Kuala Lumpur, 25 November 2019:
Perbadanan Insurans Deposit Malaysia (PIDM) has announced the appointment of Dr. Yacob bin Mustafa to its Board of Directors (Board) effective immediately.
He replaces Datuk Saat bin Esa, whose term ended on 30 October 2019.
“We welcome Dr. Yacob and the wealth of experience he brings with him to the PIDM Board. We look forward to his insights and perspectives, which would greatly support our mandate to become an effective resolution authority,” said Tan Sri Dr. Rahamat Bivi Yusoff, Chairman of PIDM.
Dr. Yacob is the Accountant General of Malaysia. He has served more than 30 years in various Government departments and divisions such as the Government Investment Companies Division of the Ministry of Finance and the Malacca State Development Authority.
Dr. Yacob is a member of the Malaysian Institute of Accountants and Chartered Institute of Public Finance and Accountancy.
“We would also like to thank Datuk Saat for his contribution and support during his time with PIDM. We wish him the best in his future endeavours,” added Tan Sri Dr. Rahamat Bivi.
With the new appointment, the members of the Board of Directors of PIDM are:
- Tan Sri Dr. Rahamat Bivi Yusoff (Chairman)
- Datuk Nor Shamsiah Mohd Yunus (Governor of Bank Negara Malaysia) – Ex Officio Director
- Tan Sri Ahmad Badri Mohd Zahir (Secretary General of the Treasury) – Ex Officio Director
- Tan Sri Dr. Ismail bin Hj. Bakar
- Dr. Yacob bin Mustafa
- Dato Dr. Nik Ramlah Mahmood
- Dato’ Dr. Gan Wee Beng
- Mr. Alex Foong Soo Hah
- Ms. Gloria Goh Ewe Gim
PIDM is a statutory body that provides protection against the loss of deposits and insurance or takaful benefits with its member institutions in the event of a failure. PIDM is entirely funded by premiums or levies assessed on its member institutions and does not receive public funds to operate. It has the means under the PIDM Act to borrow or raise such funds as may be needed to fulfil its statutory obligations to protect financial consumers of its member institutions. As an integral part of the national financial safety net, PIDM promotes and contributes to the stability of the financial system.
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