Tengku Zafrul Aziz

Tengku Zafrul bin Tengku Abdul Aziz (born 25 June 1973) is a Malaysian banker and investor who has served as the Minister of Finance in the Perikatan Nasional (PN) administration under Prime Minister Muhyiddin Yassin and Senator since March 2020. Prior to his appointment to the Cabinet, he was the Group Chief Executive Officer (CEO) and Executive Director of the CIMB Group Holdings Berhad.[1] He was also the CEO and Executive Director of the CIMB Bank Berhad[2] and President Commissioner of the PT Bank CIMB Niaga Tbk.

Yang Berhormat Mulia Senator Datuk Seri Utama

Tengku Zafrul Aziz

SUMW SSAP DSAP DPMS DPNS
Minister of Finance
Assumed office
10 March 2020
MonarchAbdullah
Prime MinisterMuhyiddin Yassin
Deputy
Preceded byLim Guan Eng
ConstituencySenator
Senator
Assumed office
10 March 2020
MonarchAbdullah
Prime MinisterMuhyiddin Yassin
Personal details
Born
Tengku Zafrul bin Tengku Abdul Aziz

(1973-06-25) 25 June 1973
Kuala Lumpur, Malaysia
NationalityMalaysian
Spouse(s)Raja Datin Sri Johanna Raja Arshad
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)
OccupationMinister of Finance
ProfessionBanker

He was appointed to Muhyiddin cabinet of the PN administration as the Minister of Finance on 10 March 2020.[3]

Early life

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] He is married to Raja Datin Sri Johanna Raja Arshad, the great granddaughter to the fifth Sultan of Selangor, Sulaiman of Selangor.[4] The couple has four children.[5]

Tengku Zafrul began his early education at Sri Petaling Primary School and Bukit Bintang Primary School.[6] He continued his study at Malay College Kuala Kangsar and then studied A-Level at Sherborne School, Dorset, United Kingdom.[7] 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.[8] 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), a world-class financial education institution and a leading center of financial research.[9] He is also a Fellow Chartered Banker with the Asian Institute of Chartered Bankers.[1]

Since his school days, Tengku Zafrul was interested in sports such as hockey and ran for recreation.[9] During his first year at the University of Bristol, his main transportation was by bicycle.[9] 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.[10] He is also a fan of the football club, Liverpool F.C., which plays in the English Premier League as well as veteran football players such as Ian Rush.[11][12][13]

Career history

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.[14]

Ministry of Finance

On 9 March 2020, Tengku Zafrul was appointed in Muhyiddin's cabinet as Minister of Finance.[3] He embarked on a difficult 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.[15] Tengku Zafrul also explains the economic recovery plan will be announced after Aidilfitri to revive the affected economy of Malaysia.[16][17] 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.[18] On 6 November 2020, Tengku Zafrul presented the 2021 budget in the Dewan Rakyat to ensure that the economy revives and benefits the people.

Previous positions
  1. AmInvestment Bank (Corporate Finance Executives) (June 1996 - April 1997)[19]
  2. Credit Agricole (Investment Analyst and Director) (May 1997 - August 1998) & (July 1999 - March 2001)[19]
  3. Tenaga Nasional Bhd (President's advisor) (March 2001 - September 2002)[19]
  4. CIMB Investment Bank Berhad (Director, "Client Coverage") (September 2002 - April 2003)[19]
  5. Avenue Capital Resources Bhd/Avenue Securities (now ECM Libra) (Chief Executive Officer and Chairman) (2003 - 2006)[19]
  6. Citigroup Malaysia (Head of Investment Banking) (April 2006 - March 2007)[19]
  7. Tune Money (Chief Executive Officer) (March 2007 - December 2008)[19]
  8. Kenanga Holdings Berhad and Investment (Group Director) (January 2009 - June 2010)[19]
  9. Maybank Investment Bank Berhad and Maybank Kim Eng Holdings (Chief Executive Officer) (June 2010 - December 2013)[19]
  10. CIMB Investment Bank Berhad (Chief Executive Officer & Co-Chairman of Corporate Solutions) (2014 - 2016)[19]
  11. CIMB Bank Berhad (Chief Executive Officer) (2014 - 2015)[19]
  12. CIMB Group Holdings Berhad (Group Chief Executive Officer) (February 2015 - 9 March 2020)[19]
  13. Ministry of Finance (10 March 2020 - now)[19]

