The Star
UTUSAN Malaysia reported that Malay economists, lawyers and politicians had urged the Government to uphold Maybank's introduction of ownership criteria on legal firms that wanted to serve on the bank's panel to have 50% bumiputra equity.
They said that it was in line with the government's policy for fair distribution of wealth, particularly for the bumiputra who still lagged behind economically.
They added that the Government should appreciate Maybank's initiative as it would open doors to bumiputra law firms to participate directly in the country's economic development.
Last week, Maybank's requirement for legal firms on its panel to have a bumiputra partner with at least a 50% stake sparked controversy and drew much criticism for being discriminatory and led to the Cabinet directing the bank on Wednesday to withdraw its condition.
Economist Haim Hilman Abdullah described Maybank's action as fulfilling its corporate social responsibility and said that everyone should support the voluntary move.
“In my view, firms that do not fulfil this requirement still have many opportunities to deal with other banks that do not impose such conditions,” the economist said.
Universiti Utara Malaysia economic lecturer Assoc Prof Asan Ali Gulam said the Government should encourage other banks to follow Maybank's example and not view it as being discriminatory towards other races.
Barisan Nasional Backbencher's Club acting chairman Datuk Raja Ahmad Zainuddin Raja Omar said that Maybank's policy was not meant to make Malays control the economy but to create a balance and give every race an equal opportunity.
Berita Harian also reported that the Malaysian Muslim Lawyers Association and several bumiputra legal firms supported Maybank.
For one to become a professional, one must have certain capabilities in order to qualify as one. Professionals are usually much better off than the general population. Why must they be given handouts? Isn't it embarrassing for a professional to request for handouts? Those who argue that handouts are needed must be insulting all the capable bumiputera lawyers out there.
What's next? 50% bumiputera equity for actuarial consultancies, audit firms, doctors? Or maybe bumiputera pay 50% less taxes?
What kind of signal are we sending to the globalised world? I'm truly worried about Malaysia's competitive position in light of many similar issues.
I was surprised to know that there is even such thing as Muslim Lawyers Association. Imagine having a Muslim or Christian Actuaries Society of Malaysia too.
From my minimal knowledge of Islam, the foundation of Islam is justice. Furthermore I wonder whether such way of obtaining wealth is
halal?
All these are fuelled by greed. "Lagged behind" means not rich enough.