Having been a Shareholder of Bank Rakyat for the last 15 years, I was piqued by the news of a vacancy for the Top Post at the Bank which appeared in the Utusan newspaper today. Read: UTUSAN ON-Line
The continued vacancy at Bank Rakyat is a cause for concern for shareholders like me used to annual dividends of above 10% and adds fuel to the speculation that NOT all is well at the Bank as you don't let a Billion Ringgit entity be "headless" for long. Am assuming the present Bank Rakyat BOD and the Minister concerned is having their pulse close to the heart/Bank Rakyat operations NOW!!!
Having interviewed Dr.Aznan Hasan who is the President of ASAS earlier this year ( Read: Interview with ASAS President ) and taking cognisance of a magazine article appearing on the Islamic Finance magazine last year depicting how "certain" so-called "Islamic Banker(s)" celebrate when clinching a deal(s), perhaps it's time that a code of conduct be introduced for MDs & CEOs of Islamic Banks as well, similar to what ASAS is planning for its members.......and BNM can start the ball rolling with the next MD or, CEO of Bank Rakyat.
The " Code of Conduct for MD/CEO of Islamic Banks" can state amongst others that a MD/CEO should NOT be seen at casinos or gambling outlets, NOT frequent karaoke joints or any other places that will tarnish the reputation of an Islamic Bank MD/CEO and ultimately the Islamic Bank's image itself.......JUST 2 of many clauses that can be stated in the Code of Conduct.
I hope the "powers that be" gives my suggestion, due consideration as I hated reading the article in the Islamic Finance magazine last year.
On a separate issue, whilst taking a stroll at Kiara Park today somebody told me that Gadaffi Ismail Sabri aka Daffy is an Ambassdor or, "Goodwill" face for Bank Rakyat, is it true?
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Dear Mr Blogger,
ReplyDeleteIf the Board really wants Datuk Kamaruzaman to remain as CEO of Bank Rakyat, why not just extend his contract in the first place? Malaysia is short of talent as too many LEMBUs happily running around izit?
Utusan Malaysia said.......
ReplyDelete"Pencalonan Kamaruzaman itu dipercayai telah dikemukakan oleh Menteri Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan, Datuk Seri Ismail Sabri Yaakob yang mempunyai kuasa bagi pemilihan Pengarah Urusan Bank Rakyat"
I thought the name of the bank is BANK RAKYAT and not BANK MENTERI?
Mr/Ms. Anonymous,
ReplyDeleteDuring my 7year tenure in the Islamic Finance industry, normally there'll be no "disruption" in a Top Management extension UNLESS there's "complications". Disruption normally occurs when a new candidate takes over.
Hence, I conclude the following:-
1) There are NO suitable candidate(s)
2) There were other candidate(s) but he/she is NOT acceptable to Bank Rakyat BOD and/or Minister and/or Bank Negara.
3) Previous MD or, party(ies) associated with MD is lobbying for his "reinstatement".
As I'd stated earlier, am concerned that a Billion Ringgit entity is "headless". Bank Rakyat BOD and/or Minister concerned should have had the foresight to address the issue in advance. Strategically speaking, from a rival point of view - this is an opportune moment for Bank Persatuan and/or the newly formed KOPSYA to "muscle" in on Bank Rakyat's market segment.
Hence, the question as to whether the high annual dividends declared to small investors like me can be maintained.
Dear AHM,
ReplyDeleteI am also a shareholder of Bank Rakyat and for the past few years during the tenure of Datuk Kamarauzaman, Bank Rakyat has been giving good dividends to its shareholders. For that I congratulate all the staff of Bank Rakyat for a job well done. I believe that the staff as well as the MD have been remunerated quite fairly also for their effort. Having said all the above, the Bank's achievement is in no way a one-man's show. It's due to the hardwork of each individuals in Bank Rakyat. In any establishment, MD comes and goes, and when the time comes, then better go gracefully. I am one of those who believe that too long a tenure would be detrimental to an organization rather than benefit it.New faces are needed to ensure progress.
Who knows with a new person at the helm, shareholders would be laughing all the way to their Bank for a few more years!
