KUALA LUMPUR (June 9): The Association of Banks in Malaysia (ABM) has welcomed Datuk Shaik Abdul Rasheed Abdul Ghaffour's appointment as Bank Negara Malaysia’s (BNM) new governor, saying the banking industry will benefit from his experience "as we continue to progress and navigate through the winds".

“As a true home-grown talent, throughout his career with the central bank, he has provided expertise to drive the nation’s economy by playing key roles in developing high-impact financial blueprint,” ABM chairman Datuk Khairussaleh Ramli said in a statement on Friday.

Highlighting Abdul Rasheed’s extensive understanding of the domestic, regional and global economy, Khairussaleh said this will be a huge advantage for the country and that “the banking industry will continue to thrive under his leadership”.

"In this regard, we look forward to continue working closely with Datuk Abdul Rasheed and the team at BNM," said Khairussaleh, who is also the group president and chief executive officer of Malayan Banking Bhd (Maybank).

BNM Bank Negara announced earlier on Friday that the Yang di-Pertuan Agong has consented to appoint Abdul Rasheed as governor for a five-year term effective July 1, replacing Tan Sri Nor Shamsiah Mohd Yunus, who completes her five-year term on June 30.

Khairussaleh thanked Nor Shamsiah “for her immeasurable contributions to the nation over the years”, noting that she has been instrumental in driving the central bank by introducing reforms and initiatives that accelerated the nation’s recovery from the Covid-19 pandemic.

“She has served with the highest integrity by lending her knowledge to the financial industry while championing a people-first initiative in shaping a sustainable Malaysia by promoting monetary and financial stability,” added Khairussaleh.