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Malaysia operates a dual banking system, namely a conventional banking system operating in tandem with an Islamic banking system. Islamic. The Central Bank of Malaysia is the Malaysian central bank. Established on 26 January as Central Bank of Malaya (Bank Negara Tanah Melayu), its main . A banker’s duty of secrecy in Malaysia is statutory as it is clearly provided Act (“BAFIA”) (currently replaced by section (1) of the FSA.

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This article will only focus and discuss the relevant provisions of the FSA. It will not include any analysis on the Islamic Financial Institution Act A bafis owes a duty of secrecy to its malayxia at all times, including a duty to keep information concerning its customers’ affairs confidential. This duty is also contractual in nature and is to be implied by a banker and customer relationship.

Section 1 of the FSA stipulates that no person who has access to any document or information relating to the affairs or account of any customer of a financial institution, including the financial institution or any person who is or has been a director, officer or agent of the financial institution, shall disclose to another person any document or information relating to affairs or account of any customer of the financial institution.

Tournier v National Provincial and Union Bank of England is a landmark case which laid down and defined the scope of a banker’s duty of secrecy and confidentiality to its customer.

Banking & Financial Institutions Act (BAFIA)

In this case, the Bank had disclosed to the Plaintiff’s employer about the Plaintiff’s information which he had obtained from the drawer of a cheque made in favour of the Plaintiff.

After receiving the information from the Bank, the Plaintiff’s employer did not renew the Plaintiff’s contract of employment. The Plaintiff then commenced an action for breach of confidentiality. Their Lordships held that the right of a customer to have his affairs kept confidential is a legal right, which is not absolute but qualified.

Banking regulation in Malaysia: overview | Practical Law

It was further held that the duty of secrecy is not only confined to the actual state of the customer’s account but it also extends to information derived from the account itself. In other words, a banker’s duty to maintain secrecy and confidence not only encompasses information and facts that he learns from the state of the customer’s account but includes and extends to all information gained from other sources than the customer’s actual account by virtue of the banking relationship.

The next concern is whether an ex-employee of a bank is also bound by the duty of secrecy. The answer is simply, yes. According to section 1 which is read together with section 3 of the FSA, the duty of confidentiality encompasses a person who is not just a bank officer but even a third party.

Section 3 of the FSA states that a person who has any information or document which to his knowledge has been disclosed in contravention of section 1 of the FSA is prohibited from disclosing the same to any other person. The duty of secrecy continues even after the termination of the banker and customer relationship.

As a result, in the event that a banker breaches his duty of secrecy, the customer may be entitled to claim for damages, if he has suffered losses. When a customer successfully sues a banker for breach of duty of secrecy, the amount of damages which he is entitled to recover depends on whether he is able to establish the actual extent of the damages he had suffered as a result of the disclosure.

In the case of Tan Eng Seong v Malayan Banking Bhd, the Plaintiff who was the Bank’s employee had left and orally closed his bank account with the Bank without giving any written instruction.

The Bank did not close bafiq account as there was no written authorisation from the Plaintiff.

Lying dormant, the service charge and interest on the account accumulated to RM The Bank’s credit officer subsequently informed the Plaintiff’s brother and upon knowing, the Plaintiff commenced an action for breach of confidentiality.

The Court held that the Plaintiff failed to close his account as the required written instruction was not given. The alleged statement made by the Bank’s credit officer was not defamatory.

In other words, it is sufficient to state that the Plaintiff could even succeed based on an implied duty of confidentiality between him and the bank. The Court allowed the civil action and granted the nominal damages of RM15 to the Plaintiff. The author opines that the principles from the abovementioned cases must be interpreted in the context of the statutory regime. As the duty of confidentiality is contractual between the banker and the customer, the remedy would be an action for breach of contract and possibly an action for defamation.

Under section 4 of the FSA, any person who is found guilty of breaching his duty of secrecy to a customer, shall be liable to imprisonment for a term not exceeding 5 years or to a fine not exceeding RM10 million or both.

This imposes a criminal penalty. Despite aforesaid, there are qualifications which entitle the Bank to divulge and disclose the information: To protect the Bank’s interest where the Bank initiates action to recover monies owed by the customer and the notice of demand and pleading tendered to the court contain the details of the debt.

It is only by the abovementioned qualifications or exceptions that such information may be disclosed legally to a third party. The bank can raise the applicable qualification s or exception s as a defence against any claim made by its customers. In a nutshell, the author opines that such right of secrecy and confidentiality of a customer has been diluted by the abovementioned exceptions.

