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Public Awareness Of Savings Protection, Insurance Still Low - PIDM
Last update: 26/01/2018

KUALA LUMPUR, Jan†26†(Bernama) -- The level†of public awareness about savings, takaful†and insurance†protection provided by Perbadanan†Insurans†Deposit Malaysia (PIDM) under the Takaful and Insurance Benefits Protection†Scheme†is still low.

Its chief executive officer, Rafiz†Azuan†Abdullah said based on a study conducted last†year, only†62 per cent of people in this†country were aware of takaful†and insurance protection given by†PIDM†although†various†information efforts had been made.

"Even that percentage of awareness†was because they recognised the PIDM†logo and brand name seen at the banks.

"What we want is for the†public to know much more about†PIDM†with the hope that when something happens in future, they will know†what to do," he told the†media when met at the "PIDM†KL Sentral†Community Outreach' programme, here, yesterday.

He†said PIDM would hence intensify efforts to†increase public awareness on the matter and was confident that†this†could†be achieved.

Rafiz†Azuan†also†reminded the public to be aware of dubious financial schemes that were proliferating†to dupe†them,†and for†those interested to participate in any financial scheme†to first check with the relevant authorities to ascertain whether†these were genuine.

Meanwhile,†PIDM†invites the public to attend its three-day community programme beginning today at NU Sentral which†includes†family activities and†prizes†to be won.

PIDM†was established†in 2005 under the†PIDM†Act as part of the†national financial†safety net†given the mandate to protect the interests of depositors and†holders of takaful†certificates and† insurance policies due to the failure†of any institutions that are members of PIDM.

The†statutory body protects depositors†from losing their insured†deposits kept†in these†banks.

For more†information on†PIDM, call†1-800-88-1266 or visit



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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