What is an Interest Scheme?
Interest schemes are governed by Companies Commission of Malaysia (SSM) under Interest Schemes Act 2016. There are approximately 204 interest schemes registered which includes golf club memberships, time sharing schemes, memorial park schemes and sharefarming scheme. UBB Amanah is currently acting as trustees for several approved interest schemes.
As a trustee for the schemes, we will abide by the terms in the trust deed to ensure, among others, that the sinking funds and/or other maintenance funds are kept secure, while ensuring that accounts and membership registers are properly maintained in accordance to the trust deed to ensure that the interest of the members are protected and stakeholder funds are accounted for in compliance with the best accounting practices and standards.