The content of this article is intended to provide a general guide to the subject matter.

Specialist advice should be sought about your specific circumstances. If directed by the court order or compulsion by law; 2.

To protect the Bank’s interest where the Bank initiates action to recover monies owed by the customer mallaysia the notice of demand and pleading tendered to the court contain the details of the debt; 3. Disclosure for public interest; 4. If consent is given by the customer either mapaysia or expressly; 5. The exceptions provided under the statute are the following: Do you have a Question or Comment? Interested in the next Webinar on this Topic?

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Banking regulation in Malaysia: overview

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Allanblackia floribunda is an evergreen Tree growing to 25 m (82ft) by 20 m (65ft) at a fast rate. It is hardy to zone (UK) The flowers are pollinated by Insects. The useful plants of west tropical Africa, Vol 2. Names. Allanblackia floribunda Oliv. [family GUTTIFERAE]. Allanblackia parviflora A. Chev. [family GUTTIFERAE] . Native geographic distributions of (a) Allanblackia floribunda; (b) A. parviflora; and (c) A. stuhlmannii. Maps reprinted with permission from.

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The consumption and commercial exploitation of Allanblackia Clusiaceae seed oils is of current interest. The favorable physicochemical characteristics of Allanblackia oil solid at room temperature; high stearic acid content lend food products that contain it i. Such considerations are important for individuals prone to cardiovascular disease or with hypercholesterolemia.

Domestication projects of several Allanblackia species in tropical Africa are underway, but wildcrafting of fruits to meet the seed demand still occurs. Proper species authentication is important, since only authenticated oil can be deemed safe for human consumption. The chemical constituency of Allanblackia seed oils, and potential roles of these phytochemicals in preventive strategies e. The primary and secondary metabolite constituency of the seed oils of nearly all Allanblackia species is still poorly known.

The presence, identity, and quantity of potentially bioactive secondary metabolites in the seed oils, and pharmacological testing of isolated compounds were identified as important directions for future research. During recent decades, as information about the negative health effects of animal fat consumption has accumulated, higher consumption rates of fats and oils from plants have been documented. In addition, the demand for oils and fats from alternative plant sources has steadily increased, driven by several factors including: At the same time, an ever increasing number of consumers believe that foods contribute directly to their health and this has, in turn, driven food producers and manufacturers to produce foods that not only satisfy hunger and provide valuable nutrients, but can be used as preventative medicine to improve both physical and mental health [ 3 ].

The World Health Organization WHO and the Food and Agriculture Organization of the United Nations FAO have described diets and lifestyle habits that can contribute to the development of such chronic diseases as cancer, osteoporosis, coronary heart disease, obesity, periodontal disease, and type 2 diabetes [ 4 ].

Therefore, changes in diet and potentially the inclusion of functional foods could lead to the prevention of chronic diseases. As a growing market, functional foods zllanblackia steadily increasing economic importance.

With regard to plant-based oils as functional foods, information on both the primary i. While numerous reviews about bioactive components in the common commodity oils are available, the literature describing primary and secondary constituents in new, alternative, edible plant-based oils is still sparse. Additionally, few studies have specifically focused on the roles of these phytochemicals in preventive strategies e.

Forest Center

The current review summarizes information known about the oils expressed from seeds of species of Allanblackia Oliv. Bentham Clusiaceaea genus that is currently the focus of a high degree of attention with regard to its consumption and commercial exploitation.

The genus Allanblackia is a member of the flowering plant family Clusiaceae Lindley also Guttiferae Juss. The family comprises the subfamilies Clusieae Choisy Clusia L.

Species belonging to the Garcinieae are dioecious and share several morphological characters including the possession of colleters clusters of mucilaginous secretory hairscapitate stigmas, frequently non-scaly buds and anthers that open toward the gynoecium, as well as fruits that are indehiscent and baccate, whereby the testa and endocarp are at least partially fused [ 5 ].

Sweeney [ 6 ] and Ruhfel et al. Nine species of Allanblackia have been recognized, all of which are restricted in their natural distribution to tropical Africa, according to Bamps et al. Three of these species A. Native geographic distributions of a Allanblackia floribunda ; b A. Maps reprinted with permission from: Allanblackia floribunda vegetable tallow tree is a tree species that is commonly distributed in the moist tropical forest zone that extends from Nigeria east to the Central African Republic and the eastern Democratic Republic of the Congo, then south to northern Angola and eastward to Uganda [ 10 ].

