Need to clarify something here. Is Amanah Saham Malaysia (ASM) strictly for Bumiputera only ?

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Added on March 18, 2009, 12:26 pmNever mind, i've got the answer.

This post has been edited by MilesAndMore: Mar 18 2009, 12:26 PM

Is this true ? That you can't open a new ASM account at Maybank ? Then i guess you can't open it at CIMB and RHB either ?

If i'm not mistaken, both are open to Malaysian citizen but with ASW2020 there is a special slot for Bumiputra right ?


I was told if you need to open a BUMIPUTRA ASW2020 account, you need to get a confirmation letter from the state department Jabatan Hal Ehwal Negeri ? How about ASM ? I'm a Sabah Bumiputra. Since there is no special slot for Bumi at ASM, i assume i can open it like any other npn-Bumi ?

Oh yeah, one more question. I don't have ASM account yet. So i'm going to open one tomorrow morning at the post office. Can i invest RM6000 first (that's the maximum i can withdraw from my savings account) and then another RM14000 later in the day at RHB Bank ? Thanks in advance.

This post has been edited by MilesAndMore: Apr 20 2009, 11:01 PM

Since the economy is no good i'll be happy if it can yield back RM1200 a year later, which is equivalent to 6% based on RM20k investment.

I am aiming at ASW2020 and ASM now. Have successfully opened an ASM account this morning at RHB Bank. Now still waiting for the confirmation letter from Hal Ehwal Negeri Sabah to confirm my Bumiputra status so i can open a Bumi ASW2020

By the way, i think it's very stupid why they need me to double confirm my Bumi status since i have been an ASB account holder since 2002. Why can't they just use it as a reference so i can open a Bumi ASW2020 straight away ...


Those people must be banging their head to the wall now. Since ASM has higher return potential No offense.


Same here at RHB Bank Lintas KK branch. I waited for 2 hours ...


Yes. And judging from the past ASW2020 does indeed yield a better return.


No limit as long as still have fund left.


Yeah. More or less the same as ASB which is capital protected.


I assume you're a Chinese ? Usually non-Bumi just leave the money inside and never withdraw it whereas with the Bumi slot there are people deposit and withdrawing pretty much everyday.

No penalty at all. Just like ASB. You may withdraw your money as you please.

That's alright. Got mine too this morning. Not going to open for ASW2020 next week because i want to buy the Bumi lot and i am still waiting for the confirmation letter from Hal Ehwal Negeri Sabah to confirm my Bumi status.

ASW2020 is for Bumi as well as non-Bumi. Bumi get an allocation of 51% while the rest is reserved for non-Bumi. No more lot is available for the non-Bumi lot, so i was told. But you get start buying more unit over the counter starting next Monday (27th Apr 2009). Each person can buy a maximum unit of RM20,000.

You didn't read my post clearly mate. There is no more unit available for sale for non-Bumi as we speak. If you are interested in investing in ASW2020, you will have to wait till next Monday (27 Apr 2009) and you can invest a maximum of RM20,000 only.


Malaysian Chinese are known to have huge cash reserves. It is not surprising at all.

Yes. Correct.

Just like ASB, only Bumiputra are allowed to invest in ASD. I'm still considering if i should open this account as well ... The return is quite good too.


Yes. First day. If you're a non-Bumi then no. You can't register for an ASW2020 account first. But if you're a Bumi then yes, you may go to open an account now because there is still unit available now in the Bumi lot whereas the non-Bumi lot is fully subscribed. So if you're a non-Bumi you can only open an account and buy more units coming Monday (27th Apr 2009). Go to Maybank/CIMB/RHB/Pos Office/PNB early next Monday


Yeah, may be but we can always withdraw the money out when the return is not that high anymore. The interest rate for ASB so far is still quite good



That really is part of the reason. I can guarantee you that. Many Bumi also choose not to invest in ASW2020 or ASM because they are still focusing on their ASB and eventually many ASM units initially reserved for the Bumiputra will be bought by non-Bumi after a few months and in this case, it's in July because that is when they will scrap the quota system.

The ASW2020 is a whole different story as the quota will always be there. That's a good new to us the Bumiputra I went to the bank this afternoon just to ask them about ASW2020 for Bumi and was informed that still got many units available.

Just on ASW2020 alone, 49% of the fund are reserved for non-Bumi aka the Chinese, Indian and some minority ethnic group but the units can be sold out in just a few days and the Chinese only represent about 26% of the population of Malaysia while Indian 10%. I'm always impressed !


It is indeed true that Bumiputra owns larger fund size than Chinese overall.


This is true. ASM minimum return is indeed 5%. It was publish on yesterday's STAR (22 Apr 2009).

I wondered if ASW2020 has a minimum return as well ... Anyone knows ?



