Perbadanan Insurans Deposit Malaysia (PIDM) is a Government agency established in 2005 under Akta Perbadanan Insurans Deposit Malaysia (Akta PIDM).
Our role under Akta PIDM is to administer the Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS) to protect depositors and owners of takaful certificates and insurance policies in the event of a member institution failure.
PIDM is also mandated to provide incentives for sound risk management in the financial system, as well as promote and contribute to the stability of the financial system.
What protection does PIDM provide?
Deposit Insurance System (DIS)
Takaful and Insurance Benefits Protection System (TIPS)
Protects depositors against the loss of their insured deposits placed with member banks, in the unlikely event of a member bank failure.
Protects owners of takaful certificates and insurance policies from the loss of their eligible takaful or insurance benefits, in the unlikely event of an insurer member failure.
PIDM’s mandate is set out in Akta Perbadanan Insurans Deposit Malaysia. Its objects are to:
- administer a deposit insurance system and takaful and insurance benefits protection system;
- provide insurance against the loss of deposits in member banks and provide protection against the loss of takaful or insurance benefits in respect of insurer members;1
- provide incentives for sound risk management in the financial system; and
- promote or contribute to the stability of the financial system.2
In achieving its objects under paragraphs (1) and (2), the Corporation shall act in such manner as to minimise costs to the financial system.
To be a best practice financial consumer protection and resolution authority
We strive to promote and contribute to public confidence in the stability of the nation’s financial system by:
- protecting Islamic and conventional deposits;
- protecting takaful and insurance benefits; and
- fulfilling our financial consumer protection mandate in an effective and efficient manner, having regard to the interests of our key stakeholders and our employees.
Our Corporate Values
- Financial Stewardship
- Excellence and Professionalism
- Respect and Fairness
- Integrity and Trustworthiness
- Communications and Teamwork
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