Tengku Zafrul Aziz

Tengku Zafrul bin Tengku Abdul Aziz (born 25 June 1973) is a Malaysian banker and investor who has served as Minister of Finance since March 2020. He is currently serving his second term of office, within the Barisan Nasional (BN) administration of Prime Minister Ismail Sabri Yaakob (since August 2021). He also previously served his first term (from March 2020 to August 2021) as well as Coordinating Minister of the National Recovery Plan (from July 2021 to August 2021) within the previous Perikatan Nasional (PN) administration of former Prime Minister Muhyiddin Yassin. As he was not an elected Member of Parliament, he was appointed as an independent Senator since March 2020, in order to assume his duties as a technocratic Minister of Finance. He is also the first independent Minister of Finance in Malaysian history, without any political party association. Prior to his political appointments, he was the Chief Executive Officer (CEO) and Executive Director of the CIMB Group Holdings Berhad.[1] He was also CEO and Executive Director of the CIMB Bank Berhad[2] and President Commissioner of the PT Bank CIMB Niaga Tbk.[3]

In this Malay name, there is no family name. The name Tengku Abdul Aziz is a patronymic, and the person should be referred to by the given name, Tengku Zafrul. The Arabic-derived word "bin" or "binti"/"binte", if used, means 'son of' or 'daughter of', respectively.
Yang Berhormat Mulia Senator Datuk Seri Utama
Tengku Zafrul Aziz
SUMW SSAP DSAP DPMS DPNS
Minister of Finance
Assumed office
30 August 2021
MonarchAbdullah
Prime MinisterIsmail Sabri Yaakob
DeputyMohd Shahar Abdullah
Yamani Hafez Musa
Preceded byhimself
ConstituencySenator
In office
10 March 2020 – 16 August 2021
MonarchAbdullah
Prime MinisterMuhyiddin Yassin
DeputyAbdul Rahim Bakri
Mohd Shahar Abdullah
Preceded byLim Guan Eng
Succeeded byhimself
ConstituencySenator
Coordinating Minister of the National Recovery Plan
In office
9 July 2021 – 16 August 2021
MonarchAbdullah
Prime MinisterMuhyiddin Yassin
Preceded byPosition established
ConstituencySenator
Senator
Assumed office
10 March 2020
MonarchAbdullah
Prime MinisterMuhyiddin Yassin
Ismail Sabri Yaakob
Personal details
Born
Tengku Zafrul bin Tengku Abdul Aziz

(1973-06-25) 25 June 1973
Kuala Lumpur, Malaysia
NationalityMalaysian
Spouse(s)
Raja Datin Seri Utama Johanna Raja Arshad
​
​
(m. 2011)​
Children4
EducationMalay College Kuala Kangsar
Alma materUniversity of Bristol
Bachelor of Science in Economics and Accounting
University of Exeter
Master of Arts in Finance and Management
Tsinghua University
Master of Business Administration (Second time)
OccupationPolitician, investor

Early life and education

Tengku Zafrul was born on 25 June 1973 and is the eldest of four siblings.[4] His mother, Raja Datuk Zaharaton Raja Zainal Abidin, is the former Director-General of the Economic Planning Unit (EPU) of the Prime Minister's Department of Malaysia and his father, Tengku Abdul Aziz Tengku Harris, is a businessman.[4]

Tengku Zafrul began his early education at Sri Petaling Primary School and Bukit Bintang Primary School.[5] He continued his study at Malay College Kuala Kangsar and then studied A-Level at Sherborne School, Dorset, United Kingdom.[6] He graduated from the University of Bristol, UK with a Bachelor of Science (Hons) in Economics and Accounting, and obtained a Master of Arts (MA) in Finance and Management from the University of Exeter, UK.[7] From the year 2017 to 2019, Tengku Zafrul completed his second master's degree in Business Administration (MBA) at Tsinghua University PBCSF (People's Bank of China School of Finance).[8] He is also a Fellow Chartered Banker with the Asian Institute of Chartered Bankers.[1]

Corporate career

Zafrul started out as a corporate finance executive in AmInvestment Bank in 1996. He then joined Crédit Agricole as an investment analyst, moving up to director within a few years. Succeeding this, he became the Advisor to the President of Tenaga Nasional Berhad. Zafrul then joined CIMB Investment banking, after which he was appointed as group managing director of Avenue Capital Resources (now ECM Libra), a listed company specialising in financial services i.e. investment banking and fund management. He was also chief executive officer of Avenue Securities and the chairman of Avenue Asset Management. Zafrul then went on to become the head of investment banking for Citigroup Malaysia.