Allanblackia parviflora also referred to as vegetable tallow tree has been frequently confused with A. Both are evergreen trees that, when mature, can attain a height of up to 30 m and a trunk diameter of 80 cm; can have reddish-brown bark with small, irregular scales; possess opposite, simple, entire, glabrous, estipulate leaves with short ca.

The male flowers of A. In addition, the distributional areas of the species rarely overlap in nature, with trees of A. Line drawings detailing characteristic botanical features of a Allanblackia floribunda 1base of bole; 2flowering twig; 3fruit; and 4fruit in cross section showing seeds ; and b A.

Line drawings reprinted with permission from: Allanblackia stuhlmannii in Swahili: Mkangea species endemic to Tanzania, is distributed from Tanga in the North-East Highlands to the Iringa Region in the Southern Highlands, throughout the Eastern Arc Mountains, and occurs in mid-elevation evergreen sub-montane and montane forests. These evergreen trees can attain a mature height of up to 45 m, but have a more slender trunk ca.

See Table 1 for a comparison among the main botanical characteristics of the three species. Line drawing detailing characteristic botanical features of a Allanblackia stuhlmannii 1twig with male flowers; 2fruit; 3seed; and 4seed in cross section ; and b photos of A. Munjunga reprinted with permission from: Botanical characteristics of three species of Allanblackia of commercial interest [ 101112 ].

Proper botanical identification of the species used as a source of Allanblackia seeds is important when considering the use of the seed oil as a functional food or an ingredient in food products.

Only when oil derived from the correct plant species and plant part unadulterated is used can the product be deemed safe for human consumption and assessed as to whether it has the chemical constituency that it claims.

Many data are still lacking for species of Allanblackia that could be collected using identification methods such as macroscopic, microscopic, organoleptic, thin-layer chromatography TLChigh-pressure HP TLC, HP liquid chromatography HPLC and Fourier transform infrared spectroscopy, all of which are commonly used in the quality control of botanical ingredients. By the late 19th century, well-established colonial empires such as France, Britain, Belgium and Portugal had already laid claim to large areas of Africa, while developing imperial powers such as Germany and Italy had followed suit on a smaller scale.

Colonial powers invested significant efforts in—among other things—the exploration and exploitation of the new colonies as sources of raw materials for European industry [ 13 ].

Many alternative oil seeds were identified and studied, in particular by French, Belgian, and Italian institutions conducting research for their colonies in Central Africa, in part to provide the colonies with information about local plants that could be used for food and energy production.

During the Great War, Allanblackia oil was used as a substitute for cocoa butter during the manufacture of chocolate [ 14 ]. The traditional use of the Allanblackia seed oil has been reported for Allanblackia floribunda vegetable tallow tree, Kisidwe nutsA. Uses for Allanblackia oil vary according to the region in which the species occur.

After the seeds are ground and pressed to extract the oil, the bitter seedcake can be used as a protein-rich animal feed [ 18 ]. The frequency of traditional use of Allanblackia oil, however, has decreased over the last 50 years due to the availability of other commercially available oils. The seeds have a substantial value due to the high nutritional value of the oil, as well as its unique physical properties, which are similar in some ways to those of the oil obtained from the seed kernels of the African oil palm Elaeis guineensis Jacq.

After decolonization in Africa, the research efforts to discover new, alternative oilseeds continued. In the s and s, the seed oil from Allanblackia fruits harvested in the East Usambara Mountains in Tanzania was exported to Europe in small, but significant quantities [ 14 ].

In the s, research efforts were supported by members of the African Safou Network ASANETwhich was initiated in to conserve indigenous fruit tree genetic resources, and which attempted to establish a market for the seed oil of the Safou or Atanga tree Dacryodes edulisBurseraceae [ 21 ]. The seed oil of A. Inthe European Food Safety Authority deemed Allanblackia seed oil described as oil derived from the seeds of A. The food products that contain Allanblackia seed oil include vegetable-based dairy products, ice cream, and spreads [ 25 ].

It should be noted, however, that some of the concerns mentioned in Section 2.

The ESFA European food safety authority recommended that only species of Allanblackia that had been subjected to toxicological studies should serve allanblackix sources of raw materials for the seed oil production, but due to the continued prevalence of wildcrafting of materials in some regions and the absence of quality control parameters for many of these species, this recommendation may not always be followed. The samples analyzed by the ESFA were derived allanbladkia only two species of Allanblackia and, thus, did not represent the full species diversity to be found in the tropical rain forests in various geographic regions of Africa.

