• Bank chief Zafrul Aziz, a non-politician, has been appointed as Malaysia’s new finance minister
• Zafrul will take charge in implementing a $4.7 billion (MYR 20 billion) stimulus package meant to soften the impact of the coronavirus outbreak
• Experts have expressed confidence in the new government’s economic team

Malaysian Prime Minister Muhyiddin Yassin has unveiled his new cabinet on Monday, 9 March, which includes CIMB Group CEO Zafrul Aziz as the next finance minister. The appointment is seen as a move to bring some calm amid the country’s power struggle and economic fears over the coronavirus outbreak.

A non-politician takes the helm

The fact that Zafrul is a non-politician makes his appointment significant. Cabinet positions tend to fall to senior politicians from the ruling party and this is the first time a non-politician has been appointed finance minister.

Finance has always been central to Zafrul’s professional life, having been a career banker for a long time. He has spent much of his career climbing the ladder at CIMB. He also held the chief position at Maybank Investment Bank and Maybank Kim Eng Holdings. He has also been an entrepreneur, serving as main investor and CEO of financial services provider Tune Money, which was acquired by AirAsia in 2015.

At 46 years old, Zafrul has over 24 years of experience in the financial services sector and has a specialisation in investment banking. He holds a bachelor’s degree in economics and accounting and a master’s degree in finance and investment from two universities in the United Kingdom – University of Bristol and University of Exeter, respectively. He completed an MBA from the People’s Bank of China School of Finance as well.

Zafrul rejoined CIMB Group in 2014, taking over as group CEO from Nazir Razak who became the chairman of the group. Nazir is the younger broth...

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