleh diambil ke atas mereka. Berapakah kadar caj lewat, caj faedah dan segala caj tambahan jika anda gagal menjelaskan bayaran seperti yang terkandung dalam kontrak tersebut. Maklumat ini seharusnya diterangkan kepada pengguna sebelum pengguna membuat keputusan sama ada ingin meneruskan dengan pembelian secara ansuran ini ataupun tidak. Selain itu, penyata bulanan juga perlu diberikan kepada pengguna agar pengguna boleh mengemas kini bayaran. Dalam kebanyakan kes seperti ini, pihak yang menawarkan bayaran ansuran tidak mengemukakan penyata kepada pengguna dan hal ini sama sekali tidak harus berlaku. Namun skim bayaran ansuran yang ditawarkan ini masih lagi belum dikawal selia oleh mana-mana pihak yang relevan. Oleh itu, tiada badan yang boleh memastikan bahawa penyata pembayaran ataupun penyata baki dikemas kini dan diberikan kepada pengguna. Oleh itu, masalah ini mungkin akan kekal sehingga ada pihak yang bertanggungjawab untuk mengawal selia syarikat-syarikat yang menawarkan skim bayaran ansuran. Pengguna juga harus ingat bahawa anda mempunyai tanggungjawab untuk membayar setiap bulan. Jika gagal membuat bayaran, sudah tentu anda akan dikenakan pelbagai caj. Ini merupakan sebab utama masalah- masalah seperti ini sentiasa timbul. Tambahan pula, jika gagal membuat pembayaran ataupun tidak mampu membuat pembayaran, adalah dinasihatkan supaya anda berhubung dengan pihak yang menyediakan perkhidmatan untuk memberitahu mereka bahawa anda tidak dapat membuat bayaran dan berundinglah dengan mereka supaya anda dikecualikan daripada caj-caj akibat lambat membuat pembayaran. Dalam pada itu, pengguna juga seharusnya menunaikan tanggungjawab mereka dengan memahami isu kandungan kontrak sebelum menandatangani perjanjian tersebut. Tindakan menandatangani kontrak secara terburu-buru kerana terlalu inginkan sesuatu barang, boleh membawa kepada masalah pembayaran pada masa akan datang. Jika anda tidak memahami kandungan kontrak tersebut, anda perlu bertanya kepada rakan-rakan yang faham dan dapat menerangkan secara jelas. Nasihat kepada semua pengguna yang menghadapi masalah seperti ini ataupun kepada anda yang ingin membuat pembelian secara bayaran ansuran adalah: i. Fahami kontrak anda secara terperinci sebelum menandatangani; ii. Jika tidak dapat membuat pembayaran, hubungi pihak terbabit untuk berbincang; iii. Setelah membuat setiap bayaran, simpan segala resit atupun bukti bayaran; iv. Setiap 3 bulan sekali, kunjungi pihak terbabit untuk meminta penyata pembayaran dan baki. 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah \ disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia tidak pernah meminta tidak pernah meminta tidak menyimpan wang maklumat peribadi atau sesiapa pun memindahkan orang ramai dalam maklumat kewangan wang ke dalam akaun mana-mana akaun anda pihak ketiga BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) ‘.ii':‘i“§“fif.°E'3‘:$3a 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] Untuk dan hantar kepada Untuk maklumat lanjut, sila rujuk BNMLINK (Pusat Perkhidmatan Pelanggan) menghantar BNM TANYA 15888 Amaran Penipuan Kewangan yang Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Dato' Onn, 50480) pertanyaan [P°"‘a"V33"/ terdapat di laman sesawang atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: atau aduan “"3" '‘‘"da] Bank Negara Malaysia Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching melalui SMS, (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang) taiP “@ www.bnm.gov.my
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18 Aug 2014
RINGGIT Newsletter (June 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-june-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed50+Jun+2014+v4.pdf
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Panduan Jimat Wang Untuk Pelajar Kolej Di Malaysia JUN 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 6 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Di Malaysia, seperti juga di negara lain, pendidikan masih menjadi salah satu aspek yang terpenting dalam kehidupan. Apabila diberi peluang untuk belajar, pelajar Malaysia perlu mengambil peluang yang diberikan tanpa menolaknya. Walau bagaimanapun, disebabkan oleh masalah kewangan, ramai pelajar didapati sukar untuk memberi tumpuan kepada pembelajaran apabila keperluan asas tidak dipenuhi. Berikut adalah beberapa tip yang boleh dipraktikkan oleh pelajar-pelajar, terutama kepada mereka yang mempunyai kewangan yang terhad. Berkongsi segalanya dengan rakan sebaya anda Jika anda mempunyai rakan yang ramai, ia akan menjadi sesuatu yang ideal jika anda semua saling bantu-membantu dari segi kewangan dengan berkongsi beban kewangan bersama. Contohnya, makanan secara berkongsi atau berkumpulan akan menjadi lebih murah daripada membeli makanan secara individu. Berkongsi kenderaan atau kereta - lebih ramai rakan anda berkongsi kenderaan lebih bagus, ia juga dapat membantu mengurangkan kos Panduan Jimat Wang Untuk Pelajar Kolej Di Malaysia 2 • Ringgit pengangkutan dan petrol. Berkongsi buku, peralatan, dan lain-lain juga dapat menjimatkan kos. Pilih rakan sebilik yang boleh membantu menyimpan segala keperluan. Selagi setiap ahli kumpulan sama-sama menyumbang, maka semua orang akan sama-sama mendapat faedah. Memaksimumkan sumber-sumber dan aktiviti-aktiviti universiti Walaupun tidak semua sekolah/kolej mempunyai kemudahan dan faedah yang sama, kebanyakan universiti menyediakan kemudahan kepada pelajar untuk kegunaan pembelajaran mereka. Hal ini dapat menjimatkan wang mereka. Salah satu contoh yang baik adalah kemudahan sambungan internet secara percuma, ia dapat membantu seseorang pelajar dalam menyediakan tugasan penyelidikan. Manakala pelajar yang mempunyai sambungan internet peribadi sendiri mungkin memerlukan sebahagian besar daripada bajet bulanan pelajar. Tahan tarikan daripada berkunjung ke kedai-kedai kopi Ramai pelajar yang menjadikan kedai kopi sebagai tempat untuk belajar atau mendapatkan kesegaran selepas penat belajar. Walaupun ia kelihatan menarik dan bergaya, namun harga minuman di kedai-kedai kopi yang ternama mungkin di luar kemampuan anda. Anda boleh memilih untuk menghabiskan masa di tempat-tempat yang jauh lebih tenang dan damai daripada kebisingan bandar. Anda juga boleh memilih lokasi yang sesuai di dalam kampus atau berada di bilik asrama anda untuk lebih selesa. Berhati-hati dengan kad kredit Melengkapkan pelajar dengan kemudahan kad kredit boleh memberikan kesan yang positif dan negatif. Walaupun kad kredit boleh memberi manfaat untuk menguruskan kewangan pelajar dan menyediakan pelajar dengan dana kecemasan, namun perlu diingat bahawa apabila menggunakan kad kredit, tahap risiko kewangan tetap ada. Sebagai ibu bapa, sebelum anda mendaftarkan kad kredit untuk kemudahan pembelajaran anak anda, pastikan anda membuat kajian, buat perbandingan antara laman sesawang supaya kemudahan kad kredit tersebut boleh digunakan dengan betul. Kehidupan di kolej adalah masa yang penting untuk membentuk keperibadian seseorang. Kualiti kehidupan yang dilalui pada masa ini akan menentukan kehidupan sebenar apabila memasuki dunia pekerjaan. Oleh itu, jangan biarkan kewangan peribadi diuruskan secara negatif, kerana ia akan menjejaskan masa hadapan yang sepatutnya cerah bagi seorang pelajar. Sumber: Terjemahan daripada Compare Hero “Walaupun tidak semua kolej mempunyai kemudahan dan faedah yang sama, kebanyakan universiti menyediakan kemudahan kepada pelajar untuk kegunaan pembelajaran mereka.” Ringgit • 3 Adakah anda mudah terpedaya dengan penipuan dalam pelaburan? Jawab soalan kuiz ini untuk menguji diri anda. 1. Anda sentiasa mengaitkan pelaburan dengan: a. Keuntungan 100% b. Pulangan terjamin tanpa risiko c. Wang anda berganda dalam masa singkat! d. Tiada satu pun di atas. 2. Yang mana antara kenyataan di bawah BENAR- BENAR menggambarkan falsafah pelaburan anda? a. Saya hanya akan melabur dalam pelaburan yang memberikan pulangan tinggi tanpa risiko. b. Saya akan melabur dalam pelaburan yang bersesuaian dengan daya toleransi saya terhadap risiko. c. Saya akan melabur dalam pelaburan yang boleh menggandakan wang saya dalam masa singkat. d. Saya akan melabur dalam pelaburan yang dicadangkan oleh rakan-rakan rapat saya. 3. Anda ditawarkan kerja sebagai eksekutif dagangan di sebuah firma pembrokeran komoditi asing. Jawatan itu memerlukan anda mendapatkan sebanyak nama pelanggan yang boleh untuk berdagang dalam kontrak niaga hadapan kacang merah di Macau. Anda diberitahu bahawa pelaburan itu menghasilkan pulangan tinggi dalam tempoh masa singkat. Pelanggan anda perlu memasukkan wang sebanyak AS$3,000 sebagai deposit margin di syarikat anda. Komisen anda adalah berdasarkan jumlah wang yang didepositkan oleh pelanggan anda di syarikat itu. Apakah tindakan anda selanjutnya? a. Mula mencari kawan dan ahli keluarga untuk dijadikan pelanggan. b. Anda dengan segera menghubungi pihak pengawal selia untuk memastikan sama ada syarikat itu mempunyai lesen untuk berdagang dalam niaga hadapan kacang merah di Macau. c. Anda sendiri melabur dalam kontrak niaga hadapan kacang merah itu untuk mencuba nasib. d. Cuba mendapatkan lebih banyak maklumat mengenai pelaburan itu daripada kawan- kawan anda yang juga bekerja di syarikat itu. 4. Bagaimana anda hendak mengesahkan sama ada seseorang ejen unit amanah itu mendapat kebenaran untuk mempromosi/menjual unit amanah? a. Minta kad perniagaannya. b. Minta kad kebenaran yang dikeluarkan oleh Persekutuan Pengurus-Pengurus Amanah Saham Malaysia. c. Tidak perlu disahkan kerana sesiapa sahaja boleh mempromosikan atau menjual produk unit amanah. d. Periksa surat kebenaran daripada syarikat unit amanah berkenaan. 5. Ejen unit amanah meminta anda memberikan wang tunai supaya dia boleh membeli unit amanah bagi pihak anda. Apakah yang anda lakukan? a. Memberikan wang kepadanya. b. Memberikan wang kepada ejen itu dan meminta dia memberikan anda resit dengan segera. c. Menyerahkan cek yang tertulis namanya. d. Enggan memberi wang tunai. 6. Jika anda mahu memeriksa status lesen syarikat broker saham, yang mana antara laman sesawang berikut menjadi sumber maklumat yang anda perlukan? a. www.thestockbroker.com.my Adakah Anda Mangsa Penipuan Pelaburan Seterusnya? 4 • Ringgit b. www.sc.com.my c. www.licensedcompany.com.my d. www.licensedbrokers.com.my 7. Seorang rakan rapat memujuk anda melabur dalam satu skim pelaburan luar pesisir yang eksklusif, yang menjamin pulangan 200% dan bebas cukai. Apakah yang akan anda lakukan? a. Bersetuju membuat pelaburan itu kerana anda percaya penuh kepada rakan anda itu. b. Minta bahan-bahan bertulis mengenai pelaburan itu dan melabur setelah anda membacanya. c. Periksa dengan pengawal selia untuk memastikan sama ada mereka mempunyai sebarang maklumat mengenai skim pelaburan tersebut. d. Bersetuju melabur hanya jika rakan anda boleh menunjukkan iklan atau berita mengenai skim pelaburan itu di media atau di internet. 8. Untuk melindungi diri anda daripada penipuan pelaburan, mana antara langkah-langkah berikut yang akan anda ambil? a. Baca dan fahami prospektus pelaburan dan laporan tahunan. b. Dapatkan nasihat daripada profesional kewangan berlesen. c. Bersikap was was dan bertanya banyak soalan mengenai pelaburan itu. d. Semua di atas. 9. Anda akan melabur dalam sesuatu skim pelaburan jika: a. Bahan-bahan promosi dan laman sesawang syarikat itu kelihatan profesional dan meyakinkan. b. Pejabat syarikat terletak di kawasan yang berprestij dan nama syarikat yang rasmi bunyinya. c. Kakitangan syarikat berpakaian mahal dan bergaya dan memandu kereta mewah. d. Tiada satu pun di atas. 10. Jika anda menjadi mangsa penipuan pelaburan, apa yang anda lakukan? a. Diamkan sahaja. b. Salahkah nasib anda yang malang. c. Buat laporan/aduan dengan pihak berkuasa yang berkaitan dengan segera. d. Bayar orang yang tidak dikenali, yang memberi jaminan bahawa dia boleh mendapatkan semula sepenuhnya jumlah wang yang anda kerugian itu. Setelah selesai menjawab soalan kuiz ini, sila lihat huraian jawapan dibawah:- Jawapan: 1. (d) Jika anda mengaitkan pelaburan dengan keuntungan 100%, pulangan terjamin dan menggandakan wang anda, maka anda lebih mudah terpedaya dengan penipuan pelaburan. Kebanyakan penipuan dalam pelaburan menjanjikan pulangan tinggi tanpa membabitkan risiko untuk menarik orang ramai melabur. 2. (b) Pilihan pelaburan anda mestilah menyamai ketahanan anda terhadap risiko. Jika anda seorang yang tidak bersedia menghadapi risiko, pastikan anda melabur dalam skim pelaburan yang berisiko rendah. Bagi mengetahui risiko setiap produk pelaburan, hubungi remisier anda atau profesional kewangan berlesen. 3. (b) Sentiasa membuat pemeriksaan dengan pengawal selia, misalnya Suruhanjaya Sekuriti atau Bank Negara, untuk mengesahkan sama ada syarikat berkenaan telah diberikan lesen dan dibenarkan untuk menawarkan atau memasarkan produk pelaburan kepada orang ramai. 4. (b) Persekutuan Pengurus-pengurus Amanah Saham (FMUTM) bertanggungjawab bagi mendaftarkan semua individu yang hendak memasarkan dan mengedarkan unit amanah. Apabila berurusan dengan ejen ini, anda harus meminta ‘Kad Kuasa’ yang dikeluarkan oleh FMUTM. Bagi maklumat lanjut tentang ejen, layari laman sesawang FMUTM di www.fmutm.com.my 5. (d) Jangan memberi wang tunai kepada ejen unit amanah. Sentiasa keluarkan cek kepada pemegang amanah atau individu yang diberikan kuasa seperti yang terdapat dalam prospektus. Itulah sebabnya anda perlu membaca prospektus sebelum melabur. 6. (b) Untuk semakan segera sama ada sesebuah syarikat itu mempunyai lesen atau diberikan kuasa untuk menjalankan atau menawarkan aktiviti pelaburan, layari laman sesawang Suruhanjaya Sekuriti di www.sc.com.my atau hubungi Jabatan Pelesenan Suruhanjaya di nombor 03-6204 8000. 7. (c) Waspada terhadap syarikat pelaburan yang menawarkan pelaburan dengan kadar pulangan yang tinggi dan beroperasi di lokasi luar pesisir seperti Kepulauan Bahamas, Macau, British Virgin Island atau sebarang lokasi luar pesisir yang ... ke muka 6 Ringgit • 5 Bank Negara Malaysia mengumumkan bahawa Mesin Deposit Duit Syiling kini terdapat di seluruh negara bagi memudahkan proses mendepositkan duit syiling oleh perniagaan dan orang ramai. Sebanyak 236 buah Mesin Deposit Duit Syiling telah ditempatkan di institusi kewangan yang mengambil bahagian, pasar raya besar dan cawangan-cawangan Tabung Haji. Setiap tahun sejumlah besar duit syiling yang dikeluarkan oleh Bank Negara Malaysia tidak dikembalikan untuk edaran semula. Sehubungan dengan i tu, orang ramai digalakkan untuk mengembalikan duit syiling mereka, dan pada masa yang sama, boleh memperoleh manfaat daripada pertambahan simpanan. Mesin Deposit Duit Syiling merupakan mesin duit syiling layan diri berautomasi yang membolehkan pelanggan institusi kewangan yang mengambil bahagian dan Tabung Haji mendepositkan duit syiling mereka tanpa dikenakan sebarang caj. Mesin Deposit Duit Syiling di institusi kewangan yang mengambil bahagian akan mengkreditkan akaun pendeposit pada hari yang sama untuk duit syiling yang d ideposi tkan s e b e l u m p u k u l 4 pe tang , manaka la pada keesokan harinya bagi duit syiling yang didepositkan selepas p u k u l 4 p e t a n g . Bagi Mesin Deposit Du i t Sy i l i ng yang ditempatkan di pasar raya besar yang mengambil bahagian, pelanggan akan menerima baucar membeli-belah yang sama nilainya dengan jumlah duit syiling yang didepositkan. Pelanggan boleh menggunakan baucar ini untuk membayar barangan yang dibeli di kedai-kedai yang mengambil bahagian. Untuk maklumat lanjut mengenai tempat-tempat yang terdapat Mesin Deposit Duit Syiling, sila lawati laman sesawang Bank Negara Malaysia di www.bnm.gov. my atau hubungi institusi kewangan yang mengambil bahagian untuk butiran lanjut. Sumber: Bank Negara Malaysia Mesin Deposit Duit Syiling bagi Memudahkan Proses Mendepositkan Duit Syiling eksotik. Penipu gemar menggunakan lokasi antarabangsa seperti ini untuk menaikkan kredibiliti mereka. 8. (d) Sebelum melabur, buat penyelidikan terlebih dahulu. Pastikan anda faham apa yang anda beli. Baca laporan tahunan dan prospektus skim pelaburan tersebut, dan dapatkan bantuan remisier anda atau profesional kewangan berlesen bagi memahami sepenuhnya maklumat yang dizahirkan dalam dokumen tersebut. Hubungi Suruhanjaya Sekuriti untuk mengesahkan sama ada syarikat itu berlesen atau dibenarkan untuk menawarkan skim pelaburan itu. 9. (d) Sesebuah syarikat mungkin mempunyai nama yang rasmi bunyinya, dengan pejabat yang berprestij dan terletak di lokasi utama, lengkap dengan laman sesawang yang kelihatan profesional, tetapi itu tidak bermakna syarikat itu sah. Sentiasa semak dahulu dengan Suruhanjaya Sekuriti. 10. (c) Jika anda berjumpa atau menjadi mangsa penipuan pelaburan, buat aduan kepada Suruhanjaya Sekuriti (Jabatan Hal Ehwal Pelabur & Pengaduan: 603-6204 8999). Untuk belajar bagaimana mengenal pasti penipuan pelaburan, baca artikel tentang “Cara Mengenal Skim Penipuan” dalam Ringgit sebelum ini. Sumber : www.min.com.my dari muka 5.... 6 • Ringgit Secara umumnya, jika ditanya kepada sesiapa sahaja mengenai kepentingan merancang untuk persaraan mereka sebahagian besar memberikan jawapan yang meyakinkan “Ya, ia adalah penting”. Namun begitu, kebanyakan orang tidak melihat betapa pentingnya melengkapkan diri dengan pelan persaraan yang betul. Keengganan untuk merancang masa depan persaraan sering dipandang ringan tetapi realitinya anda akan melalui usia persaraan lebih awal daripada apa yang anda fikirkan. Pepatah bahawa “kita tidak merancang untuk gagal tetapi gagal untuk merancang” adalah satu peringatan yang baik untuk masa depan. Justeru, anda perlu merancang pelan persaraan dengan betul dan bertindak untuk mengatasi masalah persaraan sebelum terlambat. Dalam usaha untuk memahami cara pemikiran rakyat Malaysia mengenai subjek persaraan dan mengapa mereka kurang kesedaran mengenai kepentingan masa depan kewangan mereka, Pentadbir Pencen Swasta (PPA), telah mengenal pasti sebab-sebab utama yang berdasarkan andaian bagaimana rakyat Malaysia merancang untuk bersara. Semoga dengan andaian ini, dapat memberi kesedaran kepada mereka untuk tidak berlengah-lengah mengambil tindakan segera untuk mendapatkan pelan persaraan mereka. 5 Mitos Persaraan • Mitos #1 – Ramai orang berangggapan bahawa simpanan KWSP adalah mencukupi untuk menggantikan pendapatan ketika bersara. Walau bagaimanapun, mereka perlu mengambil perhatian bahawa simpanan KWSP mereka mungkin tidak mencukupi. Statistik KWSP pada tahun 2011, menunjukkan bahawa 72% daripada penyimpan pada umur sebelum persaraan iaitu 54 tahun mempunyai simpanan berjumlah RM50,000 ke bawah. Dalam kajian KWSP yang lain, 50% daripada pesara menghabiskan seluruh simpanan mereka dalam masa tempoh 5 tahun. • Mitos #2 – Masih ramai yang membuat andaian bahawa anak-anak boleh menjaga mereka semasa hari tua. Bagaimanapun, disebabkan oleh kenaikan kos sara hidup kebanyakan anak- anak pada masa ini mengalami kesukaran untuk menyediakan keperluan keluarga sendiri dan kini dibebani dengan kos penyaraan untuk kedua-dua ibu bapa. • Mitos #3 – Berkaitan dengan masa. Sesetengah orang menyangka dirinya terlalu muda untuk memulakan simpanan untuk persaraan, sementara yang lain berfikir mereka telah Perancangan Persaraan: Mitos Persaraan Ringgit • 7 terlambat untuk memulakan simpanan kerana perlu menyimpan dengan kadar yang tinggi. Sebenarnya tidak ada masa yang sempurna untuk memulakan simpanan. Permulaan boleh dibuat pada bila-bila masa asalkan tindakan itu bermula sekarang. Lebih awal anda simpan, lebih banyak masa untuk pertumbuhan dana persaraan anda. • Mitos #4 – Bekerja selepas bersara. Memilih untuk bekerja selepas bersara adalah baik, tetapi biarlah keputusan itu adalah dasar pilihan dan bukan kerana keperluan untuk menangani kos sara hidup. • Mitos #5 – Kebanyakan orang beranggapan bahawa mereka bo leh mengurangkan perbelanjaan mereka selepas bersara. Tetapi realitinya, tidak mudah untuk menyesuaikan diri bila sudah biasa dengan gaya hidup tertentu. Di samping itu, dengan meningkatnya inflasi dan kos perubatan, maka adalah penting bagi mereka merancang kewangan mencukupi untuk persaraan. Dalam usaha untuk mencapai persaraan kewangan yang terjamin, cara pemikiran perlu berubah. Kajian menunjukkan bahawa ramai orang di seluruh dunia tidak merancang dengan secukupnya untuk persaraan disebabkan oleh kurangnya kesedaran tentang perancangan kewangan, dan yang menyedihkan lagi mereka juga tidak tahu tentang konsep-konsep asas kewangan. Ini menyebabkan mereka tidak mempunyai dana persaraan yang mencukupi apabila mencapai usia persaraan. Kurangnya pengetahuan dalam kewangan mungkin membantutkan kemampuan seseorang untuk menyimpan dan melabur untuk persaraan pada usia tua. Pakar kewangan sering merujuk kepada kelemahan dalam membuat keputusan kewangan sebagai penyebab pesara terdedah kepada masalah kewangan dalam persaraan. Masalah ini menjadi lebih kritikal apabila pesara beralih daripada pencen yang diurus secara profesional ke arah perancangan kewangan buat sendiri. Mengikut statistik, lebih daripada separuh pesara di Malaysia akan membelanjakan keseluruhan simpanan KWSP dalam masa tempoh 5 tahun. Simpanan persaraan boleh berkurangan sekiranya anda menganggap simpanan persaraan sebagai durian runtuh dan tidak membuat pelaburan untuk mendapatkan pendapatan pasif. Kesimpulannya, walau apa jua isu-isu yang diutarakan, ia menunjukkan terdapat keperluan untuk membawa isu-isu persaraan ke peringkat peribadi. Individu perlu belajar untuk memberi tumpuan tentang perancangan persaraan. PPA membantu individu untuk merancang persaraan mereka dengan memberi tumpuan perhatian pada tiga isu utama yang perlu ditangani sekarang. Kami akan berkongsi secara lebih mendalam tentang cara untuk anda merancang dan mengambil tindakan mulai sekarang ke arah mencapai persaraan kewangan yang terjamin dalam terbitan Ringgit akan datang. Artikel ditulis oleh Dato’ Steve Ong, Ketua Pegawai Eksekutif, Pentadbir Pencen Swasta (PPA). PPA mengalu-alukan soalan yang berkaitan dengan perancangan persaraan. Sebarang maklum balas sila e-mailkan kepada [email protected] atau layari www.ppa.my untuk maklumat lanjut tentang soal perancangan persaraan. “Kesimpulannya, walau apa jua isu-isu yang diutarakan, ia menunjukkan terdapat keperluan untuk membawa isu-isu persaraan ke peringkat peribadi. Individu perlu belajar untuk memberi tumpuan tentang perancangan untuk persaraan.” 8 • Ringgit Ramai pengguna beranggapan bahawa pajak gadai merupakan cara yang mudah, selesa dan cepat untuk mendapatkan wang. Ia memang betul jika anda dapat menebus balik barangan yang digadai. Namun begitu, anda perlu berhati-hati agar tidak ditipu oleh pekedai pajak gadai yang tidak jujur. Definisi: a) Pemegang Pajak Gadai Orang yang menjalankan perniagaan mengambil barang- barang sebagai pajak gadai digelar sebagai pemegang pajak gadai. Ini termasuklah orang yang menerima barang seseorang lain sebagai cagaran untuk pembayaran balik wang yang tidak lebih daripada RM5,000 yang telah didahulukan. Sebagai contoh: A seorang yang mempunyai wang telah meminjamkan RM100 kepada B. Sebagai jaminan untuk pembayaran balik wang itu, B meninggalkan sebentuk cincin emas kepada A. A di sini disifatkan sebagai seseorang yang menjalankan perniagaan mengambil barang pajak gadai. Begitu juga halnya dengan seseorang yang membeli atau menerima barang-barang dan meminjam kepada orang itu sejumlah wang tidak melebihi RM5,000 dengan satu perjanjian atau persetujuan bahawa barang itu boleh dibeli kembali atau ditebus berdasarkan syarat-syarat tertentu. b) Pemajak Gadai Akta Pemegang Pajak Gadai 1972 mendefinisikan pemajak gadai sebagai seorang yang menyerahkan sesuatu barang untuk dipajak gadai kepada seseorang pemegang pajak gadai. Akta ini juga memperuntuk bahawa golongan- golongan tertentu tidak boleh menjadi pemajak gadai, seperti orang yang dalam keadaan mabuk dan golongan di bawah umur 16 tahun. Seorang kanak-kanak, misalnya tidak boleh diminta oleh ibu bapanya membawa barang tertentu untuk digadaikan. Sekatan yang dikenakan ke atas golongan ini adalah berasaskan prinsip am undang-undang bahawa orang ini tidak berkeupayaan untuk melibatkan diri dalam apa-apa transaksi undang-undang. Berikut adalah panduan asas pengguna mengenai pajak gadai:- 1. Semak tarikh tamat tempoh gadaian. Anda tidak boleh menuntut barang selepas tamat tempoh gadaian, kecuali kedai pajak gadai bersetuju memanjangkan tempoh berkenaan. 2. Selepas tamat tempoh, semua barangan yang digadai yang nilainya kurang daripada RM200 akan menjadi kepunyaan kedai pajak gadai berkenaan dan bukan kepunyaan anda lagi. Walau bagaimanapun, pemajak gadai boleh memanjangkan tempoh pajakan dengan membayar faedah kepada kedai pajak gadai sehingga pemajak gadai mampu untuk menebus/menuntut semula barangan tersebut. 3. Semua barang yang tidak ditebus yang nilainya melebihi RM200 boleh dilelong oleh kedai pajak gadai. Anda berhak mendapatkan baki wang yang tinggal daripada jualan barang berkenaan selepas ditolak semua kos gadaian. 4. Pemegang pajak gadai perlu menghantar notis berdaftar kepada pemajak gadai mengenai tindakan untuk melelong barangan. Notis ini perlu diterima oleh pemajak gadai tujuh hari sebelum urusan pelelongan. 5. Pemajak gadai dinasihatkan untuk memberi alamat semasa apabila memajak barangan atau memaklumkan sebarang pertukaran alamat secara bertulis kepada pemegang pajak gadai. Ini adalah penting untuk memastikan notis-notis pemberitahuan pelelongan yang dihantar oleh pemegang pajak gadai sampai kepada pemajak gadai. 6. Kedai pajak gadai adalah bertanggungjawab atas kehilangan atau kemusnahan akibat kecurian atau kebakaran. 7. Sentiasa mendapatkan resit setiap kali anda membuat pembayaran. 8. Jika kedai pajak gadai mengenakan kadar faedah yang terlalu tinggi (lebih 2% sebulan) ke atas sesuatu pinjaman, anda boleh membawa perkara ini kepada pejabat Ketua Setiausaha Kementerian Kesejahteraan Bandar, Perumahan dan Kerajaaan Tempatan. 9. Jika anda kehilangan resit/ tiket gadaian, anda berhak mendapatkan salinannya secara percuma. 10. J ika anda merasa bahawa gada ian anda berkurangan nilainya atau jika kedai pajak gadai enggan menyerahkan gadaian anda, buatlah aduan kepada majistret. Majistret mempunyai kuasa untuk memerintah kedai pajak gadai untuk membayar gantirugi yang munasabah. 11. Pastikan kedai pajak gadai yang anda berurusan mempunyai lesen yang sah. 12. Semak buku catatan kedai pajak gadai untuk memastikan bahawa kandungannya adalah sama dengan surat pajak gadai yang anda terima. Sumber: www.nccc.org.my Ruangan Bersama NCCC Apa Yang Anda Perlu Tahu Mengenai Pajak Gadai? Ringgit • 9 Ruangan Masalah Kewangan Anda Saya bercadang ingin menghantar kereta ke bengkel untuk membuat penyelenggaraan sebelum pulang ke kampung bercuti bersama keluarga. Saya telah pergi ke beberapa buah bengkel untuk mendapatkan sebut harga bagi kos penyelenggaraan tersebut. Setiap bengkel memberikan kos-kos yang berbeza. Ada bengkel yang mencadangkan saya membaiki beberapa kerosakan yang terdapat pada kenderaan. Apakah tip dan nasihat tuan tentang perkara ini? Terima kasih. Jawapan: 1. Jika kenderaan tersebut masih lagi dalam tempoh waranti, lebih baik jika penyelenggaraan dilakukan di pusat servis pengeluar kereta tersebut, dan bukan di bengkel biasa. Begitu juga, walaupun tempoh waranti telah tamat, penyelenggaraan masih boleh dilakukan di pusat servis asal. Ini disebabkan pusat servis tersebut mempunyai kepakaran khas berkenaan kenderaan yang mereka edarkan. 2. Lebih baik jika pandangan daripada beberapa bengkel kenderaan diperoleh bagi memastikan apakah jenis penyelenggaraan yang perlu dilakukan dan mengetahui sama ada terdapat kerosakan pada kenderaan. Perlu diingatkan bahawa setiap bengkel kereta mempunyai pengalaman, peralatan dan kepakaran yang tersendiri. Jadi, jika kebanyakan bengkel mengesyorkan jenis penyelenggaran yang sama, maka wajar untuk pemilik membaiki kerosakan yang dimaklumkan kepadanya. 3. Berkenaan harga alat gantian dan kos servis pula, buat masa ini tidak ada undang-undang Caj Penyelenggaran Kenderaan yang menetapkan kos yang berkaitan dengan penyelenggaraan atau pembaikan kenderaan. Namun mengikut peraturan yang terkandung dalam Akta Perlindungan Pengguna 1999, bengkel-bengkel dan pusat servis harus memaklumkan terlebih dahulu mengenai servis yang akan mereka lakukan, termasuklah kos sebarang alat gantian jika perlu. Pemilik kenderaan tidak boleh dipaksa untuk bersetuju dengan semua cadangan penyelenggaraan dan pembaikan yang dicadangkan oleh bengkel dan pusat servis. 4. Jika wang simpanan yang ada adalah terhad, pemil ik kenderaan dinasihatkan supaya menyelenggara atau membaiki kerosakan yang boleh mengancam nyawa terlebih dahulu, seperti membaiki brek (jika terdapat kerosakan) berbanding perkara yang kurang serius. Jika terdapat kelebihan wang selepas bercuti, pemilik kenderaan boleh membaiki atau menyelenggara bahagian kenderaan yang tidak dilakukan sebelumnya. 5. Jangan lupa juga untuk menyimpan ‘toolbox’ di dalam kenderaan sepanjang waktu perjalanan untuk menangani masalah-masalah kecemasan yang tidak dapat dijangka. Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia tidak pernah meminta maklumat peribadi atau maklumat kewangan anda 2 Jika ada keraguan, sila hubungi Untuk menghantar pertanyaan atau aduan melalui SMS, taip dan hantar kepada BNM TANYA 1 5838 [pertanyaanl aduan anda] “@ www.bnm.gov.my Untuk maklumat lanjut, sila rujuk Amaran Penipuan Kewangan yang terdapat di laman sesawang Bank Negara Malaysia Bank Negara Malaysia 3 tidak pernah meminta sesiapa pun memindahkan wang ke dalam akaun pihak ketiga Bank Negara Malaysia tidak menyimpan wang orang ramai dalam mana-mana akaun BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] BNMLINK (Pusat Perkhidmatan Pelanggan) Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Date‘ Onn, 50480) atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang)
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08 Jul 2014
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 148th Meeting
https://www.bnm.gov.my/-/sac-148th-meeting
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Reading: The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 148th Meeting Share: The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 148th Meeting Release Date: 08 Jul 2014 The Shariah Advisory Council of Bank Negara Malaysia (SAC) held its 148th meeting on 24 June 2014. The meeting among others, discussed issues arising from Shariah Standard on Hibah and Shariah Standard on Bai` `Inah. Click here to read more. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
26 Jun 2014
RINGGIT Newsletter (May 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-may-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed49+May+2014+v4.pdf
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Berhemat Menggunakan Pinjaman Pendidikan MEI 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 5 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Sebahagian besar pelajar yang melanjutkan pelajaran di institusi pengajian tinggi akan memohon pinjaman pendidikan. Sebahagian daripada para pelajar yang memohon pinjaman benar-benar memerlukan pinjaman bagi menjelaskan yuran pengajian, yuran kolej dan menampung kos sara hidup di sepanjang pengajian. Tidak dinafikan juga, segelintir daripada pelajar ini menyalahgunakan pinjaman tersebut untuk memenuhi kehendak mereka semata-mata. Antaranya, membeli telefon bimbit mewah, hiburan, pakaian berjenama dan bersaing dengan rakan masing-masing. Hal ini perlu dielakkan oleh para pelajar. Anda tidak perlu terikut-ikut dengan trend rakan-rakan anda yang lain. Anda perlu ‘mengukur baju di badan sendiri’. Berikut adalah beberapa tip menggunakan pinjaman pendidikan secara berhemat. a) Senaraikan keperluan pengajian anda Anda perlu menyediakan senarai keperluan pengajian anda. Jika boleh, senaraikan mengikut keutamaan dan letakkan bajet bagi setiap item tersebut. Beli yang perlu sahaja! b) Utamakan keperluan bukan kehendak Berhemat Menggunakan Pinjaman Pendidikan 2 • Ringgit Kemungkinan ada pelajar yang keliru untuk membezakan keperluan dengan kehendak. Ia bergantung kepada faktor dan latar belakang keluarga yang telah membiasakan anda dengan barangan mewah. Contohnya, telefon bimbit adalah merupakan keperluan, namun telefon pintar berharga RM2,000 ke atas merupakan kehendak. Paling penting, berbelanja mengikut kemampuan anda. Ukur baju di badan sendiri! c) Buat bajet Anda boleh membuat bajet perbelanjaan pengajian anda selama sebulan. Dengan cara ini, anda dapat menganggarkan kos untuk makanan, kos penyediaan ‘assignment’, kos pengangkutan, kos untuk aktiviti sosial dan kemasyarakatan serta lain-lain lagi. Anda boleh berdisiplin dengan hanya perlu menguruskan wang yang diperuntukkan sahaja. Belanja mengikut bajet! d) Asingkan wang pinjaman ke dalam akaun bank yang lain Anda akan menerima sejumlah wang yang banyak bagi setiap semester pengajian di dalam akaun bank. Untuk mengelakkan anda berbelanja secara berlebihan dan mudah mengeluarkan wang, anda boleh mengasingkan sejumlah wang yang besar ke dalam akaun bank yang lain. Contohnya bank yang tidak menyediakan khidmat ATM. Bijak urus wang! e) Bijak memilih rakan sebaya Rakan sebaya secara tidak langsung akan mempengaruh corak perbelanjaan anda. Sekiranya anda bijak memilih rakan sebaya, pengurusan kewangan anda akan tercapai dengan mudah. Akhir sekali, anda perlu ingat pinjaman pendidikan yang anda nikmati ini adalah untuk sementara. Anda perlu membuat bayaran balik kepada agensi pinjaman, seperti Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN), MARA dan sebagainya selepas anda menamatkan pengajian. Kegagalan anda membuat bayaran balik akan menjejaskan nama anda kelak. Bijak Urus Wang, Cerah Masa Hadapan. Sumber: FOMCA “Anda boleh berdisiplin dengan hanya perlu menguruskan wang yang diperuntukkan sahaja. Belanja mengikut bajet!” Ringgit • 3 Artikel ini akan membincangkan bagaimana membina kekayaan dan pada masa yang sama, merancang untuk mengatasi apa-apa ketidakpastian. Menabunglah secara automatik. Pelan tabungan adalah penting dalam perancangan kewangan. Tanpa pelan ini, anda mungkin tidak dapat mencapai matlamat kewangan anda. Anda disarankan supaya menabung 10 peratus daripada pendapatan pada setiap bulan. Adalah lebih baik jika anda dapat menabung 20 hingga 30 peratus kerana ini dapat meningkatkan lagi simpanan pada masa hadapan. Ingat, semakin banyak wang ditabung sekarang, semakin mudah untuk mencapai matlamat kewangan anda. Ada beberapa cara untuk menabung pendapatan bulanan terus ke dalam akaun simpanan anda. Antaranya, anda boleh:- a) Tulis cek dan masukkan ke dalam akaun simpanan anda setiap bulan. b) Pindahkan wang dari akaun semasa ke dalam akaun simpanan anda melalui perbankan internet setiap bulan. Adalah bagus sekiranya anda dapat melakukan satu daripada perkara yang dinyatakan di atas. Bagaimanapun, selepas beberapa bulan, anda mungkin terlupa untuk berbuat demikian, atau ada alasan untuk membelanjakan wang terbabit daripada menyimpannya dalam akaun simpanan anda. Tabiat menabung anda akan terjejas, dan sekiranya ini berlaku, mungkin anda sukar meneruskan pelan berkenaan. Jadi bagaimana untuk memastikan anda mengikuti pelan tabungan ini? Mudah saja, adakan tabungan secara automatik. a) Ber i arahan kepada bank anda untuk memindahkan sekurang-kurangnya 10 peratus daripada gaji bulanan daripada akaun semasa ke dalam akaun simpanan anda setiap bulan. b) Buatkan pemindahan wang sebaik sahaja gaji dimasukkan ke dalam akaun semasa anda. Apa yang tidak dapat dilihat atau apa yang tidak ada, anda tidak akan rasa kehilangannya. Pada masa yang sama, wang dalam akaun simpanan akan bertambah, membawa anda lebih hampir untuk mencapai matlamat kewangan. Jika kemampuan serta pendapatan anda bertambah hasil kenaikan gaji atau pangkat, beri arahan kepada bank untuk menambahkan jumlah yang dipindahkan ke dalam akaun simpanan anda. Apabila anda berjaya menyimpan jumlah wang yang dikehendaki, pindahkan wang tersebut ke dalam simpanan tetap atau simpanan-simpanan yang memberi pulangan yang lebih banyak. Bagaimanapun, teruskan pemindahan wang setiap bulan ke dalam akaun simpanan, dan jangan berhenti, kerana ini mungkin akan menjejaskan tabiat menabung anda. Wang yang anda tabung secara automatik ini boleh digunakan untuk mencapai matlamat kewangan yang lain. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) Bina Kekayaan Buat arahan tetap, pindah 10 peratus gaji secara automatik. 