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 bank 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.
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:
In achieving its objects under paragraphs (1) and (2), the Corporation shall act in such manner as to minimise cost to the financial system.
To promote confidence by being a best practice financial consumer protection and resolution authority
To execute our mandate effectively, with a commitment to make a difference to our community and our employees
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.