Kuala Lumpur, 15 August 2011: Perbadanan Insurans Deposit Malaysia (PIDM) announced the retirement of its Chairman, Tan Sri Dato’ Abdul Aziz bin Haji Taha, on 14 August 2011. Tan Sri Datuk Dr. Abdul Samad bin Haji Alias has been appointed by the Minister of Finance as the new PIDM Chairman, effective 15 August 2011.
Tan Sri Abdul Aziz, a former Governor of Bank Negara Malaysia, was appointed as the PIDM Chairman on 15 August 2005. Under his Chairmanship, PIDM has established its foundations including adherence to strong corporate governance practices.
Tan Sri Abdul Samad has served as a Board Member of PIDM since 15 August 2005, and chaired PIDM’s Audit Committee. A Fellow Institute of Chartered Accountants in Australia, he has extensive experience in auditing and accounting including as the non-Executive Chairman of Ernst & Young. He is currently the Chairman of the Board of Malaysia Venture Capital Management Berhad and Malaysia Debt Ventures Berhad, and was recently appointed as an independent non-executive Director of Bursa Malaysia. In 2006, Tan Sri Abdul Samad also received global recognition through the Association of Chartered Certified Accountants’ Award for Achievement in Asia.
On his retirement, Tan Sri Abdul Aziz said, “I am honoured to have served as the Chairman of PIDM for the past six years, and to have been involved in the efforts to build a best practice financial consumer protection agency. Bank Negara Malaysia was prescient when it promoted the establishment of PIDM in its Financial Services Masterplan as an integral part of the safety net established in Malaysia. Especially during the period of global financial instability, PIDM’s role in contributing to financial system stability has proven to be of significance.”
Chief Executive Officer of PIDM, Jean Pierre Sabourin, in paying tribute to Tan Sri Abdul Aziz, said, “I speak without a shred of hesitation in thanking Tan Sri Aziz for his invaluable leadership, dedication and contribution to the success of PIDM. In all of his six years with PIDM, Tan Sri Abdul Aziz has never failed in giving priority, time and attention to PIDM. He has left an indelible mark on our organisation, which has learnt valuable lessons about discipline, perseverance, and above all, integrity.”
On Tan Sri Abdul Samad’s appointment, Sabourin said, “We are undoubtedly pleased with his appointment, as he has been an instrumental member of our Board and Chairman of our Audit Committee. His role as Chairman of the Audit Committee has given him valuable exposure and insights to the Corporation’s business and affairs. We very much look forward to working with Tan Sri Samad.”
PIDM is the statutory body responsible for administering the financial consumer protection system in Malaysia which comprises the Deposit Insurance System and the Takaful and Insurance Benefits Protection System (TIPS). Its membership comprises 24 conventional and 17 Islamic banks as well as 36 insurance companies and 11 takaful operators.
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PIDM administers the statutory Deposit Insurance System and the Takaful and Insurance Benefits Protection System in Malaysia.
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PIDM protects your deposits in the bank as well as your takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.