4 • Ringgit Rancang Sendiri atau Dapatkan Bantuan? Sekiranya anda sudah menyedari kepentingan merancang kewangan dan ingin maju ke hadapan dengan menjadikan perancangan kewangan sebahagian daripada gaya hidup anda, perkara pertama yang perlu anda buat ialah membuat pilihan – Adakah anda ingin melakukannya sendiri? Atau adakah anda ingin mendapatkan bantuan daripada perancang kewangan profesional? Siapa yang Boleh Membantu? Di Malaysia, golongan profesional yang boleh membantu anda merancang kewangan adalah perancang kewangan berlesen. Perancang kewangan ini menawarkan perkhidmatan mereka dengan memberikan nasihat yang disediakan khusus untuk memenuhi matlamat kewangan anda. Jika anda ingin menggunakan perkhidmatan perancang kewangan, pastikan beliau mempunyai lesen sebagai penasihat kewangan yang sah. Selain itu, beliau mestilah seorang yang berpengetahuan dan berpengalaman dalam industri ini. Walau apapun pilihan anda, anda perlu berhati-hati dengan maklumat yang diberikan, lebih-lebih lagi apabila ia diberikan oleh perancang kewangan yang tidak memiliki kualiti yang sepatutnya. Oleh itu, bagi memastikan maklumat dan nasihat itu sahih dan bukan taktik jualan semata-mata, anda perlu melengkapkan diri dengan ilmu pengetahuan yang betul Merancang Kewangan Sendiri Jika anda seorang yang gemar membuat kaji selidik dan pengiraan, anda boleh memilih untuk merancang kewangan sendiri. Bagaimana caranya? • Membaca buku • Menghadiri kursus Terdapat banyak buku dan kursus yang menawarkan panduan langkah demi langkah dalam merancang kewangan. Walau bagaimanapun, jika anda masih baru dalam bidang ini, anda perlu berhati-hati dengan apa yang dipelajari daripada buku-buku dan kursus tersebut kerana tidak semua maklumat yang diperolehi itu adalah tepat. Sebelum menggunakan ilmu yang baru dipelajari, pastikan anda melakukan perkara-perkara berikut: Periksa latar belakang pembekal maklumat • Dapatkan maklumat yang mencukupi berkenaan pengalaman profesional, kelayakan pendidikan Mengenal Perancang Kewangan Jika anda seorang yang gemar membuat kaji selidik dan pengiraan, anda boleh memilih untuk merancang kewangan sendiri. Ringgit • 5 dan juga rekod prestasinya. Anda sepatutnya boleh memperolehi maklumat mengenai perkara sebegini di bahagian pengenalan sesuatu buku atau kursus. Jika maklumat yang ditawarkan nampak kabur atau terhad, anda perlu berwaspada dalam menerima nasihat-nasihat perancangan kewangan yang diberikan. Pastikan kesahihan maklumat yang diberikan • Baca ulasan atau pandangan yang dibuat oleh individu atau badan yang diiktirafkan. Namun, kaedah ini juga masih tidak mencukupi kerana kadangkala liputan media mengenai sesuatu ulasan tersebut lebih kepada strategi pengiklanan daripada memberikan maklumat yang bermutu. Oleh itu, tidak kira dari mana anda memperolehi maklumat untuk merancang kewangan, anda perlu ingat bahawa tidak semua nasihat atau cadangan yang diberikan itu mengambil kira kepentingan anda atau perancangan kewangan yang disyorkan itu sesuai dengan anda. Buat penyelidikan sendiri mengenai pendekatan-pendekatan yang ada • Setelah menjalankan penyelidikan bagi kedua- dua pendekatan, anda akan berada dalam kedudukan yang lebih baik untuk membuat keputusan tentang pendekatan manakah yang paling sesuai dengan tahap risiko dan ganjaran yang anda perlukan itu. Bantu Saya! Jika anda merasa kurang selesa membuat perancangan kewangan sendiri dan bercadang mendapatkan khidmat nasihat profesional, adalah diingatkan bahawa mencari penasihat kewangan yang bagus bukanlah semudah yang disangka. Ini adalah kerana kebanyakan ‘penasihat kewangan’ atau ‘perunding kewangan’ di pasaran hari ini sebenarnya lebih cenderung untuk membuat jualan supaya mereka mendapat komisen hasil jualan produk kewangan yang dijual kepada anda, kadangkala tidak mementingkan tanggungjawab yang perlu dilaksanakan oleh mereka kepada anda dengan penuh komitmen dan kejujuran. Bagi sesetengah pihak, konflik kepentingan ini tidak dapat dielakkan kerana mereka lebih mementingkan penjualan produk kewangan tanpa mengira sama ada ia bersesuaian dengan pelan kewangan anda atau sebaliknya. Salah satu cara yang lazim digunakan oleh perancang kewangan berasaskan komisen ini ialah mereka akan membuat panggilan yang tidak diundang dan menawarkan perkhidmatan mereka secara percuma. Jadi berwaspadalah dengan ‘nasihat pelaburan’ yang diberikan secara percuma kerana tidak ada yang percuma dalam dunia sekarang ini. Walau bagaimanapun, terdapat juga perunding kewangan berasaskan fi (fee-based) yang memperoleh pendapatan melalui perkhidmatan yang diberikan. Selalunya mereka menumpukan perhatian kepada pelanggan yang berharta. Walaupun mereka tidak bergantung kepada komisen hasil daripada jualan produk kewangan, tetapi ini tidak bermakna mereka tidak mempunyai konflik kepentingan dengan anda. Memandangkan fi mereka adalah berdasarkan perkhidmatan yang diberi, ada kemungkinan mereka menyarankan strategi pelan kewangan yang sukar untuk difahami agar anda sentiasa bergantung kepada perkhidmatan mereka. Jadi, bagaimanakah caranya untuk kita mengenal perancang kewangan yang bagus? Selain daripada mengambil kira ciri-ciri yang disebutkan sebelum ini, salah satu cara lain untuk mengenal pasti perancang kewangan yang bagus ialah melalui rujukan yang dibuat oleh orang yang anda kenali dan dipercayai. Anda boleh mendapatkan nasihat daripada kawan- kawan yang mungkin merupakan pelanggan yang berpuas hati dengan perkhidmatan perancang kewangan tersebut. Perancang kewangan yang bagus akan membina reputasi mereka dengan mengamalkan sikap yang jujur dan tekun. Namun begitu, apa yang baik bagi orang lain tidak semestinya baik untuk diri anda. Jadi, ada baiknya anda membuat sedikit kajian dan menyelidik latar belakang seseorang perancang kewangan sebelum mendapatkan khidmat mereka. Berikut adalah beberapa soalan asas yang perlu ditanya kepada perancang kewangan anda: • Sumber pendapatan – antara yuran pelanggan dengan komisen • Jadual bayaran atau komisen • Hubungan dan kaitan dengan syarikat-syarikat lain • Latar belakang pendidikan dan pengalaman profesional • Jenis-jenis produk yang dicadangkan Sumber: www.min.com.my 6 • Ringgit Salah satu tabiat yang sering menjadi kebiasaan adalah membiarkan suis televisyen dan decoder berada dalam mod ‘standby’ apabila tidak digunakan. Dekoder yang berada dalam mod ‘standby’ ini menggunakan antara 85% – 90% tenaga elektrik. Bayangkan berapa banyak tenaga elektrik yang dibazirkan sekiranya ia tidak ditutup sepanjang malam atau 24 jam sehari. Pemilihan perkakas-perkakas elektrik yang dilabelkan sebagai cekap tenaga menerusi ‘Star Rating’ juga dapat membantu anda mengurangkan bil elektrik. Antara peralatan-peralatan alternatif yang kurang menggunakan tenaga elektrik adalah TV yang menggunakan monitor LCD, cerek elektrik berbanding cerek yang dimasak menggunakan gas dan lampu kalimantang berbanding lampu mentol bulat. Penjimatan elektrik juga dapat membantu anda mengurangkan penggunaan bahan api fosil, yang seterusnya membawa kepada pengurangan pelepasan karbon dioksida. Malah ia juga dapat membantu pengguna menjimatkan wang melalui penurunan bil elektrik. Audit Tenaga Bagaimana pengguna ingin melakukan penjimatan elektrik melalui penurunan bil elektrik? Jawapannya ialah dengan melakukan Audit Tenaga. Audit Tenaga merupakan kajian terhadap penggunaan tenaga dan kemudiannya mengenal pasti peluang penjimatan tenaga. Jika di rumah, ia boleh dianggap sebagai satu pemeriksaan bagaimana tenaga digunakan atau dikurangkan. Cara untuk mengira penggunaan tenaga di rumah (Audit Tenaga): a) Penggunaan elektrik untuk satu peralatan (Watt) x 1jam/1000=kWj (unit tenaga) b) kWj x tarif TNB = RM (kos untuk satu hari untuk peralatan tersebut) c) RM x 30 hari = Kos tenaga untuk sebulan Contoh: TV : 300Watt Tarif TNB = RM0.218/1kWj a) 300Watt x 1jam/1000 = 0.3kWj b) 0.3kWj x 0.218 = RM0.06 c) RM0.06 x 30 = RM1.80 Jika menonton TV selama satu jam sehari, kos tenaga untuk sebulan = RM1.80 Jika 5 jam, bersamaan dengan RM1.80 = RM9.00 Jimat Bil Elektrik Dengan Melakukan Audit Tenaga Bayangkan berapa banyak tenaga elektrik yang dibazirkan sekiranya ia tidak ditutup sepanjang malam atau 24 jam sehari. Ringgit • 7 Senaraikan semua peralatan elektrik di rumah: Peralatan TV Penyaman udara Seterika Penggunaan Tenaga 300 Watt 950 Watt 1000 Watt Masa penggunaan sehari 1 jam 8 jam 1 jam Kos untuk satu hari (RM) 0.06 7.60 1 Jumlah kWj (sebulan) 9 228 30 Kos untuk sebulan (RM) 1.80 52.80 6.54 Jumlah 267 kWj *Dengan jadual di atas, anda boleh membezakan peralatan yang paling banyak menggunakan tenaga. Cara kira bil elektrik: Jumlah kWj dalam sebulan = 267kWj 1) 200kWj pertama = RM0.218/kWj 200kWj x RM0.218 = RM43.6 2) 100kWj seterusnya = RM0.334/kWj 67kwj x RM0.33 = RM22.11 Jumlah: RM43.6 + RM22.11 = RM65.71 Kategori Tarif A - Tarif Domestik Januari 2014 Kadar Semasa ( 1 Jun 2011) Kadar Baru Penggunaan 200 kWh pertama (1 - 200 kWh) sebulan 21.80 sen/ kWh 21.80 sen/ kWh Penggunaan 100 kWh seterusnya (201 - 300 kWh) sebulan 33.40 sen/ kWh 33.40 sen/ kWh Penggunaan 100 kWh seterusnya (301 - 400 kWh) sebulan 40.00 sen/ kWh 51.60 sen/ kWh Penggunaan 100kWh seterusnya (401 - 500 kWh) sebulan 40.20 sen/ kWh Penggunaan 100 kWh seterusnya (501 - 600 kWh) sebulan 41.60 sen/ kWh Penggunaan 100 kWh seterusnya (601 - 700 kWh) sebulan 42.60 sen/ kWh 54.60 sen/ kWh Penggunaan 100 kWh seterusnya (701 - 800 kWh) sebulan 43.70 sen/ kWh Penggunaan 100 kWh seterusnya (801 - 900 kWh) sebulan 45.30 sen/ kWh Penggunaan kWh (901 kWh ke atas) sebulan 45.40 sen/ kWh 57.10 sen/ kWh Jumlah kadar minimum sebulan ialah RM3.00 Jadual tarif elektrik terkini daripada laman web Tenaga Nasional Berhad. Kelebihan Audit Tenaga Audit Tenaga dilakukan untuk mencari peluang bagi mengurangkan jumlah penggunaan tenaga secara bijaksana. Audit Tenaga juga menyediakan maklumat penting mengenai jumlah, di mana dan bagaimana tenaga digunakan setiap hari. Antara kelebihan melakukan Audit Tenaga adalah: a) Menjadikan rumah lebih cekap tenaga. b) Menjimatkan wang dan bil elektrik. c) Membantu mengurangkan perubahan iklim melalui pengurangan pengeluaran ‘jejak karbon’ anda. Sumber: FOMCA 8 • Ringgit Penjamin sering menjadi mangsa apabila peminjam gagal membuat bayaran balik pinjaman yang dibuat dengan institusi kewangan. Penjamin dibahagikan kepada dua, iaitu penjamin korporat dan penjamin sosial. Penjamin sosial adalah orang biasa yang menjalani kehidupan biasa. Kebiasaannya, mereka menjadi penjamin untuk menolong ahli keluarga sendiri atau kawan mereka bagi membeli kereta, rumah atau biasiswa tanpa mempunyai kepentingan kewangan. Seseorang penjamin sosial akan dipertanggungjawab- kan ke atas liabiliti peminjam mengikut syarat-syarat yang terkandung di dalam dokumen jaminan. Apa yang kerap berlaku ialah penjamin sewenang- wenangnya menandatangani kontrak jaminan tanpa menyedari sepenuhnya implikasi masa hadapan. Mereka beranggapan bahawa tanggungjawab mereka hanya sekadar menandatangani dokumen pinjaman bagi menolong peminjam untuk mendapatkan pinjaman. Oleh itu, amalan membaca dan memahami kontrak jaminan sebelum menandatanganinya adalah amat penting bagi bakal penjamin. Penjamin juga tidak boleh berprasangka baik bahawa peminjam adalah seorang yang jujur dan akan melaksanakan tanggungjawabnya. Terdapat juga penjamin yang tidak tahu bahawa mereka telah dikenakan tindakan oleh institusi kewangan akibat kegagalan peminjam membuat pembayaran balik pinjaman. Penjamin tersebut mendakwa tidak menerima sebarang surat daripada institusi kewangan apabila tindakan undang-undang diambil seperti saman atau tindakan kebankrapan. Penjamin hanya mengetahui kedudukan mereka apabila permohonan pinjaman mereka tidak diluluskan disebabkan nama mereka disenaraikan oleh Agensi Rujukan Kredit seperti CTOS Sdn Bhd. Oleh itu, penjamin mungkin tidak dapat membeli rumah, kereta atau apa sahaja yang melibatkan pinjaman daripada institusi kewangan. Ada juga penjamin yang dianiaya oleh ahli keluarga tersendiri dan terpaksa membuat bayaran bagi mengelakkan tindakan undang-undang diambil terhadapnya. Sebagai seorang penjamin, anda berhak untuk mendapat maklumat mengenai baki tertunggak akaun peminjam dengan institusi kewangan tersebut tertakluk kepada keizinan peminjam. Jika mengetahui bahawa peminjam gagal membuat bayaran, penjamin berhak untuk meminta peminjam membuat pembayaran sebelum institusi kewangan mengambil tindakan undang-undang. Sebagai seorang penjamin, anda boleh diisytiharkan bankrap sekiranya peminjam tidak membayar balik pinjamannya jika hutang tersebut adalah bersamaan dengan ataupun melebihi RM30,000 seperti ditakrifkan di dalam Akta Kebankrapan 1967. Walau bagaimanapun, mengikut Akta tersebut, institusi kewangan perlu mengambil tindakan terhadap peminjam terlebih dahulu. Sekiranya gagal menghubungi peminjam, barulah tindakan boleh diambil ke atas penjamin sosial. Memandangkan penjamin akan dipertanggung- jawabkan ke atas liabiliti peminjam, penjamin harus berbincang dengan institusi kewangan untuk mengurangkan faedah pinjaman, mengetepikan caj pembayaran lambat atau untuk menstrukturkan pinjaman tersebut atas keupayaan penjamin. Sekiranya kedua-dua pihak gagal mencapai persetujuan, penjamin boleh mendapatkan perkhidmatan Agensi Kaunseling dan Pengurusan Kredit (AKPK) untuk menyediakan pelan penstrukturan / penjadualan semula pinjaman. Melalui perbincangan NCCC dan FOMCA bersama Jabatan Insolvensi Malaysia pada April baru-baru ini, dimaklumkan bahawa Akta Kebankrapan 1967 dalam proses pindaan. NCCC dan FOMCA mengharapkan pindaan ini dapat mengurangkan beban terhadap penjamin sosial. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected] Ruangan Bersama NCCC Nasib Penjamin Apabila Peminjam Gagal Menjelaskan Bayaran Ringgit • 9 Ruangan Masalah Kewangan Anda Pada bulan Januari yang lalu, ibu saya telah mendaftar untuk mengerjakan ibadat umrah dengan sebuah syarikat yang menganjurkan pakej umrah. Syarikat tersebut telah menawarkan pakej umrah yang berjumlah RM4,599 selama 12 hari. Pakej tersebut terdiri daripada tiket penerbangan, penginapan yang selesa, berhampiran dengan tempat ibadat serta makan dan minum. Apabila tiba waktunya, ibu saya mendapati penginapan / hotel yang dijanjikan sangat jauh, iaitu kira-kira 25 – 30 minit berjalan kaki. Manakala makanan yang disediakan hanya 1 kali sehari. Layanan yang diberikan oleh wakil pakej juga kurang memuaskan. Mohon nasihat tuan untuk masalah ini? Jawapan: Pengguna yang ingin mendaftarkan sebagai jemaah umrah lazimnya dinasihatkan supaya meneliti terlebih dahulu latar belakang ejen / syarikat yang menawarkan pakej tersebut bagi mengelakkan daripada sebarang permasalahan, seperti yang terjadi kepada ibu saudara. Jika pihak ejen melanggar perjanjian, ibu saudara dinasihatkan supaya membatalkan pakej tersebut. Ibu saudara tidak perlu risau kerana kesalahan terletak pada pihak ejen. Jadi pihak ejen tidak mempunyai alasan yang kukuh untuk mengenakan sebarang caj pembatalan, kecuali jika kegagalan tersebut berada di luar kawalan pihak ejen. Jika ejen berkeras untuk tidak memulangkan wang yang telah dibayar, ibu saudara boleh memfailkan tuntutan di Tribunal Tuntutan Pengguna atau memfailkan kes ini di mahkamah tuntutan kecil bagi jumlah tuntutan yang tidak melebihi RM5000. Jika syarikat tersebut sudah tidak lagi beroperasi, ibu saudara masih boleh memfailkan tuntutan terhadap pengarah syarikat tersebut. Maklumat mengenai pengarah boleh diperoleh daripada Suruhanjaya Penipuan Tawaran Pakej Umrah Syarikat Malaysia. Tuntutan ini boleh difailkan bersama jemaah-jemaah umrah yang lain melalui tindakan representasi. Jika ibu saudara memilih tindakan representasi, peguam perlu dilantik untuk memfailkan kes. Hal ini berbeza sedikit daripada mahkamah tuntutan kecil dan Tribunal Tuntutan Pengguna Malaysia kerana kedua-dua badan ini tidak memerlukan perlantikan peguam untuk memfailkan kes. Ibu saudara boleh memfailkan kes tersebut, dan saudara boleh menjadi saksi sekiranya saudara hadir sewaktu perjanjian tersebut dilakukan. Laporan kepada pihak polis hanya akan membawa kepada tindakan dari segi undang-undang jenayah dan hanya hukuman yang akan dijatuhkan. Lazimnya, hukuman tersebut tidak termasuk mengembalikan semula wang kepada pengguna yang telah ditipu. Justeru, sekiranya ibu saudara ingin mendapatkan semula wang pembayaran, tuntutan sivil seperti di atas perlu dilakukan. Anda dinasihatkan supaya lebih berhati-hati ketika memilih wakil ejen umrah kerana kes penipuan semakin meningkat dan agak sukar untuk dibendung. Justeru, langkah-langkah berikut disarankan supaya diambil kira terlebih dahulu sebelum mendaftar pakej umrah yang ditawarkan: 1. Lakukan semakan dengan Kementerian Pelancongan Malaysia mengenai syarikat yang menawarkan pakej umrah; 2. Melakukan carian syarikat di Suruhanjaya Syarikat Malaysia untuk mengetahui status dan aktiviti syarikat serta pegawai-pegawai yang terlibat dengan urusan syarikat; 3. Maklumat di internet juga boleh membantu dalam membuat keputusan; 4. Sebaik-baiknya berdaftar dengan ejen yang sudah lama beroperasi dan mempunyai rekod perkhidmatan yang baik; 5. Dapatkan maklumat terperinci tentang prosedur mengerjakan umrah, seperti permohonan visa, tempoh masa mengerjakan umrah, penginapan, jadual penerbangan pergi dan balik umrah oleh pihak ejen dan bandingkan dengan syarikat yang lain. Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] Ya, kos untuk Pindahan Wang Interbank GIRO (IBG) telah turun serendah 10 sen untuk setiap transaksi! Lakukan pindahan wang antara bank melalui internet atau telefon bimbit anda dengan mudah. Elakkan dari kesesakan lalu lintas dan beratur panjang. Mulakanlah amalan ini. PINDAHAN WANG 10 SEN IBG. PANTAS, BERPATUTAN, MUDAH Layari www.abm.org.my untuk maklumat lanjut. BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia tidak pernah meminta maklumat peribadi atau maklumat kewangan anda 2 Jika ada keraguan, sila hubungi Untuk menghantar pertanyaan atau aduan melalui SMS, taip dan hantar kepada BNM TANYA 1 5838 [pertanyaanl aduan anda] “@ www.bnm.gov.my Untuk maklumat lanjut, sila rujuk Amaran Penipuan Kewangan yang terdapat di laman sesawang Bank Negara Malaysia Bank Negara Malaysia 3 tidak pernah meminta sesiapa pun memindahkan wang ke dalam akaun pihak ketiga Bank Negara Malaysia tidak menyimpan wang orang ramai dalam mana-mana akaun BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] BNMLINK (Pusat Perkhidmatan Pelanggan) Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Date‘ Onn, 50480) atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang)
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17 Jun 2014
RINGGIT Newsletter (April 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-april-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed48+Apr+2014+v3.pdf
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Memilih Pakej Saringan Perubatan APRIL 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 4 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Pemeriksaan kesihatan secara berkala sama pentingnya seperti anda sentiasa memeriksa dan menyelenggara kereta anda. Anda perlu menjaga dan merawat tubuh badan anda dengan sempurna. Walaupun anda tidak mempunyai tanda-tanda penyakit, namun melakukan pemeriksaan kesihatan akan membantu anda menilai status semasa kesihatan badan anda. Pelbagai pilihan telah tersedia ada jika anda ingin membuat pemeriksaan. Anda perlu bijak dan membuat sedikit penyelidikan atas perkhidmatan yang ditawarkan. Ini disebabkan terdapat pelbagai cara yang berbeza dalam melakukan pemeriksaan. Anda perlu melakukan beberapa pemeriksaan badan, dengan kemudahan makmal yang terhad terdapat di hospital atau klinik, maka keupayaan untuk memeriksa anda secara yang menyeluruh juga terhad. Contohnya anda melakukan ujian darah, tetapi ujian tersebut belum tentu dapat mengesan kemungkinan anda menghidapi kanser. Inilah sebabnya mengapa anda perlu melihat pakej perubatan yang memberikan anda pelbagai ujian yang berbeza. Pemeriksaan kesihatan biasanya perlu dilakukan untuk seseorang yang diambil bekerja atau sebelum berkahwin. Namun begitu, langkah terbaik anda perlu menyemak jenis pakej perubatan dan kos terlibat sebelum menjalani pemeriksaan. Hospital dan Klinik Anda perlu memberikan perhatian bahawa anda tidak akan ditawarkan sebarang pakej saringan perubatan di hospital-hospital awam. Hospital- hospital awam tidak menawarkan ujian secara “walk-in”. Sekiranya anda Memilih Pakej Saringan Perubatan 2 • Ringgit masih ingin untuk membuat saringan kesihatan di klinik kerajaan untuk pemeriksaan asas perubatan, anda boleh berbuat demikian. Namun, untuk mendapatkan pemeriksaan kesihatan yang lebih lanjut, dengan peralatan hospital yang terhad, biasanya mereka akan memberi anda rujukan untuk membuat pemeriksaan lanjut. Kos untuk pemeriksaan kesihatan dianggarkan sekitar RM150 hingga RM200. Kebanyakan hospital swasta menawarkan pelbagai pakej perubatan. Namun begitu, jenis pakej yang ditawarkan adalah berbeza. Satu pakej perubatan pra-pekerjaan di hospital swasta dan klinik boleh dikenakan bayaran RM80. Manakala pemeriksaan kesihatan asas seperti pemeriksaan fizikal dan perundingan boleh dikenakan bayaran antara RM400- RM1200. Semua ini bergantung kepada perkhidmatan dan jenis pakej perubatan yang disediakan. Hospital Pakar Selain menjalani pemeriksaan saringan asas kesihatan di hospital swasta, anda juga boleh menjalani pemeriksaan yang lebih khusus, seperti yang disediakan di hospital pakar. Anda boleh menjalani ujian khas untuk jantung, sakit puan atau sakit tuan dan sebagainya. Kos rawatan bergantung kepada jenis ujian dan peralatan yang digunakan. Hospital pakar adalah tempat yang paling sesuai sekiranya anda ingin mendapatkan pakej saringan perubatan. Kebanyakan hospital pakar menawarkan pakej pemeriksaan yang asas, dan juga pemeriksaan yang lebih terperinci, yang melibatkan kos yang lebih mahal, seperti mengesan tumor di bahagian tertentu pada badan anda. Kadangkala, hospital pakar juga memberikan kadar tawaran istimewa bergantung kepada musim atau jenis insurans dan kad kredit anda. Ujian yang paling asas untuk pakej perubatan, antaranya x-ray dada, kiraan darah (full blood count), ujian fungsi hati dan sebagainya boleh dikenakan kos pemeriksaan antara RM250 hingga RM280. Jika pemeriksaan yang dijalankan untuk tumor, tiroid, kencing manis, mamogram, ultrasounds dan lain-lain, kos pemeriksaan tersebut boleh mencecah antara RM995 hingga RM1,700. Kebanyakan keputusan ujian saringan kesihatan boleh diperoleh dalam masa satu hari di hospital swasta, tetapi bagi ujian lain seperti ujian darah mungkin mengambil masa selama beberapa hari. Semua kos ini dimasukkan dalam satu pakej, termasuk khidmat rundingan dan keputusan ujian. Dapatkan pakej yang sesuai Terdapat pelbagai pakej perubatan di pasaran, seperti kesihatan wanita dan lelaki, pemeriksaan kesihatan pra-universiti, ujian alahan dan pemeriksaan gigi. Langkah yang terbaik sebelum mendapatkan pakej rawatan ialah dengan berbincang dengan doktor terlebih dahulu. Ini bagi menentukan pakej kesihatan yang diperlukan berdasarkan profil kesihatan anda. Kos juga bergantung kepada umur dan jantina anda. Biasanya wanita memerlukan pelbagai jenis ujian berbanding lelaki. Setiap hospital menawarkan pakej pemeriksaan kesihatan yang tersendiri. Anda perlu membuat semakan dengan beberapa klinik dan hospital untuk mendapatkan harga yang terbaik. Anda juga boleh menyemak dengan ejen insurans untuk mengetahui sama ada anda boleh mendapatkan diskaun tertentu untuk pemeriksaan. Semak juga jenis ujian yang akan anda jalani dan kenal pasti sejarah kesihatan keluarga anda ketika melakukan ujian. Sekiranya kewangan anda terhad, berbincang dengan profesional kesihatan sama ada anda boleh menjalani pemeriksaan kesihatan secara berperingkat - pemeriksaan dilakukan beberapa kali setahun. Pemeriksaan seperti ini lebih murah jika dibandingkan dengan pakej pemeriksaan secara penuh. Apa yang penting ialah, jika anda dapat mengesan penyakit dengan lebih awal, maka pelaburan anda akan mendatangkan pulangan beberapa kali ganda, bukan sahaja dari segi kewangan, tetapi juga anda dapat merawat penyakit tersebut ketika di peringkat awal lagi. Sumber: Artikel asal Michelle Brohier, dalam RinggitPlus.com Ringgit • 3 Bukan mudah untuk mencari kontraktor yang boleh dipercayai dan dapat melaksanakan kerja pembinaan atau pengubahsuaian rumah dengan baik. Jika anda tiada pengalaman dalam memilih kontraktor ini, cuba risik-risik dengan teman-teman atau jiran. Sebagai pengguna, anda dinasihatkan berhati-hati dalam membuat pemilihan kontraktor. Pengguna perlu memastikan kontraktor tersebut mempunyai lesen perniagaan yang sah dengan Suruhanjaya Syarikat dan berdaftar dengan Lembaga Pembangunan Industri Pembinaan (CIDB). Jika perlu, dapatkan maklumat daripada persatuan kontraktor. Pengguna juga dinasihatkan supaya menyelidik latar belakang kontraktor, kestabilan, kewangan dan insurans, Selain itu, pengguna juga mesti memastikan kontraktor tersebut mempunyai alamat urus niaga, sama ada pejabat atau rumah. Dalam pada itu, pengguna perlu mendapatkan kad perniagaan, bagi melihat butiran alamat agar dapat menghubungi serta mengetahui lokasi perniagaan mereka. Pengguna dinasihatkan agar mendapatkan sebut harga yang sesuai dengan bajet anda. Anda perlu meminta kontraktor tersebut untuk menyediakan secara bertulis dan terperinci, seperti sampel bahan, harga barang yang digunakan, upah pasang, termasuk juga kerja bagi setiap skop kerja binaan. Kos tambahan/luar perlu ditanggung oleh pemilik. Untuk mendapatkan harga yang berpatutan, pemilik perlu berbincang dengan kontraktor. Buat soal selidik mengenai kontraktor binaan yang mempunyai rekod kerja yang baik, walaupun baru menyiapkan 2 atau 3 projek binaan yang kecil atau sederhana seperti tambahan atau ubah suai rumah. Kontraktor yang hanya membuat kerja ubah suai rumah atau kerja kecil, belum tentu boleh membina rumah banglo dengan baik berdasarkan pengalaman. Semak rekod prestasi kerja kontraktor, sama ada dapat menyiapkan kerja dalam masa yang dipersetuju atau lebih awal dengan kualiti, seperti mempunyai jadual kerja yang jelas dan juga mempunyai laporan prestasi yang lengkap. Jika kontraktor mempunyai etika kerja yang jujur, pengguna tiada masalah untuk menghubungi kontraktor tersebut untuk mengetahui status kerja mereka. Pengguna juga perlu membuat satu surat perjanjian rasmi disertakan dengan pengesahan tandatangan kedua-dua pihak mengenai perincian tugas atau skop kerja dalam kontrak ini untuk mengelakkan masalah pecah kontrak. Kaedah dan cara pembayaran yang lebih selamat ialah mengikut pencapaian kemajuan kerja. Sebagai pemilik, dapatkan jaminan pengembalian wang atau perkhidmatan pembaikan untuk kerosakan selepas rumah disiapkan. Sumber: Pusat Khidmat Aduan Pengguna Nasional (NCCC) AWAS! Jangan Terperdaya Dengan Kontraktor 4 • Ringgit Apa itu Kebankrapan Individu? Kebankrapan merupakan satu proses undang- undang yang seorang penghutang itu diisytiharkan sebagai ‘bankrap’ lanjutan daripada suatu perintah yang dikeluarkan oleh Mahkamah Tinggi terhadap penghutang tersebut atas kegagalan atau ketidakupayaan untuk membayar hutang sekurang- kurangnya RM30,000.00. Permohonan kepada mahkamah boleh dibuat oleh pemiutang mahupun penghutang itu sendiri. Bagi permohonan yang dibuat oleh penghutang sendiri, tiada had untuk nilai hutang. Seorang bankrap hendaklah melaporkan segala harta dan tanggungannya kepada Ketua Pengarah Insolvensi (KPI) untuk ditadbir. Harta orang yang bankrap akan ditadbir bagi membantu mereka keluar daripada kebankrapan. Selain itu, orang yang bankrap juga akan dikenakan beberapa sekatan seperti tidak dibenarkan untuk ke luar negara, memegang jawatan-jawatan tertentu, seperti pengarah atau pengurus atau melibatkan kewangan sesebuah syarikat / perniagaan dan mengendalikan perniagaan persendirian (sole proprietorship) atau perkongsian (partnership). Walau bagaimanapun, sekatan-sekatan tersebut boleh dikecualikan sekiranya orang yang bankrap membuat permohonan kepada KPI dan diberi kebenaran oleh KPI. Bankrap yang ingin bekerja dengan mana- mana syarikat milik suami atau isteri, individu yang mempunyai pertalian darah dengan suami atau isteri dan adik beradiknya atau adik-beradik (ipar) suami / isteri (ipar) juga perlu mendapatkan kebenaran KPI. Namun, status kebankrapan bukanlah gelaran yang harus disandang seumur hidup oleh individu berkenaan. Terdapat tiga (3) cara untuk seseorang bankrap keluar daripada kebankrapannya iaitu Pembatalan melalui Mahkamah, Pelepasan melalui Mahkamah dan Pelepasan melalui Sijil KPI. Kaedah penamatan kebankrapan dengan cara mendapatkan Pembatalan atau Pelepasan melalui Mahkamah melibatkan pemfailan permohonan oleh orang yang bankrap ke Mahkamah, manakala penamatan kebankrapan dengan mendapatkan Pelepasan melalui Sijil KPI hanya melibatkan pemfailan permohonan kepada KPI. KPI mempunyai kuasa budi bicara untuk melepaskan orang yang bankrap dengan mengambil kira kriteria tertentu, khususnya kerjasama yang diberikan bankrap kepada KPI dalam pentadbiran kes kebankrapan beliau. Walau bagaimanapun, keputusan KPI untuk melepaskan orang yang bankrap melalui Sijil KPI tertakluk kepada bantahan pemiutang dan keputusan mahkamah sekiranya pihak pemiutang memfailkan permohonan kepada mahkamah untuk menghalang KPI daripada mengeluarkan Sijil Pelepasan KPI kepada orang yang bankrap. Kebankrapan Individu Seorang bankrap hendaklah melaporkan segala harta dan tanggungannya kepada Ketua Pengarah Insolvensi (KPI) untuk ditadbir. Ringgit • 5 Penerangan (1) Pada sesi proses temu kenal maklumat-maklumat seperti berikut akan direkodkan: (a) Maklumat peribadi (spt: alamat terkini, pekerjaan bankrap, taraf akademik bankrap) (b) Maklumat tempat tinggal (spt: pengesahan kediaman) (c) Maklumat keluarga (taraf perkahwinan, maklumat pasangan, tanggungan) (d) Maklumat pekerjaan (e) Maklumat kebankrapan (f) Sebab-sebab berhutang (g) Cadangan penyelesaian hutang (2) PHE perlu diserahkan dalam tempoh 7 hari bagi petisyen penghutang (permohonan oleh bankrap) dan 21 hari bagi petisyen pemiutang (permohonan oleh pemiutang) dari tarikh perintah kebankrapan. Orang yang bankrap perlu mengisytiharkan dengan jujur dan telus segala aset dan tanggungan dalam PHE. (3) Orang yang bankrap hendaklah memfailkan penyata pendapatan dan perbelanjaan, setiap 6 bulan sekali bermula daripada tarikh kebankrapan. Penyata tersebut hendaklah mengandungi akaun bagi semua wang dan harta yang diperoleh dalam tempoh 6 bulan terdahulu. (4) Orang yang bankrap perlu sentiasa mengemas kini maklumat-maklumat seperti berikut: (a) sekiranya terdapat pertukaran alamat; (b) maklumat pekerjaan seperti gaji,bonus, elaun dan lain-lain; (c) sebarang aset yang dimiliki selepas tarikh kebankrapan, seperti mewarisi harta pusaka, polisi insurans wang di bank dan lain-lain. Untuk pertanyaan lanjut dan aduan, sila e-melkan kepada [email protected] atau hubungi di talian 03-8885 1288. Sumber: Jabatan Insolvensi Malaysia (MdI) CARTA ALIRAN TINDAKAN BANKRAP SELEPAS PERINTAH PENERIMAAN DAN PERINTAH PENGHUKUMAN DIREKODKAN 6 • Ringgit Sekiranya anda berhasrat untuk melabur atau telahpun melabur dan tidak mahu rugi dalam pelaburan anda, maka anda perlu membaca artikel ini. “Berapakah jumlah wang dan kerugian yang mampu saya tanggung?” Ini adalah soalan yang perlu ditanya oleh setiap pelabur sebelum melabur. Mengapa? Ini disebabkan oleh keputusan anda untuk melabur itu akan membabitkan pengambilan risiko. Anda berkemungkinan kehilangan sebahagian atau semua wang yang anda laburkan. Sebenarnya, produk pelaburan yang berbeza mempunyai tahap risiko yang berlainan. Hakikatnya mudah sahaja – lebih tinggi potensi ganjaran yang ditawarkan oleh sesuatu produk pelaburan, maka lebih tinggi pula risikonya. Sebaliknya, jika risiko bagi sesuatu produk pelaburan itu rendah, maka ganjarannya juga rendah. “Tetapi, bolehkah saya melabur tanpa mengalami sebarang kerugian?” Jawapannya mudah – Tidak Boleh. Ini disebabkan walau apa pun yang anda lakukan dengan wang anda, maka anda tetap terdedah kepada risiko. Anda boleh menyimpan wang di bawah tilam tetapi risikonya ialah anda mungkin kehilangan wang itu jika berlalu kebakaran atau kecurian. Jika anda menyimpan wang dalam bank, kadar faedahnya mungkin tidak cukup tinggi untuk menampung kadar inflasi. Ini menyebabkan kuasa beli anda semakin berkurangan pada masa akan datang. Jika anda melaburkan wang dalam sesuatu produk pelaburan pula, anda berhadapan dengan pelbagai risiko pelaburan yang berkaitan dengan produk tersebut. Menangani risiko pelaburan Sebagai pelabur, anda tidak boleh menghapuskan terus risiko yang dihadapi. Walau bagaimanapun, risiko pelaburan tidaklah seteruk mana sekiranya anda tahu menanganinya supaya risiko itu boleh membawa kebaikan kepada anda. Langkah pertama ialah menentukan berapa banyak risiko yang anda mampu hadapi. Membuat keputusan pelaburan berpandukan pelaburan yang telah dibuat oleh rakan-rakan atau saudara-mara bukanlah cara yang baik untuk menguruskan risiko. Ini disebabkan setiap individu mempunyai kesediaan menghadapi tahap risiko yang berbeza. Ada yang bersedia mengalami kerugian yang lebih banyak berbanding anda. Untuk mengetahui berapa banyak risiko yang anda mampu hadapi, ikutilah petua mudah ini: Jika anda tidur tak lena dan mandi tak basah selepas membeli sesuatu produk pelaburan, ia bermakna pelaburan itu terlalu berisiko untuk anda. Satu cara lagi untuk menangani risiko ialah melalui teknik `pempelbagaian’ atau diversification. Ia bermaksud anda tidak seharusnya melaburkan semua wang anda dalam satu produk pelaburan sahaja. Anda perlu mempelbagaikan pilihan produk- produk pelaburan anda. Jika anda melaburkan semua wang dalam satu jenis pelaburan sahaja (contohnya saham), anda boleh kehilangan semua wang itu jika nilai saham itu jatuh. Bagi meminimumkan risiko pelaburan, sebaik-baiknya ialah dengan mempelbagaikan produk pelaburan anda, iaitu dengan melaburkan duit anda dalam beberapa produk pelaburan, contohnya dalam saham, deposit tetap, dana unit amanah atau hartanah. Pempelbagaian bertujuan untuk mencampurkan pelaburan yang berisiko tinggi dengan pelaburan Bolehkah Saya Melabur Tanpa Mengalami Sebarang Kerugian? Ringgit • 7 yang berisiko rendah supaya kerugian dalam sesuatu pelaburan yang tidak membawa keuntungan dapat ditampung oleh keuntungan daripada pelaburan yang lain. Katakan anda melabur dalam saham, unit amanah dan hartanah. Sekiranya pelaburan dalam saham anda mendatangkan kerugian, dengan pempelbagaian anda mungkin dapat menampung kerugian tadi dengan mengaut keuntungan daripada pelaburan unit amanah dan hartanah. Oleh itu, bukan sahaja anda dapat meminimumkan risiko pelaburan anda, tetapi pada masa yang sama, anda juga dapat memaksimumkan purata pulangan daripada pelaburan tersebut. Walau bagaimanapun, jangan pula mempelbagaikan pelaburan secara keterlaluan kerana melaburkan terlalu sedikit wang dalam sesuatu pelaburan boleh mengurangkan pulangan daripada pelaburan itu. Menguji ketahanan anda terhadap risiko Setiap orang mempunyai ketahanan yang berbeza terhadap risiko. Sesetengah pelabur tahan menghadapi risiko pelaburan yang tinggi, manakala sebahagian yang lain tidak mempunyai ketahanan yang sama. Ketahanan seseorang terhadap risiko mungkin berubah mengikut peringkat kehidupannya. Mereka yang bersedia mengambil risiko pelaburan yang tinggi ketika muda dan bujang, mungkin kurang bersedia menghadapi risiko yang sama setelah berusia dan mempunyai keluarga. Bagi menentukan ketahanan anda terhadap risiko, tanya diri anda sendiri beberapa soalan mudah seperti berikut: Siapakah anda? a) Saya dalam pertengahan umur dan hampir bersara. b) Saya masih muda dan perjalanan hidup saya masih jauh. Berapa banyak wang simpanan yang anda ada? a) Pendapatan saya hanya cuma cukup untuk membayar bil dan tinggal sedikit baki untuk disimpan. b) Saya mempunyai sejumlah wang yang agak banyak untuk disimpan setiap bulan. Apakah komitmen kewangan yang anda ada? a) Saya mempunyai senarai komitmen yang panjang. b) Saya tidak mempunyai banyak komitmen. Berapa lama anda boleh membiarkan sesuatu pelaburan? a) Saya boleh menunggu asalkan pelaburan itu memberikan keuntungan yang baik dan berterusan. b) Saya mahu mendapat keuntungan secepat mungkin. Apakah yang anda harapkan apabila anda berhenti melabur? a) Saya mahu sekurang-kurangnya jumlah yang sama yang telah saya laburkan. b) Saya mahu keuntungan sebanyak mana yang boleh. Jika kebanyakan jawapan anda ialah A, pelaburan yang berisiko tinggi mungkin tidak sesuai untuk anda. Anda lebih sesuai melabur dalam produk yang boleh memberikan pulangan yang munasabah dan berterusan. Pada masa yang sama, ia akan memelihara modal asal anda. Jika kebanyakan jawapan anda ialah B, anda mungkin boleh menghadapi pelaburan yang berisiko tinggi. Walau bagaimanapun, keupayaan menangani risiko sahaja tidak mencukupi. Anda juga perlu sentiasa meningkatkan pengetahuan mengenai pelaburan dan mengawasi pelaburan anda. Elakkan diri daripada terperangkap dalam usaha untuk mendapat keuntungan cepat tanpa mengetahui risiko yang bakal dihadapi! Sumber: Suruhanjaya Sekuriti Malaysia 8 • Ringgit Akta Perlindungan Pengguna dan hak asas pengguna menyatakan bahawa pengguna mempunyai hak untuk membuat tuntutan sekiranya berlaku sebarang perkara yang mencabuli hak mereka. Namun begitu, terdapat sesetengah pengguna gagal untuk mempertahan hak mereka kerana kekurangan bukti untuk mengukuhkan aduan mereka. NCCC sering menerima aduan yang menunjukkan bahawa hak pengadu telah dicabuli, namun tindakan sukar diambil kerana bukti yang diperoleh tidak cukup untuk menyokong aduan tersebut. Justeru itu, penting bagi pengguna untuk menyimpan setiap bukti transaksi, seperti surat perjanjian, resit pembelian, slip pembayaran dan lain-lain. Pengguna juga dinasihatkan supaya bertegas untuk mendapatkan salinan dokumen/bukti bagi tujuan simpanan mereka sebagai persediaan sekiranya tuntutan akan dilakukan kelak. Bagi transaksi yang melibatkan pembayaran wang, pengguna disarankan supaya menyimpan slip-slip bayaran yang telah dibuat. Ini bagi mengelakkan penjual daripada mengatakan bahawa tiada bayaran yang dibuat dan kemudian menyenaraihitamkan nama pengguna walaupun pada hakikatnya bayaran telah dibuat. NCCC menerima aduan tentang pengguna yang telah menerima maklumat atau persetujuan yang tidak terkandung di dalam terma dan syarat pembelian. Dalam situasi begini, pengguna dinasihatkan supaya meminta wakil penjual tersebut menulis perkara yang tidak dinyatakan di dalam kontrak tersebut di atas lampiran dokumen yang baru. Persetujuan itu juga perlu ditandatangani oleh wakil tersebut. Perkara ini sangat penting kerana, penjual perlu mengotakan janji yang diberikan oleh wakil mereka semasa transaksi komersial yang dibuat dengan pengguna. Ini bermakna akan terdapat dua jenis dokumen, iaitu perjanjian asal dan perjanjian tambahan. Saksi juga memainkan peranan yang penting sewaktu proses perbincangan dilakukan. Apabila tiada dokumen sampingan direkodkan, saksi boleh digunakan untuk menyokong kehadiran perkara- perkara yang tidak dinyatakan di dalam perjanjian, lebih-lebih lagi jika tuntutan tersebut memerlukan proses mahkamah. Selain itu, perakam suara juga boleh digunakan jika tiada saksi turut hadir sewaktu perbincangan tersebut dijalankan. Kesimpulannya, bukti atau rekod merupakan bahan utama yang diperlukan apabila tuntutan dibuat kerana ia dapat memudahkan proses tebus rugi. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Kepentingan Surat Perjanjian untuk Membuat Tebus Rugi Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Ringgit • 9 Ruangan Masalah Kewangan Anda Hobi saya adalah suka membeli belah. Masalah utama saya ialah apabila membeli belah, saya suka menggunakan kad kredit. Kad kredit saya menawarkan tawaran harga diskaun di kedai-kedai terpilih dan boleh mendapat semula rebat dalam bentuk wang tunai. Dengan gaji bulanan saya RM6,000 sebulan, saya merasakan tiada masalah untuk saya menggunakan kad kredit. Secara purata dalam sebulan, saya membelanjakan sebanyak RM2,000. Kadangkala saya juga terlebih belanja sehingga RM3,000. Hal ini merisaukan saya. Saya juga mempunyai komitmen lain seperti bayaran bulanan kereta sebanyak RM1,100 sebulan dan rumah sewa, bil utiliti, streamyx, bil telefon bimbit sebanyak RM1,000 sebulan. Adakah hobi dan sikap saya akan menggelapkan masa hadapan saya? Saya juga berhasrat untuk membeli rumah idaman suatu hari nanti. Apakah cadangan tuan mengenai hal ini? Perlukah saya bertukar kepada kad debit? Dan apakah dengan kad debit ini akan menyekat hobi saya? Terima kasih. Jawapan: Kad kredit atau kad debit, kedua-duanya merupakan alat pembayaran tanpa tunai. Ini adalah kemudahan pembayaran secara elektronik dan kurang risikonya kerana anda tidak perlu membawa wang tunai yang banyak ketika hendak membeli belah. Bezanya antara kad kredit dengan kad debit ialah kad kredit membenarkan anda (dengan bahasa kasar) ‘berhutang’ jika anda memilih untuk tidak membayar secara penuh semasa menerima penyata bulanan atau membuat pilihan untuk hanya membayar ‘bayaran minimum 5%’ sahaja. Manakala kad debit pula, ia tidak mempunyai sebarang unsur kemudahan ‘kredit’ dan sebaliknya keupayaan maksimum anda berbelanja terhad kepada baki wang yang ada di dalam akaun simpanan anda. Sebaik sahaja anda menggunakan kad debit, sama ada untuk membeli barangan atau membayar perkhidmatan, jumlahnya akan terus di ‘debit’ atau ditolak daripada akaun simpanan anda. Jika anda menggunakan kad kredit dan membayar secara penuh pada setiap bulan, anda sebenarnya menggunakan kad kredit anda sebagai kad caj, satu instrumen hampir sama dengan ciri-ciri kad kredit dan juga sama dengan prinsip asas penggunaan kad debit kerana anda harus membayar secara penuh apabila mendapat penyata bulanan anda dan tidak ada kemudahan bayaran minimum. Persoalannya ialah, apabila anda menggunakan kad kredit (tidak kira berapa yang anda belanja setiap bulan, berapa diskaun atau rebat yang diterima) adakah anda membayar baki belum jelas anda secara minimum atau secara penuh? Jika anda memilih untuk membayar secara minimum 5% setiap bulan, anda sebenarnya telah mula bermain dengan api. Awas! Ini adalah perangkap kad kredit kerana anda akan mengambil masa yang lama untuk melangsaikan hutang kad kredit anda dan anda akan dikenakan caj kewangan yang agak tinggi, iaitu pada kadar 18% setahun! Cara berbelanja dan persiapan untuk mencapai matlamat kewangan anda pada masa hadapan adalah di tangan anda. Jika anda risau tentang masa hadapan anda atau risau tentang kenaikan kos hidup, maka anda perlu mula mengawal perbelanjaan anda. Anda juga perlu mula membina tabungan yang mencukupi untuk memudahkan anda mencapai hasrat dan cita-cita anda, bagi membantu anda mengharungi keadaan di luar jangkaan. Kad Kredit vs. Kad Debit 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] Ya, kos untuk Pindahan Wang Interbank GIRO (IBG) telah turun serendah 10 sen untuk setiap transaksi! Lakukan pindahan wang antara bank melalui internet atau telefon bimbit anda dengan mudah. Elakkan dari kesesakan lalu lintas dan beratur panjang. Mulakanlah amalan ini. PINDAHAN WANG 10 SEN IBG. PANTAS, BERPATUTAN, MUDAH Layari www.abm.org.my untuk maklumat lanjut. BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia tidak pernah meminta maklumat peribadi atau maklumat kewangan anda 2 Jika ada keraguan, sila hubungi Untuk menghantar pertanyaan atau aduan melalui SMS, taip dan hantar kepada BNM TANYA 1 5838 [pertanyaanl aduan anda] “@ www.bnm.gov.my Untuk maklumat lanjut, sila rujuk Amaran Penipuan Kewangan yang terdapat di laman sesawang Bank Negara Malaysia Bank Negara Malaysia 3 tidak pernah meminta sesiapa pun memindahkan wang ke dalam akaun pihak ketiga Bank Negara Malaysia tidak menyimpan wang orang ramai dalam mana-mana akaun BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] BNMLINK (Pusat Perkhidmatan Pelanggan) Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Date‘ Onn, 50480) atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang)
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02 Jun 2014
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 147th Meeting
https://www.bnm.gov.my/-/sac-147th-meeting
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Reading: The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 147th Meeting Share: The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 147th Meeting Release Date: 02 Jun 2014 The Shariah Advisory Council of Bank Negara Malaysia (SAC) held its 147th meeting on 27 May 2014. The meeting among others, discussed issues arising from Shariah Standard on Wadi`ah and Hibah. Click here to read more. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
22 May 2014
RINGGIT Newsletter (March 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-march-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed47+Mac+2014+v10.pdf