He is also the main investor behind Tune Money Sdn Bhd, Asia's first "no-frills" online financial service provider as well as its CEO and substantial shareholder. Following that, Zafrul was appointed as group director of Kenanga Holdings Berhad and director of Kenanga Investment Bank Berhad. Prior to assuming his most recent role with CIMB, Zafrul was the chief executive officer of Maybank Investment Bank, the fully-owned investment banking arm of Malayan Banking Berhad, Malaysia's flagship financial services player. The acquisition of Kim Eng Holdings Limited (Kim Eng) by the Maybank Group in 2011 resulted in the combined entity of Maybank IB and Kim Eng, known regionally as Maybank Kim Eng, of which Zafrul was also CEO. On 9 March 2020, Tengku Zafrul announced his resignation as CIMB group chief executive officer before being appointed Minister of Finance.[9]

Other positions
  1. AmInvestment Bank (Corporate Finance Executives) (June 1996 - April 1997)[10]
  2. Credit Agricole (Investment Analyst and Director) (May 1997 - August 1998) & (July 1999 - March 2001)[10]
  3. Tenaga Nasional Bhd (President's advisor) (March 2001 - September 2002)[10]
  4. CIMB Investment Bank Berhad (Director, "Client Coverage") (September 2002 - April 2003)[10]
  5. Avenue Capital Resources Bhd/Avenue Securities (now ECM Libra) (Chief Executive Officer and Chairman) (2003 - 2006)[10]
  6. Citigroup Malaysia (Head of Investment Banking) (April 2006 - March 2007)[10]
  7. Tune Money (Chief Executive Officer) (March 2007 - December 2008)[10]
  8. Kenanga Holdings Berhad and Investment (Group Director) (January 2009 - June 2010)[10]
  9. Maybank Investment Bank Berhad and Maybank Kim Eng Holdings (Chief Executive Officer) (June 2010 - December 2013)[10]
  10. CIMB Investment Bank Berhad (Chief Executive Officer & Co-Chairman of Corporate Solutions) (2014 - 2016)[10]
  11. CIMB Bank Berhad (Chief Executive Officer) (2014 - 2015)[10]
  12. CIMB Group Holdings Berhad (Group Chief Executive Officer) (February 2015 - 9 March 2020)[10]

Recognition and awards

Throughout his career, Zafrul was awarded with numerous prestigious awards including ASEAN CEO Award by Technology Business Review (2008).[11] He also was given the Malaysian Business Leadership Award in the year 2009.[11] Most Promising Entrepreneurship Awards by Enterprise Asia (2008)[11] and the Malaysian Business Leadership Award by The Leaders Magazine. Most recently, he was awarded the Masterclass CEO of the Year in the 7th Global Leadership Award organised by the American Leadership Development Association (2017) and the Best Chief Executive Officer for Investor Relations by the Malaysia Investor Relations Association (2017). Tengku Zafrul has also bagsed TalentCorp's Life at Work 2019 award for the CEO category of Malaysian organizations.[12]

Television and other media

Tengku Zafrul was one of the judges of the corporate reality television series The Firm.[8] The show premièred prime time nationwide on ntv7 and Astro's Channel 7 in Malaysia in 2007.[8] As one of the three millionaire judges on The Firm, the other two beings Peter Pek and Chan Boon Yong, he is considered one of Malaysia's few corporate celebrities. He has also appeared in advertisements for Tune Money. On 4 July 2020, Tengku Zafrul became a special guest on TV3's Money Matters program.[13]

Year Title Role Note
2007 The Firm Himself As a jury (Season 1 & 2)
2020 Money Matters Himself As a special guest

