MALAYSIA: The Ministry of Finance (MOF) of Malaysia has announced the retirement of Dr Awang Adek Hussin as the executive chairman of the Securities Commission Malaysia (SC) effective on the 15th June 2024. Mohammad Faiz Azmi is succeeding Dr Awang Adek for a term of three years beginning the 16th June 2024 and ending the 15th June 2027.
“The MOF thanks Dr Awang Adek for his service at the SC and believes his expertise and experience will continue to be utilized by the state’s financial markets,” said Senator Amir Hamzah Azizan, the minister of finance II of Malaysia.
Appointed as the executive chairman of the SC on the 1st June 2022, Dr Awang Adek has had a notable career, with his tenure characterized by significant advancements in the regulatory landscape of Malaysia, particularly in the areas of sustainable finance and digital finance. Under his leadership, the SC overhauled two major capital markets laws that are currently awaiting government approval, and introduced the Social Exchange, a fund-raising platform mobilizing private and philanthropic financing. The launch of Maqasid Shariah principles for the Islamic capital markets and the launch of investED, a capital markets students’ program, are also some of his other achievements.
Dr Awang Adek’s extensive background in economics and finance spans over three decades, and includes roles such as Deputy Minister of Finance (2006-2013), member of Parliament (2004-2008) and senator (2009-2013). His career with Bank Negara Malaysia from 1985 to 2001 saw him rise to the rank of assistant governor. Awang Adek also contributed his expertise to several boards, including the Labuan Financial Services Authority and Permodalan Nasional.
Mohammad Faiz, a member of the SC board since August 2023, meanwhile brings over 38 years of experience in audit and business advisory services, finance and capital markets, both in Malaysia and the UK, to the role. He recently retired as a partner and the executive chairman of PwC Malaysia, where his leadership included heading the global Islamic finance team (2007-2012) and leading the firm’s sustainability and climate change practice focusing on ESG and Shariah investing.
Additionally, Mohammad Faiz’s recent engagements include working with the federal and state governments on accrual accounting and being involved in the financial restructuring and investigations for various government entities. He has served as the president of the Malaysian Institute of Accountants and the chairman of the Malaysia Accounting Standards Board.
Mohammad Faiz’s vast experience in the private and public sectors is expected to drive forward the SC’s mission to ensure a fair and efficient capital market in Malaysia, and the MOF said it believes he is able to make a brilliant contribution to the organization.
