Good day sir,
The Board Directors of the Bank are eminent personalities with vast experience in business and the financial sector. The Board of Directors is fully committed to a high standard of corporate governance, which among others encompasses the principles of full disclosure and transparency, social responsibility and accountability, "zero tolerance" compliance culture, business and customer confidentiality, intolerance of conflict of interests, and an independent management.
Irregardless the Board of Directors, All transaction made from our Bank is under the procedure from above us
We abide with the rule and regulation legal powers under the following Legislation to regulate and supervise the financial system. These legislation include:-
1. Central Bank of Malaysia Act 1958 (Revised 1994)
The Act provides for the administration, objectives of the Central Bank. It also enumerates the powers and the duties of the Central Bank in relation to issuance of currency, maintenance of external reserve, authorized business of the bank, specific powers to deal with ailing institutions, its relationship with the Government and financial institutions. The Act also contains general provisions on the Bank's accounts, powers to compound etc.
2. Banking and Financial Institutions Act 1989 (BAFIA)
The BAFIA which came into force on October 1, 1989 provides for the licensing and regulation of institutions carrying on banking, finance company, merchant banking, discount house and money-broking businesses. It also provides for the regulation of institutions carrying on scheduled business comprising non-bank sources of credit and finance, such as credit and charge card companies, building societies, factoring, leasing companies and development finance institutions. Non-scheduled institutions which are engaged in the provision of finance may be subject to Part X and XI of the BAFIA as the Minister of Finance may decide.
3. Exchange Control Act 1953
The Act restricts dealings in gold and foreign currencies, payments to and from residents, issuance of securities outside Malaysia, imports and exports and settlements. The Act also empowers the Controller for Foreign Exchange to grant permissions and consent on the foregoing and to enforce the provisions of the Act.
4. Islamic Banking Act 1983
An Act to provide for the licensing and regulation of Islamic banking business. The Act inter alia has provisions on the financial requirements and duties of an Islamic Bank, ownership, control and management of Islamic banks, restrictions on its business, powers of supervision and control over Islamic bank and other general provisions such as penalties etc.
5. Insurance Act 1996
The provisions of the Act deal with the licensing of insurers, insurance brokers adjusters and reinsurers. It also deals with setting up of subsidiary and offices, establishment of insurance fund, direction and control of defaulting insurers, the control on management of licensee, accounts of licensee, examination and investigation powers of the Central Bank, winding-up, transfer of business of licensee. The Act also provides for matters relating to policies, insurance guarantee scheme fund, enforcement powers of the Central Bank, offenses and other general provisions.
6. Takaful Act 1984
An Act to provide for the registration and regulation of takaful business in Malaysia and for other purposes relating to or connected with takaful. "Takaful" in this context means a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose.
7. Emergency (Essential Powers) Act, 1979
Essential (Protection of Depositors) Regulations 1986
An Act to give the Central Bank the powers to investigate the affairs of any person it suspects or has reason to believe is a deposit-taker. It empowers the Bank freeze the properties of the deposit-taker and other persons associated with the deposit taker, assume control over the deposit-taker, and to appoint receivers and managers. The Act also enumerates the powers of the Managers, provisions on priority of payment and cost.
8. Loan (Local) Ordinance, 1959
An Ordinance to authorize the raising of loans and matters connected thereto within the Federation by the Government for the purposes of the Development Fund. The Act amongst other things appoints the Central Bank as the agent of the Government and enables the raising of the loans by way of book-entry i.e. scripless.
9. Treasury Bills (Local) Act 1946 (Revised 1977)
An Act to provide for issue of Treasury Bills in Malaysia. The Act amongst other things appoints the Central Bank as the agent of the Government and permits the issue by way of book-entry i.e. scripless.
10. Government Investment Act 1983
An Act to confer on the Minister power to receive investments of moneys for a fixed period and to pay dividend thereon. The Act amongst other things appoints the Central Bank as the agent of the Government and allows the issue of the investment by way of book-entry i.e. scripless.
Disclaimer may result to a huge loss,we advice you to comply with us within 14 Business days.
Thanks for Cooperation.