Kuala Lumpur, 17 December 2013: Perbadanan Insurans Deposit Malaysia (PIDM) today announced the appointment of its senior officials to key positions in the International Association of Deposit Insurers (IADI) and the International Forum of Insurance Guarantee Schemes (IFIGS).
Encik Rafiz Azuan Abdullah, General Manager of Insurance, Risk Assessment and Monitoring Division, was appointed as Chairman of the Islamic Deposit Insurance Group (IDIG) of IADI, at the recently concluded IADI Annual General Meeting.
IDIG conducts research on Islamic deposit insurance and issues guidance and core principles to help policy makers develop effective Islamic deposit insurance systems. PIDM is appropriately positioned to lead this important initiative with its experience as a pioneer deposit insurer among IADI members that operates dual Islamic and conventional deposit insurance systems.
Ms Lee Yee Ming, General Manager of Policy and International Division was appointed as Chair of the IADI Data and Survey Standing Committee for a three year term at the same meeting. She has also been an elected member of IADI’s Executive Council, the governing body of IADI, since 2011.
IADI, which was founded in 2002, is a forum for deposit insurers from around the globe to gather and share knowledge and expertise. IADI plays an important role in strengthening safety-net regimes around the world by providing research and guidance for effective and efficient deposit insurance systems and promoting cooperation among its members. Currently, IADI comprises 71 member organisations and 9 associates worldwide.
Ms Lee has also been appointed as Executive Committee member of the International Forum of Insurance Guarantee Schemes (IFIGS). The Executive Committee directs the activities of IFIGS in achieving its objectives of facilitating and promoting international cooperation between insurance guarantee schemes in the development of policy owner protection schemes. Membership in IFIGS currently comprises 20 insurance guarantee schemes and 2 associate members.
“At PIDM, we are committed to building strong partnerships and international collaboration and exchange with other deposit insurers and insurance guarantee schemes. Our involvement is part of our ongoing strategy to promote Malaysia as a centre of excellence for financial services, including Islamic Finance” said PIDM Chief Executive Officer, Mr JP Sabourin.
“Our collaborations with IADI and IFIGS, not only allow us to share our expertise and best practices, but also enable us to leverage the experiences of other protection systems, especially in critical areas such as intervention and failure resolution,” he added.
PIDM administers the national Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia.
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Rozita Ahmad, General Manager, Communications and Public Affairs Division
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Juli Murshidah, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7465; Email: email@example.com)
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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.