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Skim Pelaburan Internet Haram: Lindungi Diri Anda MAC 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 3 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Kemampuan untuk memperoleh atau mendapatkan pengesahan dalam talian dengan mudah telah menyebabkan dunia Internet menjadi salah satu punca besar skim pelaburan tidak sah. Malah, ia telah menjadikan dunia Internet sebagai tempat berbahaya untuk pelabur yang kurang peka dan mudah terpedaya. Lebih teruk lagi, saban hari skim pelaburan tidak sah menjadi semakin rumit dan sukar dikesan. Ini menyebabkan pelabur yang berpengalaman pun turut ditipu juga. Berikut adalah ciri-ciri umum skim pelaburan internet yang tidak sah: • Pemilik skim ini, yang mengaku diri sebagai ‘pakar pelaburan’, akan mendakwa syarikat mereka mempunyai ‘rekod prestasi cemerlang’ dan memberikan testimonial daripada ‘pelanggan’ demi meyakinkan pelabur. Mereka juga akan menawarkan pulangan yang lebih tinggi berbanding kadar pasaran dan membuat jaminan bahawa skim tersebut mempunyai risiko rendah atau tiada risiko langsung. • Pemilik skim mempunyai identiti, yang pada mulanya nampak seakan-akan benar, tetapi tidak dapat disahkan. • Bila disoal, kebanyakan pengendali skim pelaburan tidak sah akan berkata bahawa skim mereka beroperasi di luar negara dan tidak memerlukan lesen daripada pengawal selia di Malaysia, atau mengaku mereka sudahpun mempunyai lesen yang sepatutnya Skim Pelaburan Internet Haram: Lindungi Diri Anda 2 • Ringgit daripada pihak berkuasa. Malah, ada pengendali skim yang berkeras bahawa aktiviti mereka tidak memerlukan lesen. • Mereka akan menyarankan untuk membeli / menjual saham tertentu dan khidmat nasihat mereka dihantar kepada pelanggan melalui e-mel atau khidmat pesanan ringkas (SMS), laman sesawang yang dilindungi kata laluan rahsia serta pertemuan peribadi. • Pengendali skim ini juga akan mengiklankan perkhidmatan mereka melalui e-mel secara rawak serta pesanan-pesanan yang ditinggalkan di papan kenyataan dan forum atas talian. • Laman sesawang mereka direka khas untuk menyerupai perniagaan sah dan mungkin dilengkapi dengan harga saham masa nyata (real-time), ulasan pasaran, berita serta pautan ke laman sesawang kewangan yang lain. • Sesetengah laman-laman sesawang ini memberi perkhidmatan percuma, seperti tutorial asas pasaran modal, e-buku serta laluan ke bilik bual (chatroom) dan papan buletin. • Mangsa biasanya terpedaya apabila pengendali skim memberikan pulangan yang tinggi pada mulanya. Taktik ini digunakan untuk menjerat dan merekrut pelabur baru. • Jangka hayat skim pelaburan ini bergantung kepada pengambilan pelabur baru. Dana yang diperoleh daripada pelabur baru akan digunakan untuk membayar dividen kepada pelabur sedia ada. Skim pelaburan ini akan gagal sekiranya tiada pelabur baru. • Akan tetapi, pengendali skim pelaburan tidak sah ini akhirnya akan melarikan diri dengan wang yang dikumpul, apabila dia berasa suatu yang tidak kena akan terjadi, dan sekali gus menyebabkan pelabur mengalami kerugian. Berhati-hati jika diberikan tawaran pelaburan dalam talian yang mempunyai ciri-ciri seperti di atas! Pastikan anda merujuk kepada pihak berkuasa yang berkaitan terlebih dahulu sebelum menyerahkan wang titik peluh anda. APA YANG PERLU ANDA LAKUKAN: Sebenarnya tidak sukar untuk melindungi diri apabila ditawarkan peluang melabur dalam skim pelaburan Internet! Ingat: • Jika ia sangat sukar dipercayai, kemungkinan besar ia adalah penipuan; • Berurusan hanya dengan institusi kewangan dan ejen yang berdaftar serta berlesen (rujuk laman sesawang Suruhanjaya Sekuriti dan Bank Negara Malaysia untuk senarai lengkap); • Minta maklumat penting – Tanya soalan berikut: jika anda mengirim e-mel kepada syarikat itu, adakah ia akan dijawab? Adakah terdapat alamat syarikat tertera di laman sesawang dan bahan- bahan promosi? Adakah syarikat pelaburan itu menggunakan nombor akaun bank yang jarang ditemui atau sukar dikesan? Adakah syarikat tersebut benar-benar wujud?; • Awas perangkap testimonial – Kebiasaannya testimonial akan bermain dengan emosi dan rasa tamak; menggunakan cara yang sama, iaitu pelanggan ‘A’ sangat gembira dengan pelaburannya dan mahukan anda melabur secepat mungkin, melabur dengan syarikat mereka akan mengubah hidup anda, rakan dan keluarga mereka juga mengaut keuntungan daripada pelaburan tersebut, dan sebagainya; • Rujuk kepada pihak berkuasa yang berkaitan sebelum melabur atau membayar wang pendahuluan. Antara pihak berkuasa yang boleh membantu anda ialah Suruhanjaya Sekuriti, Bank Negara Malaysia, Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan, CyberSecurity Malaysia, Suruhanjaya Syarikat Malaysia dan lain-lain; • Jangan melabur dalam keadaan tertekan atau tergesa-gesa; ambil masa anda untuk berfikir dan bertanya dengan pihak berkuasa yang berkaitan terlebih dahulu. Menyesal dahulu pendapatan, menyesal kemudian tiada gunanya. • Sentiasa was-was jika tawaran pelaburan hanya ... bersambung ke muka 7 Ringgit • 3 Pada bulan Mac 2013, Bank Negara Malaysia (BNM) mengumumkan tentang strategi penentuan harga baharu untuk perkhidmatan pembayaran bagi menangani perbezaan harga antara instrumen pembayaran elektronik (e-pembayaran) dengan instrumen pembayaran berasaskan kertas. Di bawah strategi penentuan harga yang baharu ini, fi untuk urus niaga Sistem GIRO Antara Bank (Interbank GIRO, IBG) yang dilakukan melalui Internet dan perbankan mudah alih dihadkan kepada 10 sen berkuat kuasa pada 2 Mei 2013, berbanding dengan kira-kira RM2 sebelum ini, manakala fi baharu untuk memproses cek sebanyak 50 sen akan dikenakan berkuat kuasa 1 April 2014. Sejak pelaksanaan strategi penentuan harga baharu, urus niaga IBG menunjukkan perkembangan yang menggalakkan. Kadar penumbuhan bulanan meningkat tiga kali ganda kepada 6% atau 10 juta urus niaga dari bulan Mei hingga bulan Disember 2013, berbanding dengan 2% atau 6 juta urus niaga dalam tempoh 8 bulan sebelumnya. Cek yang dikeluarkan juga menurun dengan kadar yang lebih cepat sebanyak -3.3% atau 6.7 juta keping cek pada tahun 2013, berbanding dengan hanya -0.5% atau 1 juta keping cek pada tahun 2012. Meskipun perkembangan ini adalah menggalakkan, namun keperluan asas e-pembayaran perlu disediakan bagi memudahkan penerimaan e-pembayaran secara menyeluruh, terutamanya oleh agensi Kerajaan peringkat persekutuan dan negeri di seluruh Malaysia. Bagi membolehkan entiti-entiti ini menyediakan peranti yang diperlukan, fi memproses cek sebanyak 50 sen hanya akan berkuat kuasa 2 Januari 2015. Institusi perbankan juga akan mempergiat usaha untuk menyediakan panduan dan insentif yang sewajarnya kepada pelanggan bagi mempercepat penggunaan e-pembayaran. Sumber: Bank Negara Malaysia Penentuan Harga Baharu bagi Cek akan berkuat kuasa 2 Januari 2015 4 • Ringgit Kemudahan kewangan merupakan pemangkin kepada usaha membangunkan usahawan terutama mereka yang berkecimpung dalam perusahaan kecil dan sederhana (PKS). Untuk melahirkan lebih ramai usahawan di negara ini, berbagai usaha telah diwujudkan oleh kerajaan dan agensi yang terlibat bagi membantu sektor PKS mengembangkan perniagaan mereka. Walaupun terdapat pelbagai skim pembiayaan yang disediakan oleh kementerian dan agensi kerajaan, namun masih ada rungutan di kalangan usahawan tentang kesukaran mendapatkan bantuan kewangan untuk modal pusingan. Kekurangan modal perniagaan ini selalunya lebih ketara di kalangan usahawan yang baru menceburi bidang perniagaan. Penilaian Permohonan Pembiayaan melalui 5K Tahukah anda, proses untuk mendapatkan pembiayaan perniagaan melibatkan pertimbangan beberapa faktor oleh pihak bank sebelum meluluskannya? Institusi kewangan perlu menilai permohonan pembiayaan dengan teliti untuk menentukan keupayaan kredit pemohon bagi pembayaran balik pembiayaan. Beberapa aspek yang perlu dinilai terlebih dahulu oleh pihak bank sebelum meluluskan sesuatu permohonan pembiayaan iaitu melalui penilaian 5K (karektor, kapasiti / keupayaan, kapital / modal, keadaan dan kolateral / cagaran). 1. Karektor – Karektor seseorang peminjam dinilai melalui pengetahuan dan pengalaman dalam mengendalikan sesebuah perniagaan atau projek; 2. Kapasiti / Keupayaan – Kemampuan untuk membayar dan mengurus hutang baru; 3. Kapital / Modal – Kapital atau modal merujuk kepada kedudukan dan prestasi kewangan, sumber modal kerja, atau kecukupan komitmen kewangan seperti dana pemegang saham dan pendahuluan daripada pengarah; 4. Keadaan – Keadaan merujuk kepada daya saing perniagaan, model operasi perniagaan serta pelan perancangan untuk mengatasi cabaran-cabaran perniagaan, ekonomi dan kewangan; dan 5. Kolateral / Cagaran – Cagaran yang ditawarkan membolehkan pihak bank untuk mengimbangi kelemahan yang terdapat di faktor-faktor lain. Masalah Kewangan (financial distress) ‘Masalah kewangan’ boleh ditakrifkan apabila peminjam menghadapi masalah kewangan dan tidak dapat mematuhi jadual pembayaran balik pembiayaan. Kebanyakan PKS di Malaysia bergantung kepada sumber pembiayaan bagi mengembangkan perniagaan dan untuk mengatasi masalah kekurangan modal. Terdapat beberapa organisasi yang terlibat dalam penyediaan bantuan kewangan dan khidmat Panduan Berkaitan Pembiayaan Perniagaan – Apa yang anda perlu tahu? Ringgit • 5 nasihat berkaitan pembiayaan, antaranya: o Pusat Khidmat Nasihat PKS serta Unit Pemulihan Pinjaman PKS oleh institusi kewangan; o Pusat Rujukan Setempat (ORC) yang dikendalikan oleh SME Corporation Malaysia (SME Corp); o Skim Penyelesaian Pinjaman Kecil (SPPK) oleh Bank Negara Malaysia; dan o Agensi Kaunseling dan Pengurusan Kredit (AKPK) bermanfaat kepada individu dan golongan usahawan mikro. Apakah Skim Penyelesaian Pinjaman Kecil dan Fungsinya? Skim Penyelesaian Pinjaman Kecil atau “Small Debt Resolu- tion Scheme” (SDRS), adalah bantuan pe- nyusunan atau pen- jadualan semula pem- biayaan yang dise- lia oleh Sekretariat Jawatankuasa Penye- lesaian Pinjaman Kecil (SDRC) di Bank Neg- ara Malaysia (BNM). Objektif utama bantuan di bawah SDRS adalah untuk membantu PKS yang menghadapi ma- salah kewangan berpunca dari pembiayaan yang terjejas (impaired financing) dengan pelbagai institusi kewangan di bawah kawal selia BNM. Mekanisma SDRS SDRS memudahkan proses penyusunan atau penjadualan semula pembayaran balik kemudahan pembiayaan perniagaan. Sekiranya layak, bantuan di bawah SDRS juga menawarkan PKS pembiayaan baharu oleh institusi kewangan terbabit melalui dana dan skim bantuan kepada PKS yang ditubuhkan oleh BNM. Pembiayaan baharu yang ditawarkan adalah untuk perkembangan dan seterusnya memulihkan perniagaan tertakluk kepada penilaian teliti oleh pihak institusi kewangan yang terlibat. Objektif utama SDRS adalah untuk membantu PKS yang mempunyai masalah pembayaran balik pembiayaan dengan institusi kewangan supaya PKS dapat mencari jalan penyelesaian berhubung pembiayaan yang terjejas terutama sebelum tindakan undang-undang diambil oleh pihak bank terbabit. PKS adalah disarankan untuk berbincang dan mencari jalan penyelesaian dengan institusi kewangan terbabit untuk menyusun semula pembayaran balik pembiayaan perniagaan sebelum mendapatkan bantuan di bawah SDRS. Institusi kewangan sentiasa menyediakan peluang untuk PKS berbincang dan mencari jalan penyelesaian apabila berhadapan dengan kesukaran untuk mematuhi obligasi pembayaran balik pembiayaan mengikut terma yang ditetapkan. Apakah Syarat-syarat untuk Memohon SDRS? • Syarikat adalah milik warganegara Malaysia (pemilikan sekurang-kurangnya 51%) dan institusi dalam semua sektor yang berdaftar di bawah Akta Syarikat 1965, Akta Pendaftaran Perniagaan 1956, Akta Pertubuhan 1966 atau Akta Pertubuhan Koperasi 1993; • PKS yang mempunyai bilangan pekerja sepenuh masa tidak melebihi 200 orang atau jualan tahunan tidak melebihi RM50 juta; • PKS berdaya maju yang menghadapi masalah pembiayaan terjejas (impaired financing); • PKS yang mempunyai masalah kewangan berikutan pembiayaan daripada pelbagai institusi kewangan; • Pembiayaan adalah berkaitan dengan perniagaan sahaja ( t idak termasuk pembiayaan untuk pembelian saham dan peribadi); dan • Perniagaan mestilah masih beroperasi. Semenjak penubuhan SDRS pada 2003, skim ini telah membantu lebih 880 PKS melibatkan jumlah pembiayaan sebanyak RM944.3 juta dengan lebih 72% permohonan telah berjaya dibantu setakat akhir Mac 2014. Lebih daripada 50% PKS yang dibantu telah berjaya memulihkan kedudukan kewangan serta prestasi perniagaan malahan terdapat PKS yang berupaya mendapatkan pembiayaan baharu untuk mengembangkan lagi perniagaan. 6 • Ringgit diberikan secara lisan dan bukan dalam bentuk bertulis. Minta untuk melihat sebanyak mungkin dokumen mengenai produk pelaburan itu supaya anda boleh menentukan kesahihan tawaran pelaburan itu; dan • Sekiranya anda telah melabur dalam skim itu, simpan semua rekod pelaburan dan perhubungan yang ada. Ia mungkin boleh digunakan pada kemudian hari bagi tujuan laporan kepada pihak berkuasa. PERLINDUNGAN TAMBAHAN Memandangkan dunia Internet merupakan rangkaian global yang amat luas, sudah pasti pengendali skim pelaburan tidak sah juga mempunyai pengkalan di luar negara. Berbekalkan teknologi yang lebih maju, mereka juga pasti menggunakan kaedah penipuan yang lebih maju dan canggih. Oleh itu, anda disarankan supaya merujuk kepada pihak berkuasa di luar negara dengan melayari laman sesawang, seperti www.hksfc.org.hk (Hong Kong), www.fsa.com (UK), www.asic.gov.au (Australia), www.mas.gov.sg (Singapura), www.sec.gov (US) dan lain-lain untuk mengetahui skim-skim pelaburan tidak sah yang terbaharu serta cara- cara melindungi diri anda. KESIMPULAN Dalam membanteras skim pelaburan tidak sah, ilmu, maklumat dan pertimbangan akal adalah ‘perisai’ terkuat untuk melindungi diri. Kadangkala, agak sukar untuk membezakan antara pelaburan yang sah dan tidak sah di Internet. Namun dengan mengambil langkah- langkah yang dinyatakan di atas, kemungkinan besar anda boleh mengenal pasti pelaburan yang sah dan dan tidak sah. Sebelum membuat apa-apa tindakan, pastikan syarikat itu mempunyai lesen dan berdaftar dengan pihak berkuasa yang berkaitan. © Securities Industry Development Corporation 2010. Untuk mendapatkan panduan pelaburan bijak, layari laman sesawang Pelabur Malaysia (www.min.com.my). sambungan dari muka 3 ..... Bagaimana untuk Memohon? Borang SDRS boleh didapati di: l Semua Institusi Kewangan Peserta (IKP) q Bank perdagangan q Bank-bank Islam q Institusi Kewangan Pembangunan t Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat) t Bank Pembangunan Malaysia Berhad t Bank Pertanian Malaysia Berhad (Agrobank) t Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) t Export-Import Bank of Malaysia Berhad (EXIM Bank) t Bank Simpanan Nasional (BSN) l Sekretariat Jawatankuasa Penyelesaian Pinjaman Kecil (SDRC) l Laman sesawang: www.smeinfo.com.my Borang pe rmohonan yang l engkap d i i s i berserta dokumen-dokumen yang diperlukan hendaklah dikemukakan terus kepada IKP yang menyelenggarakan akaun pembiayaan tersebut atau boleh dikemukakan di BNM serta pejabat cawangan BNM yang berkenaan. Untuk maklumat lanjut, sila hubungi : BNMTELELINK di talian 1-300-88-5465 Faksimili : 03-2174 1515 E-mel : [email protected] Sumber: Jabatan Kewangan Pembangunan dan Enterpris, Bank Negara Malaysia. Ringgit • 7 Ahli KWSP yang layak dibenar mengeluarkan simpanan dalam Akaun 2 mereka untuk menunaikan haji. Inisiatif ini telah diperkenalkan pada tahun 2013 setelah kerajaan mengumumkan pada pembentangan Bajet 2013 pada 28 September 2012. Pengeluaran Haji bertujuan untuk menampung perbelanjaan asas mengerjakan Haji dan bukannya keseluruhan kos perbelanjaan Haji. Rasionalnya, untuk memastikan pengeluaran yang dibuat tidak menjejaskan simpanan persaraan ahli. Syarat-syarat Pengeluaran Ahli KWSP yang layak adalah seperti berikut:- i) Ahli KWSP berumur kurang 55 tahun dan telah menerima surat tawaran berstatus “TERPILIH” untuk mengerjakan Haji daripada Lembaga Tabung Haji (LTH); ii) Ahli belum cukup simpanan di LTH bagi tujuan mengerjakan Haji; iii) Kelayakan Amaun Pengeluaran: Perbezaan jumlah kos Haji dengan baki simpanan akaun LTH ahli tertakluk kepada amaun maksimum RM 3,000.00 atau baki Akaun 2 (mengikut mana yang lebih rendah); iv) Bayaran pengeluaran dibayar secara terus ke dalam akaun ahli di LTH; v) Kelayakan pengeluaran sekali sahaja; dan vi) Pengembalian amaun pengeluaran: a) S e k i r a n y a a h l i m e m b a t a l k a n / menangguhkan pemergian Haji, maka ahli perlu mengembalikan semula amaun pengeluaran kepada KWSP dan tindakan pemulihan akaun akan dibuat. b) Sekiranya berlaku kematian ahli selepas pengeluaran dibuat, waris ahli tidak perlu mengembalikan amaun tersebut kepada KWSP kerana telah menjadi harta pusaka dan tuntutan oleh waris tertakluk kepada prosedur semasa LTH. Kos mengerjakan Haji yang ditetapkan oleh LTH bergantung kepada kos sebenar mengikut musim Haji. Sebagai contoh, anggaran kos yang perlu dibiayai sendiri oleh bakal Haji bagi musim Haji 1435H (2014M) adalah RM9,980. Sementara itu, Jemaah Haji adalah bakal Haji yang berdaftar dengan LTH dan telah menerima surat tawaran berstatus “TERPILIH” daripada LTH. Kaedah Pelaksanaan Ahli perlu hadir di mana-mana kaunter cawangan KWSP dengan membawa dokumen-dokumen asal berikut:- i) Kad Pengenalan Diri (MyKad / MyPR / KP Polis / KP Tentera) ii) Surat tawaran berstatus “TERPILIH” daripada LTH; dan iii) Buku akaun simpanan ahli di LTH (yang telah dikemas kini dalam tempoh 6 bulan) Ahli tidak perlu mengisi borang permohonan. Bagaimanapun, ahli diminta menurunkan Cap Ibu Jari di atas “Notis Permohonan Pengeluaran” sebagai bukti mengemukakan permohonan. Sebarang kemusykilan atau pertanyaan, sila hubungi Pusat Pengurusan Panggilan KWSP di talian 03-8922 6000. Sumber: Kumpulan Wang Simpanan Pekerja (KWSP) KWSP: Pengeluaran Haji 8 • Ringgit Pelaburan dalam sektor hartanah lazimnya memberikan pulangan yang lumayan kepada pemilik hartanah tersebut. Jadi tidak hairanlah apabila ramai pemilik rumah yang menjual rumah mereka pada harga yang lebih tinggi atau menyewakan rumah mereka kepada pihak lain bagi mendapatkan pulangan wang. Namun begitu, terdapat juga pemilik rumah yang terpaksa menanggung kerugian apabila mereka menyewakan rumah kepada orang lain. Pemilik rumah dinasihatkan supaya memilih penyewa dengan teliti bagi mengelakkan permasalahan yang mungkin dihadapi pada masa hadapan. Ini disebabkan banyak aduan yang diterima oleh Pusat Khidmat Aduan Pengguna Nasional (NCCC) tentang pengguna yang menyewakan rumah kepada pihak ketiga, yang berkaitan dengan tunggakan bil utiliti, iaitu bil air dan elektrik yang mencecah ribuan ringgit yang tidak dijelaskan oleh penyewa. Apabila pemilik rumah mendapati bahawa bil utiliti sudah lama tertunggak, kesalahan diletakkan kepada pihak pembekal perkhidmatan kerana tidak memotong bekalan dengan secepat mungkin. Namun begitu, tidak sewajarnya bagi pengguna untuk meletakkan kesalahan seratus peratus ke atas pembekal perkhidmatan. Pengguna juga perlu mengambil langkah awal bagi mengelakkan kejadian ini berlaku. Pengguna juga dinasihatkan supaya sentiasa memantau rekod bil utiliti bagi rumah yang disewakan untuk memastikan bahawa penyewa membayar bil- bil tanpa sebarang kegagalan. Untuk memantau bil elektrik, pengguna boleh memohon supaya salinan bil semasa dihantar kepada alamat kediaman mereka, selain bil asal dihantar ke rumah yang disewakan. Pengguna juga dinasihatkan supaya memanfaat kemudahan yang disediakan oleh pihak pembekal perkhidmatan, seperti kemudahan aplikasi telefon pintar, contohnya “myTNB”. Selain itu, pengguna boleh membuat semakan melalui laman sesawang pembekal perkhidmatan. Pengguna perlu mendaftar akaun atas nama terlebih dahulu dan boleh melakukan semakan pada bila-bila masa sahaja. Tidak lupa juga, semakan melalui panggilan kepada khidmat bantuan pelanggan boleh dijadikan salah satu saluran semakan. Akta berkaitan air dan elektrik membenarkan pembekal perkhidmatan untuk memotong bekalan jika terdapat tunggakan. Namun akta ini tidak mewajibkan mereka untuk memotong bekalan jika terdapat tunggakan. Maka agak sukar untuk pengguna menegaskan bahawa tunggakan yang tinggi tidak perlu dibayar berdasarkan tanggapan bahawa pembekal perkhidmatan telah cuai kerana tidak memotong bekalan apabila tunggakan telah berlaku. Harus diingatkan bahawa akta hanya memperuntukkan bahawa pembekal perkhidmatan mempunyai hak untuk memotong bekalan dengan syarat notis diberikan terlebih dahulu. Kesimpulannya, pengguna harus lebih berhati-hati dan peka dengan hak dan tanggungjawab mereka. Jika terdapat sebarang tunggakan, maka pemilik rumah perlu meminta supaya penyewa menjelaskan tunggakan tersebut dengan segera. Jika penyewa berdegil, pemilik rumah boleh meminta pembekal perkhidmatan untuk memotong bekalan ke premis tersebut. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Bil Utiliti bagi Rumah yang Disewakan Ringgit • 9 Ruangan Masalah Kewangan Anda Baru-baru ini saya telah melayari laman sesawang yang menawarkan harga menarik bagi produk pakaian. Harga yang ditawarkan diberikan diskaun antara 30% hingga 70% bergantung kepada jenama dan dicatatkan tarikh promosi. Saya telah membuat pesanan secara atas talian untuk tiga helai pakaian dengan harga RM259. Saya dimaklumkan bahawa produk tersebut akan dihantar dan mengambil masa tujuh hari. Produk yang dipesan itu sampai seperti yang dijanjikan. Namun ukuran yang dipamerkan atau diiklankan tidak sama dengan ukuran yang saya terima. Warna pudar dan kain juga nipis. Apabila saya memakainya, saya berasa kurang selesa. Adakah terdapat penyelesaian terhadap masalah ini? Saya telah cuba menghubungi syarikat berkenaan, tetapi pihak syarikat melengah-lengahkan aduan saya. Mohon pandangan tuan. Jawapan: Pengguna boleh mempertahan hak mereka untuk mendapatkan barangan seperti yang dipilih sewaktu urusan pembelian dilakukan, lebih-lebih lagi apabila pembelian tersebut dibuat berdasarkan deskripsi atau iklan yang dikeluarkan oleh penjual. Mengikut Akta Jualan Barangan 1957 dan juga Akta Perlindungan Pengguna 1999, Pindaan 2010, penjual wajib menyerahkan barangan yang sama seperti yang diminta oleh pembeli, kecuali jika penjual sudah memberitahu tentang perbezaan barangan dan pengguna masih lagi bersetuju untuk menerima barang tersebut. Dalam hal ini, tuntutan tidak boleh dibuat selepas itu. Ciri-ciri yang perlu diperhatikan semasa anda ingin membuat pembelian atas talian adalah seperti berikut:- a) Pastikan laman sesawang dinyatakan dengan lengkap butiran seperti alamat syarikat, nombor telefon dan maklumat untuk dihubungi. b) Disarankan agar anda membeli daripada syarikat yang mendaftar. c) Membandingkan harga yang dijual di pasaran. d) Melihat ulasan daripada pelanggan terhadap perkhidmatan syarikat tersebut. Dalam kes ini, anda mempunyai hak untuk menolak pakaian yang dihantar dan menuntut pemulangan wang semula berdasarkan bahawa ukuran baju yang dihantar adalah berbeza dengan ukuran baju yang diiklankan. Begitu juga, jika warna baju yang anda diterima adalah berlainan dan berbeza. Sekiranya syarikat tersebut jelas menyatakan di dalam iklan bahawa ton warna yang sebenar adalah lebih cerah / gelap daripada yang diiklankan, maka anda tidak boleh menggunakan alasan warna untuk mendapatkan ganti rugi kerana ia dinyatakan secara jelas. Jika penjual enggan memulangkan wang, anda boleh membuat tuntutan di Tribunal Tuntutan Pengguna Malaysia (TTPM), atau anda boleh mendapatkan khidmat nasihat daripada Pusat Khidmat Aduan Pengguna Nasional (NCCC) untuk mengetahui hak anda berkenaan masalah tersebut. Kualiti produk belian atas talian Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] Ya, kos untuk Pindahan Wang IBG telah turun serendah 10 sen untuk setiap transaksi! Lakukan pindahan wang antara bank melalui internet atau telefon bimbit anda dengan mudah. Elakkan dari kesesakan lalu lintas dan beratur panjang. Mulakanlah amalan ini. PINDAHAN WANG 10 SEN IBG. PANTAS, BERPATUTAN, MUDAH Layari www.abm.org.my untuk maklumat lanjut. BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia tidak pernah meminta maklumat peribadi atau maklumat kewangan anda 2 Jika ada keraguan, sila hubungi Untuk menghantar pertanyaan atau aduan melalui SMS, taip dan hantar kepada BNM TANYA 1 5838 [pertanyaanl aduan anda] “@ www.bnm.gov.my Untuk maklumat lanjut, sila rujuk Amaran Penipuan Kewangan yang terdapat di laman sesawang Bank Negara Malaysia Bank Negara Malaysia 3 tidak pernah meminta sesiapa pun memindahkan wang ke dalam akaun pihak ketiga Bank Negara Malaysia tidak menyimpan wang orang ramai dalam mana-mana akaun BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] BNMLINK (Pusat Perkhidmatan Pelanggan) Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Date‘ Onn, 50480) atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang)
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07 May 2014
Beware! Don't be a scam victim
https://www.bnm.gov.my/-/beware-of-scam-07052014
https://www.bnm.gov.my/documents/20124/761697/bogus_call_alert.pdf, https://www.bnm.gov.my/documents/20124/761697/MO+Bogus+Call.pdf
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Reading: Beware! Don't be a scam victim Share: Beware! Don't be a scam victim Release Date: 07 May 2014 Caution on bogus calls and messages claiming to be from Bank Negara Malaysia, private bank, utility provider or an enforcement agency. It's a SCAM. Do not panic. Think straight. When in doubt, please call BNMTELELINK (Customer Service Call Centre) at 1300-88-5465. © 2024 Bank Negara Malaysia. All rights reserved.
NST Color BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Your credit card has been cloned... Someone has stolen your identity... Your account has been tampered... Don’t be a SCAM victim. CAUTION on BOGUS CALLS ancl MESSAGES claiming to be from Bank Negara Malaysia, private bank, utility provider or an enforcement agency. |t’s a SCAM. Do not panic. Think straight. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia never requests for your never asks anyone to never keeps the pub|ic’s personal or financial transfer money to any money in any account information 3rd party account BNMTELELINK (Customer Service Call Centre) “,;?;';';g°‘;§’;.. 1-300-88-5465 Fax: 03-2174 1515 Email: bnmte|e|[email protected] To submit and send to For more information please refer to the SMS enquiries BNM TANYA 15888 Financial Fraud Alert available on or complaints, [Your enqUi|'V/ Bank Negara Malaysia's website type ; complaint] *@ www.bnm.gov.my BNMLINK (Walk-in Customer Service Centre) Bank Negara Malaysia Kuala Lumpur (Block D, Jalan Dato' Onn) or visit BNMLINK branches in Bank Negara Malaysia: Johor Bahru, Penang, Kuala Terengganu, Kota Kinabalu and Kuching (Business hours are: Monday - Friday, 9:00 am - 5:00 pm) PERANGKAP HUTANG JULAI 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 0 7 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Santhosh Kannan Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Amalan menabung mempunyai banyak kebaikannya. Selain dapat menyediakan kewangan untuk masa hadapan, tabiat menabung yang diajar sejak kecil membantu mengelakkan pembaziran dan mencegah tabiat berhutang. Namun, amalan baik yang disemai sejak kecil itu tidak menjanjikan anda bebas daripada hutang. Ada sesetengah individu berhutang kerana mengambil mudah masalah berkenaan. Ia disebabkan mereka tahu ada banyak agensi mahupun pertubuhan bukan kerajaan (NGO) yang bersedia membantu menyelesaikan masalah hutang yang dihadapi. Ada orang berhutang kerana mahu menunjuk-nunjuk dan tidak kurang juga disebabkan terpaksa untuk memenuhi tuntutan hidup. Namun sedarkah anda, berhutang bukan saja membebankan diri sendiri malah ia juga boleh mengganggu perasaan jika jumlah hutang yang dipinjam agak besar dan sukar dilunaskan dalam tempoh ditetapkan. Perangkap Hutang 2 • Ringgit Perancangan kewangan yang lemah dan tabiat berbelanja yang tidak mengikut kemampuan merupakan faktor utama bertambahnya bebanan hutang serta ketidakupayaan membayar balik pinjaman. Bukan hanya golongan dewasa, ada juga generasi muda yang terjebak dalam kancah hutang termasuklah mereka yang baru menjengah dunia pekerjaan. Untuk mengetahui lebih lanjut mengenai isu hutang, ikuti sesi soal jawab bersama Ketua Cawangan Agensi Kaunseling dan Pengurusan Kredit (AKPK) Johor, Mohd Nasir Mustafa. Soalan (S): Mengapa kebanyakan kita gemar berhutang walaupun untuk membeli barangan yang tidak penting? Jawapan (J): Mereka yang berhutang biasanya disebabkan oleh lima perkara iaitu personaliti, pengaruh persekitaran, promosi, pujian dan perasaan serta ‘pokai’. 1. Personaliti Tabiat semula jadi yang suka berhutang. Ia menjadi kebiasaan kepada individu berkenaan apatah lagi jika sering melihat ibu bapa, adik- beradik dan saudara-maranya yang berhutang untuk memenuhi kehendak diri. 2. Pengaruh persekitaran Rakan sebaya dan juga persekitaran atau situasi di sekeliling mereka menjadikan hutang sebagai gaya hidup. Keadaan bertambah buruk jika ada rakan yang turut memberi galakan berhutang bagi membeli barangan dikehendaki seperti kereta, kononnya untuk memastikan diri sama taraf dengan kerjaya masing-masing. 3. Promosi Sesetengah institusi kewangan dan syarikat tertentu menyasarkan golongan muda dan berkerjaya sebagai pelanggan. Promosi secara besar-besaran dijalankan bagi menarik perhatian golongan muda membeli menggunakan kad kredit atau cara berhutang yang lain. Pelbagai taktik digunakan oleh jurujual dalam merencanakan promosi ini sebagai strategi menarik golongan muda menggunakan kad kredit. 4. Pujian dan perasaan Darah muda, memang suka pujian dan terdorong untuk kelihatan anggun, cantik serta bergaya selaras dengan usia muda dan kerjaya. Disebabkan itu, eksekutif muda wanita dan lelaki berlumba-lumba membeli barangan berjenama yang bukan murah harganya. Bagi mereka, ‘biar papa asal bergaya’ bagi menjaga penampilan untuk kekal menarik. Akhirnya, individu yang suka berbelanja tanpa mengikut kemampuan terjebak di dalam kancah hutang yang serius. 5. Kehabisan wang atau ‘pokai’ Disebabkan kehendak hati untuk nampak mewah, mereka sanggup berhutang walaupun menyedari diri kurang berkemampuan. Bertambah teruk apabila jumlah gaji yang diperoleh setiap bulan tidak mencukupi. Untuk menyelesaikan masalah hutang yang ditanggung, wujud gejala ‘gali lubang, tutup lubang’, iaitu mencipta hutang baru untuk membayar hutang lama. Tidak salah memilih gaya hidup yang dikehendaki, tetapi ukurlah baju di badan sendiri, jalan mana yang hendak anda lalui sama ada jalan menuju kebahagiaan atau kesengsaraan. Namun begitu, ada juga mereka ini yang berhutang disebabkan terpaksa seperti ditimpa kemalangan, membayar perubatan diri serta keluarga, bencana alam dan sebagainya. Ringgit • 3 S: Apakah jenis hutang yang biasa menghantui golongan muda? J: Ada dua jenis pinjaman iaitu bercagar dan tidak bercagar. Pinjaman bercagar adalah pinjaman kenderaan atau sewa beli kereta dan pinjaman perumahan. Pinjaman tidak bercagar seperti kad kredit dan pinjaman peribadi. Kebanyakan hutang dalam kalangan generasi muda adalah pinjaman tidak bercagar. Mengikut statistik Jabatan Insolvensi Malaysia, pinjaman sewa beli adalah penyumbang terbesar kepada kadar kebankrapan. S: Bagaimanakah cara pengurusan hutang yang betul? J: Cara atau kaedah berhutang yang betul ialah dengan membuat hutang yang produktif. Misalnya, hutang untuk melanjutkan pelajaran, membeli rumah atau hartanah dan modal perniagaan. Jumlah yang dipinjam juga sangat penting bagi memastikan seseorang itu mampu membuat bayaran balik. Penghutang disarankan membuat bayaran ansuran pinjaman tidak melebihi 40 peratus daripada gaji bersih setiap bulan. Selain itu, pembayaran semula hutang mengikut jadual yang ditetapkan membantu mengelakkan penalti dan caj tambahan lain. Sekiranya anda menghadapi masalah dalam pembayaran balik pinjaman, segeralah berjumpa dengan institusi kewangan dan berbincang. Berdiam atau melarikan diri bukan satu penyelesaian yang baik. S: Bagaimana cara untuk mengelakkan diri daripada berhutang? J: Setiap individu tidak dapat mengelakkan diri daripada berhutang, bezanya adalah alasan untuk berhutang. Jika anda bijak dalam menguruskan hutang pasti ia tidak memberi kesan negatif kepada diri sendiri dan keluarga. Sebaiknya, anda perlu bijak membezakan keperluan dan kehendak, merancang pembelian serta elakkan pembelian secara mendadak. Amalkan gaya hidup sederhana dan sentiasa beringat untuk menabung sebahagian daripada pendapatan bagi menghadapi situasi kecemasan seperti sakit, hilang pekerjaan dan sebagainya. S: Apakah peranan AKPK bagi membantu generasi muda mendapatkan ilmu mengenai pengurusan kewangan dengan lebih mendalam? J: AKPK ada membuat program khusus bagi mendekati golongan muda dan menerapkan pengetahuan peng- urusan kewangan. Antaranya: • Program POWER! – P e n g u r u s a n w a n g r i n g g i t golongan dewasa muda. • Modul Pengurusan Kewangan Peribadi yang diluluskan oleh Agensi Kelayakan Malaysia / Malaysian Qualifications Agency (MQA) sebagai salah satu mata pelajaran elektif yang ditawarkan kepada pelajar. • Program pengurusan kewangan berhemat melalui modul Program Latihan Khidmat Negara (PLKN). • Menawarkan sesi kaunseling kewangan bagi mendapatkan khidmat nasihat. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK), artikel ini disiarkan di Harian Metro, 27 Jun 2014 4 • Ringgit Terdapat pelbagai pelan insurans yang ditawarkan di pasaran pada hari ini. Anda boleh menginsuranskan pelbagai perkara dari aset fizikal seperti kereta sehingga organ seperti pankreas. Terbaru, anda juga boleh menginsuranskan kucing kesayangan anda. Namun begitu, perkara yang menjadi kebiasaan adalah insurans gadai janji, yang lebih dikenali sebagai insurans pinjaman rumah. Apakah tujuan anda menginsuranskan pinjaman rumah? Biasanya insurans tersebut akan membayar pinjaman sekiranya berlaku kematian atau hilang upaya kekal kepada pembeli rumah. Syarikat insurans tidak mempertimbang tuntutan insurans sekiranya anda mengguna alasan hidup anda tidak bernasib baik, diberhentikan kerja atau malas bekerja. Insurans ini bertujuan untuk melindungi keluarga anda daripada mengalami masalah rumah yang ditarik balik oleh pihak pemberi kredit apabila anda meninggal dunia. Terdapat dua jenis insurans gadai janji, iaitu Insurans Bertempoh Gadai Janji Berkurangan (Mortgage Reducing Term Assurance, MRTA) dan Insurans Bertempoh Gadai Janji Bertahap (Mortgage Level Term Assurance, MLTA). MRTA vs MLTA Bagi memulakan perbincangan tentang kedua-dua jenis insurans ini, kami menyediakan carta yang mudah bagi menunjukkan perbezaan di antara kedua-dua jenis insurans tersebut. Walaupun tujuan insurans tersebut adalah sama, namun anda akan dapat melihat perbezaannya. Adakah saya memerlukan insurans gadai janji? Untuk menjawab soalan ini pasti rumit. Adakah anda memerlukan insurans hayat? Adakah anda memerlukan insurans kemalangan diri? Ramai yang tidak mengendahkan perkara ini, cuma apabila berlaku kejadian seperti hilang upaya kekal atau kematian, maka barulah mereka benar-benar melihat kepentingan mempunyai insurans gadai janji. Apabila anda meninggal, orang yang disayangi perlu meneruskan bayaran pinjaman atau jika keadaan mendesak, terpaksa menjual rumah untuk membayar balik pinjaman. Penyelesaian terbaik adalah membayar pinjaman perumahan tersebut sepenuhnya sebelum meninggal. Namun begitu, realiti sebenarnya kehidupan tidak seperti yang dirancangkan. Tiada siapa yang tahu apa akan berlaku esok? Insurans adalah bertujuan untuk melindungi anda apabila berlaku sesuatu bencana/ Bagaimana Anda Menginsuranskan Pinjaman Rumah: MRTA atau MLTA? MRTA MLTA Tujuan Perlindungan Perlindungan, Simpanan dan/atau nilai wang Perlindungan Menjelaskan pinjaman perumahan yang tertunggak mengikut kadar pinjaman secara menurun Menjelaskan pinjaman perumahan yang tertunggak mengikut kadar jumlah yang diinsuranskan Bayaran Bayaran premium tunggal dibuat secara tunai atau dibiayai di dalam pinjaman perumahan Dibayar secara berkala secara bulanan, suku tahunan, setengah tahun atau tahunan Jumlah premium Lebih rendah Lebih tinggi Penamaan Bank sebagai penerima Sesiapa sahaja boleh diletak sebagai penerima Pindah Milik Tidak Ya Sesuai untuk* Pembeli berhasrat untuk memiliki rumah untuk tempoh masa yang panjang Pembeli berhasrat untuk menjual rumah dalam tempoh yang pendek *Ia merupakan cadangan, anda harus memilih mana-mana insurans yang bersesuaian dengan keperluan anda. Insurans yang dipilih sepatutnya membuatkan anda berasa selesa sekiranya berlaku sebarang musibah atau bencana. Ringgit • 5 musibah. Oleh itu, adalah penting untuk mempunyai perlindungan insurans sebagai jaminan masa depan. Ejen hartanah sudah tentu akan menggalakkan anda untuk mengambil insurans. Kadangkala, dasar mereka hanya memastikan agar mendapat bayaran tanpa mengambil kira apa yang akan berlaku kepada anda. Namun, apabila diperkenal tentang kelebihan polisi insurans, dan gesaan yang mungkin membuat anda berasa bersalah jika tidak meninggalkan orang yang tersayang dalam keadaan tenang dan selesa, perlu diingat bahawa keputusan mutlak mengenai pembelian insurans adalah terletak di tangan anda. Adakah perlu membeli insurans gadai janji sebaik sahaja membeli rumah saya? Jawapan mudahnya ialah tidak perlu. Ejen insurans dan bank boleh menjual polisi insurans secara berasingan sekiranya anda tidak membelinya dalam masa yang sama anda membeli rumah. Tetapi harus diingat, apabila anda mengasingkan pembelian insurans gadai janji:- 1) Anda perlu membayar MRTA secara premium tunggal – adakah anda mampu membayar jumlah tersebut? Kebanyakan pengguna mengambil MRTA ketika membuat permohonan pinjaman perumahan dan premium insurans dimasukkan ke dalam pinjaman untuk membantu anda membayarnya secara bulanan. Sehubungan itu, anda perlu mempunyai wang yang mencukupi di tangan untuk membayar premium insurans tersebut, sekiranya anda memilih untuk membeli insurans secara berasingan. 2) Adakah tidak mempunyai sebarang insurans gadai janji membuatkan anda berasa lemah semangat? Sesetengah individu suka memiliki insurans dan jika tidak mempunyai polisi insurans walaupun dalam tempoh yang singkat, boleh menyebabkan mereka berasa gelisah. Jika anda jenis orang seperti ini, bolehkah anda hanya memiliki pinjaman perumahan, tetapi tidak memiliki insurans gadai janji? Sekiranya anda telah membuat keputusan, berikut adalah soalan seterusnya – yang mana satukah pilihan anda? Yang mana lebih baik? Terdapat dua perbezaan penting di antara MRTA dan MLTA yang perlu diberi perhatian. Pertama, MRTA akan membayar berdasarkan jumlah yang masih terhutang kepada bank dan MLTA akan membayar jumlah sebenar yang dipersetujui dalam polisi tidak kira berapa banyak jumlah yang anda berhutang (biasanya ia lebih tinggi daripada jumlah yang terhutang dan berdasarkan nilai atau harga belian harta tersebut). Perbezaan kedua adalah MRTA hanya memerlukan pembayaran premium secara tunggal manakala MLTA merupakan bayaran berulang secara tahunan. Dua perkara lagi yang boleh anda pertimbangkan: MLTA baik kerana anda bukan sahaja akan menerima jumlah yang anda perlu bayar balik kepada bank tetapi anda akan menerima jumlah tambahan sebagai nilai tunai. Namun, premium MLTA adalah bayaran secara berulang-ulang menyebabkan anda akan membayar jumlah premium yang lebih tinggi berbanding MRTA. Apabila mengambil kira jumlah pembayaran yang lebih tinggi, adakah jumlah ini memberi nilai kepada wang anda? Sebaliknya, MRTA baik sekiranya anda hanya mahu melindungi pinjaman perumahan anda. Walaupun nilai insurans gadai janji sangat minimum, namun ia tetap memberi anda perlindungan. MRTA merupakan pembayaran secara premium tunggal dan ia sangat mudah jika anda tidak mempunyai aliran wang tunai yang mencukupi untuk terus membayar premium setiap tahun. Anda perlu ingat bahawa MRTA tidak boleh dipindah milik - bermakna insurans anda terikat kepada rumah anda di sepanjang tempoh pembiayaan. Sekiranya anda memilih untuk menjual rumah tersebut, anda tidak boleh membawa polisi tersebut untuk melindungi harta seterusnya. Sebaliknya, MLTA membenarkan anda berbuat demikian, kerana polisi tersebut akan mengikut anda (sekiranya anda mahu). Dalam hal ini, yang mana satu pilihan terbaik adalah terletak di tangan anda. Sekiranya anda mahukan polisi secara minimum dan hanya untuk melindungi rumah anda, MRTA adalah pilihan anda. Tetapi sekiranya anda inginkan sesuatu yang lebih, MLTA akan menjadi pilihan yang lebih baik. Akhirnya, setiap polisi mempunyai keistimewaannya yang tersendiri. Anda tidak boleh menyatakan yang mana satukah lebih baik. Seperti kebiasaan, setelah memberikan anda maklumat mengenai ciri-ciri dan kelebihan sesuatu produk, pilihan terbaik tetap di tangan anda. Sumber: Artikel asal oleh Michelle Brohier diterjemah daripada Ringgitplus.com 6 • Ringgit Simpanan tetap atau lebih dikenali sebagai ‘FD’ (fixed deposit) di Malaysia, ialah sejenis simpanan di bank atau akaun pelaburan yang menjanjikan pelabur satu kadar faedah yang tetap. Sebagai balasan, pelabur bersetuju untuk tidak mengeluarkan dananya dalam jangka masa yang ditetapkan. Dalam pelaburan simpanan tetap, faedah hanya akan dibayar pada penghujung tempoh pelaburan. Ini berlainan dengan akaun simpanan biasa yang faedah dikira setiap hari dan selalunya dibayar pada hujung setiap bulan. Oleh kerana tempoh dan kadar faedah sudah ditetapkan, anda mudah mengira jumlah faedah yang bakal diperoleh pada hujung tempoh pelaburan simpanan tetap. Bagaimana simpanan tetap berfungsi Anda dibenarkan membuat penunaian awal sebelum tarikh matang sijil akaun simpanan tetap tetapi pembayaran faedah akan dikurangkan dan diselaraskan menurut terma-terma dan syarat-syarat akaun simpanan tetap. Tempoh simpanan tetap berbeza dari satu bulan sehingga lima tahun. Apabila anda melabur dalam pelaburan simpanan tetap, anda selalunya dikemukakan dengan tempoh berbeza atau opsyen jangka masa berbeza seperti satu bulan, tiga bulan, enam bulan, satu tahun dan sebagainya. Setiap tempoh atau jangka masa memberi kadar faedah yang berbeza. Contohnya, bank biasanya menyatakan kadar faedah simpanan tetap mereka dalam jadual seperti yang berikut:- Tempoh / Jangka Masa Kadar Faedah (% p.a.) 1 bulan 3.00 2 bulan 3.00 3 bulan 3.05 6 bulan 3.10 12 bulan 3.15 Ini bermakna jika anda pilih untuk melabur dalam simpanan tetap dengan tempoh 3 bulan, anda akan mendapat kadar faedah 3.05% setahun pada hujung tempoh 3 bulan tersebut. Apakah Simpanan Tetap? Bagaimana Simpanan Tetap Berfungsi? Ringgit • 7 Apa Yang Anda Perlu Tahu Walaupun ia mudah, sesetengah simpanan tetap menawarkan berbagai-bagai ciri. Berikut akan bincangkan sebahagian daripada ciri-ciri biasa yang anda akan dapati bila membuat perbandingan antara simpanan tetap yang ditawarkan oleh bank-bank di Malaysia. Kekerapan pembayaran faedah Ini merujuk kepada masa faedah atas simpanan tetap anda dikira dan dibayar. Opsyen yang paling biasa ialah pembayaran faedah pada tarikh matang (iaitu pada penghujung tempoh yang dipersetujui) untuk simpanan tetap jangka pendek, dan pembayaran faedah tahunan (iaitu setiap tahun) untuk simpanan tetap jangka panjang. Sesetengah opsyen biasa adalah: • Pembayaran tahunan: faedah dibayar pada hujung setiap tahun • Pembayaran separa-tahun: faedah dibayar pada hujung setiap enam bulan • Pembayaran suku tahunan: faedah dibayar pada hujung setiap empat bulan • Pembayaran dua minggu: faedah dibayar pada hujung setiap dua minggu • Pembayaran mingguan: faedah dibayar pada hujung setiap minggu • Pembayaran pada tarikh matang: faedah dibayar pada hujung tempoh simpanan tetap Kiraan faedah simpanan tetap Di Malaysia, bank selalunya menyebut kadar faedah tahunan bagi simpanan tetap. Contohnya, kadar faedah simpanan tetap 3 bulan akan disebut sebagai 3.05% p.a. (p.a. juga dikenali sebagai per annum atau setahun). Ini bermakna, untuk pelaburan berjumlah RM10,000, jumlah faedah atas pelaburan ini ialah: RM10,000 x 3.05% x (3 bulan/12 bulan) = RM76.25 Pelaburan atau pembaharuan automatik Sekiranya akaun simpanan tetap anda mempunyai kemudahan pelaburan atau pembaharuan automatik, bank akan melaburkan semula wang anda secara automatik (termasuk faedah yang diperoleh) ke dalam pelaburan simpanan tetap yang baru bila pelaburan lama sudah sampai tempoh matangnya. Pelaburan simpanan tetap yang baru ini akan dilaburkan untuk jangka masa yang sama, tetapi kadar faedahnya tidak semestinya sama dengan pelaburan sebelumnya. Anda dinasihatkan mencatat peringatan dalam diari anda untuk membandingkan kadar faedah simpanan tetap sebelum tempoh matang tiba. Untuk membatalkan opsyen pelaburan atau pembaharuan automatik, anda hanya perlu memberitahu bank sebelum sampai tempoh matang simpanan tetap anda. Artikel ini daripada iMoney.my, portal perbandingan kewangan di Malaysia. Lawati www.imoney.my untuk membanding simpanan tetap, pinjaman rumah, insurans kereta dan kad kredit yang terdapat di Malaysia. 