Results from detailed, systematic, comparative analyses of the chemical composition of seeds from species of Allanblackia have not been made publically available. In their application to include Allanblackia seed oil in vegetable-based spreads, submitted inUnilever Deutschland GmbH indicated that some batches of the unrefined seed oil contained benzophenone derivatives i.

The latter compound induces cellular apoptosis and has been reported as a constituent of A. With respect to the use of Allanblackia oil as a functional food, therefore, this information serves as evidence that at least the unrefined seed oil contains bioactive secondary metabolites that could exert pharmacological effects.

Further in vitro and in vivo studies are needed, however, to fully investigate the extent of this bioactivity. As mentioned above, it is crucial to gather information about the origin of plant-based fats and oils, since both genetic and environmental factors influence aspects of production and trade.

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Allanblackia trees that have been planted for the lforibunda production of seed oil need significant time to mature, usually seven years or more, before they produce an economic crop, and due to the dioecious nature of the plants, obviously a crop will only be obtained from productive female plants. In general, tree crop yields can be affected by seasonal climatic changes, as well as environmental factors such as the use of herbicides, fungicides, or pesticides e.

The FAO had already identified Allanblackia as a crop of high potential interest indue to the potential for the seed oil which was listed as a non-edible oil at that time to become a profitable and sustainable raw material, the development of which could benefit rural communities [ 29 ]. Several studies and surveys have flotibunda conducted in recent years to assess the socioeconomic progress associated with the establishment of a supply chain for Allanblackia oil [ 203031 ].

Currently, Allanblackia seed e.

Tallow Tree (Allanblackia floribunda) ·

In addition, more recent studies on seed germination and propagation, sex determination of individuals, population biology, and genetic diversity for selected species in specific geographic locations have been carried out [ 3334 ].

In particular, results of flkribunda analyses with respect to amplified fragment length polymorphisms AFLP have indicated that this method may be useful to differentiate among species, especially when vegetative material only is available for collection in regions where more than one species of Allanblackia occur, and that the high levels of AFLP variation rloribunda useful domestication opportunities [ 34 ].

Much data is still allanblackja, however, for entire species, and significant gaps in the data exist even for the more common species of Allanblackia with respect to their reproductive biology, propagation, cultivation, selection, and breeding, which need floribundaa be addressed through targeted research.

Like many commonly-used vegetable oils, Allanblackia oil consists of well-known triglycerides. Because it contains tocopherol as a minor constituent, it has good storage stability characteristics.

Due to its chemical composition and relatively high melting point ca. The fact that it does not require additional transformation to acquire the desired characteristics is an added advantage.

As in the case of other oils, Allanblackia oil floribinda be combined with other oils or fats to achieve specific physical properties. Allanblackia seed oil shares some characteristics with shea butter from the seeds of Vitellaria paradoxa C.

Sapotaceaemaking it a valuable and florbunda raw material in both the food and cosmetic industries. The triglyceride composition of the seed oil indicates that, given the existence of a stable supply chain, Allanblackia oil can potentially serve as an alternative in many food and cosmetic products to palm oil, cocoa butter, and shea butter.

Allanblackia floribunda – Wikipedia

When considering the implications of the use of Allanblackia seed oil as a functional food or functional food component, it is important to keep in mind that individual SFAs have different effects on blood cholesterol levels. Other long chain SFAs that often predominate in plant-based oils, including lauric C These results indicate floribunva including fats and oils or functional foods containing these that are rich in stearic acid, as opposed to other SFAs, floribunfa the diet could be advantageous, particularly for hypercholesterolemic individuals [ 38 ].

An early study of A. Triglyceride components consisted mostly of 2-oleostearin In a more recent study, in which seeds collected from seven individuals of A. Another study, in which A. The oil, examined with gas chromatography, consisted of Analyses of seeds collected from A.

Positive chemical reactions that indicated the presence of minor amounts of alkaloids, flavonoids, saponins, allanblackkia tannins were observed, although it must be noted that these results must be confirmed by alternative methods e. While few studies have thus far been conducted to examine intra- and interpopulation differences in Allanblackia seed oil yield and composition, one such study in which 17—40 fruits were sampled from each of 70 A.

Significant tree-to-tree variation in the mass of the fruits, number of seeds in each fruit, and chemical constituents of the seed oil were observed [ 42 ]. On one hand, these results allowed the researchers to identify a potential breeding population trees that produced seeds with desired characteristicsbut on the other hand, the high degree of variation in both physical and chemical properties of the fruits and seeds of the wild A.

The optimum conditions for the extraction of seed oil from several species of Allanblackia have yet to be determined. One study, however, has been conducted with A.