News/Articles/Notices Legal/General News ACCCIM raps bank over bumiputra requirement 
| ACCCIM raps bank over bumiputra requirement |
|
|
|
| Saturday, 05 May 2007 07:57am | |
|
“Currently, many legal firms have both bumiputras and non-bumiputras as partners
and each owns only small shares in these companies,” ACCCIM said, adding that
the requirement would force these firms to reshuffle. Comments (2)
 Write comment
You must be logged in to a comment. Please register if you do not have an account yet.
|
©
Subscribe to this comment's feed
| < Prev | Next > |
|---|
Invitation to the Launching of the Bar Council Legal Aid Centre (Kuala Lumpur) Website 
Our firm received that letter as well. We were going to accept our fate as we are not going to adhere to the requirement for the sake of getting the work. Other commercial-friendly firms would have gotten themselves salaried partners in order to continue getting work. We, lawyers must have the integrity to avoid making such compromise or we will all end up like the Arab. For those uninitiated ones, the fable of the Camel and the Arab goes like this :- "One day an Arab and his camel were crossing the desert. Night came and the temperature became colder. The Arab put up his tent and tied the camel to it. The Arab went to sleep. The temperature became slightly colder and the camel asked the Arab if he (camel) could just put his nose in the tent to warm up. The Arab agreed that the camel could just put his nose in, because the tent was small and there was no room for 2. So the camel's nose became warm and after a while the temperature went down even more.
The camel asked the Arab again, if he (camel) could just put his fore legs in because they were very cold. The Arab reluctantly agreed that the camel could only put his fore legs in and no more. So the camel moved in his fore legs and they became warm. After sometime the camel asked the Arab again that he had to put in his hind legs or else he won't be able to make the journey the next morning with frozen legs. So the Arab agreed and once the camel moved his hind legs in, there was no more room in the tent for the Arab and the Arab was kicked out."
50% is even more than NEP's 30%. Can the BC do something before it is too late? Recently, our firm received another shocking news from another bank. It seems that our firm cannot handle islamic loans even though we are in their panel. There is another panel within the panel to handle islamic loans. I am flabbergasted and astonished!