Tengku Zafrul Aziz is Malaysia’s Minister of Investment, Trade and Industry (MITI). Formerly, he was Malaysia’s Minister of Finance (2020- 2022) as well as the Coordinating Minister for the nation’s National Recovery Plan, the key responsibility of which was to safely and systematically coordinate Malaysia's exit from the pandemic.
With over 22 years of experience in the financial services sector, Tengku Zafrul’s helmed various key leadership roles, the most recent of which was as the Group Chief Executive Officer/Executive Director of CIMB Group Holdings Berhad, a leading ASEAN universal bank and a world leader in Islamic finance. During that period, he was also the Chief Executive Officer/Executive Director of CIMB Bank Berhad and President Commissioner of PT Bank CIMB Niaga Tbk.
He had earlier also held senior positions with Maybank Investment Bank Berhad, Maybank Kim Eng Holdings, Citigroup Malaysia, Kenanga Holdings Berhad and Avenue Securities. His stint in entrepreneurship was experienced through the set up Tune Money Sdn Bhd, Asia’s first "no-frills" online financial service provider.
During his tenure as Malaysia’s Minister of Finance, Tengku Zafrul played a key role in curating and implementing a Malaysia’s comprehensive fiscal response to the COVID-19 pandemic. This included rolling out eight (8) stimulus packages with a total value of more than RM530 billion (USD115. 4 billion) and two (2) historic, expansionary and counter-cyclical annual Budgets of USD73.5 billion (2021) and USD76 billion (2022), all of which enabled the country’s GDP to grow at 8.7% in 2022.
As the Minister currently responsible for promoting exports, attracting investments into the country and empowering industries, Tengku Zafrul has led numerous Trade and Investment Missions to countries like Australia, China, France, Germany, Japan, Saudi Arabia, Singapore, South Korea, the UAE, the US, and Vietnam. These missions have resulted in approved investments of RM329.5 billion (USD69 billion) flowing into Malaysia in 2023, as well as potential exports valued at a few hundred billion ringgit, which helped bolster the country's GDP growth in the same year.
Tengku Zafrul was previously a member of the APEC Business Advisory Council (ABAC) and sat on the Board of the National Sports Council of Malaysia.
He is also an Honorary Commander of the Navy Volunteer Reserve under the Royal Malaysian Navy.
Tengku Zafrul graduated from the University of Bristol with a Bachelor of Science (Hons) Economics and Accounting and obtained a Master of Arts (MA) in Finance and Management from the University of Exeter. He also holds a Fellowship in Chartered Banking with the Asian Institute of Chartered Bankers.
Tengku Zafrul authored a book, Weathering The Economic Storm: A Journey Through The Uncharted Waters of COVID-19, which records the key fiscal policy decisions made during his role as Malaysia’s Minister of Finance to successfully navigate Malaysia through the coronavirus pandemic.