8 • Ringgit Menurut Laporan Aduan Pusat Khidmat Aduan Pengguna Nasional (NCCC) pada tahun 2013, sebanyak 2,031 aduan diterima tentang pusat kecantikan dan pusat kecergasan, iaitu 45.4% aduan melibatkan pusat kecantikan, manakala 49.1% berkaitan pusat kecergasan. NCCC mendapati iklan dan janji yang dibuat oleh pusat-pusat kecantikan adalah untuk menarik perhatian pelanggan bagi mendapatkan perkhidmatan mereka. Akhirnya pengguna mendapati mereka hanya membazirkan wang apabila tiada perubahan terhadap perkhidmatan yang dilanggan. Daripada jumlah aduan yang diterima tentang pusat kecantikan dan pusat kecergasan ini, sebahagiannya berkaitan dengan kontrak dan deposit/pemulangan wang. Sebanyak 46.5% aduan melibatkan pengguna tidak dibenarkan membatalkan kontrak atau pakej yang telah ditandatangani. Jika ada beberapa pusat yang bersetuju untuk memulangkan wang, caj pentadbiran pula dikenakan ke atas pengguna. Terdapat beberapa pusat juga mengamalkan polisi bahawa ‘wang tidak boleh dikembalikan’. Hal ini bertentangan dengan Akta Perlindungan Pengguna 1999 yang mengkhusus kepada kontrak masa hadapan. Kebanyakan pengadu mendakwa mereka terjebak ke dalam perangkap apabila tertarik dengan iklan yang memaparkan ungkapan seperti ‘sesi percubaan percuma bernilai RM139’, ‘sesi percubaan percuma selama 7 hari’ dan lain-lain lagi. Apabila mereka ke pusat kecantikan atau kesihatan tersebut, mereka diminta untuk menandatangani kontrak dan diberitahu bahawa sejumlah wang perlu dibayar ataupun perlu menjadi ahli sebelum mereka boleh menikmati sesi percubaan percuma. Pengadu tidak berpuas hati apabila menyedari bahawa mereka perlu membayar untuk sesi percubaan yang ‘percuma’ itu. Di samping itu, selepas membayar sejumlah wang untuk proses rawatan selama 10 sesi, mereka akan dikenakan bayaran bagi produk yang digunakan semasa proses rawatan. Selain itu, terdapat dalam kalangan pengadu yang menerima pesanan ringkasan (SMS) daripada pusat- pusat kecantikan yang mengatakan mereka telah ‘terpilih’ untuk mencuba sesi percubaan percuma. Aduan berkaitan tahap perkhidmatan pusat kecantikan pula mencatatkan sebanyak 21.1%, iaitu pengguna tidak berpuas hati terhadap perkhidmatan yang dijanjikan. Biasanya pengadu tidak berpuas hati kerana tiada perbezaan yang dialami selepas melanggan perkhidmatan. Contohnya, pengadu tidak dapat mengurangkan berat badan seperti yang diinginkan. Memandangkan keperluan dan permintaan orang ramai yang semakin meningkat terhadap perkhidmatan kecantikan ini, maka pihak berkuasa perlu meneliti perkara ini dengan lebih serius dan melakukan tindakan penguatkuasaan. Pihak berwajib perlu memastikan kualiti dan keselamatan produk mematuhi standard minimum yang ditetapkan. Selain itu, pengguna juga perlu mengetahui hak dan tanggungjawab mereka kerana perkhidmatan ini secara tidak langsung berkait rapat dengan kesihatan dan nyawa mereka. Oleh itu, pendidikan pengguna perlu dipergiat lagi. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected] Ruangan Bersama NCCC Berhati-hati dengan Pusat Khidmat Kecantikan Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Ringgit • 9 Ruangan Masalah Kewangan Anda Nama saya En S. Saya telah membeli penyaman udara berharga RM3,200 daripada Syarikat X yang menyediakan perkhidmatan bayaran secara ansuran. Baru-baru ini saya telah dimaklumkan oleh Bahagian Kredit syarikat tersebut bahawa saya mempunyai bayaran tertunggak sebanyak RM1,000, sedangkan saya telah membuat bayaran bulanan RM200 sebulan melalui perbankan internet. Syarikat X meminta saya mengemas kini kredit akaun pembayaran. Apabila saya mengemukakan masalah ini, syarikat X menafikan pembayaran saya dengan menyatakan bahawa saya dikenakan kadar faedah dalam anggaran RM49 hingga RM89. Syarikat juga memaklumkan secara tegas, jika saya tidak membayar bayaran tertunggak sebanyak RM1,000, tindakan undang-undang akan diambil dan penyaman udara saya akan diambil semula. Mohon pandangan tuan mengenai perkara ini. Terima kasih. Jawapan: Perkara seperti ini memang sentiasa berlaku apabila kita sebagai pengguna tidak mengambil tahu hak sebagai pengguna mahupun memahami syarat-syarat yang tertera dalam kontrak pembelian dan bayaran secara ansuran dengan mana-mana syarikat yang menawarkan perkhidmatan sebegini. Dalam hal ini, kedua-dua pihak iaitu pengguna dan pihak yang menyediakan perkhidmatan bayaran ansuran harus bertanggungjawab. Bagi mengelakkan kekeliruan, adalah wajar untuk pihak yang menyediakan bayaran ansuran untuk mengemukakan secara telus kepada pengguna mengenai syarat-syarat yang terkandung dalam kontrak kepada pengguna. Contohnya, jumlah yang perlu dibayar setiap bulan dan tarikh akhir jumlah tersebut harus diterima oleh pihak yang menyediakan bayaran ansuran tersebut. Pembelian Produk secara Bayaran Ansuran Jika syarat ini dilanggar, apakah yang boleh terjadi kepada pengguna dan tindakan yang boleh diambil ke atas mereka. Berapakah kadar caj lewat, caj faedah dan segala caj tambahan jika anda gagal menjelaskan bayaran seperti yang terkandung dalam kontrak tersebut. Maklumat ini seharusnya diterangkan kepada pengguna sebelum pengguna membuat keputusan sama ada ingin meneruskan dengan pembelian secara ansuran ini ataupun tidak. Selain itu, penyata bulanan juga perlu diberikan kepada pengguna agar pengguna boleh mengemas kini bayaran. Dalam kebanyakan kes seperti ini, pihak yang menawarkan bayaran ansuran tidak mengemukakan penyata kepada pengguna dan hal ini sama sekali tidak harus berlaku. Namun skim bayaran ansuran yang ditawarkan ini masih lagi belum dikawal selia oleh mana-mana pihak yang relevan. Oleh itu, tiada badan yang boleh memastikan bahawa penyata pembayaran ataupun penyata baki dikemas kini dan diberikan kepada pengguna. Oleh itu, masalah ini mungkin akan kekal sehingga ada pihak yang bertanggungjawab untuk mengawal selia syarikat-syarikat yang menawarkan skim bayaran ansuran. Pengguna juga harus ingat bahawa anda mempunyai tanggungjawab untuk membayar setiap bulan. Jika gagal membuat bayaran, sudah tentu anda akan dikenakan pelbagai caj. Ini merupakan sebab utama masalah- masalah seperti ini sentiasa timbul. Tambahan pula, jika gagal membuat pembayaran ataupun tidak mampu membuat pembayaran, adalah dinasihatkan supaya anda berhubung dengan pihak yang menyediakan perkhidmatan untuk memberitahu mereka bahawa anda tidak dapat membuat bayaran dan berundinglah dengan mereka supaya anda dikecualikan daripada caj-caj akibat lambat membuat pembayaran. Dalam pada itu, pengguna juga seharusnya menunaikan tanggungjawab mereka dengan memahami isu kandungan kontrak sebelum menandatangani perjanjian tersebut. Tindakan menandatangani kontrak secara terburu-buru kerana terlalu inginkan sesuatu barang, boleh membawa kepada masalah pembayaran pada masa akan datang. Jika anda tidak memahami kandungan kontrak tersebut, anda perlu bertanya kepada rakan-rakan yang faham dan dapat menerangkan secara jelas. Nasihat kepada semua pengguna yang menghadapi masalah seperti ini ataupun kepada anda yang ingin membuat pembelian secara bayaran ansuran adalah: i. Fahami kontrak anda secara terperinci sebelum menandatangani; ii. Jika tidak dapat membuat pembayaran, hubungi pihak terbabit untuk berbincang; iii. Setelah membuat setiap bayaran, simpan segala resit atupun bukti bayaran; iv. Setiap 3 bulan sekali, kunjungi pihak terbabit untuk meminta penyata pembayaran dan baki. 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Kad kredit anda telah dipalsukan... Seseorang telah mencuri identiti anda... Akaun anda telah \ disalah guna... Berwaspada! Jangan menjadi mangsa PENIPUAN. Berhati-hati dengan panggilan dan mesej palsu daripada mereka yang mendakwa sebagai pegawai Bank Negara Malaysia, bank swasta, penyedia utiliti atau agensi penguatkuasaan. lni satu PENIPUAN. Jangan panik. Fikir dahulu. Bank Negara Malaysia 2 Bank Negara Malaysia 3 Bank Negara Malaysia tidak pernah meminta tidak pernah meminta tidak menyimpan wang maklumat peribadi atau sesiapa pun memindahkan orang ramai dalam maklumat kewangan wang ke dalam akaun mana-mana akaun anda pihak ketiga BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan) ‘.ii':‘i“§“fif.°E'3‘:$3a 1-300-88-5465 Faks: 03-2174 1515 E—me|: bnmte|e|[email protected] Untuk dan hantar kepada Untuk maklumat lanjut, sila rujuk BNMLINK (Pusat Perkhidmatan Pelanggan) menghantar BNM TANYA 15888 Amaran Penipuan Kewangan yang Bank Negara Malaysia Kuala Lumpur (Blok D, Jalan Dato' Onn, 50480) pertanyaan [P°"‘a"V33"/ terdapat di laman sesawang atau kunjungi mana-mana cawangan BNMLINK di Bank Negara Malaysia: atau aduan “"3" '‘‘"da] Bank Negara Malaysia Johor Bahru, Pulau Pinang, Kuala Terengganu, Kota Kinabalu dan Kuching melalui SMS, (Waktu urusan: lsnin - Jumaat, 9:00 pagi - 5:00 petang) taiP “@ www.bnm.gov.my
Public Notice
24 Apr 2014
RINGGIT Newsletter (February 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-february-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed46+Feb+2014+v4.pdf
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Lelaki paling ramai berhutang FEBRUARI 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 2 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Lelaki paling ramai berhutang Wanita sering dianggap sebagai lebih boros dan tidak berfikir panjang apabila berbelanja berbanding lelaki, terutama untuk membeli kosmetik, pakaian, kasut, aksesori dan sebagainya, yang tidak termasuk dalam kategori barang keperluan. Malah bagi memenuhi kehendak terhadap perkara-perkara itu, ada yang sanggup mengikat perut semata-mata untuk kelihatan cantik dan bergaya. Persoalannya, benarkah wanita lebih suka berbelanja berbanding lelaki, ataupun dalam kata lain, lebih boros? Mengikut laporan Agensi Kaunseling dan Pengurusan Kredit (AKPK), ramai lelaki berusia 40 tahun ke atas yang datang ke pusat khidmat pelanggan AKPK untuk mendapatkan kaunseling mengurus wang, termasuk nasihat untuk menyelesaikan hutang. Lazimnya, lelaki pada peringkat usia ini dianggap mempunyai kehidupan yang lebih stabil serta kedudukan kewangan yang kukuh. Namun statistik AKPK sebaliknya menunjukkan sepanjang 2013, lelaki berusia lebih 40 tahun merupakan golongan yang paling tinggi, iaitu 42.4 2 • Ringgit peratus atau 39,220 orang, mendapatkan khidmat agensi itu untuk membantu mereka menguruskan hutang masing-masing. Ini diikuti oleh golongan berusia 30 hingga 40 tahun berjumlah 36,916 (39.9) peratus dan 16,336 orang golongan berusia antara 20 hingga 30 tahun (17.7 peratus). Sepanjang 2013 juga, seramai 60,359 atau 65.3 peratus daripada sejumlah 92,472 pelanggan Program Pengurusan Kredit di agensi itu adalah lelaki berbanding wanita sebanyak 29,725 atau 32.1 peratus. Golongan yang berkahwin paling ramai mendapatkan khidmat AKPK iaitu 68,550 orang (74.1 peratus), diikuti bujang seramai 14,069 orang (15.2 peratus) dan bercerai seramai 4,144 orang (4.5 peratus) sementara kematian pasangan seramai 1,727 orang (1.9 peratus). Dari segi purata gaji, individu berpendapatan kurang RM24,000 setahun adalah yang paling tinggi berdepan masalah hutang, iaitu seramai 48,647 (52.6 peratus). Ini diikuti oleh individu yang berpendapatan antara RM24,000 hingga RM36,000, seramai 17,389 orang. Sementara mereka yang berpendapatan lebih RM40,000 mencatat jumlah lebih tinggi, iaitu 14,428 berbanding 12,008 bagi mereka yang berpendapatan RM30,000 hingga RM40,000. Menurut Ketua Jabatan Komunikasi Korporat AKPK, Mohamad Khalil Jamaldin, antara faktor utama masalah kewangan dihadapi oleh mereka ialah perancangan kewangan lemah, iaitu 22.8 peratus, kos perubatan tinggi (18.1), kegagalan atau kelembapan dalam perniagaan (15.2) dan hilang kawalan dalam penggunaan kad kredit (11.1). Justeru, rakyat di negara ini disaran mengkaji semula corak perbelanjaan, selain berjimat-cermat bagi mengelak pembaziran, mewujudkan dana kecemasan dan mengelak daripada membuat pinjaman baru. “Sentiasa mengamalkan perbelanjaan berhemat, menabung sekurang-kurangnya 10 peratus daripada jumlah pendapatan serta berbelanja mengikut kemampuan, antara cara berkesan yang boleh membantu orang ramai bersiap sedia menghadapi masalah peningkatan kos sara hidup,” katanya. Menurutnya, cara paling mudah ialah mengadakan bajet dengan menyenaraikan pendapatan dan menolak setiap perbelanjaan yang tidak perlu. Katanya, orang ramai lazimnya sedar akan masalah dihadapi akibat situasi itu, namun jika mereka tidak melakukan apa-apa tindakan, ia boleh menjejaskan kehidupan. Dalam usaha meningkatkan pengetahuan terhadap pengurusan kewangan, AKPK menyediakan beberapa program untuk golongan muda. Antaranya, agensi itu menggiatkan usaha kempen dan kaunseling untuk orang ramai mengurangkan perbelanjaan dan ubah cara hidup, selain meningkatkan pendapatan sama ada membuat kerja lebih masa atau sebagainya bagi menampung kehidupan. Beliau turut menyarankan orang ramai memanfaatkan perkhidmatan percuma yang ditawarkan oleh AKPK, seperti Pendidikan Kewangan, Kaunseling dan Nasihat tentang Pengurusan Kewangan dan Program Pengurusan Kredit. Pihaknya akan membantu menyediakan pelan pembayaran balik bagi setiap hutang yang dihadapi, termasuk berunding dengan pihak bank untuk tempoh bayaran tertentu, iaitu memanjangkan tempoh bayaran balik. Katanya, mereka boleh mendapatkan perkhidmatan AKPK melalui talian bebas tol 1800-88-2575 atau mengunjungi cawangan terdekat di seluruh negara. Artikel daripada Sinar Harian, 21 Januari 2014 Sumber : Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 3 Bank Negara Malaysia ingin mengingatkan orang ramai supaya berwaspada dengan modus operandi pihak tertentu yang menyamar sebagai pegawai Bank Negara Malaysia, bank perdagangan atau agensi penguatkuasaan (termasuk Polis dan Lembaga Hasil). Mereka yang menyamar ini berniat untuk menipu orang ramai supaya memindahkan wang ke akaun pihak ketiga yang tidak dikenali yang kononnya selamat dalam simpanan Bank Negara Malaysia. Aktiviti penipuan ini dilakukan melalui pelbagai cara termasuk panggilan telefon, SMS, e-mel atau bentuk komunikasi yang lain. Modus operandi mereka adalah seperti berikut: • Mangsa menerima SMS atau panggilan telefon untuk mengesahkan transaksi kad kredit yang kononnya telah dicaj kepada kad kredit mangsa. • Apabila mangsa menelefon nombor telefon yang diberikan dalam SMS, mereka yang menyamar ini akan memperkenalkan diri sebagai ejen sebuah bank perdagangan dan meminta mangsa memberikan nama penuh dan nombor kad pengenalan untuk pengesahan. • Selepas pengesahan, mangsa akan diminta untuk mengesahkan sama ada transaksi kad kredit telah dibuat. Berwaspada dengan panggilan palsu daripada mereka yang menyamar sebagai Pegawai Bank Negara Malaysia • Apabila mangsa menafikan berlakunya transaksi tersebut, mangsa akan dinasihati supaya membuat laporan kepada ‘Unit Kad Kredit Palsu’ Bank Negara Malaysia, atau ‘jabatan pengurusan kad kredit’ bank-bank perdagangan. Mangsa akan diberikan nombor telefon ‘Unit Kad Kredit Palsu’ tersebut. • Apabila mangsa menelefon nombor yang diberikan itu, panggilan itu akan dijawab oleh seseorang yang mengatakan dia pegawai Bank Negara Malaysia. ‘Pegawai’ ini kemudiannya akan meminta maklumat berhubung dengan akaun perbankan dan kad kredit mangsa. • Mangsa akan diarah untuk memindahkan wang di kaunter atau menerusi ATM ke akaun pihak ketiga dengan alasan untuk memastikan wang mangsa disimpan dengan selamat dan untuk tujuan penyiasatan. • Mangsa akan diarah supaya tidak memberitahu sesiapa kerana kononnya tindakan ini mungkin akan menjejaskan penyiasatan. Orang ramai diingatkan supaya sentiasa berwaspada apabila menerima panggilan telefon, SMS atau e-mel ... bersambung ke muka 8 4 • Ringgit Sama ada anda sedar atau tidak, insurans merupakan perkara yang berkait rapat dalam kehidupan anda. Apabila membeli kereta, anda diwajibkan oleh undang-undang untuk membeli insurans motor. Begitu juga apabila anda memohon pinjaman perumahan, bank hanya akan meluluskan pinjaman apabila anda mempunyai polisi insurans kebakaran. Terdapat pelbagai polisi insurans yang lain seperti insurans kemalangan diri, insurans perubatan atau kesihatan, insurans perjalanan dan banyak lagi. Sebelum anda meneliti pelbagai polisi insurans di pasaran dan memutuskan untuk mengambil perlindungan insurans, bacalah artikel ini yang bertujuan untuk memberi kefahaman asas tentang kepentingan insurans serta memberi tip-tip penting apabila anda ingin membeli atau memperbaharui insurans. Sebagai pengguna insurans yang berpengetahuan, anda bukan sahaja akan menggunakan wang anda secara bijak tetapi menyimpan untuk jangka masa panjang. Apakah itu insurans? Insurans wujud berasaskan idea sekumpulan besar orang yang berkepentingan sama, bersama-sama berkongsi sedikit wang mereka bagi membentuk suatu dana, yang daripadanya boleh dikeluarkan bagi meringankan kesusahan yang ditanggung oleh ahli yang lain. Berasaskan idea tersebut, syarikat insurans ditubuhkan bagi menguruskan wang premium yang dibayar oleh pemegang-pemegang polisi. Jika dalam satu tahun tertentu, syarikat insurans kurang menerima tuntutan, maka syarikat insurans akan membina rizab wang untuk menampung apabila mengalami tuntutan yang agak besar pada tahun-tahun lain. Menjadi pengguna insurans yang berpengetahuan Tulus dan Jujur Kontrak insurans atau polisi adalah berdasarkan kepercayaan. Syarikat insurans mempercaya anda, sebagai pemegang polisi, untuk memberikan maklumat yang tepat dan benar terhadap perkara- perkara yang diinsuranskan. Ini dipanggil prinsip ‘tulus dan jujur’. Langkah yang harus diambil adalah dengan memberitahu maklumat yang benar secara keseluruhan supaya syarikat-syarikat insurans boleh membuat penilaian yang wajar tentang sesuatu risiko. Begitu juga, setelah menerima polisi insurans, anda perlu membaca semua dokumen dengan teliti untuk memastikan bahawa anda memahami terma-terma dan risiko yang dilindungi dan tidak dilindungi. Panduan Membeli Insurans Am • Sebelum anda melanggan polisi insurans, langkah terbaik adalah untuk mendapatkan beberapa sebut harga untuk membuat perbandingan. Malaysia mempunyai banyak syarikat insurans untuk pilihan anda. Terdapat 23 buah syarikat insurans am yang menawarkan perlindungan insurans am dan 11 buah syarikat takaful yang menawarkan perlindungan takaful am. • Apabila memilih syarikat insurans, anda perlu memastikan syarikat tersebut menyediakan perlindungan yang anda perlukan, perkhidmatan tuntutan yang berwibawa, harga yang berpatutan dan menyediakan dokumentasi segera. Ringgit • 5 • Anda juga boleh mendapatkan bantuan daripada ejen insurans. Walau bagaimanapun, untuk memastikan bahawa anda dilindungi daripada ejen yang tidak bertanggungjawab, pastikan anda berurusan dengan ejen berdaftar di bawah Persatuan Insurans Am Malaysia (PIAM) sahaja. Anda boleh menghubungi syarikat insurans atau PIAM di talian 03-22747395/9. • Apabila memilih ejen, anda perlu mencari ejen yang menyediakan perkhidmatan yang cepat, cekap dan efisien. Anda boleh memilih daripada lebih 30,000 ejen berdaftar di bawah PIAM yang terdapat di seluruh Malaysia. • Bagi ahli perniagaan, anda boleh mendapatkan khidmat nasihat mengenai perlindungan insurans melalui broker insurans. Broker insurans adalah golongan profesional sepenuh masa yang memberi nasihat kepada pelanggan mengenai perlindungan insurans yang paling sesuai. Lazimnya syarikat insurans akan menawarkan perlindungan yang memberi manfaat, harga yang bersesuaian dengan keperluan pelanggan. • Broker insurans menjalankan pelbagai fungsi lain untuk pelanggan termasuk memastikan tempoh perlindungan insurans dikemas kini, memberi nasihat tentang pindaan yang perlu dan meremit premium kepada syarikat-syarikat insurans. • Setelah anda membuat keputusan membeli polisi insurans, sila baca polisi tersebut. Sekiranya terdapat butiran dokumen yang tidak lengkap, pemegang polisi boleh bertanya secara terus dengan syarikat insurans dan meminta pindaan dilakukan. • Polisi yang dibeli merupakan kontrak yang sah dan akan diperlukan sekiranya anda ingin membuat tuntutan. Oleh itu, dokumen ini hendaklah disimpan di tempat yang selamat. Anda perlu menyenaraikan insurans yang telah dilanggan serta risiko yang dilindungi. • Sebagai pemegang polisi, anda perlu memastikan bahawa tempoh perlindungan polisi masih belum luput. Syarikat-syarikat atau ejen-ejen insurans mempunyai sistem memberi peringatan tamat tempoh atau pembaharuan tarikh kepada pelanggan. Bagi mengelakkan polisi luput atau tidak membaharui insurans, premium insurans perlu dibayar tepat pada masanya. Jika pembayaran melalui cek, pastikan cek tersebut dibayar kepada syarikat insurans dan pastikan anda mendapat resit rasmi daripada syarikat insurans. • Selain bayaran melalui cek, pembayaran lebih mudah untuk membayar premium insurans boleh dibuat sama ada melalui kad kredit, kad debit atau secara atas talian seperti Maybank2u. 60 hari klausa Waranti Premium Syarikat-syarikat insurans am menguatkuasakan 60 hari klausa Waranti Premium bagi kebanyakan jenis perlindungan insurans, kecuali polisi insurans motor, insurans perjalanan, insurans badan kapal dan bon insurans. Di bawah klausa Waranti Premium, pemegang polisi dikehendaki untuk membayar premium yang dikenakan dalam tempoh 60 hari dari tarikh kuat kuasa perlindungan insurans (polisi insurans anda, nota perlindungan dan / atau sijil pembaharuan akan menunjukkan tarikh kuat kuasa perlindungan). Sekiranya premium tidak dibayar pada hari ke-60, perlindungan insurans akan dibatalkan secara automatik dari hari ke-61. Dalam kes insurans motor, ia telah ditetapkan oleh undang-undang bahawa perlindungan insurans motor hanya boleh dikeluarkan oleh penanggung insurans atau ejen mereka berasaskan ‘bayaran tunai sebelum perlindungan’. Ini bermakna bahawa premium mesti dibayar sebelum nota perlindungan insurans motor atau polisi boleh dikeluarkan. Sila hantar pertanyaan anda pada insurans am kepada: Persatuan Insurans Am Malaysia, Tingkat 3, Wisma PIAM, 150, Jalan Tun Sambanthan, 50470 Kuala Lumpur. Tel: 03 - 2274 7395/9 Faks : 03 - 2274 5910 Sumber: Persatuan Insurans Am Malaysia (PIAM) 6 • Ringgit Sekiranya anda pernah melabur, sikap anda apabila melabur banyak mempengaruhi cara anda memilih, melabur dan memantau sesuatu pelaburan yang dibuat. Pernahkah terlintas dalam hati anda untuk mengetahui anda tergolong dalam kategori pelabur yang mana satu? Terdapat beberapa kategori pelabur untuk dikongsi bersama, dan juga nasihat yang boleh dipertimbangkan untuk membantu memperkukuh kedudukan anda sebagai pelabur. Pelabur Baru Kategori ini merangkumi mereka yang baru kali pertama melabur dan kurang berpengalaman dalam hal-ehwal pelaburan. Mereka menyedari bahawa untuk mencapai matlamat kewangan, mereka perlu menabung dan melabur. Ada kalanya, dalam keghairahan mereka membuat pelaburan, mereka mendapatkan panduan daripada sumber maklumat atau orang yang salah. Justeru mereka boleh melakukan kesilapan, yang sepatutnya boleh dielakkan, atau lebih buruk lagi, menjadi mangsa skim pelaburan tidak sah, seperti pelaburan Internet dan sebagainya. Nasihat Untuk Anda: Pelajari selok-belok pelaburan daripada orang yang betul, misalnya daripada mereka yang berlesen. Berhati-hati terhadap peluang pelaburan yang menjanjikan pulangan tinggi tanpa mempunyai apa- apa risiko. Jika anda mempunyai sebarang keraguan terhadap produk pelaburan yang ditawarkan, dapatkan maklumat yang lebih terperinci, yang boleh didapati daripada prospektus atau laporan tahunan sesuatu produk pelaburan tersebut. Semak status syarikat tersebut dengan pihak berkenaan, seperti Suruhanjaya Sekuriti Malaysia dan sebagainya, untuk memastikan syarikat tersebut mempunyai lesen untuk menawarkan produk pelaburan kepada orang ramai. Jangan bertindak terburu-buru dan mendengar khabar angin sahaja. Sebaliknya, ambil masa untuk belajar mengenai cara-cara melabur dengan bijak. Pelabur Berwaspada Mereka yang tergolong dalam kategori ini akan mengelakkan diri daripada melabur dalam pelaburan yang berisiko tinggi. Selalunya mereka akan berfikir panjang sebelum melabur dan mengambil masa untuk memahami sesuatu produk pelaburan tertentu. Biasanya, pelabur begini tidak mengharapkan pulangan yang tinggi dan akan melabur dalam produk pelaburan yang stabil atau menjamin pulangan serta memelihara modal pelaburan mereka. Nasihat Untuk Anda: Kaji dengan teliti produk pelaburan yang menjanjikan pulangan terjamin. Baca semua maklumat yang terkandung dalam prospektus. Jangan menganggap pelaburan dengan ‘pulangan terjamin’ atau ‘modal terpelihara’ tidak mempunyai risiko. Pada masa yang sama, berhati-hati dengan peluang pelaburan yang menjanjikan pulangan lumayan tanpa sebarang risiko. Dikhuatiri ia adalah skim penipuan. Kaki Judi Pelabur yang termasuk dalam kategori ini pada dasarnya merupakan mereka yang gemar mengambil risiko tinggi. Umumnya, mereka bersedia untuk mengalami kerugian dalam pelaburan. Mereka mudah tertarik kepada ‘ramalan panas’ dan khabar angin pasaran. Mereka memilih pelaburan tambah nilai modal dan cuba membuat keuntungan seberapa cepat yang boleh. Selalunya, mereka membuat keputusan pelaburan berdasarkan naluri atau ‘perasaan’ dan bukannya maklumat yang betul. Oleh sebab itu, ada kalanya sukar bagi mereka untuk mengelakkan diri daripada terjebak dalam pelaburan yang salah atau tidak sesuai dengan matlamat kewangan kerana mereka berpandukan kepada naluri semata-mata. Nasihat Untuk Anda: Apabila melabur, pelabur berhak mengambil risiko, tidak kira berapa besar risiko tersebut. Tetapi pelabur mesti menyedari kesan risiko tersebut. Bergantung kepada naluri bukanlah cara yang baik untuk membuat keputusan pelaburan. Ingatlah, walau betapa banyak pun khabar angin dan ramalan yang diterima, ia tidak boleh menggantikan fakta dan angka dalam membuat keputusan pelaburan. Anda Jenis Pelabur Yang Mana Satu? Ringgit • 7 Pelabur Pasif Pelabur yang pasif biasanya percaya bahawa setelah mereka membuat sesuatu pelaburan, ejen atau remisier adalah orang yang bertanggungjawab untuk menjaga pelaburan tersebut atau mereka beranggapan bahawa pelaburan tersebut akan terkawal dengan sendirinya. Pelabur sebegini selalunya jarang atau tidak pernah langsung memantau pelaburan mereka. Mereka juga tidak membaca dokumen berkaitan pelaburan yang dihantar kepada mereka, umpamanya penyata kewangan, laporan tahunan atau nota kontrak. Mereka terus-menerus tidak peduli walaupun terdapat masalah atau perkembangan terkini yang mungkin memberi kesan kepada pelaburan mereka. Nasihat Untuk Anda: Sebagai pelabur, anda mesti mengambil berat tentang pelaburan anda dan jangan membiarkan ia tidak dipantau. Jangan menganggap semuanya akan berjalan lancar setiap masa. Pemantauan yang kerap membolehkan anda mengkaji semula pelaburan anda, terutamanya jika pelaburan itu tidak lagi memenuhi objektif kewangan anda. Pelabur Bijak Pelabur ini melabur berdasarkan maklumat dan bukannya emosi. Mereka menggunakan maklumat daripada pelbagai sumber yang boleh dipercayai untuk memantau pelaburan mereka dengan teliti. Mereka mendapatkan nasihat daripada perunding kewangan yang berlesen dan membuat keputusan pelaburan hanya setelah menimbangkan kebaikan dan keburukannya. Mereka berusaha untuk memahami ganjaran dan risiko sesuatu produk pelaburan itu dan tidak akan membiarkan pelaburan mereka tidak dipantau. Pelabur bijak seperti ini bersedia untuk menukar strategi pelaburan jika ia sudah tidak konsisten dengan matlamat dan objektif kewangan mereka. Nasihat Untuk Anda: Teruskanlah tabiat pelaburan yang baik ini! Jika anda fikir anda tidak termasuk dalam kategori pelabur ini dan amat sukar untuk menjadi pelabur bijak, jangan lemah semangat. Sebenarnya ia lebih mudah daripada apa yang anda sangka dan hanya memerlukan semangat dan usaha untuk belajar. Ambil langkah pertama anda dengan membaca laman sesawang Pelabur Malaysia (www.min.com.my) untuk mempelajari selok belok pelaburan bijak. Sumber : www.min.com.my. yang tidak diundang, dan mereka tidak perlu membalas sebarang panggilan telefon yang tidak diundang itu. Bank Negara Malaysia tidak pernah meminta sesiapa untuk membuat sebarang pindahan wang untuk disimpan dengan selamat. Bank Negara Malaysia menasihati orang ramai supaya melindungi diri mereka daripada tertipu dan berhati-hati dengan mengambil langkah berikut: (1) Jangan dedahkan maklumat kewangan peribadi kepada mana-mana pihak. (2) Jangan membuat pindahan wang ke akaun pihak ketiga yang tidak dikenali. (3) Selalu berhubung dengan pihak bank perdagangan untuk mengesahkan identiti akaun pihak ketiga yang tidak dikenali supaya dapat mengelak daripada ditipu. Orang ramai boleh berhubung terus dengan Bank Negara Malaysia di: BNMTELELINK (Pusat Perhubungan Khidmat Pelanggan) Tel : 1-300-88-5465 Fax : 03- 2174 1515 E-mel : [email protected] Untuk menghantar pertanyaan atau aduan melalui SMS, taip BNM TANYA [pertanyaan/ aduan anda] dan hantar kepada 15888. Untuk maklumat lanjut mengenai aktiviti penipuan kewangan, sila lawati laman amaran penipuan kewangan di http://fraudalert.bnm. gov.my atau berinteraksi dengan kami melalui facebook di http://facebook.com/bnm.official dari muka 4 ... 8 • Ringgit Akta Perlindungan Data Peribadi 2010 (PDPA) telah dikuatkuasakan pada 15 November 2013 yang lalu. Syarikat dan sektor yang termaktub di bawah akta ini mempunyai masa selama 3 bulan bagi memastikan bahawa mereka mengambil langkah yang sewajarnya dan notis pematuhan perlu diberikan kepada pengguna sedia ada bagi mematuhi peruntukan di bawah akta tersebut. Fungsi utama akta ini adalah bertujuan untuk menjaga maklumat peribadi pengguna di samping mengelakkan syarikat-syarikat swasta daripada mengambil kesempatan atau mengaut keuntungan dengan menyalurkan data-data tersebut kepada pihak ketiga. Mengikut PDPA, data peribadi yang diperuntukkan di bawah akta ini adalah data peribadi yang digunakan bagi tujuan transaksi komersial. Contohnya, data peribadi yang diperoleh semasa proses jual dan beli sesuatu komoditi atau perkhidmatan merupakan data yang perlu dilindungi oleh syarikat yang berkenaan. Penerangan ini juga merangkumi data sensitif seperti, pendapat mengenai politik, kepercayaan agama, keadaan kesihatan fizikal atau mental dan data peribadi lain yang ditentukan oleh Menteri melalui perintah yang diwartakan. Persetujuan pengguna merupakan syarat paling penting bagi syarikat untuk menjalankan aktiviti atau transaksi perniagaan mereka. Persetujuan ini mesti diberikan secara nyata seperti persetujuan bertulis dan bukannya persetujuan berdasarkan andaian semata. Selain itu, pengguna juga diberikan hak untuk mengakses kembali data-data yang telah diberikan kepada syarikat yang terlibat. Apabila pengguna telah memberikan persetujuan bagi menggunakan data mereka, pengguna perlu diberikan pilihan untuk memilih cara bagi mendapatkan maklumat baru daripada syarikat tersebut sama ada melalui panggilan telefon, SMS ataupun e-mel. Untuk makluman, terdapat 11 sektor swasta yang wajib mematuhi PDPA iaitu: 1. Sektor Komunikasi; 2. Sektor Perbankan dan Institusi Kewangan; 3. Sektor Insurans; 4. Sektor Kesihatan; 5. Sektor Pelancongan dan Hospitaliti; 6. Sektor Pengangkutan; 7. Sektor Pendidikan; 8. Sektor Jualan Langsung dan Pemasaran Langsung; 9. Sektor Perkhidmatan; 10. Sektor Hartanah; 11. Sektor Utiliti PDPA telah memperuntuk bahawa syarikat yang melanggar akta ini boleh dikenakan denda atau penjara atau kedua-duanya sekali. Selain itu, pengguna juga boleh menuntut pampasan jika mereka mendapati data peribadi mereka digunakan tanpa kebenaran oleh syarikat yang terbabit. Namun harus diingatkan bahawa, walaupun Jabatan Perlindungan Data Peribadi (JPDP) di bawah Kementerian Komunikasi dan Multimedia Malaysia merupakan pengawal selia akta ini, namun sebarang tindakan untuk menuntut pampasan mestilah melalui proses mahkamah dan bukan melalui JPDP. Namun begitu, pengguna digalakkan supaya membuat aduan kepada JPDP melalui e-mel, iaitu [email protected] jika data mereka disalahgunakan supaya tindakan dapat diambil ke atas syarikat yang melanggar PDPA. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Akta Perlindungan Data Peribadi 2010 Ringgit • 9 Ruangan Masalah Kewangan Anda Saya ingin meminta nasihat tuan mengenai pengurusan kewangan yang paling terbaik. Memandangkan saya seorang lepasan graduan, saya masih tiada pekerjaan tetap. Namun begitu, saya mempunyai sedikit simpanan untuk saya membeli aset kelak. Saya ingin membeli aset seperti kereta dan rumah. Pada pandangan tuan, yang mana satukah yang perlu didahulukan? Pada masa sekarang, saya mengajar tuisyen dari rumah ke rumah dan pendapatan bersih yang saya peroleh RM2,800 sebulan. Saya mempunyai sebuah motosikal. Kadang kala pergerakan saya agak terbatas, kerana faktor hujan dan terpaksa mengharapkan bantuan rakan-rakan menghantar ke rumah pelajar. Saya masih menyewa rumah bersama-sama rakan-rakan bujang. Duit sewa yang perlu dibayar, termasuk bil utiliti, sebanyak RM450. Duit simpanan saya setakat ini, hanya RM4,000 sahaja. Apakah nasihat tuan tentang perkara ini? Nasihat tuan sangat dihargai. Graduan Bandar Jawapan: Secara ringkas setelah membuat sedikit peruntukan untuk perbelanjaan yang lain, berikut adalah cadangan kedudukan aliran tunai anda. RM RM Pendapatan (Adakah ini pendapatan tetap setiap bulan anda?) 2,800 Jumlah Pendapatan (A) 2,800 Perbelanjaan • Sewa dan utiliti • Makan minum (25%) • Telefon (5%) • Keraian (5%) • Tabungan minimum (10%) • Kontingensi lain (5%) 700 450 140 140 280 140 Jumlah Perbelanjaan (B) 1,850 Lebihan (Defisit) 950 Nota: Wang simpanan RM4,000 adalah untuk kegunaan terdesak anda Berdasarkan lebihan kedudukan aliran tunai anda sebanyak RM950 sebulan, anda sekarang perlu memikirkan dengan teliti jumlah komitmen pinjaman (ansuran bulanan berserta kos-kos sampingan yang lain) yang perlu ditanggung secara tetap pada setiap bulan untuk membeli kereta atau rumah idaman anda. Contohnya bagi kereta, selain daripada ansuran bulanan yang perlu dibayar setiap bulan, anda juga perlu mengira kos-kos lain seperti petrol, tol, parkir, cukai jalan, insurans, servis dan peruntukan untuk kerosakan. Petua mudah untuk mengawal tahap hutang (tidak termasuk kos-kos sampingan yang lain) ialah memastikan nisbah pembayaran semua hutang kepada pendapatan bersih adalah tidak melebihi 40% atau di dalam kes anda 40% daripada RM2,800 = RM1,120.00. Sekarang keputusan di tangan anda. Terima kasih. Untuk pertanyaan dan penjelasan lanjut, sila hubungi Bank Negara Malaysia di talian 1-300-88-5465 atau e-mel bnmtelelink@bnm. gov.my Yang Mana Satu Perlu Di dahulukan.. Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] Sertai Kami : https://www.facebook.com/fixourphonerights https://twitter.com/phoneRights
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20 Mar 2014
RINGGIT Newsletter (January 2014 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-january-2014-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit+Ed45+Jan+2014+v3.pdf
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Cabaran Menjadi Pengguna Bijak JANUARI 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Cabaran Menjadi Pengguna Bijak Senario dunia masa ini semakin sukar dan amat mencabar. Masalah kenaikan harga barang dan jenayah semakin berleluasa merupakan sebahagian daripada cabaran yang sedang dihadapi kini. Krisis ekonomi sememangnya akan memberikan impak kepada pengguna di Malaysia. Pengguna perlu memahami senario dunia yang baharu ini. Dalam konteks ini, sikap suka menyalahkan orang lain dan suka mengadu bukanlah cara yang efektif. Kaedah yang lebih sesuai ialah anda perlulah bertanggungjawab dan belajar untuk menyesuaikan diri kepada perubahan-perubahan ini. 2 • Ringgit Sebagai pengguna yang berhemat, minda anda perlu fokus kepada tugasan seharian dalam pengurusan kewangan dan penggunaan. Tugasan ini amat penting kerana ia akan menjauhkan anda daripada pembaziran yang keterlaluan dan kemusnahan alam sekitar serta bertanggungjawab dalam pengurusan kewangan dan amalan penggunaan lestari. Penggunaan berhemat adalah mengenai sikap lebih berwaspada kepada kepercayaan dan perwatakan yang mempengaruh corak perbelanjaan dan penggunaan. Sebagai pengguna bijak, adakah anda membeli berdasarkan keperluan sebenar? Atau: • Ingin menunjuk-nunjuk • Bersaing dengan jiran untuk menunjukkan bahawa “anda juga mampu” • Mengikut imej dalam iklan yang menunjukkan bahawa “anda juga boleh menjadi segala- galanya” • Menggunakan sesuatu produk kerana anda selalu menggunakannya. • Menggunakan barangan yang mahal kerana di katakan berkualiti tinggi. Penggunaan berhemat sebenarnya mencabar kepercayaan dan tabiat yang suka membazir dan melakukan kerosakan kepada alam sekitar. Langkah pertama untuk menjadi pengguna berhemat ialah berpegang teguh kepada prinsip-prinsip berikut:- • Pengguna berhemat sedar tentang pendapatan dan perbelanjaannya. • Pengguna berhemat dapat membezakan antara keperluan dan kehendaknya. • Pengguna berhemat memberi perhatian kepada keperluan sekarang dan masa hadapan. • Pengguna berhemat berbelanja mengikut keperluannya sahaja. • Pengguna berhemat terbuka kepada idea ke arah penggunaan lestari. • Pengguna berhemat menghormati semua kehidupan dan proses alam semula jadi. • Pengguna berhemat mencari identiti sendiri bukannya berdasarkan kepada apa yang dimilikinya. “Sebagai pengguna yang berhemat, minda kita perlu fokus kepada tugasan seharian dalam pengurusan kewangan dan penggunaan.” Ringgit • 3 Setiap bakal pengantin pasti mengharapkan majlis perkahwinan yang meriah, sempurna dan gah sehingga sesetengahnya terpaksa membuat pinjaman peribadi untuk memastikan semuanya berjalan lancar. Jika 10 tahun dahulu, jumlah wang hantaran antara RM5,000 hingga RM8,000, tetapi nilai tersebut kian meningkat sehingga mencecah RM20,000 kerana faktor pendidikan atau kedudukan seseorang wanita itu. Wang hantaran di Malaysia (mengikut taraf pendidikan pasangan) • UPSR, PMR: RM1,000 – RM3,000 • SPM: RM3,000 – RM8,000 • STPM/Diploma: RM8,000 – RM12,000 • Ijazah: RM12,000 – RM 15,000 • Sarjana: RM15,000 – RM20,000 • PHD: RM20,000 – RM30,000 Jumlah itu tidak termasuk kos majlis kenduri, barang sebagai dulang hantaran dan banyak lagi. Ternyata, untuk merealisasikan impian berkahwin bukanlah perkara mudah, di samping masalah peribadi lain yang muncul ketika persediaan dibuat. Perkiraan kasar kos bagi mengadakan majlis perkahwinan sekarang, memerlukan lebih kurang RM20,000, tidak termasuk duit hantaran. Seandainya mengambil kira jumlah simpanan terkini di dalam akaun, berapa ramai yang mampu menyediakan puluhan ribu ringgit untuk majlis perkahwinan mereka. Maka, bagi pasangan yang bakal berkahwin, terutama lelaki, mereka perlu bersedia dari sudut kewangan sebelum membuat keputusan untuk menamatkan zaman solo. Jangan penting status Hutang memberi bebanan kepada seseorang sehingga menyebabkan mereka tidak bahagia dan ramai hidup tersepit dengan hutang kerana terlalu ikut nafsu. Perunding Kewangan, Suzardi Maulan berkata, kesilapan masyarakat sekarang ialah mereka terlalu ingin menjaga status sehingga sanggup mengetepikan soal kemampuan yang dimiliki. Hidupkan budaya baru Suzardi berkata, perkara itu bukanlah satu perkara baru, jadi perkara ini boleh diatasi jika ada keinginan. Katanya, bakal pengantin boleh membuat dua pilihan, sama ada ingin meneruskan majlis perkahwinan mengikut amalan masyarakat hari ini, lazimnya keterlaluan atau membentuk budaya baru mengikut kemampuan. Tanggung Hutang Selepas Kahwin? 