Ministry of Finance (Malaysia)

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Ministry of Finance (MOF)
Kementerian Kewangan
Ministry overview
Formed 31 August 1957; 58 years ago (1957-08-31)
Jurisdiction Government of Malaysia
Headquarters Ministry of Finance Complex, No. 5 Persiaran Perdana, Presint 2, 62592 Putrajaya
Employees 22,553 (2016)
Annual budget MYR 4,477,224,300 (2016)
Ministers responsible
Deputy Ministers responsible
Ministry executive
  • Mohd Irwan Serigar Abdullah, Secretary-General
Website www.treasury.gov.my

The Ministry of Finance (Malay: Kementerian Kewangan), abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility of assisting the government across a wide range of policy areas to ensure its outcomes are met, particularly with regard to expenditure, financial management, and the operations of government..

It is headed by the Minister of Finance. Its headquarters is in Ministry of Finance Complex, Putrajaya.

The Finance Minister, as with other ministers in the Cabinet of Malaysia, is appointed by the Yang di-Pertuan Agong upon the advice of the Prime Minister.[1] Traditionally, the Finance Minister will be a person other than the Prime Minister, however the Finance portfolio was taken up by Mahathir Mohamad during his tenure as the fourth Prime Minister (1998-1999 and 2001-2003). Subsequent prime ministers, namely Abdullah Ahmad Badawi and Najib Razak, have followed this trend of taking up the Finance Minister portfolio.

Portfolio responsibilities[edit]

  1. Federal Treasury, or Perbendaharaan Malaysia.
  2. Royal Malaysian Customs Department (RMCD), or Jabatan Kastam Diraja Malaysia. (Official site)
  3. Accountant General’s Department of Malaysia, or Jabatan Akauntan Negara Malaysia (JANM). (Official site)
  4. Valuation and Property Services Department, or Jabatan Penilaian dan Perkhidmatan Harta (JPPH). (Official site)
  5. National Savings Bank, or Bank Simpanan Nasional (BSN). (Official site)
  6. Inland Revenue Board of Malaysia, or Lembaga Hasil Dalam Negeri (LHDN). (Official site)
  7. Bursa Malaysia Berhad. (Official site)
  8. Langkawi Development Authority (LADA), or Lembaga Pembangunan Langkawi. (Official site)
  9. Khazanah Nasional Berhad. (Official site)
  10. Tun Razak Foundation, or Yayasan Tun Razak. (Official site)
  11. Central Bank of Malaysia, or Bank Negara Malaysia (BNM). (Official site)
  12. Labuan International Business and Financial Centre, Malaysia, or Pusat Perniagaan dan Kewangan Antarabangsa. (Official site)
  13. Securities Commission Malaysia (SC), or Suruhanjaya Sekuriti Malaysia. (Official site)
  14. Malaysian Totalisator Board, or Lembaga Totalisator Malaysia.
  15. Employees Provident Fund (EPF), or Kumpulan Wang Simpanan Pekerja (KWSP). (Official site)
  16. Retirement Fund (Incorporated), or Kumpulan Wang Persaraan (Diperbadankan) (KWAP). (Official site)
  17. Sabah Federal Treasury, or Perbendaharaan Malaysia Sabah. (Official site)
  18. Sarawak Federal Treasury, or Perbendaharaan Malaysia Sarawak. (Official site)
  19. Malaysian Government Procurement, or ePerolehan Kerajaan Malaysia. (Official site)
  20. National Accounting Institute, or Institut Perakaunan Negara (IPN). (Official site)

Client's Charter[edit]

  1. To prepare Annual Estimated Expenditure to be tabled in the Parliament by the specified date.
  2. To prepare Handbook of Federal Government Revenue Budget to be tabled in the Parliament on Budget Day.
  3. To prepare Annual Economic Report to be tabled with the Budget Speech in the Parliament and Quarterly periodic Economic Report.
  4. To ensure the performance achievement of Operational and Liabilities and Development Expenditure in average will exceed 85% of the approved annual allocation under Treasury’s control.
  5. To ensure the registration of the common areas supply and service contractor for new application and areas-add be approved within seven (7) working days whilst application for profile update within three (3) working days.
  6. To approve a complete first housing loan application of the government servant within three (3) working days and to issue the progress payment within twenty-one (21) working days from the date of the claim approved.
  7. To manage the disbursement of Federal Government to the State Governments, companies, half statutory bodies and other agencies within fourteen (14) days from the date of receipt.
  8. To issue the establishment warrant within the specified period from the date of receipt of a complete PSD certificate as followed :
    1. Establishment warrant which involves 50 or less items changed is issued within five (5) working days; and
    2. Establishment warrant which involves more than 50 items changed is issued within ten (10) working days.
  9. To ensure all public complaints be given initial feedback within 1 working day from the date of receipt.

