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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 | null |
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Concept Paper on Shariah Governance Framework for Islamic Financial Institutions
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Concept Paper on Shariah Governance Framework for Islamic Financial Institutions
Release Date: 20 May 2010
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© 2024 Bank Negara Malaysia. All rights reserved.
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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 | null |
Reading:
Call for Public Feedback: Proposed Basic Motor Cover Framework (Update: Outcome of Public Consultation)
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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
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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.
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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.
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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.
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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.
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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.
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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.
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(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.
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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
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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;
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(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;
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(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
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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;
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(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.
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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.
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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;
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(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.
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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
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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 | null |
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Press Conference (24 Mar 2009) and Briefing to the Diplomatic Corps. (25 Mar 2009) by Governor [Slides | PDF, 378Kb]
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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 | null | null |
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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 | null |
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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 | null | null |
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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 | null | null |
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Key Events at Sasana Kijang and Lanai Kijang (November - December 2011)
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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
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We apologise for any inconvenience caused by this maintenance activity.
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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 | null |
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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
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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 | null |
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Shariah Resolutions in Islamic Finance (Second Edition) Now Available in English
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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.
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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.
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S H A R I A H R E S 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
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S H A R I A H R E S 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
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S H A R I A H R E S 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.
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S H A R I A H R E S 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:
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S H A R I A H R E S 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
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S H A R I A H R E S 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
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S H A R I A H R E S 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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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
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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.
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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
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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.
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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.
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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
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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
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S H A R I A H R E S 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.
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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.
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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:
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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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:
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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:
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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:
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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;
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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.
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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.
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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.
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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.
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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.
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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;
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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
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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.
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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.
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“...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.
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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%.
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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.
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PART III:
ISLAMIC FINANCIAL PRODUCTS
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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:
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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.
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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.
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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
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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:
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“… 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.
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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
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152
157 Wizarah al-Awqaf wa al-Syu’un al-Islamiyyah, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 22, p. 57.
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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“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
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S H A R I A H R E S 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
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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
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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
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S H A R I A H R E S 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
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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.
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S H A R I A H R E S 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).
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S H A R I A H R E S 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.
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S H A R I A H R E S 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
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S H A R I A H R E S 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
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S H A R I A H R E S 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.
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S H A R I A H R E S 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:
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S H A R I A H R E S 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
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S H A R I A H R E S 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
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S H A R I A H R E S 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.
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S H A R I A H R E S 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
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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
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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
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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
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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.
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S H A R I A H R E S 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.
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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
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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.
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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.
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S H A R I A H R E S 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
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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
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S H A R I A H R E S 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.
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S H A R I A H R E S 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
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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
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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.
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S H A R I A H R E S 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.
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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
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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:
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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:
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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.
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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
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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
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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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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;
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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.
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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.
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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.
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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.
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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.
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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;
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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
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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.
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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.
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“...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.
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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.
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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.
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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.
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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
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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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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:
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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.
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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.
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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
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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:
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“… 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.
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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
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152
157 Wizarah al-Awqaf wa al-Syu’un al-Islamiyyah, Al-Mawsu`ah al-Fiqhiyyah al-Kuwaitiyyah, 1993, v. 22, p. 57.
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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.
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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.
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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
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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
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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
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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
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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.
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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
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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
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“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
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S H A R I A H R E S 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
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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
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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
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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
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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 | null | null |
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Beware of Scams Requesting for Banking Information
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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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15 Jun 2011 | Beware of Email Scam Requesting for Banking Information | https://www.bnm.gov.my/-/email-scam-15062011 | null | null |
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Beware of Email Scam Requesting for Banking Information
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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)
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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 | null |
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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
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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
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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
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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
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Provisions for
Loans/Financing
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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 | null | null |
Ringgit Ed12 Draft2.PM6
APIL 201 ’|
RAKAN KEWANGAN ANDA
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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 | 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 | null | null |
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]
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>>
>> setdistillerparams
<<
/HWResolution [600 600]
/PageSize [612.000 792.000]
>> setpagedevice
| null |
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 | null |
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Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website
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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
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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 | null |
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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
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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.