4 • Ringgit “Sekiranya poket kita ‘dalam’, maka tiada masalah untuk buat majlis mengikut kemahuan kita atau berbelanja besar. Apa yang membimbangkan, jika kadar pelaburan untuk kos majlis melebihi kemampuan atau simpanan yang ada hingga berhutang. Lebih membimbangkan lagi, perbelanjaan majlis perkahwinan terlalu tinggi juga mengakibatkan ramai terpaksa bergolok gadai dan berhutang sekeliling pinggang,” jelasnya ketika dihubungi baru- baru ini. Jadi hamba bank Tambah Suzardi, apabila kos perkahwinan hari ini mencecah RM50,000, majoriti bakal pengantin terpaksa berhutang dengan bank selama 10 hingga 15 tahun. Katanya, dengan kadar pembiayaan peribadi sekitar lima peratus setahun, setiap hutang RM50,000 menyebabkan ramai penghutang kehilangan aliran tunai sebanyak RM600 sebulan selama 120 bulan, seterusnya membayar balik kepada bank sehingga RM72,000. “Memang tidak dapat dinafikan, perkahwinan dan membuat kenduri adalah sunnah. Namun Nabi s.a.w. tidaklah mengajar kita untuk membuat sesuatu di luar kemampuan sehingga membebankan kita. Baginda s.a.w. menyarankan, kenduri kahwin ini dibuat walaupun hanya sekadar seekor kambing. Jadi, sebelum berbelanja atau membuat pinjaman, fikirlah perkara penting dan jangka masa hadapan,” jelasnya. Sepakat antara pasangan Katanya, selain beberapa faktor menjadi keutamaan, struktur kewangan juga menjadi punca kepada banyak kes perceraian. Justeru, Suzardi menasihatkan, jejaka yang ingin melamar pasangan perlulah menilai beberapa perkara. Kata sepakat antara wanita serta keluarga amat penting sebelum menetapkan majlis. “Pasangan perlu sepakat berbincang antara satu sama lain, termasuk keluarga sebelum memutuskan jumlah perbelanjaan diperlukan untuk majlis. Jika wanita atau keluarga terlalu meminta, sebagai lelaki anda perlu berwaspada. Ini bagi mengelak anda mengalami bebanan hutang selepas berkahwin sehingga muncul sikap mengungkit dan akhirnya membawa kepada perpisahan yang tidak diduga.” Tujuh tahun pertama Suzardi berkata, pasangan perlu bijak mengatur perancangan masa hadapan apatah lagi menyusun strategi kewangan dengan bijak, mereka dapat hidup selesa kelak. “Tujuh tahun pertama perkahwinan memerlukan banyak pengorbanan jika anda ingin selesa di kemudian hari. Sebagai contoh, sebagai isteri, anda mungkin bertahan duduk di rumah sewa kos rendah dan juga kereta yang biasa untuk mendapatkan simpanan. “Andainya, jumlah isi rumah adalah RM5,000 dan anda berdua berjaya menyimpan sekurang-kurangnya 10 peratus hingga 50 peratus daripada gaji setiap bulan ke akaun Tabung Haji atau Amanah Simpanan Nasional Berhad, dalam tempoh tujuh tahun akaun pasangan mencecah lebih RM60,000,” jelasnya lagi. Ubah budaya kahwin di Malaysia • Apabila anak muda yang mahu berkahwin dapat mengelakkan daripada membuat pembiayaan peribadi sebesar RM50,000, anda bakal mempunyai aliran tunai sehingga RM600 sebulan. • Jika anda mampu membayar kepada bank RM600 sebulan, sebenarnya anda juga mampu menyimpan sebanyak itu setiap bulan. • Justeru, dengan aliran tunai sebanyak itu, bakal pengantin mempunyai dua pilihan mudah: 1) Menyimpan RM600 sebulan selama tujuh tahun. Hasilnya dianggarkan seperti berikut: • Tabung Haji (5%): RM 61,553.58 • ASB (8%): RM69,383.72 2) Memulakan pelaburan hartanah sendiri. Suami beli satu. Isteri beli satu. (Sila pastikan anda memahami konsep pelaburan hartanah) • Selepas tujuh tahun berkahwin, rumah itu dapat terus disewakan atau dijual dengan keuntungan. • Seterusnya, mereka dapat bergabung membeli rumah lebih besar dan lebih sesuai untuk membentuk ‘Rumahku Syurgaku’. Petikan artikel daripada Berita Harian, 4 Oktober 2013 Sumber : Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 5 Apa yang boleh anda tuntut: Apa yang perlu dilakukan selepas berlakunya kemalangan jalan raya 1. Bertenang 2. Utamakan keselamatan: Jika boleh, alih kenderaan anda ke bahu atau tepi jalan, luar daripada laluan trafik. Matikan enjin dan nyalakan lampu kecemasan atau letakkan segi tiga kecemasan atau suar jalan sebagai amaran kepada pengguna jalan raya yang lain. 3. Kumpulkan maklumat: Catat seberapa banyak maklumat mengenai: • butiran peribadi pemandu yang terlibat dalam kemalangan jalan raya berkenaan - nama, nombor kad pengenalan, alamat, nombor lesen memandu dan nombor telefon (jika boleh) • nama penanggung insurans/takaful kenderaan lain yang terlibat • buatan/ model dan nombor pendaftaran kenderaan lain yang terlibat dalam kemalangan jalan raya itu • nombor pendaftaran trak tunda (jika ada) Lakarkan secara ringkas situasi kemalangan. Ambil gambar dan catat tahap kerosakan pada kenderaan/ harta benda yang terlibat (jika boleh). Ini akan membantu anda apabila membuat laporan polis kelak dan / atau sekiranya anda ingin menghantar Borang Pemberitahuan Kemalangan*. 4. Hubungi Accident Assist di talian 1-300-22- 1188. Accident Assist adalah inisiatif terbaru daripada industri insurans dan takaful kepada orang ramai yang memerlukan khidmat bantuan jalan raya dengan segera sekiranya berlaku kemalangan. Accident Assist akan bertanya kepada anda beberapa soalan mudah mengenai kemalangan tersebut.Panggilan anda akan disambungkan kepada syarikat insurans/takaful anda sendiri atau anda akan dimaklumkan bengkel kenderaan terdekat yang boleh dihubungi untuk mendapatkan butiran perkhidmatan trak tunda atau membaiki kenderaan anda. Sebagai alternatif, anda boleh menghubungi terus syarikat insurans /takaful anda untuk bantuan. 5. Buat laporan polis: Anda perlu, dari segi undang- undang, membuat laporan polis dalam tempoh 24 jam selepas kenderaan anda terlibat dalam kemalangan jalan raya (atau dicuri). 6. Buat tuntutan insurans / takaful: Kami menggalakkan anda mengisi Borang Pemberitahuan Kemalangan* dan menghantarnya sama ada kepada syarikat insurans/ takaful anda dan/atau kepada Persatuan Insurans Am Malaysia (PIAM) atau Persatuan Takaful Malaysia (MTA) dalam masa 7 hari dari tarikh kemalangan. PIAM dan MTA boleh dihubungi di : Persatuan Insurans Am Malaysia Tingkat 3, Wisma PIAM 150, Jalan Tun Sambanthan, 50470 Kuala Lumpur No Tel. : 03-22747395 No Faks. : 03-22745910 Emel : [email protected] Persatuan Takaful Malaysia Tingkat 21, Menara Takaful Malaysia 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur No Tel. : 03-20318160 No Faks. : 03-20318170 Emel: [email protected] * Borang Pemberitahuan Kemalangan boleh diperoleh daripada www.insuranceinfo.com.my, www.piam.org.my atau www.malaysiantakaful.com.my Jenis pampasan yang boleh dituntut Jika anda pemilik kenderaan dan mempunyai: Jika anda pejalan kaki/ pemilik harta (selain kenderaan) yang terlibat dalam kemalangan Polisi Komprehensif Polisi Pihak Ketiga, Kebakaran dan Kecurian Polisi Pihak Ketiga Kerosakan harta benda Kecurian kenderaan anda Buat tuntutan Kecurian terhadap penanggung insurans/ takaful anda sendiri Buat tuntutan Kecurian terhadap penanggung insurans/takaful anda sendiri Tidak layak buat tuntutan Tidak berkenaan Kerosakan ke atas kenderaan/ harta benda anda akibat kemalangan jalan raya Jika kemalangan disebabkan orang lain: Buat tuntutan Kerosakan Harta Benda Pihak Ketiga (TPPD) terhadap penanggung insurans/ takaful pihak orang lain itu; atau Jika anda menyebabkan kemalangan: Buat tuntutan Kerosakan Sendiri (OD) terhadap penanggung insurans/ takaful anda sendiri Buat tuntutan Kerosakan Harta Benda Pihak Ketiga (TPPD) terhadap penanggung insurans/ takaful pihak yang satu lagi Buat tuntutan Kerosakan Harta Benda Pihak Ketiga (TPPD) terhadap penanggung insurans/ takaful pihak yang satu lagi Buat tuntutan Kerosakan Harta Benda Pihak Ketiga (TPPD) terhadap penanggung insurans/ takaful pihak yang satu lagi Pampasan untuk Masa Pembaikan yang Ditaksirkan (CART) bagi kenderaan (Pampasan hanya diberikan kepada pemandu yang bukan menyebabkan kemalangan) Buat tuntutan hilang kegunaan terhadap penanggung insurans / takaful pihak yang satu lagi Tidak layak buat tuntutan Kecederaan/ Kematian (senarai tidak terhad) Kesakitan, penderitaan dan ehilangan upaya akibat kecederaan yang ialami Buat tuntutan Kecederaan atau Kematian Pihak Ketiga (TPBID) terhadap penanggung insurans / takaful pihak yang satu lagi Perbelanjaan perubatan/ kos rawatan Kehilangan pendapatan/ Kehilangan pendapatan di masa hadapan/ keupayaan menjana pendapatan Kehilangan tempat bergantung Perbelanjaan pengebumian Kesedihan kehilangan seseorang 6 • Ringgit Bank Negara Malaysia telah mengumumkan strategi penentuan harga yang baharu bagi perkhidmatan pembayaran untuk menangani perbezaan harga antara kaedah pembayaran secara elektronik (e-pembayaran seperti perkhidmatan IBG) dengan kaedah pembayaran berasaskan kertas seperti cek. Di bawah penentuan harga yang baharu ini, fi untuk kaedah e-pembayaran akan dikurangkan bagi memberikan insentif kepada para peniaga dan pengguna untuk menggunakan kaedah pembayaran yang lebih cekap, manakala caj akan dikenakan ke atas cek sebagai mencerminkan kosnya yang lebih tinggi. Persatuan Bank Bank Dalam Malaysia (ABM) serta bank-bank ahli dan Bank Negara Malaysia telah menjalankan promosi kempen IBG ke seluruh Malaysia. Tujuan kempen tersebut adalah untuk meningkat kesedaran pengguna mengenai perkhidmatan perbankan dalam talian atau online banking, dengan tumpuan khusus kepada IBG. Berikut adalah soalan lazim tentang IBG 1. Apakah bank yang menawarkan perkhidmatan IBG? Pada masa ini terdapat 29 bank yang mengambil bahagian. 2. Bagaimana tansaksi IBG dilaksanakan? Untuk pelanggan individu, terdapat tiga pilihan bergantung kepada bank yang berkenaan: • Pilihan 1 – perbankan Internet dan perbankan mudah alih • Pilihan 2 – di kaunter cawangan bank. • Pilihan 3 – di Mesin Juru Wang Automatik (ATM), yang terhad untuk perkhidmatan tertentu sahaja. Untuk pelanggan korporat: Pemindahan wang boleh dibuat melalui perbankan internet atau pemindahan fail yang telah dipersetujui seperti CD atau disket atau sebarang kaedah elektronik yang diterima oleh bank berkenaan. 3. Adakah terdapat jumlah maksimum yang boleh dipindahkan melalui IBG oleh individu? Di kaunter atau bergantung kepada bank, jumlah maksimum bagi setiap pemindahan ialah RM500,000, berdasarkan kepada jumlah dana yang terdapat dalam akaun pelanggan. Melalui perbankan Internet - jumlah maksimum adalah RM10,000. Bagi pelanggan korporat, sila semak dengan bank anda kerana terdapat bank yang tidak menetapkan had bagi setiap pemindahan selagi pelanggan mempunyai dana yang diperlukan dalam akaun syarikat. 4. Bagaimana seseorang ingin menyelaraskan bayaran yang dibuat dan diterima melalui IBG? Penerima boleh mendapat maklumat, seperti rujukan penerima, nama penghantar dan butiran pembayaran yang lain, bermula pada 1 April 2014 oleh kebanyakan bank. Maklumat ini akan dipaparkan dalam penyata akaun bank dan dalam talian sekiranya pengirim memasukkan maklumat ketika melakukan transaksi. 5. Adakah transaksi melalui internet dan IBG selamat? Bank-bank telah melaburkan sejumlah wang yang besar dalam sistem IT bagi memastikan keselamatan dalam membuat transaksi dan akan melakukannya secara berterusan. 6. Apakah langkah-langkah yang diambil untuk menggalakkan pengguna bertukar kepada e-pembayaran? Untuk menggalakkan pengguna beralih kepada pembayaran secara elektronik, Bank Negara Malaysia telah mengenakan fi yang kos efektif bagi transaksi melalui e-pembayaran. Bagi yang membuat pembayaran melalui cek, mereka akan dikenakan yuran tambahan. Soalan Lazim mengenai Pemindahan Dana melalui sistem GIRO Antara Bank atau IBG (Interbank GIRO) Ringgit • 7 7. Apakah bayaran yang dikenakan untuk transaksi IBG berbanding cek? • Berkuat kuasa pada 2 Mei 2013, yuran transaksi IBG yang dilakukan secara dalam talian, sama ada, perbankan internet atau perbankan mudah alih,dikenakan maksimum sebanyak 10 sen. Untuk pelanggan korporat, bank-bank dibenarkan untuk mengenakan bayaran tambahan untuk perkhidmatan tambahan seperti yang dipersetujui. • Berkuat kuasa pada 1 April 2014, semua pengeluar cek d ikenakan bayaran pemprosesan cek baharu sebanyak 50 sen bagi setiap transaksi. Yuran ini sebagai tambahan kepada 15 sen duti setem yang dikenakan bagi setiap keping cek. 8. Untuk transaksi perbankan internet dan IBG, bilakah wang tersebut dimasukkan ke dalam akaun penerima? Berikut adalah waktu pemindahan dan kesediaan dana bagi pemindahan wang:- Waktu Pemindahan Kesediaan Dana Isnin - Jumaat Pemindahan sebelum 12:30 tengah hari Hari yang sama Pemindahan selepas 12:30 tengah hari Hari bekerja seterusnya Sabtu, Ahad & Cuti Umum bagi Wilayah Persekutuan (tidak berkenaan) Hari bekerja seterusnya Bermula September 2013, kebanyakan bank- bank akan memastikan sekurang-kurangnya dua (2) kitaran akan dikreditkan dalam masa 2 jam. Menjelang Februari 2014, 4 kitaran akan diperkenal dan masa kitaran akan dikreditkan dalam tempoh 2 jam. 9. Bolehkan saya memindahkan wang kepada mana-mana jenis akaun di bank yang berlainan? Anda boleh melakukan pemindahan ke akaun milik anda sendiri atau akaun pihak ketiga di bank yang menyertai. Pemindahan wang IBG boleh dilakukan untuk akaun simpanan, akaun semasa, kad kredit dan akaun pinjaman. 10. Bolehkah saya menggunakan IBG untuk bayaran kad kredit dan pinjaman saya? Boleh, melalui perbankan internet di kebanyakan bank. 11. Adakah IBG beroperasi selama 24 jam sehari? Perkhidmatan IBG melalui perbankan internet atau perbankan mudah alih beroperasi 7 hari seminggu dari pukul 6.00 pagi hingga 12.00 malam (tengah malam). Walau bagaimanapun, proses pemindahan IBG hanya akan dilakukan pada hari bekerja. Sila rujuk soalan 8. 12. Adakah saya mempunyai pilihan lain sekiranya saya ingin memindahkan wang yang lebih daripada RM10,000? Sekiranya anda mempunyai wang lebih daripada RM10,000, anda perlu melakukan pemindahan pada hari berikutnya atau merujuk kepada bank masing-masing. 13. Adakah saya per lu membayar yuran perkhidmatan setiap kali saya membuat pemindahan wang? Ya, anda dikenakan bayaran yuran perkhidmatan sebanyak 10 sen setiap kali anda membuat pemindahan wang melalui perbankan internet atau perbankan mudah alih. 14. Bagaimana saya boleh memaklumkan penerima bahawa saya telah memindahkan wang ke dalam akaun? Pemberitahuan akan dihantar kepada penerima jika:- • bank menyediakan ruang untuk mengisi maklumat, seperti alamat e-mel; dan • pembayar meletakkan alamat e-mel yang betul di ruang yang berkenaan. Sumber : Persatuan Bank Bank Dalam Malaysia (ABM) 8 • Ringgit Walaupun isu gores dan menang sudah lama dilaporkan dalam media, namun isu ini masih lagi berlaku. Pengguna masih ditipu dengan pelbagai tawaran hadiah secara percuma. Syarikat yang menawarkan hadiah melalui gores dan menang ini sering kelihatan di tempat-tempat yang menjadi tumpuan orang ramai, terutama sekali di pasar raya besar. Pengguna perlu memahami dan berwaspada kerana aktiviti ini lazimnya merupakan suatu penipuan yang mungkin menyebabkan kehilangan wang kepada pengguna. Peraduan seumpama ini tidak semestinya dilakukan oleh syarikat yang sah dan berdaftar di bawah Suruhanjaya Syarikat Malaysia (SSM). Ini boleh menyebabkan pengguna mengalami kesukaran dalam membuat tuntutan terhadap syarikat tersebut kerana mereka tidak berdaftar. Maka tiada maklumat yang lengkap dapat diperoleh berkenaan dengan syarikat yang melakukan kesalahan untuk diambil tindakan. Oleh itu, usaha pengguna untuk melakukan tuntutan, sama ada melalui Tribunal Tuntutan Pengguna Malaysia atau Mahkamah Tuntutan Kecil menjadi terbatas. Gores dan menang dikategorikan sebagai salah satu aktiviti perniagaan yang berunsurkan penipuan kerana lazimnya pengguna dikatakan telah memenangi hadiah yang ditawarkan setelah menyertai peraduan. Selepas berjaya meyakinkan pengguna tentang kelebihan dan ciri-ciri hadiah yang dimenangi, pengguna akan diminta untuk menjelaskan sejumlah bayaran terlebih dahulu sebelum mendapatkan hadiah tersebut. Alasan yang selalu diberikan kepada pengguna adalah pembayaran tersebut berfungsi sebagai caj pengurusan. Apabi la pengguna telah membuat bayaran pengurusan, mereka akan dipujuk untuk membuat bayaran tambahan supaya dapat memenangi lebih banyak hadiah yang menarik. Wakil syarikat akan terus-menerus memujuk pengguna sehingga mereka bersetuju untuk menambah bayaran bagi mendapatkan hadiah yang lain. Bayaran biasanya dibuat dalam berbentuk tunai atau secara kredit. Penipuan tersebut hanya akan mula disedari oleh pengguna apabila mereka mendapati hadiah yang dimenangi mengalami kerosakan setelah beberapa kali digunakan atau tidak seperti yang digambarkan oleh syarikat tersebut. Pusat Khidmat Aduan Pengguna Nasional (NCCC) sering menerima aduan berkenaan dengan peraduan gores dan menang daripada pengguna. NCCC menasihatkan pengguna agar lebih berhati-hati dengan syarikat yang menawarkan peraduan dan hadiah seperti ini supaya tidak tertipu dengan tawaran yang diberikan. Ini kerana, agak sukar untuk membuat tuntutan jika syarikat tersebut tidak beroperasi secara sah. Namun, jika terbukti syarikat tersebut berdaftar di bawah SSM, pengguna boleh memfailkan tuntutan kepada Tribunal Tuntutan Pengguna jika hadiah yang diberikan tidak boleh digunakan dan berunsur penipuan. Namun begitu, pengguna perlu memastikan bahawa mereka ada membuat pembayaran terlebih dahulu dan tidak benar-benar menerima hadiah tersebut secara percuma. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected] Ruangan Bersama NCCC Gores dan Menang Ringgit • 9 Ruangan Masalah Kewangan Anda Salam sejahtera, saya berumur 32 tahun, masih bujang dan memperoleh pendapatan bersih RM2,500 sebulan. Masalah saya ialah, baru-baru ini saya ingin memohon pinjaman kad kredit. Saya telah mengemukakan permohonan di tiga buah institusi perbankan. Malangnya permohonan saya telah ditolak disebabkan laporan kredit saya terlalu bersih. Pihak bank pula tidak memberikan penerangan lanjut. Untuk makluman tuan, saya tidak mempunyai mana-mana pinjaman daripada institusi perbankan. Saya ingin mendapatkan penjelasan daripada pihak tuan berhubung perkara ini. Mohon penjelasan. Pengguna yang kecewa. Jawapan: Pengguna boleh memohon kad kredit daripada institusi-institusi yang mengeluarkan kad kredit asalkan anda berusia 21 tahun ke atas dan berpendapatan minimum RM24,000 setahun. Walau bagaimanapun, keputusan sesuatu institusi perbankan dalam memperuntukkan kemudahan pinjaman adalah satu keputusan komersial yang tertakluk kepada penilaian dan budi bicara institusi perbankan terbabit. Setiap institusi perbankan mempunyai kredit polisi masing- masing dalam pemberian sesuatu pinjaman kepada pelanggan mereka. Keputusan institusi perbankan akan berdasarkan kepada penilaiannya terhadap kepercayaan kredit (creditworthiness) pelanggan mereka dan pendedahan risiko (risk exposure) dalam pemberian kemudahan berkenaan. Secara lazimnya, institusi perbankan akan mempertimbangkan faktor- faktor, antara lain, seperti berikut: (i) Kedudukan kewangan pemohon; (ii) Keupayaan pemohon membayar balik pinjaman; (iii) Karektor serta integriti pemohon; dan (iv) Sejarah penyelenggaraan akaun-akaun pinjaman sedia ada Anda mungkin ingin mendapat maklumat mengenai sebab penolakan permohonan tuan daripada institusi perbankan berkenaan. Selain itu, anda boleh terus cuba permohonan anda di institusi perbankan lain di Malaysia. Untuk senarai institusi perbankan di Malaysia, anda boleh merujuk laman Bank Negara Malaysia di www.bnm.gov.my. Untuk pertanyaan dan penjelasan lanjut, sila hubungi Bank Negara Malaysia di talian 1-300-88-5465 atau e-mel bnmtelelink@bnm. gov.my Laporan kredit terlalu bersih Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected]
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19 Mar 2014
Beware of Bogus Calls from Persons Impersonating as Bank Negara Malaysia Officers
https://www.bnm.gov.my/-/beware-of-bogus-calls-from-persons-impersonating-as-bank-negara-malaysia-officers
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Reading: Beware of Bogus Calls from Persons Impersonating as Bank Negara Malaysia Officers Share: 13 Beware of Bogus Calls from Persons Impersonating as Bank Negara Malaysia Officers Release Date: 19 Mar 2014 DON'T BE A VICTIM! Beware of financial scams through telephone calls, SMS and e-mails from persons claiming to be officers of Bank Negara Malaysia or other enforcement agencies. Bank Negara Malaysia will never ask individuals to transfer money for safekeeping Stay Alert! DO NOT DISCLOSE your personal financial information to any suspicious parties. Do not be scammed into transferring money to unknown third party accounts. Please check with the bank on the unknown third party accounts. If you receive any unsolicited telephone calls, SMS or e-mails, protect yourself by not responding to any such unsolicited contact. Please get confirmation at Bank Negara Malaysia Contact Centre (BNMTELELINK) at 1-300-88-5465. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
16 Mar 2014
Bank Negara Malaysia Scholarship Programme 2014 / 2015 - Nurturing Excellent Talents
https://www.bnm.gov.my/-/bank-negara-malaysia-scholarship-programme-2014-/-2015-nurturing-excellent-talents
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Reading: Bank Negara Malaysia Scholarship Programme 2014 / 2015 - Nurturing Excellent Talents Share: Bank Negara Malaysia Scholarship Programme 2014 / 2015 - Nurturing Excellent Talents Release Date: 16 Mar 2014 For more information on requirements, field of studies and how to apply, kindly click here Biasiswa Bank Negara Malaysia Sesi Akademik 2014/2015 Untuk maklumat lanjut berkenaan syarat-syarat kelayakan, bidang pembelajaran dan cara memohon, sila layari ini © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
11 Feb 2014
RINGGIT Newsletter (December 2013 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-december-2013-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761697/Ringgit_12.pdf
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Meniti Usia Persaraan DISEMBER 2013 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 2 /1 3 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Hari untuk Adam dan Aida merealisasikan kehidupan yang diimpikan selama ini sudah tiba. Kedua-dua mereka akhirnya bersara! Namun begitu, berapa ramai yang mengalu-alukan detik persaraan mereka? Sejak Adam dan Aida beralih kepada tahun emas mereka, mari teliti bagaimana mereka menguruskan kewangan dan penyelesaian yang boleh diguna pakai untuk mengatasi kemusykilan demi menjamin gaya hidup persaraan yang lebih sempurna. Haruskah saya bersara ataupun tidak? Itu bukan lagi suatu pilihan! Bagi kebanyakan orang yang bekerja, usia persaraan mandatori sudah ditetapkan, tidak kira sama ada anda sudah bersedia ataupun tidak. Kajian terkini mendapati lebih sepertiga daripada orang yang sedang menghampiri fasa persaraan, mempunyai kurang keyakinan diri berbanding setahun lalu. Ini bersesuaian dengan petikan kenyataan Chris Farrrel, dalam bukunya, Right on the Money: Taking Control of Your Personal Finances yang berbunyi, “Paling membimbangkan ialah apabila kehabisan wang. Itulah perasaan takut yang dirasai oleh setiap pesara”. Dengan menabung pada peringkat awal usia dewasa anda, maka anda mungkin mempunyai wang yang mencukupi untuk menikmatinya apabila anda bersara. Bagi Adam, dia sudah merancang dengan baik dan kini usahanya membuahkan hasil kerana tabiat menabung yang disemai dalam dirinya semenjak zaman persekolahannya. Meniti Usia Persaraan 2 • Ringgit Dia memberikan keutamaan kepada menabung 10 peratus daripada gajinya setiap bulan dan berdisiplin mematuhi beberapa daripada prinsip berikut:- • Daftar untuk Kumpulan Wang Simpanan Pekerja (KWSP) pada hari pertama dia bekerja dan memulakan akaun persaraan peribadi dengan menyimpan sekurang-kurangnya 10 peratus pendapatan sebagai tambahan kepada KWSP. • Tambahkan tabungan dana persaraan peribadinya pada peratusan tertentu pendapatan tahunan dengan peningkatan usia. • Peruntukkan sebahagian daripada jumlah kenaikan gaji atau bonus tahunan kepada tabung persaraannya. • Semak semula portfolio pelaburan persaraannya setiap tahun untuk memastikan wang bertambah selaras dengan pelan persaraan yang disasarkannya. Meskipun Adam dan Aida mungkin mempunyai wang yang cukup untuk persaraan, namun mereka memegang pada prinsip ‘Berhemat – Belanjawan Persaraan’, mereka terus tertumpu pada pelaburan berhemat. Contohnya, Adam masih memandu kereta buatan Jepun yang sudah 10 tahun usianya, sementara Aida pula masih menggunakan mesin jahit yang dimilikinya sejak 15 tahun dahulu. Pasangan ini juga masih menggunakan televisyen model lama yang besar, berbanding televisyen plasma terkini. Jadi, apa yang perlu anda buat sekiranya usia emas anda tidak begitu membahagiakan? Bukan semua orang bertuah seperti Adam dan Aida yang mempunyai tabungan yang mencukupi untuk persaraan mereka. Hasil beberapa tinjauan menunjukkan bahawa 50 peratus orang bimbang mereka tidak bersedia untuk bersara. Sikap pesimis mereka ini adalah berasas berdasarkan kajian yang dilakukan oleh Kumpulan Wang Simpanan Pekerja (KWSP) yang menunjukkan kebanyakan dana persaraan ahli KWSP hanya dapat kekal secara purata dalam tempoh tiga tahun. Berikut adalah cadangan untuk memperoleh manfaat daripada dana persaraan:- Nilai semula sasaran Ada kalanya, anda perlu bersifat realistik mengenai sasaran anda. Jika unjuran menunjukkan dana tidak mencukupi untuk menampung gaya hidup tertentu semasa persaraan, perubahan yang wajar perlu dibuat kepada pelan asal. Ini sebenarnya soal mengenai jangkaan dan berasa puas hati dengan apa yang anda miliki. Mengecilkan saiz rumah Ada kalanya mengecilkan saiz rumah anda merupakan pilihan yang baik untuk mendapatkan wang tambahan untuk dana persaraan. Jika anda dan pasangan anda tinggal di rumah berkenaan, yang kini terlalu besar, anda boleh menjualnya dan menggantikannya dengan rumah yang lebih kecil. Wang lebihan yang diperoleh daripada jualan rumah lama, selepas membeli rumah lebih kecil, boleh ditambahkan kepada dana persaraan. Anda juga mungkin mengambil keputusan untuk berpindah ke kawasan kejiranan, bandar atau negeri lain yang kos sara hidupnya tidak begitu tinggi. Ini juga dapat mengurangkan perbelanjaan harian anda. Libatkan diri dalam pekerjaan atau perniagaan selepas bersara Anda juga perlu memikirkan sama ada anda mahu bekerja atau terpaksa bekerja!. Ada kalanya anda tiada pilihan tetapi perlu terus bekerja, iaitu dengan ... bersambung ke muka 5 “Bukan semua orang bertuah seperti Adam dan Aida yang mempunyai tabungan yang mencukupi untuk persaraan mereka.” Ringgit • 3 yang bakal dihidangkan. Dengan cara ini, sekiranya anda berubah fikiran untuk makan di tempat lain setelah mendapati hidangan bufet yang dinanti- nantikan tidak seenak yang disangka, anda tidak akan kebuluran sebelum tiba di destinasi yang seterusnya. Begitu juga, anda dinasihatkan untuk memiliki wang lebihan sebanyak enam hingga sembilan bulan daripada perbelanjaan bulanan sebelum melabur. Ini bagi memastikan anda mempunyai dana yang mencukupi jika berlaku perkara yang tidak diingini atau pelaburan mengalami kerugian. F. Sabar dalam mencapai matlamat anda Kebanyakan orang sanggup beratur panjang bagi mendapatkan sesuatu jenis makanan yang diinginkan dalam hidangan sesebuah bufet. Begitu juga dengan pelaburan, anda haruslah sabar dan melabur untuk jangka masa panjang. Kerugian jangka pendek sememangnya merupakan asam garam pelaburan. Namun, jika anda sabar dan terus mengamalkan pelaburan untuk jangka panjang, kerugian tersebut akan ditampung oleh keuntungan yang bakal diperoleh kelak. G. Cuba pelbagai jenis makanan Ketika di meja bufet, anda biasanya dinasihatkan untuk mencuba pelbagai jenis makanan yang dihidangkan dan tidak tertumpu kepada satu jenis makanan sahaja. Melalui cara ini, anda akan dapat mengetahui makanan mana yang paling enak dan lazat. Konsep yang sama perlu diaplikasikan dalam Langkah-langkah atau resepi pelaburan bijak seterusnya adalah seperti berikut:- D. Dapatkan maklumat terlebih dahulu Sebelum membuat tempahan meja untuk menikmati hidangan bufet di sesebuah hotel ataupun restoran, pasti anda bertanya kepada rakan-rakan atau melihat ulasan-ulasan mengenai restoran tersebut terlebih dahulu. Anda semestinya tidak mahu dikecewakan dengan hidangan bufet yang kurang enak. Begitu juga dengan pelaburan. Sebelum melaburkan wang dalam sesuatu produk pelaburan, pastikan anda telah mendapatkan sebanyak mungkin maklumat mengenai produk pelaburan tersebut. Baca dan fahami semua maklumat berkaitan dengan pelaburan yang akan dibuat. Untuk pelaburan saham, jangan lupa untuk menganalisis laporan tahunan, prospektus dan dokumen lain yang berkaitan dengan syarikat yang menawarkan saham tersebut. Berwaspadalah dengan khabar angin dan ‘tip-tip’ pelaburan yang tidak berasas. Bagi unit amanah pula, amalkan tabiat membaca prospektus dan laporan tahunan dana tersebut. Teliti prestasi dana syarikat berkaitan, profil risiko pelabur dan juga cara pengurusan syarikat tersebut sebelum membuat keputusan. E. Kawal pemakanan anda! Biasanya, anda dinasihatkan untuk mengalas perut terlebih dahulu sementara menantikan jamuan bufet Bufet Pelabur Bijak (Bahagian 2) sambungan dari keluaran RINGGIT November 2013 4 • Ringgit pelaburan. Anda tidak sepatutnya meletakkan semua wang anda dalam satu produk pelaburan sahaja. Pelbagaikan pelaburan anda dalam produk atau sektor yang berlainan. Contohnya, jika anda melabur dalam ekuiti, pelbagaikan pelaburan anda dalam beberapa jenis syarikat dan sektor. Sekiranya anda melabur dalam unit amanah, pelbagaikan jenis dana pelaburan anda. Ini merupakan cara terbaik untuk mengurangkan risiko anda kerana kerugian yang dialami akibat suatu pelaburan boleh ditampung oleh keuntungan yang diperoleh daripada pelaburan yang lain. H. Ubah fikiran jika perlu Ada kalanya, restoran atau hotel yang dikunjungi tidak memuaskan hati anda. Sekiranya ini berlaku, beralihlah ke tempat lain yang dapat memenuhi cita rasa anda. Dalam hal pelaburan, prinsip ini juga boleh dipakai. Anda tidak sepatutnya takut untuk beralih kepada pelaburan yang lain sekiranya mendapati produk tersebut tidak serasi dengan matlamat pelaburan atau tidak memberi pulangan yang diharapkan. Kaji semula dan selalu pantau pelaburan anda untuk memastikan ia masih relevan dengan matlamat kewangan. I. Awasi promosi harga murah Anda pastinya berasa curiga jika ditawarkan promosi bufet yang terlalu murah tetapi mendapat hidangan bertaraf hotel 5 bintang. Besar kemungkinan ada yang tidak kena dengan bufet tersebut. Begitu juga dengan pelaburan. Terdapat banyak syarikat yang menjanjikan pulangan yang tinggi, tanpa risiko dan memerlukan modal yang rendah. Sebagai pelabur bijak, anda tidak sepatutnya mudah terpedaya dengan janji-janji seperti ini. Ingatlah bahawa lebih tinggi pulangan sesuatu pelaburan, maka lebih tinggi juga risikonya! Akhir sekali, pelaburan adalah sesuatu yang sepatutnya memberi anda kepuasan sepertimana menikmati sesuatu hidangan bufet yang enak. Sungguhpun demikian, ingatlah bahawa seseorang pelabur bijak akan sentiasa mengamalkan langkah- langkah di atas bagi memastikan diri mereka dapat membuat keputusan pelaburan yang bermaklumat. Sumber: www.min.com.my membabitkan diri dalam pekerjaan selepas bersara atau memulakan perniagaan sendiri. Ini dapat membantu dalam dua cara. Pertama, anda mempunyai tempoh pengumpulan dana persaraan yang lebih panjang. Kedua, tahun persaraan disingkatkan. Namun begitu, anda masih terlalu muda untuk bersara pada umur 55 tahun. Optimumkan keistimewaan warga tua Sebagai masyarakat pr ihat in , negara menawarkan pelbagai keistimewaan dan diskaun kepada warga tua dalam mendapatkan barangan dan perkhidmatan, termasuk tambang penerbangan, tren dan LRT, wayang, penginapan hotel sehinggalah tawaran hebat di pusat beli belah. Semakin banyak syarikat memberikan insentif mengguna pakai segmen pasaran warga tua, sebagai suatu tanggungjawab sosial dan juga untuk memanfaatkan pasaran sasaran yang menguntungkan bagi perniagaan mereka. Anda perlu berbelanja secara bijak, tetapi ini tidak bermakna anda perlu mengurangkan nikmat hidup dengan bersikap terlalu konservatif. Pada peringkat awal persaraan, anda perlu berhati-hati dan menjalani gaya hidup seimbang. Walaupun wang menjadi suatu keperluan dalam dunia hari ini, tetapi wang bukanlah segalanya. Jangan jadikan wang sebagai matlamat asas hidup anda. Kesihatan, keluarga dan kesejahteraan rohaniah juga adalah unsur penting yang menyumbang kepada kehidupan yang lebih sempurna. Anda harus kerap menderma dan membuat sumbangan, dari segi masa dan wang kepada mereka yang kurang bernasib baik. Anda perlu mewujudkan keseimbangan dalam kehidupan agar kehidupan anda lebih bermakna. Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK), Petikan akhbar Berita Harian. bersambung dari muka 3 ... Ringgit • 5 Dalam usaha menyediakan perkhidmatan tambahan kepada pelanggan, syarikat-syarikat insurans kini menawarkan bantuan kecemasan jalan raya kepada pemegang polisi kenderaan bermotor. Perkhidmatan bantuan kecemasan ini kelazimannya ditawarkan 24 jam, dan antara faedah-faedah yang boleh dinikmati oleh pemegang polisi seperti berikut:- Bantuan Kerosakan Kereta • Pembaikan kerosakan kecil; • Menukar tayar; • Penggantian bateri; • Penundaan kereta secara percuma (dalam had zon atau kawasan-kawasan tertentu). Bantuan Kemalangan • Penundaan percuma, pembaikan kerosakan dan bantuan tuntutan insurans berikutan kemalangan. Terma dan Syarat Walau bagaimanapun, program bantuan kecemasan jalan raya ini tertakluk kepada terma dan syarat. Pelanggan perlu memenuhi terma dan syarat yang melayakkan mereka menggunakan khidmat bantuan program ini, antaranya ialah:- Kelayakan • Kereta persendirian dengan perlindungan polisi komprehensif Pengenalan • Disahkan mempunyai perlindungan insurans. Pengesahan biasanya dibuat apabila pemegang polisi membuat panggilan melalui talian kecemasan “hotline” / pusat panggilan syarikat insurans. • Pemandu merupakan pemegang polisi atau orang yang diberi kebenaran untuk memandu. • Penunda / bengkel adalah yang dilantik oleh syarikat insurans. Pengecualian Am • Perkhidmatan tambahan selain daripada yang dinyatakan di atas. • Penggantian bahagian / alat ganti semasa bantuan kerosakan. • Kawasan pendalaman atau kawasan-kawasan di luar daripada zon bantuan yang dinyatakan. Makluman: Faedah-faedah yang ditawarkan dan terma dan syarat mungkin berbeza antara satu syarikat insurans dengan syarikat insurans yang lain. Sila rujuk kepada syarikat insurans anda untuk maklumat lanjut. Sumber: Persatuan Insurans Am Malaysia (PIAM) Program Bantuan Kecemasan Jalan Raya 6 • Ringgit Pengisytiharan jualan (“proclamation of sale”) lazimnya boleh dijumpai di dalam surat khabar atau papan notis di mahkamah tinggi. Terdapat juga iklan-iklan mengenai lelongan yang dikeluarkan oleh institusi kewangan sendiri. Terdapat tiga jenis lelong awam yang sering dilakukan, iaitu: (i) Lelongan mahkamah; (ii) Lelongan pejabat tanah; (iii) Lelongan oleh institusi kewangan yang dijalankan di lokasi yang ditetapkan. Orang awam yang berminat untuk membida perlulah mendaftar nama mereka terlebih dahulu. Kemudian pembida perlu menyediakan deposit sebanyak 10 peratus daripada harga rizab yang ditetapkan oleh mahkamah. Deposit ini disediakan dalam bentuk bank draf atau cek bank. Nama penerima adalah nama institusi yang mendapatkan perintah lelongan tersebut. Contohnya, cek ditulis ke atas nama Bank X jika perintah lelongan tersebut diberikan kepada Bank X oleh mahkamah berikutan kegagalan pelanggan mereka melangsaikan bayaran seperti yang telah dipersetujui dan ditetapkan. Pembida yang berjaya lazimnya mempunyai masa selama 90 hingga 120 hari bagi menjelaskan bayaran penuh. Sebelum seseorang membuat keputusan untuk membeli hartanah yang dilelong, terdapat beberapa perkara yang perlu dipertimbang terlebih dahulu. Adalah lebih baik jika hartanah yang akan dilelong diperiksa terlebih dahulu bagi memastikan keadaan sebenar hartanah tersebut dan juga keadaan sekeliling. Anda perlu memastikan: (i) Hartanah tersebut masih dihuni lagi atau tidak Jika rumah tersebut masih lagi dihuni dan penghuni tersebut enggan mengosongkan rumah, pembida yang berjaya dalam lelongan tersebut terpaksa membuat permohonan mahkamah bagi mendapat perintah untuk mengarahkan penghuni tersebut mengosongkan rumah. Apabila perintah tersebut sudah diberikan oleh mahkamah, pembida tersebut boleh menggunakan bantuan polis jika penghuni tersebut tetap berdegil. Penghuni tersebut tidak boleh mengambil tindakan undang-undang terhadap pembida kerana perintah mahkamah telah dikeluarkan. (ii) Keadaan hartanah – dalam keadaan baik atau perlu dibaiki (jika pemeriksaan dalam rumah berjaya dilakukan) Jika hartanah tersebut perlu dibaiki, pembida yang berjaya perlu menyediakan sejumlah wang untuk menampung kos pengubahsuaian, baik- pulih dan sebagainya. Ruangan Bersama NCCC Membeli harta lelongan Ringgit • 7 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 1D-1 Bangunan SKPPK, Jalan SS 9A/17, 47300 Petaling Jaya, Selangor Masalah Kewangan Anda (iii) Lokasi / keadaan sekeliling hartanah Periksa sama ada hartanah tersebut terletak di kawasan yang mempunyai: • kemudahan asas seperti kedai, sekolah, bank, pejabat pos, hospital, taman rekreasi, balai polis dan kawasan kejiranan. • kemudahan pengangkutan awam. • keselamatan – sama ada hartanah terletak di kawasan yang mempunyai kadar jenayah yang tinggi, kawasan setinggan dan sebagainya. (iv) Status hartanah • Hak milik kekal – bermakna anda mempunyai hak ke atas tanah tersebut untuk selama-lamanya. • Pajakan – bermakna anda hanya memiliki tanah tersebut selama tempoh pajakan, biasanya 99 tahun. Selepas tamat tempoh pajakan, hartanah tersebut hendaklah dipulangkan kepada pihak berkuasa, melainkan tempoh pajakan dilanjutkan dengan membuat bayaran premium. • Rezab Melayu • Terdapat bebanan (“encumbrances”), [seperti cagaran kepada bank untuk pinjaman] atau sekatan kepentingan (“restriction of interest”) [seperti private caveat]. Pembida digalakkan untuk membuat carian rasmi dengan bayaran sebanyak RM50 di Pejabat Tanah yang berdekatan. Notis pengisytiharan jualan wajib untuk memasukkan maklumat, seperti jenis hartanah, gambaran hartanah, nombor geran dan lot tanah (contohnya HS(D) 17428, Bandar Serendah, Mukim...). Nombor geran dan lot tanah tersebut boleh digunakan untuk membuat carian di Pejabat Tanah. Pembida mungkin terpaksa menanggung kos yang lebih jika hartanah tersebut mempunyai sekatan. Ini disebabkan pembida yang berjaya terpaksa membuat permohonan di mahkamah untuk membatalkan sekatan tersebut yang akan menjejaskan pemindahan hak milik atau penjualan hartanah pada masa hadapan. Isu ini bertujuan bagi menasihatkan pengguna agar lebih berhati-hati apabilamembuat keputusan untuk membida hartanah yang dilelong. Langkah-langkah di atas bertujuan untuk membantu pengguna dalam membuat keputusan sebelum membida. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. 8 • Ringgit Ruangan Masalah Kewangan Anda Saya merupakan seorang Eksekutif Muda yang berumur 31 tahun. Saya dan isteri bercadang ingin membeli sebuah kondominium yang berharga RM450,000 yang terletak di bandar raya. Pada masa kini, saya telah pun mempunyai sebuah aset sendiri dan bayaran bulanan mencecah RM1,200 sebulan. Memandangkan rumah adalah satu aset yang sangat berharga, saya dan isteri bercadang membeli sebuah rumah lagi bagi langkah-langkah persediaan untuk masa hadapan. Oleh kerana tiada ‘tunai di tangan’ bagi membayar deposit 10% untuk rumah, saya bercadang mengambil pinjaman peribadi sebanyak RM45,000 dengan kadar faedah sehingga 10 peratus. Apa pandangan tuan berkenaan perkara ini? Untuk makluman tuan, pendapatan bersih saya dan isteri kira- kira berjumlah RM10,000. Mempunyai seorang anak lelaki berusia 4 tahun. Ibu dan bapa tinggal bersama dan juga 1 orang adik lelaki menuntut di kolej. Mempunyai sebuah 2 kereta dengan bayaran bulanan masing RM1,100 dan RM700 sebulan. Saya amat mengalu-alukan khidmat nasihat tuan. Terima kasih. Cadangan jawapan: Pertanyaan anda dijawab berdasarkan kepada maklumat yang telah diberikan sahaja kerana banyak lagi maklumat yang diperlukan, terutamanya perbelanjaan dan komitmen hidup yang lain. Analisis dibuat terhadap dua komponen utama, iaitu dengan melihat jumlah ansuran bulanan dan nisbah hutang kepada pendapatan bersih (yakni pendapatan selepas potongan berkanun seperti KWSP, LHDN, SOCSO dsbnya). Berikut adalah senario sedia ada dan selepas anda mengambil pinjaman baru. Pinjaman sedia ada RM • Pinjaman perumahan • Pinjaman kenderaan 1,200 1,800 Jumlah ansuran 3,000 Nisbah hutang kepada pendapatan bersih 30.0% Dengan pinjaman baru RM • Pinjaman perumahan • Pinjaman kenderaan • Pinjaman peribadi (RM45K @ 10% @ 10 tahun) • Pinjaman kondominium (RM405k @ 5% @ 25 tahun) 1,200 1,800 750 2,300 Jumlah ansuran 6,050 Nisbah hutang kepada pendapatan bersih 60.5% Rumusan di atas menunjukkan nisbah hutang kepada pendapatan bersih selepas mengambil pinjaman baru adalah 60.5 peratus. Ini merupakan paras yang ‘tidak sihat’ kerana had yang disyorkan adalah tidak melebihi 40 peratus. Anda dan isteri mempunyai baki pendapatan sebanyak RM3,950 sebulan (selepas pembayaran pinjaman) untuk menguruskan semua perbelanjaan isi rumah setiap bulan. Adakah jumlah ini mencukupi? Anda perlu berfikir dengan lebih panjang kerana pinjaman adalah komitmen jangka panjang dan anda sendiri mengatakan anda tidak mempunyai ‘wang tunai di tangan’. Harus ingat pelaburan hartanah juga melibatkan kos-kos lain yang berkaitan, seperti bayaran guaman, insurans, cukai, taksiran, ‘servis dan maintenance’, pengubahsuaian, baik-pulih dan sebagainya. Nota: Analisis di atas tidak mengambil kira jika anda mempunyai pendapatan sewa yang mencukupi daripada aset baru yang boleh menampung kos pinjaman serta kos berkaitan yang lain. Deposit untuk Membeli Rumah Ringgit • 9 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected]
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08 Jan 2014
Go Green: Recycle fit banknotes is the right choice!
https://www.bnm.gov.my/-/go-green-recycle-fit-banknotes-is-the-right-choice-
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Reading: Go Green: Recycle fit banknotes is the right choice! Share: Go Green: Recycle fit banknotes is the right choice! Release Date: 08 Jan 2014 Celebrate your Chinese New Year with recycled fit banknotes. Did you know? After every festive seasons, 500 million pieces of RM1 and RM5 notes are deposited back into banks without being used for any payment transactions. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
03 Jan 2014
Statement on Bitcoin
https://www.bnm.gov.my/-/statement-on-bitcoin
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Reading: Statement on Bitcoin Share: 361 Statement on Bitcoin Release Date: 03 Jan 2014 The Bitcoin is not recognised as legal tender in Malaysia.The Central Bank does not regulate the operations of Bitcoin.The public is therefore advised to be cautious of the risks associated with the usage of such digital currency.   © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
23 Dec 2015
Financial Consumer Alert: List of unauthorised companies and websites has been updated.
https://www.bnm.gov.my/-/unauthorised-companies-websites-23122015
https://www.bnm.gov.my/documents/20124/761694/20151223_FCA_EN.pdf
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Reading: Financial Consumer Alert: List of unauthorised companies and websites has been updated. Share: Financial Consumer Alert: List of unauthorised companies and websites has been updated. Release Date: 23 Dec 2015 The Bank has updated the Financial Consumer Alert list. The list consists of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM. Please take note that the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by BNM. The latest list consists of 246 companies. The following companies were added to the list: Fari Group Global Resources (SA0319984-M) MD Venture Group Sdn Bhd (1058936U) Ocean Century International Limited GGC Aquaculture Sdn Bhd (1044976P) OCI Management Sdn Bhd (1042036X) OCI Venture Sdn Bhd (1039926H) Ram Kris Venture (0024165647-K) Trillion Venture FX Primus Ltd Asas Seroja Sdn Bhd (357014A) Ashnik Holdings (M) Sdn Bhd (1124601D) Ashnik Trading (002369914-W) Wadiah Trading Exquisite Bottle Index Sdn Bhd (1060843T) The list will be updated regularly for public's reference. To view the updated list, click on this link.   © 2024 Bank Negara Malaysia. All rights reserved.