This post has been edited by MilesAndMore: Apr 23 2009, 03:19 AM

I'm still very new with ASM and ASW2020. Anyway, ASM and ASW2020 looks just like ASB. So i believe when you sell your units in ASM or ASW2020, you will get cash straight away. No need to wait a week to get your money back. Everything will be done on the spot.

He's not sceptical. More like you took what he said out of context and too seriously.


Because this is Malaysia and quota system will always exist. It will not be abolished completely at least for another 100 years or at least not until the current government is replaced by some other parties

This post has been edited by MilesAndMore: Apr 23 2009, 04:51 PM

That's very true. Their money will be put in a private bank overseas and be invested in investment that can yield far higher return than ASB, ASW2020 and ASM. But of course i am talking about USD20 million though, not RM20 million. If i'm not mistaken, you are not eligible to invest in hedge fund or put your money in certain private banks should you not have at least USD10 million (RM36 million).

This post has been edited by MilesAndMore: Apr 23 2009, 06:31 PM

Yes.


Yes.


Which investment are you talking about ? ASB ? ASW2020 ? ASM ? ASD ? For ASB they will credit the dividend + bonus to your account in January every year. As for ASW2020 and ASM, i heard they will send out the cheque ... They will not credit the interest into your account because no more unit is available. So they will give you the interest earned in the previous calender year in the form of cheque, so i was told.

I think you have to. Because it's different. The passbook is different too. For ASB it's blue color (was orange color many years ago with the coin 50 cents on the cover), ASM it's gold color and ASW2020 is ... erm ... not too sure as i don't have ASW2020. Going to apply for one very soon though.


I stand corrected.

100% cannot. Each applicant will have their own passbook issued and they need your thumbprint, signature etc.

ASW2020 does have quota. 51% reserved for Bumi and 49% for non-Bumi.

Most likely so. They need to boost up their own capital.


Encountered same incident at CIMB Bank. Not the branch manager but the two CS. That was during students busy to open SSPN account last year. Someone has to file a complain against them.


WHAT ? That was fast ...


You can't complain. They are Malaysian citizen and have the rights to do so.


49% of the total fund is reserved for non-Bumi. It's not little at all.


Again, ASW2020 is 51% reserved for Bumiputra and 49% for non-Bumiputra. Bumiputra only have 2% more than non-Bumiputra. Several posts back i did say non-Bumiputra especially the Chinese are known to have huge cash reserve. So in your case, it's more like bad luck because other people managed to snaped up the fund ahead of you.


Very true. You guys should be happy because many non-Bumi are very rich despite living in the land where there are so many racist policies. I am always impressed.


He doesn't have too. The government knew it.


Investing in stocks is only worth if you can really make money out of it. Otherwise it is useless. Everyone makes it sounds like investing in stocks can get you rich quicker but the truth is the total opposite. ASM minimum return is 5%. So i believe ASW2020 is more or less the same. Don't have the exact figure though.


I assume you are talking about Bumi lot ? No. It will not be open up for sale.


NO. THEY WON'T. Because this is ASW2020 we are talking about. Not ASM. The quota for ASW2020 will always be there.


Kindly refer to the reply above.

This post has been edited by MilesAndMore: Apr 27 2009, 02:13 PM

Don't think that has nothing to do being a racist. Bet you won't say so if the staff's a Chinese too ? More like she was very frustrated. Feel sorry for the Maybank staff though. But this always happens in the service sector. What to do ...



Correct.



It is said that 30% are reserved for Chinese during the initial offer but this has since been sold out. As far as i am concerned only Bumiputra and Indian lot are still available now.


I think for ASM certain members said the remaining shares reserved for Bumiputra and Indian will be opened up for sale sometime in July. Assume that it is not sold out yet by July.


Not a good idea. Because only he or she will be able to open a Bumi ASNB account. You might say you trust him/her with your money and will deposit the money into his/her ASB, ASW2020 or ASM account so you too, can enjoy higher return on your money but what if something suddenly happens and you guys file for divorce ? Many problems will arise. Better keep your money inside your own bank account bearing your name.


NO YOU CAN'T. You are still NOT a Bumiputra when you marry a Bumi lady/guy. A Chinese or Indian converted to Islam is also NOT a Bumiputra. A Chinese or Indian marry a Muslim man or lady is NOT a Bumiputra either. Only the kids from such couple will entitle for Bumi status.


But still you won't be able to open a Bumi account yourself. Besides, Indian Kadazan is NOT Bumiputra. The constitution of Malaysia clearly states that ONLY Kadazan, Dusun, Sino-Kadazan (a Chinese marry a Kadazan and their kids will be known as Sino-Kadazan) are legal Bumiputra along with other Sabah indegenious ethnic groups. Not too sure how things work for Iban in Sarawak.

This post has been edited by MilesAndMore: Apr 27 2009, 03:33 PM