About

Tengku Zafrul Aziz

Tengku Datuk Seri Utama Zafrul Aziz currently serves as Chairman of the Malaysian Investment Development Authority (MIDA) and Senior Political Advisor to the Prime Minister of Malaysia. Prior to these appointments, he served as Malaysia’s Minister of Investment, Trade & Industry (MITI) from December 2022 to December 2025, and Minister of Finance (MOF) from March 2020 to October 2022, following more than 22 years of experience in banking and financial services.

As Minister of Investment, Trade & Industry, he played a pivotal role in strengthening Malaysia’s industrial competitiveness, expanding trade, and attracting high-quality investments. He spearheaded key national initiatives including the New Industrial Master Plan 2030 (NIMP 2030), the National Semiconductor Strategy, the Chemical Industry Roadmap, the ESG Industry Framework, the Green Investment Strategy, and the Circular Economy Policy Framework. During his tenure, Malaysia achieved a record RM426.7 billion in approved investments in 2025, while total trade surpassed RM3 trillion for the first time in the nation’s history. Malaysia also climbed 11 positions to rank 23rd in the World Competitiveness Ranking 2025.

During Malaysia’s ASEAN Chairmanship in 2025, MITI under his leadership advanced 18 Priority Economic Deliverables aimed at strengthening regional economic integration, facilitating trade, and promoting cooperation in emerging sectors such as Electric Vehicles and Artificial Intelligence. He also led negotiations on the Malaysia–United States Agreement on Reciprocal Trade, resulting in a reduction of US import tariffs from 25% to 19%, while securing exemptions for more than 1,700 tariff lines and preserving access to a significant export market.

As Minister of Finance during the COVID-19 pandemic, Tengku Zafrul spearheaded the formulation and implementation of eight stimulus and assistance packages valued at RM530 billion. He also led the development of Malaysia’s National Recovery Plan and successfully secured Parliamentary approval for expansionary budgets focused on economic recovery, job creation, and business resilience. These efforts contributed to Malaysia recording GDP growth of 8.7% in 2022, the highest among ASEAN economies that year.

A strong advocate of economic reform and sustainable development, he has actively promoted Malaysia’s economic agenda at prominent international forums including the World Economic Forum, Chatham House, Asia House, Reuters Next Asia, the FT-Nikkei Forum, the SCMP China Conference, and the Milken Institute.

Before entering public service, Tengku Zafrul served as Group Chief Executive Officer and Executive Director of CIMB Group Holdings Berhad, Chief Executive Officer of CIMB Bank Berhad, and President Commissioner of PT Bank CIMB Niaga Tbk. He also held senior leadership positions at Maybank Investment Bank, Maybank Kim Eng Holdings, Citigroup Malaysia, Kenanga Holdings Berhad, and Avenue Securities, and founded Tune Money Sdn Bhd, Asia’s first no-frills online financial services provider.

On 10 May 2025, he was elected unopposed as the 13th President of the Badminton Association of Malaysia (BAM) for the 2025–2029 term. Throughout his career, he has remained committed to youth development, sports advancement, financial literacy, and community empowerment.

Tengku Zafrul holds a Bachelor of Science (Honours) in Economics and Accounting from the University of Bristol and a Master of Arts in Finance and Management from the University of Exeter, United Kingdom. He is also a Fellow Chartered Banker of the Asian Institute of Chartered Bankers.

Married to Raja Johanna Adrina Raja Arshad, Tengku Zafrul is a proud father of four children and serves as an Honorary Captain in the Royal Malaysian Navy Volunteer Reserve.