Mandate

Mandate
PIDM will protect Islamic and conventional deposits, provide incentives for promoting sound risk management and promote and contribute to the stability of the financial system in Malaysia. PIDM will fulfill its mandate in an efficient and effective manner, having regard to the interests of its employees and other stakeholders.

PIDM’s mandate is set out in the Akta Perbadanan Insurans Deposit Malaysia 2005. Its objects are to to:

• Administer a deposit insurance system
• Provide insurance against the loss of part or all of deposits of a financial institution
• Provide incentives for sound risk management in the financial system
• Promote and contribute to the stability of the Malaysian financial system

PIDM will pursue this mandate for the benefit of depositors and act in such a manner to minimise costs to the financial system.

Vision
To be a best practice deposit insurer.

Role and Functions
PIDM's main functions are to:

• Assess and collect premiums or fees from banks
• Manage the Deposit Insurance Funds
• Undertake resolution of non-viable banks
• Reimburse depositors should a bank become insolvent
• Comply with Shariah principles in respect of Islamic deposits and funds
• Conduct ongoing public awareness and education initiatives

PIDM’s three-year Corporate Plan is developed annually to set out the business strategies and specific initiatives that will enable us to build a sound organisational foundation and work towards the achievement of our statutory mandate.

Corporate values
To support the mission and vision, PIDM adopts five core values to shape its working culture.

• Excellence and professionalism
• Integrity and trustworthiness
• Communication and teamwork
• Respect and fairness
• Financial stewardship