No Name of unauthorised entities/individual Website Type Date Added to Alert List 1 1globalcash Unlicensed activities 13/07/2012 2 1Gold.com.my www.1gold.com.my Gold investment 13/07/2012 3 3Sixty Venture Capital PLC www.empire3sixty.com http://forum.putera.com/tanya/index.php?/topic/9 2929-3sixty-ventureanda-mahu-income-pasif- rm1500-setiap-hari/ Unlicensed activities 30/12/2014 4 Ace Global Sales & Services Unlicensed activities 02/05/2013 5 Ace Dimension Network Sdn Bhd Forex trading 10/04/2015 6 AE Group Holding Pte. Ltd. (201322498-D) http://www.aevfc.com Unlicensed activities 14/05/2015 7 Agarwood Venture (002273031-A) Unlicensed activities 19/02/2014 8 Agar Wood Chamber of Commerce Malaysia Unlicensed activities 21/05/2015 9 Ajuwah Realty Sdn Bhd (966604-D) Unlicensed activities 25/07/2014 10 Ajuwah Agencies Sdn Bhd (966604-D) Unlicensed activities 25/07/2014 11 Ajuwah Consultancy Unlicensed activities 21/05/2015 12 Alpari (Asian) Ltd Forex trading 21/05/2014 13 Al-Saliha Worlwide Sdn. Bhd. (628267-M) Unlicensed activities 13/07/2012 14 Amazing Yields Sdn Bhd (891529-V) Gold investment 23/01/2013 15 Amethyst Gold Creation Sdn Bhd (951063-K) www.powergoldclub.com www.powergold999.com Unlicensed activities 12/11/2013 16 APS Asia Plantation Sdn Bhd (984575-T) Unlicensed activities 28/03/2013 17 Arba Emas Perak (SA0280035-A) http://www.arbaemasperak.com Gold investment 14/05/2015 18 Aruna Travel Unlicensed activities 25/09/2013 19 Asas Seroja Sdn Bhd (357014A) Unlicensed activities 23/12/2015 20 Ashnik Holdings (M) Sdn Bhd (1124601D) Unlicensed activities 23/12/2015 21 Ashnik Trading (002369914-W) Unlicensed activities 23/12/2015 22 AsiaLink Globe Capital www.com.agc.com Unlicensed activities 25/07/2014 23 Astral Progress Sdn Bhd (989294-K) Unlicensed activities 13/10/2015 24 AU Niaga Sdn Bhd (907806-W) Gold investment 13/07/2012 25 AU79 International Gold investment 13/07/2012 26 Aurawave Marketing Sdn. Bhd http://www.aurawave2u.com Unlicensed activities 14/05/2015 27 Axis Capital Corporation Ltd www.axiscapitalcorp.com Forex trading 19/02/2014 28 BFS Markets www.bfsforex Forex trading 25/07/2014 29 Binary Indulgence Sdn Bhd (963258-W) Forex trading 25/07/2014 30 Build Rich Mining Group Bhd (1006586-T) www.buildrich.us Gold investment 28/03/2013 31 Build Rich Investment Group Ltd Gold investment 19/02/2014 32 Build Rich Group Holding Gold investment 19/02/2014 33 Build Rich Agrotech Berhad Gold investment 19/02/2014 34 Build Rich Enterprise Gold investment 19/02/2014 35 Bumi Klasik Warisan Enterprise Unlicensed activities 13/07/2012 36 Capital Asia Group (M) Sdn Bhd www.capitalasiagroup.com Unlicensed activities 14/05/2015 37 Cash Deal Sdn Bhd (929192-K) www.bossventure.com Unlicensed activities 19/02/2014 38 Celik Emas Enterprise (0021517795-K) Gold investment 14/05/2015 39 Changkat Agro Resources (IP 0353991V) Unlicensed activities 14/05/2015 40 CGF Fine Metal Sdn Bhd Gold investment 27/09/2012 41 CTK Network http://CTK2U.com Unlicensed activities 16/10/2012 C / / Based on information received by BNM, below is the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM: 42 CybertrustFX Forex trading 22/07/2013 43 Dana Haji Jasman Unlicensed activities 13/07/2012 44 Danatama Millennium Sdn Bhd (819082-U) Forex trading 02/05/2013 45 Darul Emas Perak Bhd (1053229-X) Gold investment 19/02/2014 46 Degold Empire Sdn Bhd (882335-M) Gold investment 13/07/2012 47 Delta Wealth Services (002194713-K) Forex trading 25/07/2014 48 Destiny Resources Services Forex trading 25/07/2014 49 Dgreat Network http://info.simplebisnes.com Unlicensed activities 02/05/2013 50 DM Rise Enterprise (PG 0262929-H) Unlicensed activities 20/10/2014 51 DNA Profile Sdn Bhd (245435-W) Unlicensed activities 13/07/2012 52 Dream Success International Sdn Bhd (1002002-P) www.Surewin4u.com Unlicensed activities 25/09/2013 53 Dynamic Wira Marketing Sdn Bhd - Skim Beras 1 Malaysia Unlicensed activities 23/01/2013 www.dynasty-worldwide-net www.dynastymf.com 55 Eagle Aeronautics (M) Sdn Bhd (796603-A) Unlicensed activities 27/09/2012 56 East Cape Mining Corp Gold investment 13/07/2012 57 Ecofuturefund www.ecofuturefund.biz Forex trading 25/09/2013 58 Emgoldex (Emirates Gold Exchange) Gold investment 10/04/2015 59 Empire Five Trading www.mikadofx.com Forex trading 04/04/2014 60 Energetic Gateway Sdn Bhd (511826-X) Gold investment 23/01/2013 61 Epic Palms Bhd http://epicpalmsberhad.com Unlicensed activities 28/03/2013 62 Everise Fumigation Sdn Bhd (861654-K) Unlicensed activities 25/07/2014 63 Exquisite Bottle Index Sdn Bhd (1060843T) www.xbi.com.my Unlicensed activities 23/12/2015 64 Extra Capital Programme http://extracapitalprogram.com Forex trading 13/07/2012 65 Ezey Marketing Unlicensed activities 13/07/2012 54 Unlicensed activitiesDynasty Worldwide Sdn Bhd (800311-D) 25/09/2013 http://ctk2u.com/� http://www.buildrich.us/� http://www.axiscapitalcorp.com/� http://www.bossventure.com/� http://www.com.agc.com/� http://www.bfsforex/� http://www.aurawave2u.com/� http://www.capitalasiagroup.com/� http://www.aevfc.com/� http://www.arbaemasperak.com/� http://www.1gold.com.my/� http://epicpalmsberhad.com/� http://www.dynasty-worldwide-net/� http://www.dynastymf.com/� http://www.ecofuturefund.biz/� http://www.surewin4u.com/� http://www.mikadofx.com/� http://extracapitalprogram.com/� http://info.simplebisnes.com/� http://www.xbi.com.my/� No Name of unauthorised entities/individual Website Type Date Added to Alert List 66 E-Qirad Sdn Bhd (595699-D) Unlicensed activities 28/03/2013 67 FA Markets Unlicensed activities 02/05/2013 68 Family Wealth Resources (SA0310508-M) Gold investment 13/10/2015 69 Fari Group Global Resources (SA0319984-M) Unlicensed activities 23/12/2015 70 FE Brands (M) Sdn Bhd (1000656-H) Unlicensed activities 13/07/2012 71 Flexsy Enterprise & Barrilorne Corp Gold investment 13/07/2012 72 FNZ Capital Limited www.intelfx.com Forex trading 13/07/2012 73 Fortrend International Sdn Bhd ( 876619-X) Unlicensed activities 01/09/2015 74 Futurebarrel.com http://futurebarrel.com Unlicensed activities 12/11/2013 http://ftindojaya.blogspot.com www.ft-indojaya.com 76 FxUnited Malaysia (myfxunited) Forex trading 10/04/2015 77 FXZN Zenith Limited http://www.fxzn.com Unlicensed activities 30/12/2014 78 FXZN Investment Limited Unlicensed activities 30/12/2014 79 FXZN Zenith Management Limited Unlicensed activities 30/12/2014 80 FX Primus Ltd https://trivfx.com Forex trading 23/12/2015 81 Gain FX Capital Sdn Bhd www.gainfxcapital.org Forex trading 13/07/2012 82 Gan Patt Services Unlicensed activities 13/07/2012 83 Ganding Wawasan Trading (TR0133766-A) Unlicensed activities 25/07/2014 84 GGC Aqualculture Sdn Bhd (1044976P) Unlicensed activities 23/12/2015 85 GGF Golden House Sdn Bhd (803753-W) Gold investment 13/07/2012 86 Global Creation Trading Unlicensed activities 13/07/2012 87 Global Peace Loving Family www.globalpeacelf.com Unlicensed activities 27/09/2012 88 Global Venture Financing http://globalventurefinancing.com Forex trading 13/07/2012 https://globalwavegold.com Forex trading 12/11/2013 http://gwgfx.com 90 Gold Bullion World Sdn Bhd (1018604-A) http://goldenworld.com.my Unlicensed activities 22/07/2013 91 Gorgeous Chain Sdn Bhd (841928-P) Forex trading 13/07/2012 92 Grand View Golden Success Sdn Bhd (638186-X) - Golden Maximum Unlicensed activities 22/07/2013 93 Great Access Sdn Bhd (517965-X) Unlicensed activities 13/07/2012 94 Green Buck Resources Sdn Bhd (851115-A) Forex trading 02/05/2013 95 Greenmillion Agrosolution Enterprise http://greenmillionagrisolution.blogspot.com Unlicensed activities 27/09/2012 96 Green Forest Global Sdn Bhd (987049-P) Gold investment 22/07/2013 97 HAFX Global Venture Sdn Bhd Forex trading 13/10/2015 98 Harvest Reliance Consultancy Sdn Bhd (965589-W) Unlicensed activities 02/05/2013 99 HEA Teguh Unlicensed activities 25/09/2013 100 Hexa Commerce Sdn Bhd (645798-X) Forex trading 13/07/2012 101 Hin Huat Auto Sparts (TR0005484-X) Unlicensed activities 25/07/2014 102 Holiday Express Asia Unlicensed activities 25/09/2013 103 Honest Group Ltd Unlicensed activities 13/07/2012 104 Hupro International Inc Forex trading 13/10/2015 105 Iconhill Holding Sdn Bhd (810775-P) Unlicensed activities 13/07/2012 106 IGC Diamond Gold investment 13/07/2012 107 Infinity Star International Sdn Bhd (851864-T) Gold investment 25/09/2013 108 Iridian Ventures PLT (LLP0002569-LGN): Gold investment 13/10/2015 109 IronFX Solid Trading Forex trading 13/10/2015 110 Instaforex Forex trading 13/07/2012 111 Isothree Gold Sdn Bhd (906561 K) Gold investment 13/07/2012 75 89 27/09/2012 Global Wave Gold Corporation Future Trade Indojaya Sdn Bhd (1003327-P) Gold investment 111 Isothree Gold Sdn Bhd (906561-K) Gold investment 13/07/2012 112 Inter Pasicfic Soyy Enterprise Unlicensed activities 10/04/2015 113 Jalatama Management Sdn Bhd (929594-W) www.jalatama.com Unlicensed activities 13/07/2012 114 Jazlaan Enterprise Unlicensed activities 13/07/2012 115 JM Communications & Technology Sdn Bhd (702054-V) Unlicensed activities 13/07/2012 116 JMI Global Unlicensed activities 13/07/2012 117 JTGold Gold investment 13/07/2012 118 Kelab Kebajikan dan Sosial Tun Teja Malaysia http://yds2u.com Unlicensed activities 02/05/2013 119 Kelab Kebajikan Sosial Malaysia (VVIP88) Unlicensed activities 04/04/2014 www.kcgtraders.com www.keenonlinefx.com 121 Keenan Prestige Services (002095851-P) Forex trading 25/07/2014 122 Keenan Brilliant Services (002021597-V) Forex trading 25/07/2014 123 Khaira Sakinah Resources (CT0018249-R) Unlicensed activities 20/10/2014 124 KL FxUnited Club Forex trading 10/04/2015 125 Kris Plus Enterprise (IP0238424-A) Unlicensed activities 13/07/2012 126 Kudaemas www.kudaemas.com Gold investment 20/10/2014 127 Lestari2U www.lestari2u.com Unlicensed activities 13/07/2012 128 Liberty Reserve www.libertyreserve.com Forex trading 13/07/2012 129 Life Time Holidays Sdn Bhd (727129-U) Unlicensed activities 13/07/2012 130 LocalAdClick http://localadclick.net Unlicensed activities 13/07/2012 http://locusnetwork4u.com http://carigold.com/portal/forums/showthread.php ?t=548206 132 LS Gold Bullion Sdn Bhd (235435-H) Gold investment 28/03/2013 133 Mari Wholesale (M) Sdn Bhd (556117-T) Unlicensed activities 13/07/2012 134 Maxim Capital Ltd www.maximtrader.com Forex trading 25/09/2013 135 Maza Network Sdn Bhd (1006389-H) Unlicensed activities 12/11/2013 136 Meccafund Family Malaysia www.meccafundfamilymalaysia.blogspot.com Unlicensed activities 04/04/2014 Forex trading 25/07/2014 Forex trading131 LocusNetwork4u.com Keenan Capital Group120 14/05/2015 http://www.intelfx.com/� http://globalventurefinancing.com/� http://www.globalpeacelf.com/� http://greenmillionagrisolution.blogspot.com/� https://globalwavegold.com/� http://futurebarrel.com/� http://ftindojaya.blogspot.com/� http://www.ft-indojaya.com/� http://gwgfx.com/� http://www.fxzn.com/� http://goldenworld.com.my/� http://www.gainfxcapital.org/� https://trivfx.com/� http://www.jalatama.com/� http://yds2u.com/� http://www.maximtrader.com/� http://www.libertyreserve.com/� http://www.meccafundfamilymalaysia.blogspot.com/� http://www.keenonlinefx.com/� http://localadclick.net/� http://www.lestari2u.com/� http://www.kudaemas.com/� http://www.kcgtraders.com/� http://locusnetwork4u.com/� http://carigold.com/portal/forums/showthread.php?t=548206� No Name of unauthorised entities/individual Website Type Date Added to Alert List 137 McRen Oceanus Sdn Bhd (908484-X) Unlicensed activities 22/07/2013 138 Mega Dynasty Sdn Bhd (931589-V) Gold investment 13/07/2012 139 Megaherbs Bioextreme (001946380-K) Unlicensed activities 13/07/2012 140 Megah Mewah Trading (SA0295909-A) Unlicensed activities 20/10/2014 141 MGSB Holding Sdn Bhd www.mgsb.org.my Unlicensed activities 16/11/2015 142 MD Venture Group Sdn Bhd (1058936U) Unlicensed activities 23/12/2015 143 MH Secret Wealth Enterprise (NS0122059A) Gold investment 14/05/2015 144 Million Jade Sdn Bhd http://www.millionjade.com Unlicensed activities 14/05/2015 145 Miracle Day Trading (JR0047390-V) Unlicensed activities 01/09/2015 146 Mohamad World Enterprise Unlicensed activities 10/04/2015 147 MOP Consultant Sdn. Bhd (101867-W) Forex trading 13/10/2015 148 My Cameron Hills Sdn Bhd (984170M) Unlicensed activities 21/05/2015 149 Nexgain Malaysia Sdn Bhd (773854-D) Forex trading 28/03/2013 150 Nory Motor (TR0023237-H) Unlicensed activities 25/07/2014 151 Norry Setia Ent (TR0103958-M) Unlicensed activities 25/07/2014 152 NTB Agencies Sdn Bhd (1039052-M) Unlicensed activities 25/07/2014 153 Ocean Century International Limited Unlicensed activities 23/12/2015 154 OCI Management Sdn Bhd (1042036X) Unlicensed activities 23/12/2015 155 OCI Venture Sdn Bhd (1039926H) Unlicensed activities 23/12/2015 156 ODFX http://www.ODFX.com Forex trading 14/05/2015 157 OLTA Capital Management Inc. Forex trading 13/07/2012 www.clubautocash.com www.1autocah.com 159 Orion Healthcare Management Services Sdn Bhd Unlicensed activities 10/04/2015 160 Orion Prokasih (M) Sdn Bhd Unlicensed activities 10/04/2015 161 Overseas Delight Sdn Bhd (614245-W) www.arawana2u.com Unlicensed activities 25/07/2014 162 Pancar Mayang Sdn Bhd (527196-H) Unlicensed activities 13/07/2012 163 Pars Pay Sdn Bhd (813378-V) Unlicensed activities 13/07/2012 164 Pegasus Bullion www.pegasusbullion.com Gold investment 04/04/2014 165 Perfway Traders Sdn Bhd (918583-V) http://www.perfway.com Unlicensed activities 30/12/2014 166 Perniagaan Jatidana Wawasan (M) Sdn Bhd Unlicensed activities 30/12/2014 167 Perubatan Islam Seiring Syariat Al-Ikhlas Gold investment 22/07/2013 168 Power Trade Asia Sdn Bhd (933528-T) www.kuasaforex.com.my Forex trading 12/11/2013 169 PPC Storm http://ppcstorm.com Unlicensed activities 04/04/2014 170 Preferred Credentials Sdn Bhd Gold investment 23/01/2013 171 Premier Ventures Gold Gold investment 28/03/2013 172 Prestige Dairy Farm (M) Berhad (832757-A) Unlicensed activities 13/07/2012 173 Profit Web Sdn Bhd Forex trading 19/02/2014 174 Program 10 Bulan Forex Trading Forex trading 13/07/2012 175 Program I-Rich Unlicensed activities 13/07/2012 176 Pro Infinity Ltd http://proinfinity.com Forex trading 25/07/2014 177 Projek Duit 2012 Forex trading 13/07/2012 178 Provisio Multimedia Forex trading 13/07/2012 179 Public Golden House Sdn Bhd (806825-M) Gold investment 19/02/2014 180 Puncak Hartawan Resources (0000097980-T) Forex trading 25/07/2014 181 Quantum Capital Program www.quantumcapitalprogram.com www.berjayaforex.com Forex trading 30/12/2014 Unlicensed activities 13/07/2012158 One AutoCash 182 Ram Kris Venture (0024165647-K) Unlicensed activities 23/12/2015 183 Real Biz Pasif Unlicensed activities 12/11/2013 184 Real Ingenious Sdn Bhd (926598-U) www.worldfocus.co Forex trading 13/07/2012 185 Rejab Trading (TR0115248-A) Unlicensed activities 25/07/2014 186 Rejabwealth Sdn Bhd (1005424-X) Unlicensed activities 25/07/2014 187 Reza Anuar Seven Gold investment 20/10/2014 188 Retro Titan Sdn Bhd Forex trading 19/02/2014 189 RGCX Trading Corp http://www.goldrgcx.com/richman8 www.rapidgcx.com Forex trading 13/07/2012 190 Rimbun Tekad Realty Sdn Bhd (966604-D) Unlicensed activities 25/07/2014 191 Rimbun Tekad Consultancy Sdn Bhd (966620-V) Unlicensed activities 25/07/2014 192 Rising Premium Sdn Bhd (285572-P) Gold investment 14/05/2015 193 RMMUDAH.COM Unlicensed activities 13/07/2012 194 RM20segera.com www.rm20segera.com Unlicensed activities 25/07/2014 195 RN Corporate Services Sdn Bhd Forex trading 19/02/2014 196 Rowther Technologies MSC Sdn Bhd (727979-T) Unlicensed activities 13/07/2012 197 Royal Gold Sdn Bhd (1005830-X) http://royalgolds.com Gold investment 27/09/2012 198 Royale Team Groups www.royaleteaminfo.blogspot.com Forex trading 02/05/2013 199 RS Capital Holdings Bhd (819833-P) Unlicensed activities 13/07/2012 200 Sejati Agarwood Enterprise Unlicensed activities 21/05/2014 201 Sera Land Mangement & Enterprise (JM0503206-P) Unlicensed activities 23/01/2013 202 SGFM Trading Sdn Bhd (936419-V) Gold investment 27/09/2012 203 Slimberry Extreme Team http://zatslimberry.blogspot.com slimberryxtreme.com Unlicensed activities 13/07/2012 204 Speedline www.speedline-inc.com Forex trading 13/07/2012 205 Srgold Exchange Bhd (1033164-V) www.srgold.com.my Unlicensed activities 12/11/2013 206 Sri Perkasa Emas Trading Gold investment 13/07/2012 207 Sri Chempaka Emas Enterprise (SA0293336-P) Pelaburan emas 25/07/2014 208 Steady Dynasty Sdn Bhd (782270-H) Unlicensed activities 22/07/2013 209 Steady Global Network Sdn Bhd Unlicensed activities 22/07/2013 210 Suliz Pearl Mines Unlicensed activities 13/07/2012 211 Suisse Coins Sdn Bhd www.suissecoins.com Unlicensed activities 10/04/2015 212 Sweblink Global Network Sdn Bhd (209952-H) Unlicensed activities 22/07/2013 213 Swiss Capital Venture Gold investment 13/07/2012 214 Syarikat Azza Motor Network Sdn Bhd (104795-P) www.rajakeretaweebly.com www.rajakereta.com Unlicensed activities 30/12/2014 215 Syarikat GECS Ltd Forex trading 13/07/2012 216 Syarikat Sri Alam Unlicensed activities 13/07/2012 217 Tabung Dana Ehsan Unlicensed activities 13/07/2012 http://www.1autocah.com/� http://www.clubautocash.com/� http://www.kuasaforex.com.my/� http://www.pegasusbullion.com/� http://ppcstorm.com/� http://www.arawana2u.com/� http://proinfinity.com/� http://www.perfway.com/� http://www.millionjade.com/� http://www.odfx.com/� http://www.mgsb.org.my/� http://www.speedline-inc.com/� http://royalgolds.com/� http://www.royaleteaminfo.blogspot.com/� http://www.srgold.com.my/� http://www.goldrgcx.com/richman8� http://www.rm20segera.com/� http://www.rajakeretaweeblycom/� http://www.suissecoins.com/� http://www.worldfocus.co/� No Name of unauthorised entities/individual Website Type Date Added to Alert List 218 Tanjung Trading ((TR0123942-W) Unlicensed activities 25/07/2014 219 Tenaga Setia Services (107239-P) Unlicensed activities 25/07/2014 220 TG Reliance Sdn Bhd (1086255-A) Unlicensed activities 01/09/2015 221 The Gold Guarantee Gold investment 29/11/2012 222 Titan Group Sdn. Bhd (823732-U) Unlicensed activities 13/07/2012 223 Trillion Venture https://trivfx.com Forex trading 23/12/2015 224 TukarGold.net www.tukargold.net Gold investment 13/07/2012 225 UER Gold https://uergold.com/profitsharing.php- inaccessible Gold investment 25/07/2014 www.jutawanufunclub.com ufunclub2me.bolgspot.com 227 Ultimate Power Profits www.ultimatepowerprofits.yolasite.com Unlicensed activities 16/10/2012 228 United American Traders Council www.uatconline.com Forex trading 12/11/2013 www.argrow.biz www.unicapasia.net 230 Uncang Teguh Resources (0000102116-T) Forex trading 25/07/2014 231 Urustabil Sdn Bhd (545426-X) Unlicensed activities 27/09/2012 232 VC Gold Sdn Bhd (722295-T) Gold investment 13/07/2012 233 Virgin Gold Mining Corporation Gold investment 13/07/2012 234 Verger Management Services Forex trading 25/07/2014 235 Wadiah Trading www.wadiahtrading.com Unlicensed activities 23/12/2015 236 Water World Marketing (CA0177161-P) Unlicensed activities 25/07/2014 237 Westrank Equity Sdn Bhd (1046449-A) Gold investment 25/09/2013 238 Windsor Fragrance Sdn Bhd (599208-H) Unlicensed activities 20/10/2014 239 World Dirham Berhad (970807-X) Unlicensed activities 22/07/2013 240 WSL Merchants Pte Ltd www.worldshopperslink.com www.click4dollar.com Unlicensed activities 16/10/2012 241 XOC7 Unlicensed activities 13/07/2012 242 YDS Corporate Line Sdn Bhd (877697-P) http://yds2u.com Unlicensed activities 02/05/2013 243 YDS Holding Groups Bhd (987797-T) http://yds2u.com Unlicensed activities 02/05/2013 244 Zeta Capital Management Unlicensed activities 13/07/2012 245 Zill Akasha Gemilang Enterprise Unlicensed activities 10/04/2015 246 Zness.com http://zness.com Forex trading 25/09/2013 25/07/2014Unlicensed activities 30/12/2014229 UFUNCLUB Uni Argrow (Cambodia) Co. Ltd 226 Unlicensed activities http://www.tukargold.net/� http://www.worldshopperslink.com/� http://zness.com/� http://yds2u.com/� http://yds2u.com/� http://www.uatconline.com/� https://uergold.com/profitsharing.php-inaccessible� http://www.ultimatepowerprofits.yolasite.com/� http://www.jutawanufunclub.com/� http://www.argrow.biz/� http://www.unicapasia.net/� http://www.wadiahtrading.com/� https://trivfx.com/� Sheet1
Public Notice
23 Dec 2015
Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-23122015
https://www.bnm.gov.my/documents/20124/761694/pd_ste_Jan2016.pdf
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Reading: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 23 Dec 2015 Title Staff Training Expenditure (STE) Issuance Date 23 December 2015 Effective Date 1 January 2016 Applicability Commercial banks, investment banks, life insurers, general insurers, composite insurers, insurance brokers, money brokers, financial advisers and loss adjusters under the Financial Services Act 2013 (FSA); Islamic banks, takaful operators, takaful brokers and Islamic financial advisers under the Islamic Financial Services Act 2013 (IFSA); and Development financial institutions prescribed under the Development Financial Institutions Act 2002 (DFIA). Summary This policy document: sets out guidance for regulated entities to allocate a specified amount of funds for staff training purposes; and is issued pursuant to section 266(c) of the FSA, section 277(c) of the IFSA and section 126 of the DFIA. Issuing Department Financial Sector Development Department (FSD) Attachment Staff Training Expenditure (STE) [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Lelaki paling ramai berhutang FEBRUARI 2014 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 2 /1 4 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Sidang Redaksi Penasihat Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Nurul Husna Mohd Yusof Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan 1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Lelaki paling ramai berhutang Wanita sering dianggap sebagai lebih boros dan tidak berfikir panjang apabila berbelanja berbanding lelaki, terutama untuk membeli kosmetik, pakaian, kasut, aksesori dan sebagainya, yang tidak termasuk dalam kategori barang keperluan. Malah bagi memenuhi kehendak terhadap perkara-perkara itu, ada yang sanggup mengikat perut semata-mata untuk kelihatan cantik dan bergaya. Persoalannya, benarkah wanita lebih suka berbelanja berbanding lelaki, ataupun dalam kata lain, lebih boros? Mengikut laporan Agensi Kaunseling dan Pengurusan Kredit (AKPK), ramai lelaki berusia 40 tahun ke atas yang datang ke pusat khidmat pelanggan AKPK untuk mendapatkan kaunseling mengurus wang, termasuk nasihat untuk menyelesaikan hutang. Lazimnya, lelaki pada peringkat usia ini dianggap mempunyai kehidupan yang lebih stabil serta kedudukan kewangan yang kukuh. Namun statistik AKPK sebaliknya menunjukkan sepanjang 2013, lelaki berusia lebih 40 tahun merupakan golongan yang paling tinggi, iaitu 42.4 2 • Ringgit peratus atau 39,220 orang, mendapatkan khidmat agensi itu untuk membantu mereka menguruskan hutang masing-masing. Ini diikuti oleh golongan berusia 30 hingga 40 tahun berjumlah 36,916 (39.9) peratus dan 16,336 orang golongan berusia antara 20 hingga 30 tahun (17.7 peratus). Sepanjang 2013 juga, seramai 60,359 atau 65.3 peratus daripada sejumlah 92,472 pelanggan Program Pengurusan Kredit di agensi itu adalah lelaki berbanding wanita sebanyak 29,725 atau 32.1 peratus. Golongan yang berkahwin paling ramai mendapatkan khidmat AKPK iaitu 68,550 orang (74.1 peratus), diikuti bujang seramai 14,069 orang (15.2 peratus) dan bercerai seramai 4,144 orang (4.5 peratus) sementara kematian pasangan seramai 1,727 orang (1.9 peratus). Dari segi purata gaji, individu berpendapatan kurang RM24,000 setahun adalah yang paling tinggi berdepan masalah hutang, iaitu seramai 48,647 (52.6 peratus). Ini diikuti oleh individu yang berpendapatan antara RM24,000 hingga RM36,000, seramai 17,389 orang. Sementara mereka yang berpendapatan lebih RM40,000 mencatat jumlah lebih tinggi, iaitu 14,428 berbanding 12,008 bagi mereka yang berpendapatan RM30,000 hingga RM40,000. Menurut Ketua Jabatan Komunikasi Korporat AKPK, Mohamad Khalil Jamaldin, antara faktor utama masalah kewangan dihadapi oleh mereka ialah perancangan kewangan lemah, iaitu 22.8 peratus, kos perubatan tinggi (18.1), kegagalan atau kelembapan dalam perniagaan (15.2) dan hilang kawalan dalam penggunaan kad kredit (11.1). Justeru, rakyat di negara ini disaran mengkaji semula corak perbelanjaan, selain berjimat-cermat bagi mengelak pembaziran, mewujudkan dana kecemasan dan mengelak daripada membuat pinjaman baru. “Sentiasa mengamalkan perbelanjaan berhemat, menabung sekurang-kurangnya 10 peratus daripada jumlah pendapatan serta berbelanja mengikut kemampuan, antara cara berkesan yang boleh membantu orang ramai bersiap sedia menghadapi masalah peningkatan kos sara hidup,” katanya. Menurutnya, cara paling mudah ialah mengadakan bajet dengan menyenaraikan pendapatan dan menolak setiap perbelanjaan yang tidak perlu. Katanya, orang ramai lazimnya sedar akan masalah dihadapi akibat situasi itu, namun jika mereka tidak melakukan apa-apa tindakan, ia boleh menjejaskan kehidupan. Dalam usaha meningkatkan pengetahuan terhadap pengurusan kewangan, AKPK menyediakan beberapa program untuk golongan muda. Antaranya, agensi itu menggiatkan usaha kempen dan kaunseling untuk orang ramai mengurangkan perbelanjaan dan ubah cara hidup, selain meningkatkan pendapatan sama ada membuat kerja lebih masa atau sebagainya bagi menampung kehidupan. Beliau turut menyarankan orang ramai memanfaatkan perkhidmatan percuma yang ditawarkan oleh AKPK, seperti Pendidikan Kewangan, Kaunseling dan Nasihat tentang Pengurusan Kewangan dan Program Pengurusan Kredit. Pihaknya akan membantu menyediakan pelan pembayaran balik bagi setiap hutang yang dihadapi, termasuk berunding dengan pihak bank untuk tempoh bayaran tertentu, iaitu memanjangkan tempoh bayaran balik. Katanya, mereka boleh mendapatkan perkhidmatan AKPK melalui talian bebas tol 1800-88-2575 atau mengunjungi cawangan terdekat di seluruh negara. Artikel daripada Sinar Harian, 21 Januari 2014 Sumber : Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 3 Bank Negara Malaysia ingin mengingatkan orang ramai supaya berwaspada dengan modus operandi pihak tertentu yang menyamar sebagai pegawai Bank Negara Malaysia, bank perdagangan atau agensi penguatkuasaan (termasuk Polis dan Lembaga Hasil). Mereka yang menyamar ini berniat untuk menipu orang ramai supaya memindahkan wang ke akaun pihak ketiga yang tidak dikenali yang kononnya selamat dalam simpanan Bank Negara Malaysia. Aktiviti penipuan ini dilakukan melalui pelbagai cara termasuk panggilan telefon, SMS, e-mel atau bentuk komunikasi yang lain. Modus operandi mereka adalah seperti berikut: • Mangsa menerima SMS atau panggilan telefon untuk mengesahkan transaksi kad kredit yang kononnya telah dicaj kepada kad kredit mangsa. • Apabila mangsa menelefon nombor telefon yang diberikan dalam SMS, mereka yang menyamar ini akan memperkenalkan diri sebagai ejen sebuah bank perdagangan dan meminta mangsa memberikan nama penuh dan nombor kad pengenalan untuk pengesahan. • Selepas pengesahan, mangsa akan diminta untuk mengesahkan sama ada transaksi kad kredit telah dibuat. Berwaspada dengan panggilan palsu daripada mereka yang menyamar sebagai Pegawai Bank Negara Malaysia • Apabila mangsa menafikan berlakunya transaksi tersebut, mangsa akan dinasihati supaya membuat laporan kepada ‘Unit Kad Kredit Palsu’ Bank Negara Malaysia, atau ‘jabatan pengurusan kad kredit’ bank-bank perdagangan. Mangsa akan diberikan nombor telefon ‘Unit Kad Kredit Palsu’ tersebut. • Apabila mangsa menelefon nombor yang diberikan itu, panggilan itu akan dijawab oleh seseorang yang mengatakan dia pegawai Bank Negara Malaysia. ‘Pegawai’ ini kemudiannya akan meminta maklumat berhubung dengan akaun perbankan dan kad kredit mangsa. • Mangsa akan diarah untuk memindahkan wang di kaunter atau menerusi ATM ke akaun pihak ketiga dengan alasan untuk memastikan wang mangsa disimpan dengan selamat dan untuk tujuan penyiasatan. • Mangsa akan diarah supaya tidak memberitahu sesiapa kerana kononnya tindakan ini mungkin akan menjejaskan penyiasatan. Orang ramai diingatkan supaya sentiasa berwaspada apabila menerima panggilan telefon, SMS atau e-mel ... bersambung ke muka 8 4 • Ringgit Sama ada anda sedar atau tidak, insurans merupakan perkara yang berkait rapat dalam kehidupan anda. Apabila membeli kereta, anda diwajibkan oleh undang-undang untuk membeli insurans motor. Begitu juga apabila anda memohon pinjaman perumahan, bank hanya akan meluluskan pinjaman apabila anda mempunyai polisi insurans kebakaran. Terdapat pelbagai polisi insurans yang lain seperti insurans kemalangan diri, insurans perubatan atau kesihatan, insurans perjalanan dan banyak lagi. Sebelum anda meneliti pelbagai polisi insurans di pasaran dan memutuskan untuk mengambil perlindungan insurans, bacalah artikel ini yang bertujuan untuk memberi kefahaman asas tentang kepentingan insurans serta memberi tip-tip penting apabila anda ingin membeli atau memperbaharui insurans. Sebagai pengguna insurans yang berpengetahuan, anda bukan sahaja akan menggunakan wang anda secara bijak tetapi menyimpan untuk jangka masa panjang. Apakah itu insurans? Insurans wujud berasaskan idea sekumpulan besar orang yang berkepentingan sama, bersama-sama berkongsi sedikit wang mereka bagi membentuk suatu dana, yang daripadanya boleh dikeluarkan bagi meringankan kesusahan yang ditanggung oleh ahli yang lain. Berasaskan idea tersebut, syarikat insurans ditubuhkan bagi menguruskan wang premium yang dibayar oleh pemegang-pemegang polisi. Jika dalam satu tahun tertentu, syarikat insurans kurang menerima tuntutan, maka syarikat insurans akan membina rizab wang untuk menampung apabila mengalami tuntutan yang agak besar pada tahun-tahun lain. Menjadi pengguna insurans yang berpengetahuan Tulus dan Jujur Kontrak insurans atau polisi adalah berdasarkan kepercayaan. Syarikat insurans mempercaya anda, sebagai pemegang polisi, untuk memberikan maklumat yang tepat dan benar terhadap perkara- perkara yang diinsuranskan. Ini dipanggil prinsip ‘tulus dan jujur’. Langkah yang harus diambil adalah dengan memberitahu maklumat yang benar secara keseluruhan supaya syarikat-syarikat insurans boleh membuat penilaian yang wajar tentang sesuatu risiko. Begitu juga, setelah menerima polisi insurans, anda perlu membaca semua dokumen dengan teliti untuk memastikan bahawa anda memahami terma-terma dan risiko yang dilindungi dan tidak dilindungi. Panduan Membeli Insurans Am • Sebelum anda melanggan polisi insurans, langkah terbaik adalah untuk mendapatkan beberapa sebut harga untuk membuat perbandingan. Malaysia mempunyai banyak syarikat insurans untuk pilihan anda. Terdapat 23 buah syarikat insurans am yang menawarkan perlindungan insurans am dan 11 buah syarikat takaful yang menawarkan perlindungan takaful am. • Apabila memilih syarikat insurans, anda perlu memastikan syarikat tersebut menyediakan perlindungan yang anda perlukan, perkhidmatan tuntutan yang berwibawa, harga yang berpatutan dan menyediakan dokumentasi segera. Ringgit • 5 • Anda juga boleh mendapatkan bantuan daripada ejen insurans. Walau bagaimanapun, untuk memastikan bahawa anda dilindungi daripada ejen yang tidak bertanggungjawab, pastikan anda berurusan dengan ejen berdaftar di bawah Persatuan Insurans Am Malaysia (PIAM) sahaja. Anda boleh menghubungi syarikat insurans atau PIAM di talian 03-22747395/9. • Apabila memilih ejen, anda perlu mencari ejen yang menyediakan perkhidmatan yang cepat, cekap dan efisien. Anda boleh memilih daripada lebih 30,000 ejen berdaftar di bawah PIAM yang terdapat di seluruh Malaysia. • Bagi ahli perniagaan, anda boleh mendapatkan khidmat nasihat mengenai perlindungan insurans melalui broker insurans. Broker insurans adalah golongan profesional sepenuh masa yang memberi nasihat kepada pelanggan mengenai perlindungan insurans yang paling sesuai. Lazimnya syarikat insurans akan menawarkan perlindungan yang memberi manfaat, harga yang bersesuaian dengan keperluan pelanggan. • Broker insurans menjalankan pelbagai fungsi lain untuk pelanggan termasuk memastikan tempoh perlindungan insurans dikemas kini, memberi nasihat tentang pindaan yang perlu dan meremit premium kepada syarikat-syarikat insurans. • Setelah anda membuat keputusan membeli polisi insurans, sila baca polisi tersebut. Sekiranya terdapat butiran dokumen yang tidak lengkap, pemegang polisi boleh bertanya secara terus dengan syarikat insurans dan meminta pindaan dilakukan. • Polisi yang dibeli merupakan kontrak yang sah dan akan diperlukan sekiranya anda ingin membuat tuntutan. Oleh itu, dokumen ini hendaklah disimpan di tempat yang selamat. Anda perlu menyenaraikan insurans yang telah dilanggan serta risiko yang dilindungi. • Sebagai pemegang polisi, anda perlu memastikan bahawa tempoh perlindungan polisi masih belum luput. Syarikat-syarikat atau ejen-ejen insurans mempunyai sistem memberi peringatan tamat tempoh atau pembaharuan tarikh kepada pelanggan. Bagi mengelakkan polisi luput atau tidak membaharui insurans, premium insurans perlu dibayar tepat pada masanya. Jika pembayaran melalui cek, pastikan cek tersebut dibayar kepada syarikat insurans dan pastikan anda mendapat resit rasmi daripada syarikat insurans. • Selain bayaran melalui cek, pembayaran lebih mudah untuk membayar premium insurans boleh dibuat sama ada melalui kad kredit, kad debit atau secara atas talian seperti Maybank2u. 60 hari klausa Waranti Premium Syarikat-syarikat insurans am menguatkuasakan 60 hari klausa Waranti Premium bagi kebanyakan jenis perlindungan insurans, kecuali polisi insurans motor, insurans perjalanan, insurans badan kapal dan bon insurans. Di bawah klausa Waranti Premium, pemegang polisi dikehendaki untuk membayar premium yang dikenakan dalam tempoh 60 hari dari tarikh kuat kuasa perlindungan insurans (polisi insurans anda, nota perlindungan dan / atau sijil pembaharuan akan menunjukkan tarikh kuat kuasa perlindungan). Sekiranya premium tidak dibayar pada hari ke-60, perlindungan insurans akan dibatalkan secara automatik dari hari ke-61. Dalam kes insurans motor, ia telah ditetapkan oleh undang-undang bahawa perlindungan insurans motor hanya boleh dikeluarkan oleh penanggung insurans atau ejen mereka berasaskan ‘bayaran tunai sebelum perlindungan’. Ini bermakna bahawa premium mesti dibayar sebelum nota perlindungan insurans motor atau polisi boleh dikeluarkan. Sila hantar pertanyaan anda pada insurans am kepada: Persatuan Insurans Am Malaysia, Tingkat 3, Wisma PIAM, 150, Jalan Tun Sambanthan, 50470 Kuala Lumpur. Tel: 03 - 2274 7395/9 Faks : 03 - 2274 5910 Sumber: Persatuan Insurans Am Malaysia (PIAM) 6 • Ringgit Sekiranya anda pernah melabur, sikap anda apabila melabur banyak mempengaruhi cara anda memilih, melabur dan memantau sesuatu pelaburan yang dibuat. Pernahkah terlintas dalam hati anda untuk mengetahui anda tergolong dalam kategori pelabur yang mana satu? Terdapat beberapa kategori pelabur untuk dikongsi bersama, dan juga nasihat yang boleh dipertimbangkan untuk membantu memperkukuh kedudukan anda sebagai pelabur. Pelabur Baru Kategori ini merangkumi mereka yang baru kali pertama melabur dan kurang berpengalaman dalam hal-ehwal pelaburan. Mereka menyedari bahawa untuk mencapai matlamat kewangan, mereka perlu menabung dan melabur. Ada kalanya, dalam keghairahan mereka membuat pelaburan, mereka mendapatkan panduan daripada sumber maklumat atau orang yang salah. Justeru mereka boleh melakukan kesilapan, yang sepatutnya boleh dielakkan, atau lebih buruk lagi, menjadi mangsa skim pelaburan tidak sah, seperti pelaburan Internet dan sebagainya. Nasihat Untuk Anda: Pelajari selok-belok pelaburan