Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=967020
Published: July 31, 2013
Source from (The Star Online): http://www.thestar.com.my/News/Nation/2013/07/31/Additional-diesel-approved-An-extra-25-million-litres-to-meet-demand-during-festive-season.aspx
Published: July 31, 2013
Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/30SKM/Article/index_html
Published: July 31, 2013
Source from (The Sun Daily): http://www.thesundaily.my/news/784167
Published: July 31, 2013
Source from (The Malaysian Insider): http://www.themalaysianinsider.com/business/article/soon-a-framework-for-co-operatives-that-want-to-offer-deposit-accounts
Published: July 31, 2013
Better collaboration: Ahmad Bashah (second from left) addressing the
press conference after the inking of the MoU between Bank Negara
and the Malaysia Co-operative Societies Commission.
Deputy Minister of Domestic Trade, Co-operatives and Consumerism Datuk Paduka Ahmad Bashah Md Hanipah said the framework could ensure that co-operative societies that undertake deposit taking activity are financially sound.
Speaking during a press conference here, he said the framework aims to ensure that co-operative societies have robust governance and risk management systems in place, especially to manage liquidity and credit risks effectively.
"This is necessary to safeguard the interests of depositors," he said.
Under the Financial Services Act 2013 and Islamic Financial Services Act 2013, a co-operative society is required to obtain approval from BNM and the commission if they want to undertake a deposit taking activity from the public.
The operational and assessment framework is covered in a memorandum of understanding (MoU) inked between the commission and the central bank.
The MoU today highlights the intent of BNM and the commission to cooperate and share information in areas of common interest for the effective discharge of each other's mandates.
The MoU encompasses cooperation in the exchange of information, formulation of legislation and policies, financial inclusion initiatives, capacity building and technical cooperation as well as cooperative arrangements for financial stability.
BNM in a statement said the collaborative arrangement between the authorities will also facilitate greater cooperation between the central bank and commission in advancing the country's financial inclusion agenda.
"This would contribute towards fostering the sound and orderly development of the co-operative society sector and enhancing its contribution to national development and economic growth," it said.
-- BERNAMA
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