Government positions

Ministry of Finance

On 9 March 2020, Tengku Zafrul was appointed in Muhyiddin's cabinet as Minister of Finance after being made a senator.[3][10] He embarked on a task to assist the people and industry in the implementation of the Prihatin Rakyat Economic Stimulus Package during the outbreak of the COVID-19 pandemic in Malaysia.[14] Tengku Zafrul also explains the economic recovery plan will be announced after Aidilfitri to revive the affected economy of Malaysia.[15][16] Under the Short-Term Economic Recovery Plan (Penjana), Tengku Zafrul has launched the ePenjana credit program worth RM750 million to aimed at boosting consumer spending in Malaysia.[17] On 6 November 2020, Tengku Zafrul presented the 2021 budget in the parliament to ensure that the economy revives and benefits the people.

Controversies

51% Bumiputra Logistic Equity Control Policy

On 27 September 2021, the cabinet of malaysia has sparked criticism after he announced a new equity policy for Bumiputera companies under the five-year development plan, Twelfth Malaysia Plan (12MP), which was tabled by him in Parliament. The policy is said to ensure sustainable equity holdings by Bumiputeras, an equity safety net would be launched to guarantee that the sale of shares or Bumiputera firms would only be sold solely to Bumiputera companies, consortiums or individuals.[18][19] Syed Saddiq mentioned that the new rulings were unfair as they would be tantamount to taking equity from the non-bumiputeras and giving them to bumiputeras. Former Health Minister, Dzulkefly Ahmad had also described the policy as "suicidal" and claimed that the new policy would only kill the Bumiputera companies economically if that is their intention. He also said that based on the feedback from Malay businessmen, most were against the idea of the new Bumiputera-only policy being implemented.[20] Ismail Sabri announced it after revealing that the government’s target to raise Bumiputera equity ownership to 30% had yet to be achieved. He also announced fundings to improve Bumiputera businesses’ sustainability to hit 15% contribution in gross domestic product (GDP) by Bumiputera micro, small and medium enterprises by 2025.[21][22][23]

Personal life

Tengku Zafrul is married to Raja Datin Seri Utama Johanna Raja Arshad, the great granddaughter to the fifth Sultan of Selangor, Sultan Sulaiman.[4] The couple has four children.[24]

Since his school days, Tengku Zafrul was interested in sports such as hockey and ran for recreation.[8] During his first year at the University of Bristol, his main transportation was by bicycle.[8] His interests include keeping fit through running, cycling and swimming, and developing the youth through his participation in various organizations such as the Kalsom Movement and Teach for Malaysia. He has completed all six marathons under the Abbott World Marathon Majors.[25] He is also a fan of the football club, Liverpool F.C., which plays in the English Premier League.