Recognition and awards

Throughout his career, Zafrul was awarded with numerous prestigious awards including ASEAN CEO Award by Technology Business Review (2008).[20] He also was given the Malaysian Business Leadership Award in the year 2009.[20] Most Promising Entrepreneurship Awards by Enterprise Asia (2008)[20] 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.[21]

Other media

Television

Tengku Zafrul was one of the judges of the corporate reality television series The Firm.[9] The show premièred prime time nationwide on ntv7 and Astro's Channel 7 in Malaysia in 2007.[9] 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.[22]

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

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. "Cantiknya Isteri Menteri Kewangan! Anak 4 Tapi Maintain Muda, Rupanya Amalkan Petua Semula Jadi Je". Nona. Retrieved 7 June 2020.
  6. "Tengku Zafrul tekad beri perkhidmatan terbaik". www.bharian.com.my. 9 March 2020. Retrieved 4 July 2020.
  7. "Biodata Menteri Kewangan Malaysia 2020: Tengku Zafrul Aziz". www.iluminasi.com. 10 March 2020. Retrieved 5 July 2020.
  8. 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.
  9. "8 Things About Our New Finance Minister And What He's Bringing to the Table". Vulcan Post. Retrieved 3 May 2020.
  10. "Abbott World Marathon Majors". World Marathon Majors. Retrieved 23 January 2019.
  11. "Kelab EPL Yang Disokong Oleh Menteri Kabinet Baharu". Semuanya Bola. 10 March 2020. Retrieved 3 May 2020.
  12. "6 Fakta Menarik Tentang Tengku Zafrul Menteri Kewangan Malaysia Yang Baharu (2020)". The Inspirasi. 9 March 2020. Retrieved 3 May 2020.
  13. "Relationships mean a lot to him". Pressreader. 30 July 2019. Retrieved 3 May 2020.
  14. "Zafrul quits CIMB CEO post". www.thestar.com.my. 10 March 2020. Retrieved 1 August 2020.
  15. "Malaysia: The PRIHATIN Rakyat Economic Stimulus Package". www.bakermckenzie.com. 31 March 2020. Retrieved 6 May 2020.
  16. "Pelan pemulihan ekonomi diumum selepas Aidilfitri - Tengku Zafrul". www.astroawani.com. 5 March 2020. Retrieved 1 August 2020.
  17. "PM to launch short-term economic recovery plan this month, says Tengku Zafrul". www.theedgemarkets.com. 2 June 2020. Retrieved 1 August 2020.
  18. "MoF's ePenjana programme". www.thestar.com.my. 31 July 2020. Retrieved 1 August 2020.
  19. "SENARAI KABINET 2020". www.bharian.com.my. 13 March 2020. Retrieved 5 July 2020.
  20. "Tengku Zafrul Tengku Abdul Aziz". www.uschos.com. 2020. Retrieved 6 May 2020.
  21. "Tengku Zafrul bags TalentCorp's Life at Work 2019 award". www.theedgemarkets.com. 17 July 2020. Retrieved 20 July 2020.
  22. Mohd Nasaruddin, Parzi (19 November 2010). "Pelancongan domestik rancakkan ekonomi". www.bharian.com.my. Retrieved 4 July 2020.
  23. Nair, Vijenthi (1 February 2021). "Yang di-Pertua Negeri Sabah, Penang head FT Day honours list". The Star Online. Retrieved 1 February 2021.
  24. 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.
  25. Hadir, Shawaliah (1 February 2021). "Tengku Zafrul antara 6 penerima Darjah Kebesaran Pangkat Pertama sempena Hari WP". MalaysiaGazette (in Malay). Retrieved 1 February 2021.
  26. "SEMAKAN PENERIMA DARJAH KEBESARAN, BINTANG DAN PINGAT". Prime Minister's Department (Malaysia). Retrieved 23 December 2020.
  27. 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.
  28. "DPMS 2016". awards.selangor.gov.my. Retrieved 23 December 2020.
  29. "769 receive state awards, medals from N.Sembilan ruler". Bernama. The Sun Daily. 14 January 2014. Retrieved 1 February 2021.
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