List of Federal Minister of Finance[edit]

Minister of Finance
Incumbent
Najib Razak

since 2008 (2008)
Style Yang Berhormat Menteri (The Honourable Minister)
Member of Cabinet of Malaysia
Reports to Parliament of Malaysia
Appointer Yang di-Pertuan Agong on the recommendation of the Prime Minister of Malaysia
Formation 1957 (1957)
First holder Henry Lee Hau Shik
Website www.treasury.gov.my

The following is a list of former and current Federal Minister of Finance.[2]

Political Party:       Alliance       BN

Federal Minister of Finance Term of Office Prime Minister
(Cabinet)
Portrait Name
(Birth–Death)
Constituency
Political Party Took Office Left Office
1 Tun Henry H S Lee.jpg Henry Lee Hau Shik
(1900–1988)
Alliance (MCA) 1957 1959 Tunku Abdul Rahman
(I)
2 Tan Siew Sin
(1916–1988)
MP for Malacca Tengah
Alliance (MCA) 1959 1969 Tunku Abdul Rahman
(II • III)
3 Tun Abdul Razak (MY 2nd PM).jpg Abdul Razak Hussein
(1922–1976)
MP for Pekan
Alliance (UMNO) 1969 1970 Tunku Abdul Rahman
(IV)
(2) Tan Siew Sin
(1916–1988)
MP for Malacca Tengah
Alliance (MCA) 1970 1974 Abdul Razak Hussein
(I)
4 Tun Hussein Onn (MY 3rd PM).jpg Hussein Onn
(1922–1990)
MP for Sri Gading
BN (UMNO) 1974 1976 Abdul Razak Hussein
(II)
5 Tengku-razaleigh.jpg Tengku Razaleigh Hamzah
(b. 1937)
MP for Ulu Kelantan
BN (UMNO) 1976 1984 Hussein Onn
(I • II)
Mahathir Mohamad
(I • II)
6 Daim Zainuddin
(b. 1938)
MP for Kuala Muda
MP for Merbok
BN (UMNO) 1985 1991 Mahathir Mohamad
(II • III • IV)
7 Anwar 980416.jpg Anwar Ibrahim
(b. 1947)
MP for Permatang Pauh
BN (UMNO) 1991 1998 Mahathir Mohamad
(IV • V)
8 Mahathir Mohamad 2007.jpg Mahathir Mohamad
(b. 1925)
MP for Kubang Pasu
BN (UMNO) 1998 1999 Mahathir Mohamad
(V)
9 Mustapa Mohamed in CNBC-supply chains - World Economic Forum on East Asia 2012 crop.jpg Mustapa Mohamed
(b. 1950)
MP for Jeli
BN (UMNO) 1998 1999 Mahathir Mohamad
(V)
(6) Daim Zainuddin
(b. 1938)
MP for Merbok
BN (UMNO) 1999 2001 Mahathir Mohamad
(V • VI)
(8) Mahathir Mohamad 2007.jpg Mahathir Mohamad
(b. 1925)
MP for Kubang Pasu
BN (UMNO) 2001 2003 Mahathir Mohamad
(VI)
10 Jamaluddin Jarjis
(1951–2015)
MP for Rompin
BN (UMNO) 2002 2004 Mahathir Mohamad
(VI)
Abdullah Ahmad Badawi
(I)
11 AB April 2008.jpg Abdullah Ahmad Badawi
(b. 1939)
MP for Kepala Batas
BN (UMNO) 2003 2008 Abdullah Ahmad Badawi
(I • II • III)
12 Nor Mohamed Yakcop
(b. 1947)
Senator
MP for Tasek Gelugor
BN (UMNO) 2004 2009 Abdullah Ahmad Badawi
(II • III)
13 Najib Razak 2008-08-21.jpg Najib Razak
(b. 1953)
MP for Pekan
BN (UMNO) 2008 Incumbent Abdullah Ahmad Badawi
(III)
Najib Razak
(I • II)
14 Datuk Seri Ahmad Husni Hanadzlah.png Ahmad Husni Hanadzlah
(b. 1952)
MP for Tambun
BN (UMNO) 2009 Incumbent Najib Razak
(I • II)

References[edit]

  1. ^ Article 43 of the Constitution of Malaysia
  2. ^ "Former Minister of Finance". Ministry of Finance, Malaysia. 17 August 2011. Retrieved 15 March 2012. 

External links[edit]