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(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.
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4. Effective date
4.1 The Framework takes effect from 1 January 2009.
5. [Deleted]
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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.
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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.
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(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.
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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.
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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.
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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,
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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:
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])()
(,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.
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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.
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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.
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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.
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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.
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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]
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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)
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(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.
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(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.
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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.
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(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.
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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;
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(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.
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(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.
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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
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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.
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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.
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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.
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(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.
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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.
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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.
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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
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(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%
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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.
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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.
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(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
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(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.
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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.
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(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.
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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.
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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.
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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.
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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.
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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%.
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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
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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.
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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.
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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;
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(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.
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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
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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.
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(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.
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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).
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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%
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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
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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
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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
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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.
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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.
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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).
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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.
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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.
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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
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(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
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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.
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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.
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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.
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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
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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
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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
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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
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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
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(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
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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
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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.
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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
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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.
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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.
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- 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.
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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.
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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;
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- 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).
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- 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.
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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
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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
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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.
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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:
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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
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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.
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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)
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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)
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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
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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)
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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.
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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)”
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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
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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
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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
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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
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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
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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.
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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
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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,
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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;
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(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
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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
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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.
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(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.
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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
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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.
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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.
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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).
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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
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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)).
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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
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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
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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
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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
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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
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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
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Appendix VIII [Deleted]
[This page is intentionally left blank]
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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
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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.
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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.
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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 | null |
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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:
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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 | null | null |
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Financial Fraud Alert: Status of Cases Investigated by Bank Negara Malaysia
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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.
| null | 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 | null | null |
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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.
| null | 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 | null |
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RINGGIT Newsletter (February issue) is now available for download.
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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
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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 | null |
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Release Date: 24 Mar 2011
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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.
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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 | null |
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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.
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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
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Ÿ Islamic Banking and Takaful
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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.
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Ÿ Islamic Banking and Takaful
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Statutory Reserve Requirement Page
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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
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Department
Ÿ Islamic Banking and Takaful
Department
Statutory Reserve Requirement Page
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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
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Ÿ Islamic Banking and Takaful
Department
Statutory Reserve Requirement Page
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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.
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Ÿ Islamic Banking and Takaful
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Statutory Reserve Requirement Page
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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.
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Ÿ Islamic Banking and Takaful
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Statutory Reserve Requirement Page
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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.
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Ÿ Islamic Banking and Takaful
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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
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Ÿ Islamic Banking and Takaful
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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
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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
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Ÿ Islamic Banking and Takaful
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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
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· 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
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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
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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
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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.
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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)
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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.
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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.
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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;
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· 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.
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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.
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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.
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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
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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
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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.
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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.
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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.
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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
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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
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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
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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.
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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.
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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
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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
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· 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,
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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.
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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.
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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
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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.
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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.
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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.
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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
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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.
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· 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.
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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.
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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;
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· 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
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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
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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 | null | null |
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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)
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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 | null | null |
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BNM Website Scheduled Maintenance 10 p.m. Friday January 21 until 7 a.m. Saturday January 22, 2011
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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.
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19 Jan 2011 | Newly updated: Guidelines & Circulars listing on Bank Negara Malaysia's website | https://www.bnm.gov.my/-/guidelines-circulars-listing-19012011 | null | null |
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Release Date: 19 Jan 2011
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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 | null | null |
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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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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 | null | null |
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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)
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07 Jan 2011 | Implementation of the new PIDM Bill 2010 | https://www.bnm.gov.my/-/implementation-of-the-new-pidm-bill-2010 | null | null |
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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
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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 | null |
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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]
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|
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 | null |
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
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Money Services Business
Regulation Department
Guidelines on Risk Management and
Internal Controls for Conduct of Money
Services Business
Page
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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
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Regulation Department
Guidelines on Risk Management and
Internal Controls for Conduct of Money
Services Business
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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
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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
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Regulation Department
Guidelines on Risk Management and
Internal Controls for Conduct of Money
Services Business
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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
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Regulation Department
Guidelines on Risk Management and
Internal Controls for Conduct of Money
Services Business
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(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
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(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
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Regulation Department
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Internal Controls for Conduct of Money
Services Business
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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;
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Regulation Department
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Internal Controls for Conduct of Money
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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
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Internal Controls for Conduct of Money
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(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;
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Money Services Business
Regulation Department
Guidelines on Risk Management and
Internal Controls for Conduct of Money
Services Business
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(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
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Regulation Department
Guidelines on Risk Management and
Internal Controls for Conduct of Money
Services Business
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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
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Internal Controls for Conduct of Money
Services Business
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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
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Regulation Department
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Internal Controls for Conduct of Money
Services Business
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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 | null | null |
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Guidelines & Circulars: Schedule of Shariah Advisory Council Meetings for 2013
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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.