daripada orang yang betul, misalnya daripada mereka yang berlesen. Berhati-hati terhadap peluang pelaburan yang menjanjikan pulangan tinggi tanpa mempunyai apa- apa risiko. Jika anda mempunyai sebarang keraguan terhadap produk pelaburan yang ditawarkan, dapatkan maklumat yang lebih terperinci, yang boleh didapati daripada prospektus atau laporan tahunan sesuatu produk pelaburan tersebut. Semak status syarikat tersebut dengan pihak berkenaan, seperti Suruhanjaya Sekuriti Malaysia dan sebagainya, untuk memastikan syarikat tersebut mempunyai lesen untuk menawarkan produk pelaburan kepada orang ramai. Jangan bertindak terburu-buru dan mendengar khabar angin sahaja. Sebaliknya, ambil masa untuk belajar mengenai cara-cara melabur dengan bijak. Pelabur Berwaspada Mereka yang tergolong dalam kategori ini akan mengelakkan diri daripada melabur dalam pelaburan yang berisiko tinggi. Selalunya mereka akan berfikir panjang sebelum melabur dan mengambil masa untuk memahami sesuatu produk pelaburan tertentu. Biasanya, pelabur begini tidak mengharapkan pulangan yang tinggi dan akan melabur dalam produk pelaburan yang stabil atau menjamin pulangan serta memelihara modal pelaburan mereka. Nasihat Untuk Anda: Kaji dengan teliti produk pelaburan yang menjanjikan pulangan terjamin. Baca semua maklumat yang terkandung dalam prospektus. Jangan menganggap pelaburan dengan ‘pulangan terjamin’ atau ‘modal terpelihara’ tidak mempunyai risiko. Pada masa yang sama, berhati-hati dengan peluang pelaburan yang menjanjikan pulangan lumayan tanpa sebarang risiko. Dikhuatiri ia adalah skim penipuan. Kaki Judi Pelabur yang termasuk dalam kategori ini pada dasarnya merupakan mereka yang gemar mengambil risiko tinggi. Umumnya, mereka bersedia untuk mengalami kerugian dalam pelaburan. Mereka mudah tertarik kepada ‘ramalan panas’ dan khabar angin pasaran. Mereka memilih pelaburan tambah nilai modal dan cuba membuat keuntungan seberapa cepat yang boleh. Selalunya, mereka membuat keputusan pelaburan berdasarkan naluri atau ‘perasaan’ dan bukannya maklumat yang betul. Oleh sebab itu, ada kalanya sukar bagi mereka untuk mengelakkan diri daripada terjebak dalam pelaburan yang salah atau tidak sesuai dengan matlamat kewangan kerana mereka berpandukan kepada naluri semata-mata. Nasihat Untuk Anda: Apabila melabur, pelabur berhak mengambil risiko, tidak kira berapa besar risiko tersebut. Tetapi pelabur mesti menyedari kesan risiko tersebut. Bergantung kepada naluri bukanlah cara yang baik untuk membuat keputusan pelaburan. Ingatlah, walau betapa banyak pun khabar angin dan ramalan yang diterima, ia tidak boleh menggantikan fakta dan angka dalam membuat keputusan pelaburan. Anda Jenis Pelabur Yang Mana Satu? Ringgit • 7 Pelabur Pasif Pelabur yang pasif biasanya percaya bahawa setelah mereka membuat sesuatu pelaburan, ejen atau remisier adalah orang yang bertanggungjawab untuk menjaga pelaburan tersebut atau mereka beranggapan bahawa pelaburan tersebut akan terkawal dengan sendirinya. Pelabur sebegini selalunya jarang atau tidak pernah langsung memantau pelaburan mereka. Mereka juga tidak membaca dokumen berkaitan pelaburan yang dihantar kepada mereka, umpamanya penyata kewangan, laporan tahunan atau nota kontrak. Mereka terus-menerus tidak peduli walaupun terdapat masalah atau perkembangan terkini yang mungkin memberi kesan kepada pelaburan mereka. Nasihat Untuk Anda: Sebagai pelabur, anda mesti mengambil berat tentang pelaburan anda dan jangan membiarkan ia tidak dipantau. Jangan menganggap semuanya akan berjalan lancar setiap masa. Pemantauan yang kerap membolehkan anda mengkaji semula pelaburan anda, terutamanya jika pelaburan itu tidak lagi memenuhi objektif kewangan anda. Pelabur Bijak Pelabur ini melabur berdasarkan maklumat dan bukannya emosi. Mereka menggunakan maklumat daripada pelbagai sumber yang boleh dipercayai untuk memantau pelaburan mereka dengan teliti. Mereka mendapatkan nasihat daripada perunding kewangan yang berlesen dan membuat keputusan pelaburan hanya setelah menimbangkan kebaikan dan keburukannya. Mereka berusaha untuk memahami ganjaran dan risiko sesuatu produk pelaburan itu dan tidak akan membiarkan pelaburan mereka tidak dipantau. Pelabur bijak seperti ini bersedia untuk menukar strategi pelaburan jika ia sudah tidak konsisten dengan matlamat dan objektif kewangan mereka. Nasihat Untuk Anda: Teruskanlah tabiat pelaburan yang baik ini! Jika anda fikir anda tidak termasuk dalam kategori pelabur ini dan amat sukar untuk menjadi pelabur bijak, jangan lemah semangat. Sebenarnya ia lebih mudah daripada apa yang anda sangka dan hanya memerlukan semangat dan usaha untuk belajar. Ambil langkah pertama anda dengan membaca laman sesawang Pelabur Malaysia (www.min.com.my) untuk mempelajari selok belok pelaburan bijak. Sumber : www.min.com.my. yang tidak diundang, dan mereka tidak perlu membalas sebarang panggilan telefon yang tidak diundang itu. Bank Negara Malaysia tidak pernah meminta sesiapa untuk membuat sebarang pindahan wang untuk disimpan dengan selamat. Bank Negara Malaysia menasihati orang ramai supaya melindungi diri mereka daripada tertipu dan berhati-hati dengan mengambil langkah berikut: (1) Jangan dedahkan maklumat kewangan peribadi kepada mana-mana pihak. (2) Jangan membuat pindahan wang ke akaun pihak ketiga yang tidak dikenali. (3) Selalu berhubung dengan pihak bank perdagangan untuk mengesahkan identiti akaun pihak ketiga yang tidak dikenali supaya dapat mengelak daripada ditipu. Orang ramai boleh berhubung terus dengan Bank Negara Malaysia di: BNMTELELINK (Pusat Perhubungan Khidmat Pelanggan) Tel : 1-300-88-5465 Fax : 03- 2174 1515 E-mel : [email protected] Untuk menghantar pertanyaan atau aduan melalui SMS, taip BNM TANYA [pertanyaan/ aduan anda] dan hantar kepada 15888. Untuk maklumat lanjut mengenai aktiviti penipuan kewangan, sila lawati laman amaran penipuan kewangan di http://fraudalert.bnm. gov.my atau berinteraksi dengan kami melalui facebook di http://facebook.com/bnm.official dari muka 4 ... 8 • Ringgit Akta Perlindungan Data Peribadi 2010 (PDPA) telah dikuatkuasakan pada 15 November 2013 yang lalu. Syarikat dan sektor yang termaktub di bawah akta ini mempunyai masa selama 3 bulan bagi memastikan bahawa mereka mengambil langkah yang sewajarnya dan notis pematuhan perlu diberikan kepada pengguna sedia ada bagi mematuhi peruntukan di bawah akta tersebut. Fungsi utama akta ini adalah bertujuan untuk menjaga maklumat peribadi pengguna di samping mengelakkan syarikat-syarikat swasta daripada mengambil kesempatan atau mengaut keuntungan dengan menyalurkan data-data tersebut kepada pihak ketiga. Mengikut PDPA, data peribadi yang diperuntukkan di bawah akta ini adalah data peribadi yang digunakan bagi tujuan transaksi komersial. Contohnya, data peribadi yang diperoleh semasa proses jual dan beli sesuatu komoditi atau perkhidmatan merupakan data yang perlu dilindungi oleh syarikat yang berkenaan. Penerangan ini juga merangkumi data sensitif seperti, pendapat mengenai politik, kepercayaan agama, keadaan kesihatan fizikal atau mental dan data peribadi lain yang ditentukan oleh Menteri melalui perintah yang diwartakan. Persetujuan pengguna merupakan syarat paling penting bagi syarikat untuk menjalankan aktiviti atau transaksi perniagaan mereka. Persetujuan ini mesti diberikan secara nyata seperti persetujuan bertulis dan bukannya persetujuan berdasarkan andaian semata. Selain itu, pengguna juga diberikan hak untuk mengakses kembali data-data yang telah diberikan kepada syarikat yang terlibat. Apabila pengguna telah memberikan persetujuan bagi menggunakan data mereka, pengguna perlu diberikan pilihan untuk memilih cara bagi mendapatkan maklumat baru daripada syarikat tersebut sama ada melalui panggilan telefon, SMS ataupun e-mel. Untuk makluman, terdapat 11 sektor swasta yang wajib mematuhi PDPA iaitu: 1. Sektor Komunikasi; 2. Sektor Perbankan dan Institusi Kewangan; 3. Sektor Insurans; 4. Sektor Kesihatan; 5. Sektor Pelancongan dan Hospitaliti; 6. Sektor Pengangkutan; 7. Sektor Pendidikan; 8. Sektor Jualan Langsung dan Pemasaran Langsung; 9. Sektor Perkhidmatan; 10. Sektor Hartanah; 11. Sektor Utiliti PDPA telah memperuntuk bahawa syarikat yang melanggar akta ini boleh dikenakan denda atau penjara atau kedua-duanya sekali. Selain itu, pengguna juga boleh menuntut pampasan jika mereka mendapati data peribadi mereka digunakan tanpa kebenaran oleh syarikat yang terbabit. Namun harus diingatkan bahawa, walaupun Jabatan Perlindungan Data Peribadi (JPDP) di bawah Kementerian Komunikasi dan Multimedia Malaysia merupakan pengawal selia akta ini, namun sebarang tindakan untuk menuntut pampasan mestilah melalui proses mahkamah dan bukan melalui JPDP. Namun begitu, pengguna digalakkan supaya membuat aduan kepada JPDP melalui e-mel, iaitu [email protected] jika data mereka disalahgunakan supaya tindakan dapat diambil ke atas syarikat yang melanggar PDPA. Untuk maklumat lanjut, sila hubungi Pusat Khidmat Aduan Pengguna Nasional (NCCC) di talian 03-7877 9000 atau [email protected]. Ruangan Bersama NCCC Akta Perlindungan Data Peribadi 2010 Ringgit • 9 Ruangan Masalah Kewangan Anda Saya ingin meminta nasihat tuan mengenai pengurusan kewangan yang paling terbaik. Memandangkan saya seorang lepasan graduan, saya masih tiada pekerjaan tetap. Namun begitu, saya mempunyai sedikit simpanan untuk saya membeli aset kelak. Saya ingin membeli aset seperti kereta dan rumah. Pada pandangan tuan, yang mana satukah yang perlu didahulukan? Pada masa sekarang, saya mengajar tuisyen dari rumah ke rumah dan pendapatan bersih yang saya peroleh RM2,800 sebulan. Saya mempunyai sebuah motosikal. Kadang kala pergerakan saya agak terbatas, kerana faktor hujan dan terpaksa mengharapkan bantuan rakan-rakan menghantar ke rumah pelajar. Saya masih menyewa rumah bersama-sama rakan-rakan bujang. Duit sewa yang perlu dibayar, termasuk bil utiliti, sebanyak RM450. Duit simpanan saya setakat ini, hanya RM4,000 sahaja. Apakah nasihat tuan tentang perkara ini? Nasihat tuan sangat dihargai. Graduan Bandar Jawapan: Secara ringkas setelah membuat sedikit peruntukan untuk perbelanjaan yang lain, berikut adalah cadangan kedudukan aliran tunai anda. RM RM Pendapatan (Adakah ini pendapatan tetap setiap bulan anda?) 2,800 Jumlah Pendapatan (A) 2,800 Perbelanjaan • Sewa dan utiliti • Makan minum (25%) • Telefon (5%) • Keraian (5%) • Tabungan minimum (10%) • Kontingensi lain (5%) 700 450 140 140 280 140 Jumlah Perbelanjaan (B) 1,850 Lebihan (Defisit) 950 Nota: Wang simpanan RM4,000 adalah untuk kegunaan terdesak anda Berdasarkan lebihan kedudukan aliran tunai anda sebanyak RM950 sebulan, anda sekarang perlu memikirkan dengan teliti jumlah komitmen pinjaman (ansuran bulanan berserta kos-kos sampingan yang lain) yang perlu ditanggung secara tetap pada setiap bulan untuk membeli kereta atau rumah idaman anda. Contohnya bagi kereta, selain daripada ansuran bulanan yang perlu dibayar setiap bulan, anda juga perlu mengira kos-kos lain seperti petrol, tol, parkir, cukai jalan, insurans, servis dan peruntukan untuk kerosakan. Petua mudah untuk mengawal tahap hutang (tidak termasuk kos-kos sampingan yang lain) ialah memastikan nisbah pembayaran semua hutang kepada pendapatan bersih adalah tidak melebihi 40% atau di dalam kes anda 40% daripada RM2,800 = RM1,120.00. Sekarang keputusan di tangan anda. Terima kasih. Untuk pertanyaan dan penjelasan lanjut, sila hubungi Bank Negara Malaysia di talian 1-300-88-5465 atau e-mel bnmtelelink@bnm. gov.my Yang Mana Satu Perlu Di dahulukan.. Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda 10 • Ringgit Ringgit • 11 Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] Sertai Kami : https://www.facebook.com/fixourphonerights https://twitter.com/phoneRights
Public Notice
08 Dec 2015
RINGGIT Newsletter (November 2015 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-november-2015-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761694/Ringgit+Ed67+Nov+2015+v11.pdf
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NOVEMBER 2015 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 1 /1 5 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Persiapan Kewangan untuk Melanjutkan Pengajian Tinggi Sidang Redaksi Penasihat YBhg. Prof Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Mandeep Singh Shabana Nasser Ahmad Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan SS1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan SS1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Persiapan Kewangan untuk Melanjutkan Pengajian Tinggi Malaysia disenaraikan sebagai negara kelima paling mahal untuk kos melanjutkan pendidikan ke peringkat universiti berdasarkan pendapatan isi rumah. Berdasarkan kaji selidik Kumpulan Pakar yang berpangkalan di London, purata ibu bapa yang bekerja di Malaysia memperuntukkan 55 peratus daripada gaji mereka untuk menanggung kos setiap anak sehingga tamat pengajian di peringkat tertinggi. Hasil kaji selidik itu menunjukkan bahawa Malaysia mencatatkan kos yuran pengajian terendah pada kadar purata RM76,925 antara 10 tempat paling mahal bagi kos menghantar anak-anak ke universiti. Menurut kaji selidik itu juga, Malaysia mempunyai kira-kira 20 buah universiti dengan kadar yuran bersifat kompetitif, berbanding dengan negara lain di dunia. Walau bagaimanapun, gaji purata keluarga pada tahap RM2,052 sebulan. Ini bermaksud bahawa tanpa biasiswa atau pinjaman, ibu bapa akan memperuntukkan lebih daripada setengah gaji mereka untuk menampung yuran pengajian tersebut. Kaji selidik ini meliputi 40 buah negara berdasarkan yuran pengajian yang disenaraikan di Quacquerelli Symmonds bagi kategori Universiti Terbaik 2 • Ringgit untuk tahun akademik 2014/2015 dan Gallup Median Self-Reported Income 2013. Negara yang paling mahal bagi pendidikan universiti ialah Hungary, yang merupakan salah sebuah negara yang mempunyai pendapatan isi rumah terendah. Ibu bapa di Hungary memerlukan 92 peratus daripada gaji mereka untuk membiayai pengajian ijazah anak mereka. Senarai lima negara teratas lain ialah Romania 86 peratus, Estonia 76 peratus dan Chile 73 peratus. Britain merupakan antara negara Eropah yang tidak mengenakan sebarang yuran tuisyen kepada rakyatnya. Norway, Greece, Poland dan Ireland pula antara negara Kesatuan Eropah yang menawarkan pengajian ijazah sepenuhnya secara percuma. Dengan yuran pengajian kian meningkat, ibu bapa di Malaysia perlu memulakan simpanan untuk pendidikan anak-anak mereka semenjak awal. Kos pengajian anak-anak perlu diletakkan dalam perancangan belanjawan keluarga. Kawal tabiat berbelanja anda, dan sekiranya anda berbelanja menggunakan kad kredit, maka anda perlu menguruskannya secara berhemat. Tip Rancang Bajet Pendidikan Anak 1. Seawal usia satu tahun, anda perlu membuka satu akaun khas untuk anak anda bagi tujuan pendidikan. Contohnya akaun SSPN, unit amanah dan sebagainya. 2. Sebagai ibu bapa, anda sudah tentu menginginkan anak anda mendapat pendidikan yang terbaik. Niatkan dan sentiasa berdoa supaya anak anda bakal meneruskan pengajian di peringkat tinggi. 3. Peruntukkan sekurang-kurangnya lima peratus daripada pendapatan anda suami isteri untuk simpanan pendidikan. 4. Didik anak anda supaya menabung semenjak kecil. Buka satu akaun atas nama anak anda. 5. Anda perlu berdisiplin apabila menabung. Kekalkan dividen tahunan atas simpanan anda supaya anda boleh menikmati faedah terkumpul. Sumber: Diolah daripada artikel Rebecca Shamasundari, penulis iMoney. “Kos pengajian anak- anak perlu diletakkan dalam perancangan belanjawan keluarga.” Ringgit • 3 Skim Penyelesaian Pinjaman Kecil (SPPK) yang ditubuhkan oleh Bank Negara Malaysia (BNM) pada 2003 telah berjaya membantu perusahaan kecil dan sederhana (PKS) yang menghadapi masalah pembayaran balik pembiayaan perniagaan dengan institusi kewangan. Juga dikenali sebagai “Small Debt Resolution Scheme“ (SDRS), skim ini membantu para usahawan yang berdaya maju dengan menyusun atau menjadual semula pembayaran balik kemudahan pembiayaan dalam usaha untuk memulihkan prestasi dan aliran tunai perniagaan. Para usahawan yang menghadapi masalah pembayaran balik pembiayaan dengan institusi kewangan di bawah kawal selia BNM adalah disarankan agar mengambil langkah awal dengan segera berbincang dengan institusi kewangan terbabit terlebih dahulu bagi mendapatkan jalan penyelesaian. Langkah ini dapat mengelakkan para usahawan dari berhadapan dengan tindakan perundangan yang boleh diambil oleh pihak bank. Sebagai penyedia perkhidmatan kewangan yang utama, institusi-institusi kewangan sentiasa proaktif dalam membantu dan Skim Penyelesaian Pinjaman Kecil (SPPK) membantu usahawan terus berdaya maju memberi peluang kepada para usahawan yang mempunyai tanda-tanda awal masalah kewangan menerusi program pemulihan yang sedia ada. Sekiranya perbincangan dengan institusi kewangan gagal untuk mencapai persetujuan, PKS boleh mempertimbangkan untuk mendapatkan bantuan melalui SPPK. Skim ini berperanan sebagai pelengkap kepada usaha pemulihan yang dilakukan oleh institusi kewangan dalam membantu para usahawan yang menghadapi masalah pembayaran balik pembiayaan perniagaan. SPPK memberi fokus kepada PKS yang gagal mencapai jalan penyelesaian dengan institusi kewangan yang terlibat dan menghadapi masalah pembayaran balik pembiayaan dengan lebih daripada satu institusi kewangan. Mekanisme SPPK Menerusi skim ini, sekiranya permohonan PKS untuk penjadualan atau penyusunan semula pembiayaan ditolak oleh institusi kewangan, peniaga-peniaga mempunyai peluang kedua untuk 4 • Ringgit membolehkan permohonan tersebut dipertimbangkan oleh Jawatankuasa Penyelesaian Pinjaman Kecil (JPPK). JPPK merupakan jawatankuasa bebas yang dianggotai oleh individu-individu yang mempunyai pengalaman yang luas dalam bidang perniagaan, perbankan, kewangan dan pembangunan usahawan. Peranan utama JPPK adalah membuat penilaian semula secara bebas dan mendalam terhadap permohonan PKS yang diterima di bawah skim ini. Sekiranya layak, pihak JPPK akan mencadangkan kepada institusi kewangan yang terlibat untuk melaksanakan penjadualan atau penyusunan semula pembiayaan sedia ada, dan memberi pembiayaan baharu, jika perlu. Penjadualan atau penyusunan semula yang dicadangkan boleh dilaksanakan menerusi pelbagai cara, antara lain menerusi program pembayaran balik interim yang melibatkan pengurangan ansuran bulanan, pengurangan kadar faedah atau lanjutan tempoh pembayaran balik. Secara amnya, terma pembayaran balik yang baharu akan memberi ruang dan peluang kepada PKS untuk memulihkan prestasi perniagaan menerusi lebihan aliran tunai yang dapat disalurkan kembali ke dalam perniagaan mereka. Manakala bagi PKS yang mempunyai pembiayaan dengan lebih daripada satu institusi kewangan, SPPK mampu menawarkan program rehabilitasi yang menyeluruh dan adil terhadap semua institusi-institusi kewangan yang terlibat. Penjadualan atau penyusunan semula yang dicadangkan dapat memberi situasi “sama menang” bagi kedua-dua pihak, iaitu PKS dan institusi kewangan. Sementara itu, pembiayaan baharu yang ditawarkan untuk perkembangan perniagaan dan seterusnya memulihkan perniagaan adalah tertakluk kepada keperluan serta penilaian teliti oleh pihak institusi kewangan yang terlibat. Pencapaian SPPK dalam membantu PKS Secara kumulatif, sehingga akhir September 2015, SPPK telah menerima sebanyak 1,359 permohonan, di mana 83% atau 937 dari jumlah permohonan yang diproses telah berjaya diluluskan untuk penjadualan atau penyusunan semula, melibatkan pembiayaan berjumlah RM1.05 bilion. Sebahagian daripada permohonan yang ditolak adalah disebabkan oleh pemohon tidak layak dibantu di bawah skim ini, berdasarkan beberapa faktor, antaranya perniagaan tidak lagi beroperasi dan tindakan undang-undang ke atas syarikat atau pemilik telah mencapai tahap penggulungan atau kebankrapan. Lebih daripada 50 peratus PKS yang dibantu di bawah skim ini telah berjaya memulihkan semula kedudukan kewangan serta prestasi perniagaan, malahan terdapat PKS yang berjaya mendapatkan pembiayaan baharu untuk mengembangkan lagi perniagaan. Prestasi skim ini menunjukkan bahawa penjadualan dan penyusunan semula pembiayaan akan terus menjadi pendorong utama untuk menyokong daya maju dan kemampanan PKS yang sedang menghadapi masalah kewangan serta pembayaran balik pembiayaan. Selain daripada hebahan maklumat di media, laman sosial dan sesawang, usaha untuk mempromosikan SPPK melalui program-program kesedaran dan pendidikan ke seluruh negara termasuk di Sabah dan Sarawak akan dipergiatkan bagi meningkatkan kesedaran PKS dan memastikan lebih banyak PKS mendapat manfaat daripada skim ini. Akhir sekali, PKS dinasihatkan agar bertindak awal bagi mendapatkan bantuan yang sewajarnya supaya masalah pembayaran balik pembiayaan perniagaan dapat diselesaikan dan seterusnya perniagaan dapat diselamatkan. Untuk maklumat lanjut, sila hubungi : BNMTELELINK di talian 1-300-88-5465 Faksimili : 03-2174 1515 E-mel : [email protected] Sumber: Bank Negara Malaysia Lebih daripada 50 peratus PKS yang dibantu di bawah skim ini telah berjaya memulihkan semula kedudukan kewangan serta prestasi perniagaan. Ringgit • 5 Testimonial dari pelanggan SPPK Testimonial 1 “SPPK telah membantu membiayai modal kerja yang diperlukan untuk perniagaan kami,” kata Encik Tan Sze Lam, Pengarah Urusan MS Steel Sdn. Bhd. “Syarikat kami menghadapi masalah aliran tunai kerana hutang yang tidak dapat dikutip daripada pelanggan. Skim ini membantu perniagaan kami untuk terus bertahan dan berdaya saing. Kami juga telah berjaya memenuhi pesanan pelanggan-pelanggan, yang tertangguh sebelum ini akibat masalah aliran tunai.” “Saya ingin menasihatkan para usahawan yang menghadapi masalah pembayaran balik pembiayaan supaya mengambil tindakan segera sebelum ianya bertambah parah dan seterusnya menjejaskan operasi syarikat,” nasihat Encik Tan, yang terlibat dalam industri keluli tahan karat, aluminium, tembaga dan pelbagai logam lain. Encik Tan menerima anugerah daripada YB Dato’ Sri Abdul Wahid Omar, Menteri di Jabatan Perdana Mente r i , d i ma j l i s “Malaysia 100 Excellent Enterprises 2014 - Golden Eagle Award” pada 14 November 2014. Testimonial 2 Encik Azmy Sanusi, Pengarah Urusan Selangor Foods Industries Sdn Bhd, berkata SPPK telah membantu syarikat beliau yang terlibat dalam industri pengeluaran makanan sejuk beku kembali ke landasan yang betul. “Kami mengeluarkan modal yang besar sewaktu mengambil alih syarikat daripada pemegang saham/pengurusan terdahulu dan telah menggunakan dana syarikat di dalam pengambilalihan tersebut. Ini menyebabkan syarikat mengalami kekangan modal pusingan bagi memenuhi pesanan pelanggan dan seterusnya menyukarkan kami untuk membayar balik kemudahan pembiayaan dengan bank mengikut jadual yang ditetapkan.“ “Saya amat bersyukur kerana Bank Negara Malaysia menerusi SPPK telah membantu kami menyusun semula pembiayaan yang sedia ada mengikut tahap prestasi kewangan semasa syarikat. Perniagaan kami berjaya kembali pulih seperti sedia kala dan syarikat mampu mengembangkan perniagaan dan seterusnya dapat memenuhi obligasi kewangan” ujar pemilik produk jenama “Azmy” ini dengan lega. Ketika ini, jenama “Azmy” telah berjaya memasuki pasaran beberapa pasaraya besar seperti Tesco, AEON Big, Giant dan Mydin. Malah lebih membanggakan, Tesco telah menawarkan tender “Original Equipment Manufacturing” (OEM) kepada syarikat Selangor Food Industries Sdn. Bhd., untuk mengeluarkan enam produk atas jenama Tesco. 6 • Ringgit Bantuan kepada perusahaan kecil dan sederhana (PKS) berdaya maju yang menghadapi masalah pembayaran pembiayaan perniagaan dengan institusi kewangan melalui proses penyusunan atau penjadualan semula pembiayaan perniagaan tersebut. Senario 1 Senario 2 Menyokong PKS berdaya maju yang menghadapi masalah kewangan Penyusunan / penjadualan semula Pembiayaan baharu (jika perlu) Syarikat berjaya mendapat kontrak atau projek daripada Kerajaan/agensi atau syarikat swasta/awam yang bereputasi baik. Memerlukan modal kerja tambahan. Oleh kerana syarikat mempunyai masalah pembiayaan tertunggak sedia ada, permohonan kemudahan pembiayaan telah ditolak oleh institusi kewangan. Perlu memulihkan semula perniagaan dan membayar balik pembiayaan. • • • • • • • Peminjam menghadapi masalah aliran tunai perniagaan. Mengalami kesukaran untuk memenuhi obligasi kewangan dengan pihak bank. Perbincangan dengan pihak bank untuk memulihkan semula pembiayaan sedia ada gagal mencapai jalan penyelesaian. Menstabilkan aliran tunai perniagaan. Menyediakan ruang kepada PKS untuk melaksanakan pelan pemulihan perniagaan. MENYEDIAKAN Skim Penyelesaian Pinjaman KecilSkim Penyelesaian Pinjaman KecilSkim Penyelesaian Pinjaman Kecil SDRSSDRSSDRS Layari SMEinfo portal http://www.smeinfo.com.my Hubungi BNMTELELINKBANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA 1-300-88-5465 Siapakah yang Layak Memohon? Syarikat milik warganegara Malaysia (sekurang-kurangnya 51%) dalam semua sektor. Memenuhi kriteria definisi PKS: PKS berdaya maju yang menghadapi masalah kewangan berikutan pembiayaan daripada institusi kewangan. Pembiayaan berkaitan dengan perniagaan sahaja. Perniagaan masih beroperasi. Borang permohonan SDRS boleh diperoleh dari: • Institusi Kewangan Peserta (IKP) • BNMLINK / Pejabat Wilayah BNM / Cawangan • Laman sesawang www.smeinfo.com.my 1. 2. 3. 4. 5. Semua bank perdagangan Bank-bank Islam Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat) Bank Pembangunan Malaysia Berhad (BPMB) Bank Pertanian Malaysia Berhad (Agrobank) Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) Export-Import Bank of Malaysia Berhad (EXIM Bank) Bank Simpanan Nasional (BSN) Proses Permohonan 1. Hantarkan borang permohonan SDRS yang lengkap kepada IKP atau BNMLINK / Pejabat Wilayah BNM / Cawangan 2. Sekretariat SDRS BNM akan menghubungi pemohon 3. Penilaian permohonan oleh IKP Jika permohonan diluluskan oleh IKP Jika permohonan ditolak oleh IKP IKP dan peminjam akan melaksanakan terma pinjaman yang baharu Sekretariat SDRS BNM akan membuat penilaian bebas ke atas permohonan Faksimili: 03-2174 1515 atau E-mel: [email protected] • • • • • • • • Institusi Kewangan Peserta (IKP)Bagaimana Untuk Memohon? Syarikat milik Malaysia 51% Ju al an t ah u n an ≤ R M 50 ju ta SDRS • • SDRS Jumlah pekerja sepenuh masa tidak melebihi 200 orang; atau Nilai jualan tahunan tidak melebihi RM50 juta. • • Ringgit • 7 Ruangan Bersama NCCC Dalam Ringgit bulan Oktober, telah diterangkan tentang bagaimana kontrak dikuatkuasakan melalui pesanan produk, bayaran deposit dan tanggungjawab pengguna tersebut. Artikel kali ini akan menerangkan hak pengguna apabila kontrak dibuat melalui penghantaran, bertulis dan secara kontrak senyap. Bahagian yang paling penting ialah apabila pengguna telah membuat pesanan dan setelah kedua-dua pihak bersetuju dengan harga. Pengguna harus tahu bahawa mereka tidak perlu membuat bayaran tambahan semasa penghantaran, melainkan kandungan kontrak tersebut menyatakan bahawa harga barangan tertakluk kepada turun naik harga bahan asas. 1. Penghantaran Pengguna perlu dimaklumkan tentang tarikh dan masa penghantaran barang dilakukan. Hal ini menjadi inti pati kandungan kontrak antara pengguna dan penjual. Sekiranya penjual tidak membuat penghantaran seperti yang dipersetujui, penjual mesti mengembalikan deposit pengguna. Kontrak – Hak anda sebagai pengguna (Bahagian 3) Dalam situasi berbeza, apabila penjual tidak menetapkan tarikh penghantaran dan setelah menunggu dalam tempoh masa yang munasabah, pengguna mempunyai hak untuk menghubungi penjual untuk meminta barangan dihantar dalam jangka masa terdekat. Jika barangan masih tidak dihantar, pengguna boleh membatalkan kontrak dan meminta untuk dikembalikan deposit. 2. Kontrak bertulis Walaupun kebanyakan kontrak yang dibuat secara lisan, kontrak juga biasanya dibuat secara bertulis. Sebagai contoh pinjaman sewa beli kenderaan, membeli rumah, membeli tiket penerbangan, membeli pakej pelancongan dan lain-lain. Pengguna perlu mengetahui bahawa anda akan terikat dengan kandungan yang terdapat pada kontrak sama ada anda membaca atau sebaliknya. Hak dan kandungan kontrak biasanya akan mengatasi apa-apa yang dipersetujui secara lisan, melainkan terdapat salah dakwaan, pernyataan atau penipuan / fraud. 8 • Ringgit Dua perkara yang pengguna perlu perhatikan dalam kandungan kontrak tersebut adalah terma yang tidak adil dan klausa pengecualian. i) Terma dan syarat kontrak yang tidak adil Ramai pengguna yang menandatangani kontrak tanpa membaca kandungan terma dan syarat kontrak. Terma dan syarat kontrak yang tidak adil adalah menyalahi Akta Perlindungan Pengguna 1999. Dalam hal ini, pengguna perlu berhati-hati. Jika merujuk kepada peraturan yang wujud di United Kingdom, pengguna tidak terikat dengan istilah kontrak yang tidak adil yang terdapat di dalam perjanjian hal ini berdasarkan kepada Unfair Terms in Consumer Contracts Regulations 1999, The Consumer Contracts (Amendment) Regulations 2015 bawah The Unfair Contracts Terms Act. Di bawah Unfair Terms in Consumer Contracts Regulations ini, terdapat satu perkara bahawa pengguna bebas dan tidak boleh berunding atas terma dan syarat yang tidak adil. Kandungan kontrak yang terperinci dan peraturan ini diperlukan untuk memastikan bahawa terma kontrak adalah adil antara pengguna dan pembekal. ii) Klausa Pengecualian Klausa pengecualian dimasukkan dalam kontrak oleh penjual adalah bertujuan untuk mengurangkan risiko dan tanggungannya. Contohnya seperti ‘Barang yang dibeli tidak boleh dikembalikan’. Adakah klausa itu sah? Sebenarnya klausa pengecualian ini tidak sah di bawah Akta Perlindungan Pengguna 1999. Namun sekiranya penjual tidak berpuas hati dan membawa kes ke mahkamah, ia terpulang kepada mahkamah untuk membuat keputusan berdasarkan merit setiap kes. Sekiranya mahkamah mendapati bahawa klausa pengecualian jelas tidak adil atau berpatutan, mahkamah boleh menguatkuasakan kontrak itu atau sebaliknya. 3. Kontrak Senyap Kontrak senyap boleh berlaku tanpa perlu menyatakan satu perkataan. Contohnya, apabila anda membuat pembelian secara atas talian, membayar minuman di mesin layan diri, atau membuat pesanan iklan melalui pos, majalah atau katalog. Lazimnya, pelawaan untuk tawaran dan kontrak itu dimeterai apabila penjual menerima tawaran tersebut seperti yang dibincangkan dalam Bahagian 1. Pengguna membuat tawaran dan membuat bayaran yang diperlukan, kontrak mula berlaku apabila syarikat itu menerima tawaran dengan menghantar barangan kepada pembeli. Sumber : Pusat Khidmat Aduan Pengguna Nasional (NCCC) “Walaupun kebanyakan kontrak yang dibuat secara lisan, kontrak juga biasanya dibuat secara bertulis.” Ringgit • 9 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Masalah Kewangan Anda Saya baru sahaja melanggan polisi insurans nyawa. Dalam masa yang sama, saya sering mendengar kes tuntutan pampasan tidak mendapat bayaran yang sepatutnya. Apa perlu saya lakukan jika perkara ini berlaku? Pengguna Bangi, Selangor Jawapan: Polisi insurans merupakan kontrak di antara syarikat insurans dengan pemegang polisi di mana kedua- dua belah pihak adalah tertakluk kepada peruntukan terma dan syarat-syarat polisi. Selama tempoh polisi berkuatkuasa, syarikat insurans bertanggungjawab untuk membayar pampasan insurans sekiranya ada tuntutan yang dibuat ke atas polisi tersebut berdasarkan terma dan syarat-syarat polisi. Bagi polisi insurans nyawa, pemegang polisi akan diberikan ‘tempoh rujukan percuma’ (free look period) selama 15 hari dari tarikh penerimaan polisi untuk membuat keputusan sama ada meneruskan polisi atau mengembalikannya. Pemegang polisi haruslah meneliti dan memahami terma dan syarat- syarat polisi berkenaan bagi memastikan ia memenuhi keperluannya. Terdapat peruntukan undang-undang bagi mengawal selia industri insurans untuk memberi perlindungan kepada pemilik polisi insurans mengikut Akta Perkhidmatan Kewangan 2013. Justeru, pengguna berhak diberi perlindungan sewajarnya. Bayaran tuntutan pampasan bergantung kepada premium yang dibayar dan jumlah yang dinyatakan dalam polisi insurans anda. Oleh itu, jika anda mendapati perkhidmatan yang diberi kurang memuaskan atau mengalami masaalah bila membuat tuntutan, anda berhak mengemukakan aduan kepada syarikat insurans anda atau pihak berwajib. Anda dinasihatkan berhubung dengan unit aduan syarikat insurans berkenaan atau sekiranya anda masih tidak berpuashati dengan penjelasan yang diberikan, anda boleh membuat aduan kepada Bank Negara Malaysia. Untuk kemudahan anda, anda boleh menggunakan applikasi mudah alih BNM MyLINK yang boleh dimuat turun melalui Apple Store atau Google Play. Bayaran Pampasan Insurans Mengikut Polisi 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] BANK NEGARA MALAYSIA CENTRAL BANK OF MALAYSIA Memperkenalkan siri aplikasi mudah alih baharu Bank Negara Malaysia Ke arah pengguna kevvangan yang MyTabung lebih loijak MyRinggit Membuat keputusan kewangan bukannya mudah, A sama ada anda pelajar, suri rumah, ahli perniagaan atau pekerja. Dengan aplikasi mudah alih baharu Bank Negara Malaysia ini, anda bukan sahaja boleh mendapatkan perkembangan dan maklumat terkini hal—hal kewangan, tetapi juga menggunakan aplikasi untuk merancang dan menguruskan kewangan anda dengan mudah serta menggunakan hak anda sebagai pengguna kewangan. »'4 § . ‘ ’ ' MyBNM BNM MyL|NK MyTabung MyRinggit Dapatkan maklumat Saluran berkesan Aplikasi pemantau Ketahui ciri—ciri dan pengumuman yang menghubungkan belanjawan untuk keselamatan penting terkini mengenai pengguna dengan merancang dan dan teknik untuk hal—hal kewangan institusi kewangan menguruskan membezakan Wang di dalam negeri dan di Malaysia untuk kevvangan peribadi kertas Malaysia yang peringkat global serta mengemukakan anda atau isi rumah asli dengan yang palsu. amaran penting pertanyaan, secara berhemat kepada pengguna mendapatkan nasihal untuk mencapai berhubung dengan dan membuat aduan. matlamat kewangan. penipuan kewangan. Tunggu apa Iagi? Dapatkan dan muat turun siri aplikasi mudah alih Bank Negara Malaysia ini dalam Bahasa Malaysia dan Bahasa lnggeris secara PERCUMA. . App Store
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23 Nov 2015
Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website
https://www.bnm.gov.my/-/guidelines-circulars-listing-23112015
https://www.bnm.gov.my/documents/20124/761694/nt_life+framework_Nov2015.pdf
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Reading: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Share: Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website Release Date: 23 Nov 2015 Title Life Insurance and Family Takaful Framework Issuance Date 23 November 2015 Effective Date 23 November 2015 Summary This Framework sets out initiatives that will support the long-term sustainable growth and development of the life insurance and family takaful industry with increased value proposition to consumers. This will be achieved through specific initiatives under three main pillars introduced under the Framework: Gradual removal of limits on operational costs to promote product innovation while preserving policy/certificate value;  Diversified distribution channels to widen outreach; and Strengthened market conduct to enhance consumer protection.  Phased approach will be adopted to take into account current state of readiness of the industry players as well as the level of consumer awareness.   Separate policy documents will be subsequently issued on the respective initiatives under the Framework to give effect to each of these initiatives over the course of the Framework’s development plan.  Applicability FSA IFSA DFIA Issuing Department Financial Sector Development Attachment Life Insurance and Family Takaful Framework [PDF] © 2024 Bank Negara Malaysia. All rights reserved.