Bankruptkan Rakyat,
ReplyDeleteCorrect me if I'm wrong, normally the Board of Directors of a respective financial institution will nominate the MD or, CEO. However, the final say/approval will come from Bank Negara.
Being a Co-op Bank, I'm not sure what's the procedure like. Is it stated in the act that it is the Minister's prerogative to nominate? If YES, what' s the point of having a BOD? In addition isn't Bank Rakyat under the purview of Bank Negara?......bear in mind the Governor of the Central Bank I.e. Tan Sri Zeti is "accorded" Ministerial status.
Can you clarify?
Dear Amirul Haji Mohamad,
ReplyDeleteBeing a shareholder of Bank Rakyat, I shiver to think that the Minister without proper expertise and knowledge in the banking sector, would have such power to appoint a person to be the MD of a Bank! cant zetty do something about it? it is hard to understand why this is so?..if this is the case, something should be done to rectify this. BNM should have the deciding power!
I hope Daffy does it for free!!
ReplyDeleteCould this be another "NFC-gate"???
ReplyDeleteAnonymous 7.17 AM,
ReplyDeleteErrrr....is there RM250m being misused In the Bank?
I don't think so.......otherwise how could BR declare high dividends for 2011.
Anonymous 7.13 AM,
ReplyDeleteIs it true then that he is BR's face or, employee?
Let's not jump to conclusions unless there's confirmation.
Anonymous 7.09 AM,
ReplyDeleteThis is above my PayGrade.
Have to go through the Banking and Co-op laws to be able to answer.
Unfortunately, I do not have the pertinent legislation with me.
"Code of Conduct" for CEO/MD of Islamic Bank?
ReplyDeleteAre you serious? What a waste of taxpayers' money. In fact, your Code of Conduct will end up as the most expensive toilet paper in the history of Islamic Banking in Malaysia.
Q: The CEO will follow "Code of Conduct" or "Wahyu dari Langit"?
Bankruptkan Rakyat, are you from outerspace or what? Since when GLCs in Malaysia were established for the benefit of RAKYAT? Rakyat di dahulukan my arse!
ReplyDeleteSalam Saudara Amirul,
ReplyDeleteHave you read latest news about Tabung Haji in Bernama today? Please read below. What is the rationale of investing in UK when the hajj operations are in Mekah/Medina? Also, why invest before Olympics 2012 when current prices are extremely high? So Tabung Haji sold all their plantations in Indonesia to buy properties in UK? This is sickening man!
TH eyes 200m pounds investment in UK
Fri, 13 Apr 13:34
KUALA LUMPUR: Tabung Haji expects to make at least one investment amounting to 150-200 million pounds (1pound=RM4.8732) worth on a commercial property in the United Kingdom this year.
Its Managing Director and Chief Executive Officer, Datuk Ismee Ismail, said the property had been identified for investment from a study carried out since 2008.
Among the considerations taken in the study included the adherence to syariah principles.
“We had to be careful as we needed to study each of the tenant company occupying the property and ensure their compliance with syariah,” he told reporters after signing the Malaysian Corporate Integrity Pledge here today, along with his senior management, CEOs of subsidiary companies and 450 members.
The event was witnessed by Tabung Haji Chairman, Tan Sri Abi Musa Asa’ari Mohamed Nor, Chief Commissioner of the Malaysian Anti-Corruption Commission, Datuk Seri Abu Kassim Mohamed and the President of Malaysian Institute of Integrity, Datuk Mohd Tap Salleh.
Tabung Haji today also became the first government linked investment company (GLIC) to have taken the corporate integrity pledge in order to bring further up its corporate governance, accountability and culture of transparency.
On the sale of its oil palm plantation in Indonesia, Ismee said Tabung Haji was planning to use the US$910 million received from the sale towards the purchase of plantation land in Malaysia.
“We will be looking out for land (oil palm plantations) which are more closer to us in Malaysia itself or in other nearby countries which we can manage easily.”
He also reiterated that oil palm plantations remained a core sector for the company and that the sale of its land in Indonesia was part of a restructuring in the sector’s portfolio. –BERNAMA
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