| null | 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 | null |
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RINGGIT Newsletter (September 2012 issue) is now available for download
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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
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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
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Jalan SS9A/17
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Selangor Darul Ehsan
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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 | null |
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RINGGIT Newsletter (August issue) is now available for download
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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.
|
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GABUNGAN Q BANK NEGARA MALAYSIA
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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 | null | null |
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.
| null | 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 | null |
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 | null |
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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
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[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 | null |
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Newly published: Guidelines on Representative Offices
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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.
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SEPTEMBER 2015
RAKAN
KEWANGAN
ANDA
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•
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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]
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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 | null |
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Newly published: Guidelines on Agent Banking
Release Date: 15 Aug 2012
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Agent Banking
FAQs on Agent Banking
© 2024 Bank Negara Malaysia. All rights reserved.
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Ringgit Ed27 Draft5.PM6
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[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 | null | null |
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Financial Consumer Alert: Be alert of the common features of illegal schemes
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Financial Consumer Alert: Be alert of the common features of illegal schemes
Release Date: 13 Jul 2012
More info
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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 | null | null |
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BNM Portal Post System Upgrade: Kindly update all your bookmark/favourite links
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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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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.- | null | null |
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BNM Portal Scheduled System Upgrade from Friday, 25 May (10 p.m.) until Sunday, 27 May 2012 (10 a.m.)
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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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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 | null |
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Academic Visit Calendar 2012
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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 | null | null |
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BNM to host the 3rd Global Islamic Finance Forum (GIFF) from 18th to 20th September 2012
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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.
| null | 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 | null |
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Briefing slides are now available for download
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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 | null | null |
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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
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04 Mar 2012 | Bank Negara Malaysia Scholarship 2012/2013 Academic Session - Nurturing Malaysian Talents | https://www.bnm.gov.my/-/bank-negara-malaysia-scholarship-2012/2013-academic-session-nurturing-malaysian-talents | null | null |
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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 ]
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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 | null | null |
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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.
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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 | null | null |
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Release Date: 31 Jan 2012
This article is currently only available in Bahasa Malaysia.
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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 | null |
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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
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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
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-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
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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
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Mendoza, E. G., & Terrones, M. E. (2008). An Anatomy Of Credit Booms: Evidence From
Macro Aggregates And Micro Data. National Bureau of Economic Research Working
Paper Series, No. 14049.
Morsink, J., & Bayoumi, T. (2001). A Peek Inside the Black Box: The Monetary
Transmission Mechanism in Japan. IMF Staff Papers, 48(1).
Phillips, P. C. B. (1998). Impulse Response and Forecast Error Variance Asymptotics in
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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 | null | null |
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
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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:
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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]
| null |
15 Nov 2013 | You Got "Phished"! Protect yourself from phishing scams.. | https://www.bnm.gov.my/-/you-got-phished-protect-yourself-from-phishing-scams. | null | null | null | null | null |
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 | null |
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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.
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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
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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.
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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.
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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
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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
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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.
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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:
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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.
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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
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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.
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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.
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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
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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;
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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
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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
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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;
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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
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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.
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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.
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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
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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,
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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 | null |
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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.
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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 | null | null |
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]
| null |
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 | null | null |
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.
| null | 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 | null |
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 | null |
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RINGGIT Newsletter (July 2013 issue) is now available for download.
