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WHAT DOES FINANCE MEAN ?
Finance is a broad term used to define a system that includes the granting of credit, the circulation of money, the making of investments and the provision of banking facilities.
Finance is also the science of the management of funds.
WHAT ARE THE MAIN FINANCIAL BUSINESS IN MALAYSIA ?
In Malaysia, among others there are the following financial businesses
- banking
- finance company
- merchant banking
- discount house
- money-broking
- futures
- securities
The banking business includes
- receiving deposits on current account, deposit account, savings account or other similar account
- paying or collecting cheques drawn by or paid in by customers and
- provision of finance
The finance company business includes
- the business of receiving deposits on deposit account, savings account or other similar account and
- giving of credit facilities
- leasing business
- business of hire-purchase, including that which is subject to the Hire Purchase Act 1967 or
- business of acquiring rights and interest in a hire purchase, leasing or other similar transaction.
The merchant banking business includes
- the business of receiving deposits on deposit account and
- the business of provision of finance and
- the business of providing consultancy and advisory services relating to corporate and investment matters or
- the business of making or managing investments on behalf of any person.
The discount house business includes
- the business of receiving deposits on deposit account and
- the business of the investment of such deposits and other funds of the institution in Malaysian Government securities, Treasury bills or such other investments as may be prescribed by the Central Bank of Malaysia.
The money-broking business includes
- the business of arranging transactions between buyers and sellers in the money or foreign exchange markets as an intermediary in consideration of brokerage fees paid or to be paid
- but does not include the buying or selling of Malaysian currency or foreign currencies as a principal in such markets.
The futures business includes
- the business of futures fund management
- the business of futures advice
- the business of futures broking
The securities includes
- debentures, stocks or bonds issued or proposed to be issued by any government
- shares in or debentures of, a body corporate or an unincorporated body or
- unit trusts or prescribed investments