Issued on 23 November 2015 Life Insurance and Family Takaful Framework BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 2/15 PART A OVERVIEW .......................................................................................................... 3 1. Introduction ........................................................................................................... 3 PART B INITIATIVES UNDER THE FRAMEWORK ............................................................. 5 2. Pillar One: Gradual removal of limits on operating costs ....................................... 5 3. Pillar Two: Diversification of distribution channels ................................................. 8 4. Pillar Three: Strengthening market practices ....................................................... 11 5. Submission of business strategy and plan .......................................................... 14 6. Conditions for further liberalisation ...................................................................... 14 Appendix ........................................................................................................................... 15 BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 3/15 PART A OVERVIEW 1. Introduction 1.1. On 7 November 2013, Bank Negara Malaysia (the Bank) published a concept paper on the Life Insurance and Family Takaful Framework (Framework) that sets out planned reforms to support the long-term development of the life insurance and family takaful industry. The Bank has received numerous responses and feedback gathered during a two-month public consultation period. These have been carefully considered and deliberated by the Bank to ensure that the interests of industry stakeholders and consumers are well- balanced and safeguarded. 1.2. The Framework aims to promote innovation and a more competitive market supported by higher levels of professionalism and transparency in the provision of insurance and takaful products and services. This will be achieved through specific initiatives introduced under the Framework, which can be broadly summarised under three main pillars as follows: a) gradual removal of limits on operational costs to promote product innovation while preserving policy/certificate value Life insurers/family takaful operators will be given greater flexibility to manage their operating expenses, commensurate with their business strategy. However, consumers’ interests will remain protected through appropriate safeguards that will preserve their policy/certificate value; b) diversified distribution channels to widen outreach Life insurance/family takaful products will be accessible to consumers through a wider range of delivery channels that are most convenient and appropriate. Diversified distribution channels can also contribute towards lowering the cost of life insurance/family takaful products by promoting consumer choice and competition in the market; and BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 4/15 c) strengthened market conduct to enhance consumer protection The level of professionalism of intermediaries will be enhanced to ensure consumers are given proper advice. At the same time, initiatives to facilitate informed decision making by consumers will be further pursued by strengthening product disclosure standards with greater transparency and clarity in order for consumers to better understand product features. This will be complemented by mechanisms introduced to facilitate meaningful and effective product comparisons. 1.3 Collectively, the initiatives under the Framework are expected to spur the innovation of a wider range of both products and delivery channels to suit diverse consumer needs based on individual risk appetites, financial goals and levels of financial capability. This in turn will contribute towards the broader objective of reducing the protection gap in Malaysia in line with efforts to increase the penetration rate to 75 percent1 by year 2020 (2014: 55.5%)2. Implementation approach and timeline 1.4 In advancing the initiatives under the Framework, a phased approach will be adopted to take into account the current state of readiness of the life insurers, family takaful operators and intermediaries, and the level of consumer awareness and literacy. The implementation and sequencing of initiatives reflect the Bank’s engagement with the industry on the time needed for individual institutions to align business strategies and operational frameworks with the aims of the Framework. Details on the implementation timeline of each initiative under the Framework are provided in the Appendix. 1.5 The Bank will issue standards, requirements and/or guidance under the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA) to give effect to each initiative over the course of the Framework’s development plan, beginning 1 December 2015. 1 Based on the target set under the Economic Transformation Programme’s “Entry Point Project 5: Insuring Most, If Not All, of Our Population”. 2 The penetration rate is the ratio of number of policies and certificates in force to the total population. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 5/15 PART B INITIATIVES UNDER THE FRAMEWORK 2. Pillar One: Gradual removal of limits on operating costs 2.1 The operating cost control (OCC) limits that are currently applied to management expenses, commissions and agency related expenses (ARE) will be reviewed in stages to be gradually removed under the initiatives of Pillar One. Limits on management expenses 2.2 The first set of OCC limits to be removed will be those on management expenses presently set out in the Guidelines to Control Operating Costs of Life Insurance Business 3 issued on 10 August 2007 and Guidelines on Operating Costs of Family Takaful Business4 issued on 12 July 2007 (OCC Guidelines). This will provide life insurers/family takaful operators with greater operational flexibility in managing their operating expenses in line with their respective business and competitive strategies, while encouraging further product innovation. The limits will be disapplied with effect from 1 December 2015. Limits for investment-linked insurance/takaful products 2.3 The maximum limits5 currently applied to the amount of commissions and ARE payable on investment-linked policies/takaful certificates to the agency force and other intermediaries will also be removed. These limits will be disapplied with effect from 1 January 2019. 2.4 Concurrent with the withdrawal of these OCC limits a Minimum Allocation Rate (MAR), which specifies the minimum proportion of premium/contribution payable by the policy owner/takaful participant that will need to be retained in the unit fund(s) of choice before deduction of any charges, will be introduced. The MAR is to complement the existing Sums Assured Multiple (SAM) rule. 3 Paragraph 8 under Part IV of the Guidelines to Control Operating Costs of Life Insurance Business issued on 10 August 2007. 4 Paragraph 20 under Part V(c) of the Guidelines on Operating Costs of Family Takaful Business issued on 12 July 2007. 5 Paragraphs 18 and 19 of the Guidelines on Investment-Linked Insurance/Takaful Business issued on 20 July 2011. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 6/15 This safeguard is to ensure that the policy owner/takaful participant’s unit fund(s) will be preserved. 2.5 Hence, with effect from 1 January 2019, for annual premium/contribution investment-linked policies/takaful certificates of a term greater than 20 years, life insurers/family takaful operators will be required to comply with the MAR as follows: Policy/Certificate Year MAR Annual Premium/Contribution 1 – 3 60% 4 – 6 80% 7 – 10 95% 11 onwards 100% The MAR for investment-linked policies/takaful certificates with single premium/contribution and annual premium/contribution which have a term less than 20 years will be specified in amendments to the Guidelines on Investment-Linked Insurance/Takaful Business when issued in due course. 2.6 The removal of the OCC limits combined with the application of the MAR will have an effect on the operating environment of the life insurance and family takaful industry, particularly for investment-linked insurance/family takaful business. The phasing of this initiative is intended to allow life insurers/family takaful operators sufficient lead time to adapt to the new environment and to manage the ongoing transition arising from other existing regulatory initiatives, including the structural adjustments involved for those insurers/takaful operators converting from composite business to a single business. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 7/15 Limits for ordinary life insurance/family takaful6 and annuity products 2.7 For ordinary life insurance/family takaful and annuity products, the existing maximum limits on the amount of commissions and ARE payable set out in the OCC Guidelines will be gradually removed by product types beginning in 2017. 2.8 The existing limits imposed on commissions payable to all intermediaries will first be removed for all pure protection products related to term, critical illness and medical and health insurance/takaful. This will be conditional on all life insurers/family takaful operators offering the products commission-free through direct channels as described in paragraph 3.5 of this document. Limits under Agency Financing Schemes 2.9 Consistent with the gradual removal of limits applied to yearly commissions and ARE, the existing limits on Agency Financing Schemes (AFS)7 as set out in the Policy Document on Granting of Credit Facilities issued on 28 June 2013, will be removed with effect from 1 December 2015. 2.10 Any credit facility granted by a life insurer/family takaful operator to its insurance/takaful agent shall continue to be provided only from the life insurer’s/family takaful operator’s shareholders’ fund8 and the relevant capital requirements9 on credit facilities in the Risk-Based Capital Framework/Risk Based Capital Framework for Takaful Operators, as the case may be, will also continue to apply. 6 Ordinary life insurance/family takaful products include individual/group products, and all supplementary contracts/certificates or riders attached to basic life policies/takaful certificates, but exclude investment-linked and annuity products. 7 Appendix II of the Policy Document on Granting Credit Facilities issued on 28 June 2013. Several other requirements in paragraphs 8 and 9, and the same appendix of the above policy document will also be removed or modified at the same time. 8 Paragraph 8.1 of the Policy Document on Granting of Credit Facilities issued on 28 June 2013. 9 Appendix I of the Risk-Based Capital Framework for Insurers and Risk-Based Capital Framework for Takaful Operators issued on 20 June 2013 and 26 June 2013 respectively. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 8/15 3. Pillar Two: Diversification of distribution channels 3.1 Through initiatives aimed at diversifying distribution channels, it is envisioned under the Framework that by 2020, the market share of regular premium/contribution products sold/marketed via non-agency channels should exceed 30% with improved performance, for example, in the form of higher persistency for life insurance/family takaful products sold/marketed. For distribution channels such as bancassurance/bancatakaful, the expectations under this Framework are for the life insurance and family takaful industry to achieve a penetration target of 10% of the total banking population by 2020. Limits for bancassurance/bancatakaful 3.2 The limits on commissions for annual premium/contribution life insurance/ family takaful products (except for credit/financing-related products) sold/marketed via bancassurance/bancatakaful will be aligned with limits applicable to corporate agents with effect from 1 January 2017. 3.3 The above initiative accords life insurers/family takaful operators greater flexibility to structure incentive schemes that can better leverage bancassurance/bancatakaful arrangements in improving overall penetration. The improved incentive structures will be accompanied by the more effective implementation of non-sales based key performance indicators (KPIs) to foster behaviour that is consistent with the fair treatment of consumers. Building presence of direct channels 3.4 All life insurers/family takaful operators will be required to offer commission- free standalone pure protection products namely term, critical illness and medical and health insurance/takaful through at least one direct channel. These non-intermediated channels are to be made widely accessible for consumers to purchase/participate in pure protection products directly from life insurers/family takaful operators, either at their head office and branch premises, or online through their websites. 3.5 Term products must be available through direct channels with effect from 1 January 2017, followed by critical illness and medical and health BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 9/15 insurance/takaful products by 1 January 2018. The commission limits for these products offered through other distribution channels will correspondingly be removed once the respective products are available via direct channels. Further requirements that must be complied with by life insurers/family takaful operators in respect of these products will be specified by the Bank in 2016. Enhance financial advisers framework 3.6 Financial advisers are intermediaries approved by the Bank to provide financial advice to the public on the range of insurance/takaful products offered by life insurers/ family takaful operators. To promote financial advisers as a viable distribution channel and to support insurance/takaful agents that wish to scale up and become financial advisers, several initiatives have already been implemented as follows: (a) the minimum paid-up capital unimpaired by losses for financial advisers was reduced from RM100,000 to RM50,000 with effect from 1 January 2015. (b) qualifying requirements to become a financial adviser’s representative (FAR) have also been rationalised since 1 September 2014 to focus on the key knowledge areas10 which are relevant to advice on insurance/ takaful products, and to recognise equivalent qualifications from higher learning institutions recognised by the Malaysian Financial Planning Council and Financial Planning Association of Malaysia. 3.7 To support the ability of financial advisers to professionally, independently and competently advice consumers on a wide range of life insurance/family takaful products available in the market, life insurers/family takaful operators will be required to provide financial advisers access to the full range of life insurance/family takaful products offered by them. 10 The key knowledge areas cover (i) foundation in financial planning; (ii) risk management; (iii) insurance planning; and (iv) investment planning. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 10/15 Introduction of online product aggregator 3.8 To help consumers compare suitable life insurance/family takaful products, online product aggregators, which are websites that will generate a comparison of products offered by different life insurers/family takaful operators, will be established. The requirements relating to the establishment and operations of the product aggregators will be specified by the Bank in 2016. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 11/15 4. Pillar Three: Strengthening market practices 4.1 Various market conduct practices will be strengthened to elevate the level of professionalism in the life insurance and family takaful industry. These enhanced practices are important preconditions for the removal of the OCC limits for life insurance/family takaful products to ensure that the interests of consumers continue to be adequately safeguarded. Implementation of balanced scorecard for intermediaries 4.2 The remuneration policy for all insurance/takaful intermediaries will be enhanced through the introduction of the balanced scorecard (BSC) to foster behaviour that is consistent with fair treatment of consumers. 4.3 The implementation of the BSC aims to achieve the following key outcomes: (a) suitability of advice and recommendations based on a consumer’s financial needs and circumstances; (b) continuous servicing of life policies/family takaful certificates throughout their terms; and (c) continuous professional development of intermediaries and maintaining a strong focus on ethical and professional conduct in the sale/marketing of life insurance/family takaful products by insurance/takaful intermediaries. 4.4 The BSC will capture non-sales KPIs as a basis for remunerating intermediaries, with adequate weightage given to such KPIs to foster behaviour supportive of the above outcomes. The remuneration policy should address any inherent product bias which can increase mis-selling risks. 4.5 As the primary role of intermediaries is to provide consumers with quality advice and suitable recommendations, the proportion of their remuneration subject to the BSC should reflect this primary role. 4.6 To allow insurance/takaful agents to adjust to the new framework as well as to monitor the impact of the BSC on the industry, life insurers/family takaful operators are required to introduce the BSC on a pilot basis (with no impact BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 12/15 on the agents’ commission) in the second half of 2016 prior to actual implementation in 2018. 4.7 For insurance/takaful agents whose performance exceeds the minimum requirements for non-sales KPIs, life insurers/family takaful operators will be able to increase the commission payable accordingly. For life insurance/family takaful products that are still subject to existing commission limits, the higher commission payable will need to be paid by the life insurers/family takaful operators from their shareholders’ fund. Enhance product disclosures in sales illustrations 4.8 To facilitate consumers’ understanding and ability to evaluate the different types of insurance/takaful products, life insurers/ family takaful operators will be required to provide sales/marketing illustrations to all prospective policy owners/takaful participants at the point of sale/marketing to assist them in making informed decisions. 4.9 Improvements to the sales/marketing illustrations for participating life policies and family takaful products will be introduced from 1 January 2017. This will include the following features: (a) a summary page that contains key elements of the product as well as a comparison with a term plan for the same coverage period and guaranteed death benefit amount. Where the life insurer/family takaful operator does not have a term plan which matches the duration of the policy/certificate, the term plan with the closest duration will need to be indicated with the appropriate explanation; (b) a sales/marketing illustration table that will provide a detailed year-to- year illustration of benefits, namely survival, death and maturity benefits and surrender value; and (c) in the case of a participating life policy, a segment on important information regarding the policy that provides an explanation on the different types of bonuses payable under the policy and how these bonuses are determined. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 13/15 The format for participating life insurance policies have been specified in the Policy Document on Management of Participating Life Business. For family takaful products, the format and other details will be specified by the Bank in 2015. Availability of online account facilities 4.10 Similar to the concept of an online banking account, life insurers/family takaful operators will be required to provide online access to insurance and takaful accounts for their policy owners/takaful participants with effect from 1 July 2016. 4.11 This will allow policy owners/takaful participants easy access to information on the status of their policies/certificates, obtain real-time updates to policy/certificate details and to download forms for transactions. The life insurance and family takaful industry will also benefit from opportunities to leverage on electronic documentation and information updates to improve data management and enhance quality of services provided to consumers. Introduction of service guide for consumers 4.12 A service guide to enhance consumer awareness of financial advisory services for insurance and takaful products will be introduced from 1 July 2016. The guide aims to increase the transparency of services provided by intermediaries and allows consumers to be aware of, and anticipate the level of service when purchasing insurance/takaful products. 4.13 While the insurance and takaful industry associations have agreed to come together to develop the content for the service guide, life insurers/family takaful operators will be free to individualise their own service guide to differentiate themselves from their competitors. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 14/15 5. Submission of business strategy and plan 5.1 In order to ensure effective implementation of the initiatives under the Framework, each life insurer/family takaful operator will need to carefully review its overall business plan and projections over the next five years (2016- 2020) and inform the Bank by 30 June 2016 of key changes in respect of product and distribution strategies, operational frameworks and risk management priorities arising from the transition to the new environment. The Bank will provide further details on reporting by individual life insurers/family takaful operators and conduct industry engagements for this purpose. 6. Conditions for further liberalisation 6.1 The Bank will assess the performance of the industry and impact of initiatives implemented over the course of the period to inform the industry on strategies for progressing to the next phase of development. BNM/RH/NT 028-10 Financial Sector Development Department Life Insurance and Family Takaful Framework Page 15/15 APPENDIX Gradual removal of limits on operating costs Diversification of distribution channels Strengthening market practices Timeline 2016 2017 2018 2019 Remove limits on management expenses Remove limits under Agency Financing Scheme Remove limits for commissions of term insurance/takaful Remove limits for commissions of critical illness and medical & health insurance/takaful Remove limits on commissions and ARE with MAR for IL Remove limits on commissions and ARE for other ordinary life insurance/family takaful and annuity Align bancassurance/ bancatakaful limits for commissions with that of corporate agents Improve financial advisers’ access to life insurance/family takaful products Build presence of direct channels by offering commission- free term insurance/ takaful Build presence of direct channels by offering commission- free critical illness and medical & health insurance/ takaful Actual Implementation of the BSC Introduction of service guide for consumers Availability of online account facilities Pilot implementation of the BSC Implementation of enhanced product disclosures in sales illustrations Phase I Phase II
Public Notice
19 Nov 2015
Awareness Programme – “E-payment options for Government payments” [Registration is now closed ]
https://www.bnm.gov.my/-/awareness-programme-e-payment-options-for-government-payments-registration-is-now-closed-1
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Reading: Awareness Programme – “E-payment options for Government payments” [Registration is now closed ] Share: Awareness Programme – “E-payment options for Government payments” [Registration is now closed ] Release Date: 19 Nov 2015 As part of BNM’s continuous effort in facilitating businesses’ migration to e-payments, BNM and Jabatan Kastam Diraja Malaysia (Kastam) will be jointly organizing an awareness programme targeting corporations, on the various e-payment options available in making statutory payments to Kastam, Lembaga Hasil Dalam Negeri (LHDN), Employees Provident Fund (EPF) and Social Security Organisation (SOCSO). The topics which will be presented include: Usage of Taxpayer Access Portal by Kastam; Step by step process on how to make payments to government agencies using FPX and Direct Debit by banks' representatives; and Demonstration on e-payment options available by representatives from LHDN, EPF and SOCSO. The half day programme will be held on Thursday, 26 November 2015, from 8.00 am until 12 noon, at Sasana Kijang, Bank Negara Malaysia. In conjunction with the event, 7 banks and 4 Government agencies will also be manning exhibition booths to showcase the e-payment services available and facilitate participants to experience firsthand on how these transactions can be conducted. To register for the event or for further information, please contact BNM at 03-2698 8044, extension 8630 or 7851, or via email to [email protected] or [email protected]. Please be informed that seats are limited and prior registration is required for admission to the event. © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
17 Nov 2015
Beware of Spam Email Entitled "Notification of Money Laundering Involvement"
https://www.bnm.gov.my/-/beware-of-spam-email-entitled-notification-of-money-laundering-involvement-1
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Reading: Beware of Spam Email Entitled "Notification of Money Laundering Involvement" Share: Beware of Spam Email Entitled "Notification of Money Laundering Involvement" Release Date: 17 Nov 2015 Bank Negara Malaysia (BNM) would like to caution financial institutions, corporations, government agencies and members of public in relation to a spam email entitled “Notification of Money Laundering Involvement” purportedly sent by Bank Negara Malaysia. BNM would like to state that it did not send such email to any individuals or institutions. This is a spam email sent from an unknown sender who attempted to pose as a staff of BNM using an identity from BNM's email domain. Financial institutions, corporations and members of public who received this spam email are advised NOT to open the attachment in the spam email or reply or forward it to anyone. Anyone who received the email is advised to DELETE it immediately and to take precautionary steps to remove or block the unknown sender from their corporate email system or mailboxes. The precautionary steps are as follows: Activate email security (spam) filtering controls to block such emails from unidentified individuals or spoofed email accounts; and Institutions and corporations to alert the relevant email recipients in their organisations of this spam email purportedly sent by fraudsters impersonating as BNM officers. Should you have further queries, please contact Bank Negara Malaysia at: Telephone : 1-300-88-5465 (1-300-88-LINK) Fax : 03-2174 1515 SMS to 15888 : BNM TANYA [your report / query] Email : [email protected] © 2024 Bank Negara Malaysia. All rights reserved.
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Public Notice
16 Nov 2015
RINGGIT Newsletter (October 2015 issue) is now available for download.
https://www.bnm.gov.my/-/ringgit-newsletter-october-2015-issue-is-now-available-for-download
https://www.bnm.gov.my/documents/20124/761694/Ringgit+Ed2015+Survey+Form+v1.pdf, https://www.bnm.gov.my/documents/20124/761694/Ringgit+Ed66+Oct+2015+v3.pdf
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Ringgit Ed2015 Survey Form v1.cdr SIDANG REDAKSI RINGGIT, FOMCA, No. 4, Jalan SS1/22A 47300 Petaling Jaya, Selangor Darul Ehsan, MALAYSIA SETEM RM0.80 Kepada: Kajian maklumbalas ini akan ditutup pada 31 Januari 2016. Penerimaan borang maklumbalas selepas tarikh tersebut tidak layak untuk menerima hadiah. Namun anda boleh menghantarkan borang maklumbalas ini selepas tarikh tutup tersebut. Alamatkan maklum balas anda kepada : 1) Pos : SIDANG REDAKSI RINGGIT FOMCA, No 4, Jalan SS 1/22A 47300 Petaling Jaya, Selangor 2) Faks : 03-7877 1076 3) Email : [email protected] 4) Online : laman sesawang FOMCA: www.fomca.org.my www.konsumerkini.net.my laman sesawang BNM: www.bnm.gov.my Terima kasih di atas penyertaan anda!! Tinjauan Terhadap Pembaca Ringgit 2015 RAKAN KEWANGAN ANDA Ringgit Ringgit merupakan penerbitan bulanan FOMCA dengan kerjasama Bank Negara Malaysia (BNM) sejak Mei 2010. Ringgit memuatkan pelbagai topik perbincangan mengenai perancangan kewangan peribadi. Sejak pada tahun 2013, Ringgit telah mengubah susun atur dan menambah dua ruangan baru iaitu Ruangan Masalah Kewangan Anda dan Ruangan Bersama NCCC. Untuk kelihatan menarik, ilustrasi kartun juga turut dimuatkan. Sidang Redaksi Majalah Ringgit ingin mendapatkan maklumbalas daripada pembaca untuk meningkatkan kualiti, prestasi dan kesesuaian kandungan penerbitan ini. Pembaca bertuah akan menerima 20 pembaca akan menerima hadiah misteri. Cabutan akan dilakukan seminggu selepas tarikh tutup penyertaan. 6. Setelah membaca RINGGIT 2015, saya …..... (sila tandakan) a. Merancang terlebih dahulu perbelanjaan b. Merekodkan perbelanjaan harian c. Mula membuat dan menambah simpanan wang setiap bulan d. Merancang pelan persaraan e. Mula menyimpan untuk dana kecemasan f. Mula membeli insurans g. Mula membuat pelaburan h. Menyemak penyata kewangan seperti penyata kad kredit, ansuran kereta, ansuran rumah dengan teliti i. Berhati-hati untuk berhutang j. Lebih memahami produk-produk perbankan dan insurans k. Mengenali ciri-ciri dan bentuk penyelewengan / penipuan kewangan l. Memahami hak dan tanggungjawab sebagai pelanggan bank dan insurans m. Berhati-hati apabila melakukan transaksi melalui internet 7. Adakah anda mempunyai sebarang cadangan mengenai RINGGIT 2015 yang ingin anda kongsikan? _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ 1. Setakat mana anda membaca RINGGIT 2015? a. Tidak membaca b. Sepintas lalu c. Membaca kebanyakan kandungan d. Membaca semua kandungan 2. Sejauh manakah kesesuaian maklumat yang terdapat dalam RINGGIT 2015? a. Tidak sesuai b. Kurang bersesuaian c. Bersesuaian d. Sangat bersesuaian 3. RINGGIT mudah difahami, kurang menggunakan perkataan yang sukar difahami dan tidak bersesuaian. Adakah anda: a. Sangat setuju b. Setuju c. Tidak setuju d. Sangat tidak setuju 4. Bagaimana anda menilai reka bentuk dan susun atur RINGGIT 2015? a. Sangat baik b. Baik c. Sederhana d. Lemah 5. Topik-topik apakah yang anda minat membaca dalam RINGGIT 2015? (anda boleh tanda lebih daripada satu) a. Perancangan kewangan b. Simpanan c. Perbankan d. Pengurusan hutang/ pinjaman e. Penipuan kewangan (financial scam) f. Pembelian aset (rumah, kereta) g. Pelaburan h. Perkhidmatan kad kredit/kad debit i. Persaraan j. Penggunaan berhemat k. Insurans l. Ruangan bersama NCCC m. Masalah Kewangan Anda n. Kartun AKPK o. Lain-lain : _____________________________ (sila cadangkan) Borang Maklum Balas Soalan (sila bulatkan jawapan anda) Butir Individu Untuk melayakkan anda menerima hadiah, sila nyatakan latar belakang individu di bawah: Nama: ___________________________________________ Alamat rumah: _____________________________________ _________________________________________________ _________________________________________________ No. telefon: _________________________________ Jantina ( ) Lelaki ( ) Perempuan Bangsa ( ) Melayu ( ) Cina ( ) India ( ) Orang Asal / Lain-lain Umur: Kurang daripada 19 20 - 39 40 - 49 50 - 60 Lebih daripada 60 Pekerjaan: Pelajar sekolah Pelajar institusi pengajian tinggi Bekerja sepenuh masa Bekerja sambilan Berniaga Suri rumah tangga Penganggur Pesara tandakan yang berkaitan tandakan yang berkaitan Admin/ringgit2015 OKTOBER 2015 RAKAN KEWANGAN ANDA IS S N 2 1 8 0 -3 6 8 4 • B il 1 0 /1 5 K K D N : P P 1 6 8 9 7 /0 5 /2 0 1 3 (0 3 2 5 8 1 ) Orang Muda dan Kereta Borang Tinjauan Pembaca Ringgit 2015 Sidang Redaksi Penasihat YBhg. Prof Datuk Dr. Marimuthu Nadason Presiden FOMCA Ketua Sidang Pengarang Dato’ Paul Selva Raj Editor Mohd Yusof bin Abdul Rahman Sidang Pengarang Siti Rahayu binti Zakaria Ringgit merupakan penerbitan usaha sama di antara Bank Negara Malaysia dan FOMCA. Ia diterbitkan pada setiap bulan. Untuk memuat turun Ringgit dalam format “PDF“, sila layari laman sesawang www.fomca.org.my dan www.bnm.gov.my Gabungan Persatuan-Persatuan Pengguna Malaysia No. 4, Jalan SS1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7876 2009 Faks : 03-7877 1076 E-mel : [email protected] Sesawang: www.fomca.org.my Bank Negara Malaysia Jalan Dato’ Onn 50480 Kuala Lumpur Tel :03-2698 8044 Faks : 03-2174 1515 Diurus terbit oleh: Pusat Penyelidikan dan Sumber Pengguna (CRRC) No. 4, Jalan SS1/22A 47300 Petaling Jaya Selangor Darul Ehsan Tel : 03-7875 2392 Faks : 03-7875 5468 E-mel : [email protected] Sesawang: www.crrc.org.my Dicetak oleh: Percetakan Asas Jaya (M) Sdn Bhd No. 5B, Tingkat 2, Jalan Pipit 2 Bandar Puchong Jaya 47100 Puchong Jaya Selangor Darul Ehsan Artikel yang disiarkan dalam Ringgit tidak semestinya mencerminkan pendirian dan dasar Bank Negara Malaysia atau FOMCA. Ia merupakan pendapat penulis sendiri. Sudah menjadi kelaziman bagi golongan muda yang berkerjaya untuk mempunyai keinginan memiliki kereta sendiri. Setelah bertungkus-lumus belajar dan berjaya menggenggam segulung ijazah, bermulalah kerjaya mereka sebagai eksekutif muda di syarikat korporat atau pegawai tadbir di jabatan-jabatan kerajaan, dengan gaji permulaan sekitar RM2,000 – RM2,500 sebulan. Mereka mula berkira-kira untuk memiliki kereta bagi kemudahan sendiri. Keputusan untuk membeli kereta mungkin merupakan keputusan kewangan terbesar bakal dibuat oleh golongan muda yang baru melangkah ke alam pekerjaan ini. Kegagalan mereka membuat keputusan yang tepat bagi memiliki kereta pertama bakal menjadikan mereka terjebak ke dalam kancah keberhutangan. Kereta baru atau kereta terpakai? Kereta tempatan atau import? Inilah persoalan yang biasa bermain dalam fikiran sesiapa sahaja apabila ingin membeli kereta. Banyak pertimbangan yang perlu difikirkan sebelum membuat keputusan untuk membeli kereta pertama anda. Terdapat kebaikan dan keburukan apabila memilih kereta baru ataupun kereta terpakai. Kereta baru mempunyai pelbagai reka bentuk terkini, ciri-ciri keselamatan yang canggih, tempoh jaminan yang panjang, penjimatan bahan api dan sebagainya, berbanding dengan kereta terpakai yang serba kekurangan dari segi teknologi, reka bentuk dan pilihan. Walau bagaimanapun harus diingat bahawa kereta baru kebiasaannya berharga mahal, mengalami susut nilai dengan cepat, bayaran ansuran bulanan yang tinggi dan perlu membayar premium insurans yang tinggi juga. Apa yang paling utama ialah membuat penilaian ke atas kemampuan kewangan untuk membeli kereta pilihan anda. Orang Muda dan Kereta 2 • Ringgit Di sinilah ramai golongan muda tersilap perhitungan dalam membuat keputusan kewangan terpenting dalam hidup mereka. Kebanyakan mereka menganggap kereta adalah lambang status sosial dan ukuran kepada kejayaan kerjaya mereka. Inilah kesilapan terbesar apabila mereka mengaitkan kereta yang dipandu dengan jawatan yang dipegang. Seorang eksekutif bank mungkin merasakan kereta terpakai tempatan tidak sesuai dengan jawatan yang disandang. Tentu dia akan dipandang tinggi oleh rakan sekerja atau rakan-rakan sebaya jika dia dapat memandu kereta import keluaran terkini. Hakikatnya, kereta hanyalah alat pengangkutan yang membawa anda dari satu tempat ke satu tempat yang lain. Selagi kereta tersebut dapat memenuhi keperluan sebagai alat pengangkutan, maka memiliki kereta terpakai yang murah harganya mungkin sudah memadai bagi memulakan kehidupan. Lebihan tunai yang anda ada sepatutnya digunakan untuk menambah tabungan bagi kegunaan pada masa kecemasan dan untuk pembelian besar yang lain, seperti rumah kediaman, yang lebih utama. Cuba lihat di sekeliling anda, apakah kereta yang dipandu oleh anak-anak muda sekarang? Rasanya anda akan melihat mereka dengan bangganya memandu kereta-kereta keluaran import terkini yang harganya mencecah puluhan ribu ringgit, malah mungkin melebihi RM100,000. Wow! Hebat bukan? Tak sampai setahun bekerja sudah boleh memandu kereta sebegitu. Dalam fikiran anak-anak muda ini, ansuran bulanan yang mereka perlu bayar kepada pihak bank adalah ‘komitmen tunggal’ yang perlu mereka ketepikan daripada gaji yang diterima. Sebagai contoh, jika seseorang membeli kereta berharga RM80,000 dan mengambil pinjaman sewa beli 90% daripada harga jualan, ansuran bulanan yang perlu dijelaskan adalah dalam lingkungan RM800 sebulan. Jika gaji bersih mereka setelah ditolak caruman Kumpulan Wang Simpanan Pekerja (KWSP) sekitar RM2,200 sebulan, mereka beranggapan masih ada RM1,400 untuk perbelanjaan harian. Mereka lupa bahawa memiliki satu kereta bukan sekadar ansuran bulanan yang perlu dibayar kepada pihak bank, tetapi terdapat kos-kos sampingan lain yang perlu diambil kira, seperti perbelanjaan petrol, parkir, tol, insurans, cukai jalan dan kos penyelenggaraan. Semua kos ini mungkin hampir menyamai ansuran bulanan yang perlu dibayar. Dengan baki gaji sebanyak RM1,400, ditolak pula dengan kos sampingan di atas, adakah cukup RM700 untuk meneruskan kehidupan dengan sewa rumah perlu dibayar, kos makan minum seharian, hiburan bersama-sama kawan dan sebagainya? Bagaimana pula dengan simpanan? Setelah menyedari perbelanjaan untuk kereta baru memakan lebih kurang 70% daripada gaji bersih, barulah terasa keperitan dan kesempitan hidup. Akhirnya, kad kredit menjadi teman setia setiap kali berbelanja. Dari satu kad ke satu kad yang lain, dalam masa yang singkat sahaja seseorang boleh terjebak dengan hutang kad kredit sehingga di luar kawalan. Adalah lebih bijak untuk anak-anak muda yang baru mula bekerja untuk lebih berhati-hati dan berfikir panjang dalam membuat keputusan untuk memiliki kereta pertama mereka. Ukur baju di badan sendiri. Tiada guna membeli kereta mahal tetapi lebih banyak tersadai di dalam garaj hanya semata-mata hendak berjimat. Dapatkan nasihat kewangan percuma di pejabat-pejabat AKPK yang berhampiran di seluruh negara dengan menghubungi talian bebas tol 1800 88 2575 atau layari laman sesawang AKPK di www.akpk. org.my. ‘Amalkan Pengurusan Kewangan Berhemat Sebagai Budaya Hidup.’ Sumber: Agensi Kaunseling dan Pengurusan Kredit (AKPK) Ringgit • 3 Biar Lokek Asal Poket Berisi Berdasarkan statistik Agensi Kaunseling dan Pengurusan Kredit (AKPK) sebanyak 70 peratus individu yang mendapatkan khidmat nasihatnya memiliki pendapatan di bawah RM4,000 sebulan. Majoriti pelanggan agensi tersebut terdiri daripada golongan berumur dari 25 hingga 45 tahun. Hal ini menunjukkan golongan ini gagal merancang kewangan secara teratur menyebabkan mereka menghadapi masalah hutang pada usia muda. Perkara ini membimbangkan kerana sekiranya pada usia muda rakyat Malaysia mengalami krisis hutang yang tinggi, maka ia akan memberi kesan jangka panjang bukan sahaja kepada individu, malah mengakibatkan beban hutang isi rumah yang mempengaruhi perkembangan ekonomi negara. Oleh itu, kaedah membuat tabungan merupakan langkah terba ik bag i membolehkan anda menyelesaikan masalah kewangan jika perkara itu berlaku. Malah kerajaan juga mewujudkan pelbagai tabungan yang boleh digunakan oleh rakyat pada masa hadapan, antaranya pekerja diwajibkan mencarum dalam Kumpulan Wang Simpanan Pekerja (KWSP). Namun, timbul persoalan adakah dengan hanya bergantung kepada satu tabungan sudah cukup untuk generasi muda pada hari ini bagi meneruskan kelangsungan hidup, terutama berdepan dengan kos sara hidup yang semakin meningkat setiap tahun? Penasihat kewangan Islam Hijrah Wealth Management Sdn Bhd (Hijrah Wealth), Hajah Rohani Datuk Mohd Shahir berkata, golongan muda kini lebih terdedah dengan perbelanjaan tidak terkawal tidak kira sama ada berpendapatan rendah atau tinggi. Pembahagian pendapatan mengikut peratusan setiap bulan membantu golongan ini menguruskan kewangan peribadi dengan baik, cermat serta tidak mudah terdedah dengan krisis hutang. Katanya, apabila menerima gaji setiap bulan, sekurang-kurangnya 20 peratus daripadanya diperuntukkan untuk tabungan, sekiranya tidak mempunyai komitmen kredit yang tinggi. Jika individu itu mempunyai komitmen hutang yang tinggi, iaitu sekitar 55 peratus daripada pendapatan, sebanyak 10 peratus daripada pendapatan untuk tabungan adalah paling minimum. Generasi muda juga perlu lebih bersifat kreatif untuk menjana pendapatan menerusi pelaburan dan tidak bergantung kepada satu tabungan sahaja. Hal ini kerana tabungan sedia ada yang diwajibkan untuk golongan pekerja, iaitu KWSP seharusnya digunakan dalam tempoh persaraan, dan bukan untuk menyelesaikan hutang sebelum tempoh itu. 4 • Ringgit Terdapat banyak instrumen pelaburan yang boleh disertai oleh golongan muda, antaranya unit amanah, saham biasa, Dana Dagangan Bursa (ETF), produk perbankan Islam, hartanah dan Tabung Haji. Sebagai contoh, jika seseorang melabur dalam unit amanah dengan komitmen RM450 sebulan selama lima tahun dan menerima dividen 10 peratus setiap tahun, mereka boleh mendapat keuntungan RM34,848 yang boleh digunakan untuk pelbagai keperluan lain, seperti deposit membeli rumah. Anda boleh membuat pengiraan perbelanjaan menerusi kaedah pengiraan persaraan yang disediakan oleh KWSP, iaitu Kalkulator Simpanan KWSP. Kalkulator ini membolehkan pencarum mengetahui sama ada simpanan mereka cukup atau sebaliknya sebelum tempoh persaraan. Keadaan ini membolehkan anda membuat persediaan lebih awal. Golongan muda juga perlu mengutamakan simpanan daripada berbelanja perkara yang bukan keperluan. Contohnya sikap sentiasa menukar telefon pintar atau membeli gajet mewah. Jika ingin berbelanja seperti membeli kenderaan, pastikan ia bukan satu bentuk tanggungan hutang yang membebankan untuk jangka masa panjang. Kenderaan sememangnya penting untuk anda bergerak, tetapi membelinya hendaklah mengikut keperluan dan sesuai dengan kemampuan kewangan anda. Jangan terlalu mengikutkan trend untuk bergaya, tetapi akhirnya anda gagal untuk melunaskan hutang lain. Lebih parah lagi jika anda tidak mempunyai tabungan langsung. Golongan muda juga perlu mempunyai kad perubatan atau insurans bagi meringankan beban perbelanjaan perubatan sekiranya mengalami sakit atau menghadapi keadaan kecemasan. Banyak syarikat insurans yang menawarkan produk perlindungan perubatan kepada orang ramai mengikut kemampuan bayaran secara ansuran bulanan. Justeru, persediaan dari segi kewangan amat penting dan mengambil insurans perubatan sangat membantu untuk mengurangkan pembayaran kos rawatan hospital dan bayaran lain. Dari segi penggunaan kad kredit pula, ia adalah satu instrumen pembayaran yang menjadi perhatian golongan muda. Namun ia juga merupakan faktor yang boleh mengakibatkan golongan ini terjerat dengan beban hutang. Jangan memohon kad kredit sekiranya anda tidak mampu menguruskan kewangan dengan baik kerana ia akan menjadi perangkap kewangan paling sukar untuk diselesaikan. Jika anda mempunyai kad kredit, gunakan secara berhemat dan membuat pembayaran mengikut jadual yang ditetapkan. Setiap kelewatan dalam pembayaran kad kredit ini akan dikenakan caj dan kadar faedah. Kegagalan dalam memastikan pembayaran yang teratur akan mengakibatkan anda sukar membuat pembiayaan bagi perkara penting, seperti membeli kediaman. Golongan muda perlu bijak mengatur kewangan mereka untuk jangka masa pendek dan jangka masa panjang. Persediaan pada usia muda adalah permulaan yang baik untuk anda menentukan masa depan kewangan selepas bersara kelak. Sumber: Kumpulan Wang Simpanan Pekerja (KWSP), disiarkan oleh Harian Metro. Ringgit • 5 Artikel ini memberi tumpuan kepada perbincangan berterusan mengenai risiko pelaburan Skim Persaraan Swasta (PRS) untuk memastikan pemeliharaan modal, di samping menjana pulangan sebenar untuk mengekalkan kuasa pembelian dana berkenaan. Seperti yang dibincangkan dalam artikel-artikel sebelum ini, PRS adalah sebuah skim persaraan yang dikawal selia oleh Suruhanjaya Sekuriti. Ia menyediakan ciri-ciri perlindungan yang secukupnya - daripada peringkat kawal selia dan dipantau ketat oleh Suruhanjaya Sekuriti hinggalah kepada mandat pengurusan pelaburan yang ditetapkan – untuk memastikan dana-dana ini diuruskan secara profesional untuk pencarum PRS. Dalam artikel ini, kami akan menjelaskan tentang peranan pencarum PRS dalam mencapai objektif persaraan mereka. Sebagai permulaan, pencarum individu PRS memainkan peranan penting dalam memilih dana PRS untuk pelaburan. Ia adalah titik permulaan bagi pelaburan wang anda ke dalam dana PRS yang dipilih. Oleh itu, keputusan pemilihan dana perlu dilakukan dengan berhati-hati dan dibuat dengan maklumat yang secukupnya, memandangkan risiko pelaburan dana pencarum adalah berkait dengan dana yang dipilih. Dana PRS adalah pelaburan jangka panjang. Oleh itu, pencarum perlu memberi perhatian kepada pepatah ‘caveat emptor’ ataupun ‘pembeli perlu berhati-hati’ agar mereka tidak membuat keputusan yang tidak sesuai dan mungkin memberi kesan yang buruk. Pencarum PRS yang Berpengetahuan Pencarum PRS perlu mengambil langkah pertama dalam mengurus risiko pelaburan mereka dengan membuat keputusan berdasarkan maklumat yang secukupnya untuk melabur dalam dana yang sesuai, dan menepati objektif persaraan yang dihajati. Seseorang perlu mematuhi kata-kata ‘mulakan sesuatu dengan memikirkan tentang pengakhirannya’, bagi membentuk tujuan pelaburan yang kemudiannya dapat diterjemahkan sebagai objektif pelaburan. Tanpa objektif dalam tujuan yang ingin dicapai, keputusan pelaburan akan sentiasa dipengaruhi oleh persepsi dan anggapan yang mungkin mengakibatkan pelaburan yang tidak sesuai. Memulakan pelaburan dengan tujuan yang jelas adalah penting kerana ia akan menentukan keputusan seterusnya dalam pengambilan risiko, pulangan yang dihajati, tempoh pelaburan dan akhirnya, pemilihan dana dan aset yang sesuai untuk mencapai objektif pelaburan. Oleh itu, adalah penting bagi pencarum PRS meluangkan masa untuk ‘mengkaji tentang persaraan’ mereka bagi membangunkan pelan yang sesuai sebelum membuat keputusan untuk melaburkan dana mereka. Pencarum PRS boleh melayari laman sesawang www.ppa.my bagi mendapatkan maklumat dan nasihat daripada Juruperunding PRS yang berdaftar. Keputusan untuk memilih dana PRS adalah dipengaruhi oleh emosi kerana hasrat untuk mencapai pulangan yang tinggi. Ditambah pula dengan kerumitan dalam membuat keputusan yang betul untuk meletakkan pelaburan dalam dana PRS yang 6 • Ringgit baik, mungkin menyebabkan pemilihan dana PRS yang tidak sesuai. Pengaruh emosi dalam membuat keputusan pelaburan sering dikaitkan dengan sikap ‘tamak dan takut’, iaitu ketidaktentuan pasaran boleh mempengaruhi secara langsung persepsi seseorang individu terhadap risiko dan peluang pulangan. Perkara ini telah dikaji dengan mendalam dan didokumentasikan dalam sepuluh bidang perilaku kewangan yang maklum balas emosi sering memainkan peranan penting dalam proses pelaburan. 4. Melakukan imbangan semula dana PRS, apabila perlu, dengan mengambil kira perubahan situasi dalam hidup dan jangkaan prestasi dana. Mempunyai pelan persaraan yang betul juga membolehkan perancangan bagi pemantauan dan kajian prestasi dana PRS yang berterusan. Memandangkan perjalanan ke arah persaraan adalah panjang, maka pencarum perlu memberi perhatian kepada prestasi dana mereka untuk memastikan mereka mencapai jangkaan pulangan yang dihajati. Sekurang-kurangnya, pencarum perlu mengkaji dana PRS mereka setahun sekali, untuk memastikan prestasi mereka mengikut perancangan dan seperti yang dijangkakan. Kesilapan utama yang sering dibuat oleh pelabur adalah mereka ‘melabur dan lupa lalu menyesal’ pada akhir tempoh pelaburan. Pemantauan dan kajian tahunan berterusan adalah sebahagian daripada usaha memastikan perancangan persaraan adalah mengikut pelan dan sebarang penyimpangan prestasi akan diberi amaran dan diteliti. PRS menawarkan kepada pencarumnya pilihan dan kebebasan untuk menukar dana jika prestasinya di bawah jangkaan dan/atau memindahkan dana kepada Penyedia lain. Selain isu prestasi dana, semakan tahunan yang dilakukan oleh pencarum juga boleh menunjukkan sebarang perubahan kepada situasi sebenar pencarum, yang memerlukan pencarum membuat perubahan kepada objektif pelaburannya, atau toleransi pencarum kepada risiko pelaburan. Hal ini akan memastikan objektif persaraan dan pelaburan pencarum adalah diselaras dan disesuaikan. Bagi membantu pencarum PRS dalam memantau dana PRS, PPA menyediakan akses 24/7 kepada akaun PRS dengan prestasi dana yang terkini, laporan bersepadu atas semua dana PRS dan penyata akaun tahunan. Di PPA, sebahagian daripada tanggungjawab kami adalah menyediakan infrastruktur sepatutnya, maklumat dan pendidikan untuk memudahkan ahli- ahli PRS melakukan pemantauan dana PRS. Ini sejajar dengan moto kami ‘Kami di sini untuk anda’. Dato’ Steve Ong ialah Ketua Pegawai Eksekutif Pentadbir Pencen Swasta (PPA), pentadbir pusat bagi Skim Persaraan Swasta (PRS). PPA dipertanggungjawabkan oleh Suruhanjaya Sekuriti Malaysia (SC) untuk menggalakkan pertumbuhan industri PRS, mewujudkan kesedaran dan mendidik masyarakat mengenai simpanan persaraan. PPA juga melindungi kepentingan pencarum PRS. PPA mengalu-alukan soalan berkaitan perancangan persaraan. Sila hantarkannya kepada [email protected]. Bagi menangani pengaruh maklum balas emosi tersebut, pencarum PRS perlu mengambil kira perkara berikut dalam membuat keputusan pelaburan: 1. Sebagaimana dalam semua proses membuat keputusan jangka panjang, titik permulaan untuk simpanan dan pelaburan jangka panjang perlu dibuat berdasarkan kepada pelan untuk mencapai pulangan dana persaraan yang dihajati. 2. PRS menawarkan pilihan penyedia dan dana yang membolehkan risiko pelaburan dipelbagaikan supaya pelaburan anda tidak diibaratkan seperti ‘yang dikejar tak dapat, yang dikendong berciciran’. Caruman bulanan dengan tetap mampu menangani ketidaktentuan pasaran secara ‘memuratakan kos pelaburan’ anda dan mengurangkan risiko masa dan kemasukan ke dalam pasaran. 3. Simpanan PRS untuk aset persaraan adalah bersesuaian untuk pelaburan jangka panjang, untuk menjana pertumbuhan dan/atau keperluan pendapatan. Ringgit • 7 Ruangan Bersama NCCC Dalam edisi Ringgit September telah diterangkan apakah yang dikatakan kontrak secara lisan. Pada kali ini NCCC akan menjelaskan tentang bagaimana kontrak dikuatkuasakan melalui pesanan produk, bayaran deposit dan tanggungjawab pengguna tersebut. Membuat pesanan produk Produk yang dibeli dari kedai perabot atau kedai elektronik mungkin tidak dapat dihantar secara terus selepas anda membuat bayaran. Oleh itu, anda perlu membuat pesanan. Semasa membuat pesanan, anda sebenarnya sedang membuat kontrak untuk membeli produk apabila produk itu sudah ada. Sekiranya anda membatalkan kontrak pembelian tersebut tanpa sebab-sebab yang munasabah, anda sebenarnya telah melanggar kontrak. Dalam kes demikian, kedai itu berhak mengambil deposit anda. Malah, penjual juga boleh membawa anda ke mahkamah untuk menguatkuasakan kontrak jika kerugian yang ditanggung melebihi daripada jumlah amaun deposit. Contohnya, sekiranya anda membuat pesanan perabot yang direka khas mengikut Kontrak – Hak anda sebagai pengguna (Bahagian 2) spesifikasi anda yang menyebabkan kedai itu akan mengalami kesukaran untuk melupuskan atau menjualkannya kepada pelanggan lain. Membayar deposit Deposit adalah sebahagian bayaran untuk produk atau perkhidmatan. Apabila anda membayar deposit, ia menunjukkan bahawa anda berniat untuk membeli produk atau perkhidmatan, dan anda telah membuat kontrak dengan pembekal. Ia adalah lebih mudah untuk mengetahui apakah hak dan tanggungjawab pengguna sekiranya anda mempunyai kontrak secara bertulis. Begitu juga jika anda mempunyai kontrak lisan, maka ia juga boleh dikuatkuasakan. Apabila anda membayar deposit, anda dan pembekal bersetuju: • produk atau perkhidmatan mestilah tepat seperti yang anda kehendaki, • jumlah deposit yang anda bayar, • bilakah baki bayaran yang perlu dibayar, • bilakah produk atau perkhidmatan akan disediakan. 8 • Ringgit Ia adalah penting bagi memastikan bahawa anda dan pembekal memahami dengan jelas segala butiran kontrak. Tanggungjawab penjual Pengguna perlu memahami secara jelas mengenai tanggungjawab penjual, khususnya apakah produk tersebut dan bilakah produk akan diserahkan atau sedia ada. Perkara ni sangat penting terutama apabila anda membeli produk mahal seperti produk yang telah ditempah khas mengikut spesifikasi anda, seperti perabot. Pastikan anda jelas terhadap pilihan anda, seperti warna dan reka bentuk sofa. Sebaiknya anda meminta penjual mengesahkan spesifikasi ini secara bertulis pada resit anda. Sekiranya penjual memberitahu anda bahawa penghantaran akan ditangguhkan, persetujuan anda adalah perlu untuk tarikh baru yang munasabah untuk penghantaran. Jika produk ini dihantar dan tidak memenuhi kriteria seperti mana yang anda pesan, anda perlu menghubungi penjual dengan segera untuk menukar produk tersebut. Oleh sebab itu, penting untuk anda mempunyai pengesahan bertulis bagi merujuk kriteria pesanan anda. Anda mempunyai hak untuk meminta deposit anda dikembalikan jika: • Anda tidak bersetuju dengan tarikh penghantaran baru, • Tarikh penghantaran baru yang dicadangkan ialah jauh berbeza dengan tarikh yang anda persetujui pada peringkat awal, • Pembekal gagal untuk menepati tar ikh penghantaran baru yang dipersetujui, • Pembekal tidak dapat menyediakan produk menurut spesifikasi yang telah dipersetujui. Jika penjual enggan mengembalikan deposit anda, maka anda mungkin perlu mengambil tindakan undang-undang untuk mendapatkan kembali deposit tersebut. Ingat, deposit biasanya tidak akan dikembalikan. Sekiranya anda membayar deposit dan kemudian menukar f ik iran anda tentang produk atau perkhidmatan, pembekal atau penjual tidak perlu memulangkan kembali deposit anda. Sumber: Pusat Khidmat Aduan Pengguna Nasional (NCCC) “Pastikan anda jelas terhadap pilihan anda, seperti warna dan reka bentuk sofa. Sebaiknya anda meminta penjual mengesahkan spesifikasi ini secara bertulis pada resit anda.” Ringgit • 9 Anda boleh menghantarkan masalah berkaitan kewangan anda kepada [email protected] atau menulis kepada Ruangan Masalah Kewangan Anda, Ringgit, No 4, Jalan SS 1/22A, Kampung Tunku 47300 Petaling Jaya, Selangor Masalah Kewangan Anda Masalah Kewangan Anda Saya ingin mendapatkan nasihat daripada pihak tuan mengenai masalah yang dihadapi oleh saya pada masa ini. Saya bertugas sebagai seorang kerani di sebuah jabatan. Saya mula bertugas pada awal tahun ini dan sekarang masih berada dalam proses pengesahan perlantikan. Bagaimanakah saya dapat menguruskan perbelanjaan supaya lebih teratur kerana setiap gaji yang saya terima sentiasa tidak mencukupi dan selalunya berbaki kurang daripada 10% daripada gaji asal saya pada akhir bulan. Saya berharap agar pihak tuan dapat membantu saya menyelesaikan masalah yang saya hadapi ini. Sekian, terima Kasih. Jawapan: Langkah pertama ialah anda perlu merancang perbelanjaan. Anda perlu menulis anggaran perbelanjaan sebelum tarikh anda menerima gaji. Contoh anggaran perbelanjaan seperti bayaran rumah, pinjaman kenderaan, bil utiliti, tambang bas, makanan dan pakaian. Paling penting adalah anda perlu mengasingkan sekurang-kurangnya 5% (peringkat permulaan) daripada pendapatan untuk simpanan. Tingkatkan simpanan jika anda menerima bonus atau kenaikan gaji. Langkah kedua yang perlu dilakukan ialah pantau segala perbelanjaan anda. Anda perlu mencatatkan segala perbelanjaan harian, seperti tambang bas, pemberian wang saku kepada anak, membeli sarapan dan makanan tengah hari, derma, membeli tiket wayang dan sebagainya. Gunakan buku kecil untuk memudahkan anda masukkan ke dalam poket atau tas tangan. Langkah seterusnya, setelah anda mengenal pasti perbelanjaan, anda perlu mengubah corak perbelanjaan yang menjadi kebiasaan atau mengurangkan perbelanjaan yang tidak penting. Contohnya, bertukar tabiat suka makan di luar dengan cuba menyediakan makanan sendiri di rumah. Didik anak anda untuk melakukan penjimatan, seperti menutup peralatan elektrik apabila tidak digunakan, atau anda boleh bertukar kepada menggunakan produk cekap tenaga yang lebih menjimatkan bil elektrik. Cuba menanam sendiri sebagai langkah menjimatkan kos membeli serai, daun kari,cili padi dan lain-lain. Disiplin diri anda untuk sentiasa menabung dan mencari alternatif untuk meningkatkan pendapatan anda. Jangan berputus asa sekiranya langkah awal anda gagal. Teruskan usaha untuk berdisiplin dalam merancang kewangan anda. Rungsing Gaji Tidak Mencukupi 10 • Ringgit Bank Negara Malaysia Talian Tol : 1-300-88-5465 E-mel : [email protected] Laman sesawang : www.bnm.gov.my Persatuan Bank-Bank Dalam Malaysia (ABM Connect) Talian Tol : 1-300-88-9980 E-mel : [email protected] Laman sesawang : www.abm.org.my Agensi Kaunseling Dan Pengurusan Kredit (AKPK) Talian Tol : 1-800-88-2575 E-mel : [email protected] Laman sesawang : www.akpk.org.my Biro Pengantaraan Kewangan (BPK) Talian am : 03-2272 2811 E-mel : [email protected] Laman sesawang : www.fmb.org.my [email protected] li1o..UuHh.3|.L..a..nv...fl.n ¢\....4...,.,_ | x©:gc©mcmUx__xa gag 5 E .359 6E::6E :36: J J _ z<22u... 34¢ .Cr.xJUrCCC.. :2... nE_E_r :._.c: 3% ZGGZDE om», :m,E9 $.38 mcmgmowm Ego $.92 .33 _%%.a Z<xDm<xw$. ) . . ® . 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