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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 | null |
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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 | null |
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RINGGIT Newsletter (May 2013 issue) is now available for download
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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 | null |
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RINGGIT Newsletter (April 2013 issue) is now available for download
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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 | null |
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RINGGIT Newsletter (March 2013 issue) is now available for download
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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 | null | null |
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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
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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 | null |
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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.
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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 | null |
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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 | null |
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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 | null |
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Payment Card Reform Framework
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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
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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
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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.
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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.
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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.
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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;
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“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]
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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]
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“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];
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“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
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“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
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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].
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“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
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“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).
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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,
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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.
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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;
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(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
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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
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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.
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(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.
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(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.
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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
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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
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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
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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 | null |
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 | null | null |
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
| null |
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 | null | null |
Pengurusan Kewangan:
Kemahiran Untuk
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SEPTEMBER 2014
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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
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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
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Seseorang telah
mencuri identiti anda...
Akaun anda telah
\ disalah guna...
Berwaspada!
Jangan menjadi mangsa PENIPUAN.
Berhati-hati dengan panggilan dan mesej palsu
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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
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anda pihak ketiga
BNMTELELINK (Pusat Panggilan Perkhidmatan Pelanggan)
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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:
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| null |
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 | null | null |
Cara Mendidik Anak Mengenai
Pengurusan Kewangan
OGOS 2014
RAKAN
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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
| null |
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 | null |
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 | null |
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]
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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
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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.
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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.
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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.
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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.
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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
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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.
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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;
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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
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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.
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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:
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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;
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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.
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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:
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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;
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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.
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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
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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.
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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.
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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.
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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;
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- 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
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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:
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(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
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(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
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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.
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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.
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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.
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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:
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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
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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
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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
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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
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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.
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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.
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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 | null | null |
PERANGKAP
HUTANG
JULAI 2014
RAKAN
KEWANGAN
ANDA
IS
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N
2
1
8
0
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6
8
4
•
B
il
0
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/1
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K
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D
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:
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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
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Laman sesawang : www.abm.org.my
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Laman sesawang : www.akpk.org.my
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Talian am : 03-2272 2811
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Laman sesawang : www.fmb.org.my [email protected]
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Seseorang telah
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| null |
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 | null | null |
Panduan
Jimat Wang
Untuk Pelajar
Kolej Di
Malaysia
JUN 2014
RAKAN
KEWANGAN
ANDA
IS
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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)
| null |
08 Jul 2014 | The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 148th Meeting | https://www.bnm.gov.my/-/sac-148th-meeting | null | null |
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The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 148th Meeting
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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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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 | null | null |
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)
| null |
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 | null | null |
Memilih Pakej
Saringan Perubatan
APRIL 2014
RAKAN
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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)
| null |
02 Jun 2014 | The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 147th Meeting | https://www.bnm.gov.my/-/sac-147th-meeting | null | null |
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.
| null | 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 | null | null |
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
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:
P
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9
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/0
5
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(0
3
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5
8
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)
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)
| null |
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 | null |
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Beware! Don't be a scam victim
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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
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3
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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 | null | null |
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
| null |
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 | null | null |
Cabaran
Menjadi
Pengguna
Bijak
JANUARI 2014
RAKAN
KEWANGAN
ANDA
IS
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6
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(0
3
2
5
8
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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]
| null |
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 | null | null |
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.
| null | 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 | null | null |
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.
| null | 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 | null | null |
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]
| null |
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- | null | null |
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.
| null | Public Notice |
03 Jan 2014 | Statement on Bitcoin | https://www.bnm.gov.my/-/statement-on-bitcoin | null | null |
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Statement on Bitcoin
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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.
| null | 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 | null |
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 | null |
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Updates: Guidelines & Circulars listing on Bank Negara Malaysia's website
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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 | null | null |
NOVEMBER 2015
RAKAN
KEWANGAN
ANDA
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8
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6
8
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•
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il
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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
| null |
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 | null |
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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 | null | null |
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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.
| null | 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 | null | null |
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Beware of Spam Email Entitled "Notification of Money Laundering Involvement"
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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.
| null | 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 | null | null |
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]
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