Honours

Honours of Malaysia

References
  1. "2019 Speakers". www.coolerearth.cimb.com. 24 July 2020. Retrieved 24 July 2020.
  2. "CIMB Group - Board of Directors". cimb.com. Retrieved 23 January 2019.
  3. Shukry, Anisah; Ngui, Yantoultra (9 March 2020). "Malaysia Picks Bank CEO as Finance Minister in New Cabinet". Bloomberg. Retrieved 5 May 2020.
  4. "Pelantikan Tengku Zafrul berbeza daripada amalan". Harian Metro. 9 March 2020. Retrieved 7 June 2020.
  5. "Tengku Zafrul tekad beri perkhidmatan terbaik". www.bharian.com.my. 9 March 2020. Retrieved 4 July 2020.
  6. "Biodata Menteri Kewangan Malaysia 2020: Tengku Zafrul Aziz". www.iluminasi.com. 10 March 2020. Retrieved 5 July 2020.
  7. Ravi Velloor (9 July 2017). "In Good Company: Marathon man Zafrul Aziz sets CIMB up for long haul". The Straits Times. Retrieved 7 June 2020.
  8. "8 Things About Our New Finance Minister And What He's Bringing to the Table". Vulcan Post. Retrieved 3 May 2020.
  9. "Zafrul quits CIMB CEO post". www.thestar.com.my. 10 March 2020. Retrieved 1 August 2020.
  10. "SENARAI KABINET 2020". www.bharian.com.my. 13 March 2020. Retrieved 5 July 2020.
  11. "Tengku Zafrul Tengku Abdul Aziz". www.uschos.com. 2020. Retrieved 6 May 2020.
  12. "Tengku Zafrul bags TalentCorp's Life at Work 2019 award". www.theedgemarkets.com. 17 July 2020. Retrieved 20 July 2020.
  13. Mohd Nasaruddin, Parzi (19 November 2010). "Pelancongan domestik rancakkan ekonomi". www.bharian.com.my. Retrieved 4 July 2020.
  14. "Malaysia: The PRIHATIN Rakyat Economic Stimulus Package". www.bakermckenzie.com. 31 March 2020. Retrieved 6 May 2020.
  15. "Pelan pemulihan ekonomi diumum selepas Aidilfitri - Tengku Zafrul". www.astroawani.com. 5 March 2020. Retrieved 1 August 2020.
  16. "PM to launch short-term economic recovery plan this month, says Tengku Zafrul". www.theedgemarkets.com. 2 June 2020. Retrieved 1 August 2020.
  17. "MoF's ePenjana programme". www.thestar.com.my. 31 July 2020. Retrieved 1 August 2020.
  18. "Rave reviews for 12MP, but Ismail Sabri's Bumi focus splits opinions". The Vibes. 28 September 2021. Retrieved 4 October 2021.
  19. Anand, Ram (29 September 2021). "Malaysian PM Ismail's push on bumiputera equity faces criticism in country". The Straits Times. ISSN 0585-3923. Retrieved 4 October 2021.
  20. "The 12th Malaysia Plan and what people think of it". Free Malaysia Today. Retrieved 1 October 2021.
  21. "Former minister calls govt's Bumi equity safety net 'suicidal', claims Malay businessmen not keen". malaysia.news.yahoo.com. Retrieved 4 October 2021.
  22. "Big challenge to find bumi businessmen willing to take up 51% equity, say freight forwarders' associations". The Star. Retrieved 9 October 2021.
  23. "Bumiputera's 51% equity in logistics: A case of "robbing Peter to pay Paul"". Malaysia Kini. Retrieved 9 October 2021.
  24. "Cantiknya Isteri Menteri Kewangan! Anak 4 Tapi Maintain Muda, Rupanya Amalkan Petua Semula Jadi Je". Nona. 29 May 2020. Retrieved 7 June 2020.
  25. "Abbott World Marathon Majors". World Marathon Majors. Retrieved 23 January 2019.
  26. Nair, Vijenthi (1 February 2021). "Yang di-Pertua Negeri Sabah, Penang head FT Day honours list". The Star Online. Retrieved 1 February 2021.{{cite web}}: CS1 maint: url-status (link)
  27. Ibrahim, Mohd Iskandar; Sulaiman, Noor Atiqah (1 February 2021). "Seramai 335 terima darjah kebesaran sempena Hari Wilayah". Berita Harian (in Malay). Retrieved 1 February 2021.{{cite web}}: CS1 maint: url-status (link)
  28. Hadir, Shawaliah (1 February 2021). "Tengku Zafrul antara 6 penerima Darjah Kebesaran Pangkat Pertama sempena Hari WP". MalaysiaGazette (in Malay). Retrieved 1 February 2021.{{cite web}}: CS1 maint: url-status (link)
  29. "SEMAKAN PENERIMA DARJAH KEBESARAN, BINTANG DAN PINGAT". Prime Minister's Department (Malaysia). Retrieved 23 December 2020.
  30. Han Sean, Ong; Tariq, Qishin (25 October 2015). "Sultan Ahmad: Don't get involved with IS militant group". The Star Online. Retrieved 1 February 2021.{{cite web}}: CS1 maint: url-status (link)
  31. "DPMS 2016". awards.selangor.gov.my. Retrieved 23 December 2020.
  32. "769 receive state awards, medals from N.Sembilan ruler". Bernama. The Sun Daily. 14 January 2014. Retrieved 1 February 2021.{{cite web}}: CS1 maint: url-status (link)
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