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Appointment of Members to Bank Negara Malaysia's Financial Stability Executive Committee

Release Date: 02 Dec 2019

Bank Negara Malaysia (the Bank) wishes to announce the appointment of Dato’ Abdul Rauf Rashid, and reappointments of Deputy Governor Abdul Rasheed Ghaffour and Puan Yoong Sin Min as members of the Bank’s Financial Stability Executive Committee (Executive Committee) following the expiry of the term of appointments of the non-ex officio members. These appointments are in accordance with Section 37(2) of the Central Bank of Malaysia Act 2009 (CBA 2009). The appointments are effective for a three-year term from 3 November 2019 to 2 November 2022.

The Executive Committee consists of seven members, a majority of whom are non-executive members who are independent of the Bank’s management.

  1. Datuk Nor Shamsiah Mohd Yunus
    Governor and Chairman
  1. Tan Sri Ahmad Badri Mohd Zahir
    Secretary-General of Treasury
  1. Datuk Syed Zaid Albar
    Chairman of Securities Commission Malaysia
  1. Encik Rafiz Azuan Abdullah
    Chief Executive Officer of Perbadanan Insurans Deposit Malaysia
  1. Datuk Abdul Rasheed Ghaffour
    Deputy Governor
  1. Puan Yoong Sin Min
    Partner of Shook Lin & Bok
  1. Dato’ Abdul Rauf Rashid
    Managing Director of Ernst & Young Malaysia

The Executive Committee was established in 2010 pursuant to Section 37 of the CBA 2009 and generally meets at least twice a year. Its primary purpose is to contribute to the fulfilment of the Bank’s statutory mandate of preserving financial stability through its powers to decide on specific policy measures that may be taken by the Bank to avert or reduce risks to financial stability. The Executive Committee is a key component of the accountability framework that has been institutionalised for the exercise of the broad financial stability powers accorded to the Bank under the CBA 2009. It is responsible to ensure that the proposed measures within its purview are appropriate, having regard to the Bank’s assessment of risks to financial stability.



Profiles of the newly appointed and re-appointed members of the Bank Negara Malaysia’s Financial Stability Executive Committee:


Datuk Abdul Rasheed Ghaffour

Datuk Abdul Rasheed is the Deputy Governor of Bank Negara Malaysia and is responsible for the overall development of the Malaysian financial sector, which includes the banking, insurance and payments development functions, as well as Islamic banking and takaful development. He was also responsible for the Bank’s Monetary and Economics Sector, which also includes the international relations and statistical services. He is a member of the Monetary Policy Committee, the Management Committee, Financial Stability Committee, the Reserve Management Committee and the Risk Management Committee of the Bank. During his career in the Bank that spans over 30 years, he has been involved in key areas of central banking, including policy formulation in financial sector development, financial surveillance and prudential policies for the banking and insurance sector.


Puan Yoong Sin Min

Puan Yoong joined the legal firm Shook Lin & Bok in 1985 and became a partner in 1992. She has been admitted to both the Bars in Malaysia and Singapore and is a litigator in civil disputes, with her specialty in the area of banking and finance litigation. Puan Yoong has extensive experience in financial sector issues including matters relating to Islamic finance, private debt securities, investment banking, receivership and insolvencies. She has been involved in issues relating to vesting orders arising from various bank mergers as well as vesting of bank non-performing loans (NPLs) to non-banking institutions. She is a council member of the Insolvency Practitioners Association of Malaysia (IPAM) and has been recognised by several established publications including Legal500, Chamber and Partners and Asialaw Profiles.


Dato’ Abdul Rauf Rashid

Dato’ Abdul Rauf is the Country Managing Partner of EY in Malaysia and also a Managing Partner of the EY Asean Assurance practice. Starting his professional practice in the United Kingdom, he has more than 27 years of both local and international professional experience in assurance and business advisory services. He has provided various types of assurance and business advisory services across the financial services industry. Among his portfolio of clients are banks, insurers and takaful operators, fund managers, occupational pension schemes and investment companies. A member of the Malaysian Accounting Standards Board (MASB) Standing Committee on Islamic Financial Reporting, he is also EY’s leader for Islamic financial services. He is a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and sits on the council of the Malaysian Institute of Accountants (MIA). He also sits on the council of the Malaysian Institute of Certified Public Accountants (MICPA), where he served as the President from June 2014 to June 2017, and currently serves as the Alternate Chairman for a committee in charge of investigations.

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