Malayan Banking’s New CFO: A Strategic Move to Drive Sustainable Growth

Malayan Banking Berhad (Maybank), Southeast Asia’s largest Islamic bank by assets, has made a significant leadership shift with the appointment of Shafiq Abdul Jabbar as its new Group Chief Financial Officer (CFO), effective July 7, 2025. The move follows the abrupt dismissal of its former CFO, Khalijah Ismail, in February 2025 amid an internal inquiry—a transition that has now been met with investor optimism, as evidenced by a 0.4% rise in Maybank’s share price on the announcement. This article examines how Shafiq’s diverse expertise and strategic vision could position Maybank for long-term growth amid evolving financial sector challenges.

The Shafiq Factor: A Cross-Industry Veteran at the Helm

Shafiq brings over 25 years of experience across banking, media, and professional services, a rarity in the conservative banking sector. Most recently, he served as Group CFO of AmBank (AMMB Holdings Bhd), where he delivered measurable improvements in financial performance through balance sheet optimization, revenue growth, and cost-cutting initiatives. Before that, he spent seven years at Astro Malaysia Holdings, Malaysia’s leading pay-TV provider, where he oversaw finance, strategy, and media sales, demonstrating adaptability in a non-banking environment. Earlier roles included senior positions at CIMB Bank and Big Four firms like PwC and KPMG, where he honed skills in audit, corporate finance, and global operations.

This blend of experience is critical for Maybank, which seeks to modernize its finance function and align with its stated goal of becoming the “most positive impactful financial institution.” Shafiq’s mandate includes:
- Leading a transformative overhaul of Maybank’s finance department, integrating advanced data analytics and technology to enhance decision-making.
- Strengthening governance, reporting standards, and operational controls.
- Driving shareholder value creation through strategic cost management and capital allocation.

Context of Transition: A New Chapter for Maybank’s Leadership

Shafiq’s appointment comes amid a turbulent period for Maybank’s executive leadership. Khalijah Ismail’s dismissal in February 2025—linked to an internal inquiry—sparked controversy when she filed a wrongful dismissal lawsuit with Malaysia’s Industrial Court. While the details remain opaque, the board’s swift action to recruit a seasoned replacement signals a commitment to rebuilding trust with stakeholders.

Maybank’s shares closed at RM9.99 on April 30, 2025, a 0.4% increase from the previous day, valuing the bank at RM120.69 billion. This reflects investor confidence in Shafiq’s ability to stabilize and grow the firm.

Strategic Imperatives: Why Shafiq’s Skills Matter Now

Maybank faces dual challenges: maintaining profitability in a low-interest-rate environment and adapting to digital disruption. Shafiq’s cross-sector background offers unique advantages:
1. Technology-Driven Finance: His tenure at Astro exposed him to data analytics and media sales optimization—skills transferable to Maybank’s push for digitization of financial services.
2. Cross-Border Experience: Having worked in Malaysia, London, and Australia, he understands global financial systems, aiding Maybank’s expansion into ASEAN and beyond.
3. Crisis Management: His prior roles in restructuring and cost optimization at AmBank and Astro could help navigate Maybank’s own need to streamline operations while investing in innovation.

Market Outlook: A Glimmer of Confidence

The 0.4% share price rise on the announcement suggests investors view Shafiq’s appointment as a positive signal. However, Maybank’s broader trajectory hinges on:
- Execution of its technology roadmap, including AI-driven risk management and digital banking platforms.
- Balancing growth with risk, particularly in markets like Indonesia and Thailand, where Maybank has significant exposure.
- Resolving Khalijah’s legal dispute, which could distract from strategic priorities if prolonged.

Conclusion: A Prudent Bet on Leadership

Shafiq Abdul Jabbar’s appointment marks a pivotal moment for Maybank. His proven track record in financial restructuring, cross-industry adaptability, and technological acumen align with the bank’s stated goals of modernization and sustainability. With shares up 0.4% on the news and a valuation of RM120.69 billion, investors appear to believe this leadership shift could unlock Maybank’s potential.

However, success will depend on translating strategy into execution. If Shafiq can deliver operational efficiency, technological integration, and strong governance, Maybank could solidify its position as a regional banking powerhouse. For investors, this appointment signals a step toward stability and innovation—key ingredients for long-term value creation in an increasingly competitive landscape.

As the financial sector evolves, Maybank’s bet on Shafiq may prove to be a shrewd move, leveraging his unique expertise to navigate the challenges ahead. The next 12–18 months will be critical in determining whether this leadership transition translates into sustained growth for shareholders.