Apa khabar? Malaysia’s performance review for Q1 has been quite promising : new initiatives, new investments, law reviews and more proposals. A good warm up, but we probably should start running now.
Niresh Kaur, Shambavi Shankar
Fun stuff coming up!
Legal Lingo of the Week – Habeas corpus
The term “habeas corpus” is derived from Latin, which translates to “you shall have the body”.
Ahem, let’s not take things literally here.
The writ of habeas corpus, shortened to habeas corpus, is an order issued by a court or judge, requiring a person who has been detained or imprisoned to be brought before the court to ensure that their detention is lawful.
In Malaysia, habeas corpus is a right given to you under Article 5(2) of the Federal Constitution.
Next time someone asks if you’re familiar with habeas corpus, go ahead and impress them with your legal trivia knowledge.
Question of the week
Q: Did you know that in Malaysia, the legal minimum age for marriage is 18 years old? However, there is a legal exception that allows Muslim girls under the age of 16 to marry – Can you guess what this legal loophole is?
Answer for last week’s question
Q: You would have heard the term PIDM a lot, especially when signing forms related to your bank and insurance. But what exactly is the Malaysian Deposit Insurance Corporation Act (PIDM)?
A: PIDM is a government agency that protects your deposits in member banks and insurance companies. Don’t worry too much about finding out if your bank is covered because by law, all commercial banks licensed under the Financial Services Act (FSA) 2013 and all Islamic banks licensed under the Islamic Financial Services Act (IFSA) 2013 fall under this agency. Chances are, your bank does too.
Fun fact: Your funds are protected by PIDM. However, PIDM only protects up to RM250,000 per depositor per member bank. We’d advise you to have more bank accounts if your savings exceeds the above mentioned amount but why aren’t you investing?
Source: Tenor / notsure500
Note: Investment banks, banks operating in foreign countries and a few more are not member banks.
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