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Perbadanan Insurans Deposit Malaysia (PIDM) is a Government body established in 2005 under the Akta Perbadanan Insurans Deposit Malaysia (PIDM Act). Our role under the PIDM Act is to administer and provide deposit insurance to protect depositors against the loss of part or all deposits as well as a takaful and insurance benefits system to protect owners of takaful certificates and insurance policies in the event of a failure of a member institution. As an integral part of the national financial safety net, we have wide-ranging powers to promote and contribute to the stability of the financial system, to provide incentives for sound risk management in the financial system, to intervene in and resolve troubled member institutions and to act in the best interests of depositors and policy owners.
PIDM reports to Parliament through the Minister of Finance. We are also known as the Malaysia Deposit Insurance Corporation (MDIC), especially within the international context.
What protection does PIDM provide?
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Deposit Insurance System
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Takaful and Insurance Benefits Protection System (TIPS)
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Protects depositors against the loss of their insured deposits placed with member banks, in the unlikely event of a member bank failure.
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Protects owners of takaful certificates and insurance policies from the loss of their eligible takaful or insurance benefits, in the unlikely event of a failure of an insurer member.
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Our Mandate
PIDM’s mandate is set out in the Akta Perbadanan Insurans Deposit Malaysia 2005. Its objects are to:
- Administer a deposit insurance system and a takaful and insurance benefits protection system;
- Provide insurance against the loss of part or all deposits for which a deposit-taking member is liable and provide protection against the loss of part or all of takaful or insurance benefits for which an insurer member is liable;
- Provide incentives for sound risk management in the financial system; and
- Promote or contribute to the stability of the financial system.
In achieving its objects under paragraphs (b) and (d), the Corporation shall act in such manner as to minimise costs to the financial system.
Our Vision
To be a best practice deposit insurer
Our Mission
We shall:
- Protect Islamic and conventional deposits
- Protect takaful and insurance benefits
- Fulfil our mandate in an efficient and effective manner, having regard to the interests of our key stakeholders and our employees.
Our Strategic Thrusts
- Operational excellence
- Sound governance
- Public confidence in the financial system
Our Corporate Objectives
- Educated and informed stakeholders
- Effective partnerships
- Well-governed and well-managed organisation
- Robust risk assessment, monitoring and resolution capability
- Sound business and financial practices
- Competent and knowledgeable workforce
- Conducive corporate environment
Our Corporate Values
- Financial Stewardship
- Excellence and Professionalism
- Respect and Fairness
- Integrity and Trustworthiness
- Communications and Teamwork
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