On March 10, 2020, Tengku Datuk Seri Zafrul Tengku Aziz, alumnus of the Tsinghua PBCSF Belt and Road Initiative Executive MBA Program and Group CEO and Executive Director of CIMB Group Holdings Bhd., was appointed as Malaysia's finance minister, becoming the first banker and non-politician to be named Malaysia’s Finance Minister.

Commenting on his new appointment, Tengku Zafrul said in a separate statement that he would like to thank Muhyiddin for giving him the trust and opportunity to serve the nation. “I am humbled by this enormous responsibility especially at a time when the country is facing unprecedented economic challenges.

 “I would like to thank the Prime Minister (Tan Sri Muhyiddin Yassin) for giving me the trust and opportunity to serve the nation.

“I am humbled by this enormous responsibility especially at a time when the country is facing unprecedented economic challenges.

“I undertake to give my best to the nation and am looking forward to serve with all the relevant stakeholders in ensuring we remain steadfast and in the spirit of inclusivity, work together to realise our collective aspirations.

Tengku Zafrul will be tasked with implementing a RM20 billion (USD 4.8 billion) stimulus package to counter economic damage from the coronavirus outbreak. Growth in Malaysia's economy was slowing even before the contagion, weakening to a decade low last year.

He has since resigned from his post in CIMB.

In a statement March 9, 2020, CIMB said Tengku Zafrul had also resigned from all other board positions.

CIMB chairman Datuk Mohd Nasir Ahmad pointed out that Tengku Zafrul had served the group for six years, when he re-joined in 2014.“His energy and commitment to CIMB will be difficult to match but he leaves behind a better organisation with a stronger footing where he has united and instilled a strong CIMB culture.

“On behalf of the board I would like to thank Tengku Zafrul for all his contributions to the group and wish him well in his next role, ” he said in a statement.

Source: New Straits Times, The Star, Malaysiakini