CEO Insights Magazine

Amirul Nasir Abdul Rahim

CFO

Serving as a strategic leader, Chief Financial Officer (CFO) plays a crucial role in any business, responsible for managing the financial health and sustainability of the organization. Their responsibilities encompass a wide array of financial functions, including overseeing financial planning, managing capital, asset liability management, treasury management, procurement, investor relations, and ensuring compliance with regulatory requirements. The CFO provides vital insights to the executive team and board of directors, guiding decision-making processes and fostering financial stability and growth.

Amirul Nasir Abdul Rahim epitomizes the essence of a seasoned CFO, bringing a wealth of experience and expertise to his role. With a distinguished background as a Fellow of the Association of Chartered Certified Accountants (ACCA) from the United Kingdom, Amirul has held key positions in prominent financial institutions, shaping his leadership skills and strategic acumen.

Currently positioned as the Chief Financial Officer (CFO) at Bank Muamalat, Amirul oversees a broad spectrum of financial operations, demonstrating his adeptness in managing complex financial landscapes. His tenure at CIMB Niaga in Indonesia and CIMB Group Malaysia, where he played pivotal roles in strategic planning and transformation, showcases his ability to drive organizational growth and efficiency.

Amirul's career journey, which includes early experiences at Ernst and Young in Malaysia and Singapore, as well as at AMBANK Group Malaysia, underscores his strong foundation in audit and financial advisory. His commitment to excellence and innovation, coupled with his empathetic leadership style and unwavering integrity, distinguishes him as a respected figure in the finance industry.

As Amirul Nasir Abdul Rahim continues to inspire and empower others in the realm of finance, his journey serves as a testament to the transformative power of vision, hard work, and dedication. Let’s hear more from him in this one-on-one interaction.  

Bank Muamalat, established in October 1999, holds a significant position in Malaysia's Islamic banking industry. As one of the three full-fledged Islamic banks in the country, it operates according to Shariah principles, offering a comprehensive array of Shariah-compliant financial products and services. Catering to both individuals and corporate clients, Bank Muamalat provides a wide range of services, including deposit accounts, asset management, financing for various needs such as automobiles, homes, and personal use, as well as wealth management products like takaful and investments.

The bank's vision extends beyond mere financial metrics; it aspires to be the strongest Islamic bank in Malaysia, emphasizing stable financial performance, a well-managed balance sheet, market leadership, and adaptability to change. Upholding the tagline 'Better Lives, Together,' Bank Muamalat aims to democratize Islamic banking, making its offerings accessible to all, regardless of background.

In terms of market position, Bank Muamalat has demonstrated impressive growth, particularly in gross financing, outpacing the industry average. Its asset size ranks 10th among Malaysia's 16 Islamic banks, with a lower gross impaired ratio compared to industry standards. Moreover, the bank is committed to supporting micro-entrepreneurs through initiatives like iPUSH and iTEKAD Mawaddah, providing microfinancing, training, and seed capital.

Internationally, Bank Muamalat has received recognition, notably being awarded the Most Improved Islamic Retail Bank in Malaysia 2023 by the Islamic Retail Banking Awards (IRBA) 2023, a testament to its commitment to excellence in Islamic banking on a global scale.

Could you please share insights into your leadership style and the principles that guide your approach as a leader? 

In my leadership journey, I draw inspiration from renowned literature on effective leadership, such as 'Good to Great' by Jim Collins and 'The 7 Habits of Highly Effective People' by Stephen R. Covey. At the heart of my leadership philosophy lies the concept of servant leadership, wherein I view my role not as a superior but as a facilitator of growth and success for my team.

I prioritize leading by example, and cultivating an atmosphere of trust, mutual respect, and collaboration. Effective communication is paramount in my leadership strategy; I emphasize active listening and open dialogue to ensure every team member's perspective is heard and valued. Additionally, I believe in empowering individuals within my team, urging them to take ownership of their tasks and providing the necessary support and resources for their advancement.

One of the methodologies I adhere to is the 'SMART' goal-setting framework, ensuring that objectives are Specific, Measurable, Achievable, Relevant, and Time-bound. This approach fosters alignment and focus among team members, driving us toward our collective objectives and eventual success. 

Moreover, I champion a culture of continuous learning and improvement. Encouraging a growth mindset within the team, I advocate for seizing opportunities for personal and professional development, learning from both triumphs and setbacks.

In essence, my leadership style is characterized by empathy, integrity, and a dedication to nurturing a positive and inclusive work environment. By leading with humility and a genuine concern for the well-being and growth of my team members, I aim to foster an atmosphere where everyone feels empowered to unleash their full potential and achieve remarkable outcomes.

What are the new financial strategies/ advancements the organization is working on? What is the financial road map that you have planned for Bank Muamalat?  

Bank Muamalat is embarking on new financial strategies aimed at driving growth and sustainability. These strategies focus on five key areas: firstly, prioritizing the growth of high-yielding assets while accelerating core fee income; secondly, leveraging digitalization and process efficiency to monetize operations; thirdly, emphasizing productivity and cost management; fourthly, maintaining asset quality by growing secured assets and ensuring gross impaired financing remains below industry standards; and lastly, managing capital efficiently through strategic allocation.

The forthcoming launch of a digital bank within Bank Muamalat is anticipated as a significant advancement, poised to capitalize on opportunities in the digital economy. Concurrently, the bank is committed to operational excellence through technology adoption, branch optimization, and paperless initiatives for streamlined operations. Strengthening operational support functions, including improving productivity, ensuring frontline compliance, and optimizing the customer service experience, continues to be a key focus.

Aligned with its five-year business plan, RISE26+, Bank Muamalat's financial roadmap encompasses five aspirations. These aspirations include delivering sustainable shareholder returns by enhancing profitability and optimizing costs, enabling Islamic banking for all through customer diversification and product innovation, promoting agile banking with increased revenue from digital channels, building a high-performing organization characterized by a future-ready workforce and a culture of excellence, and advancing value-based intermediation and sustainability by expanding social finance and transitioning responsibly to a low-carbon economy.

What advice would you give to the upcoming financial leaders in the industry?

For aspiring financial leaders entering the industry, I offer this counsel based on my own experiences navigating the financial realm. I emphasize the importance of humility and a perpetual thirst for knowledge. It's crucial to remain grounded, facing challenges with courage and viewing them as avenues for personal and professional development. Continuous learning is paramount; embrace diverse perspectives, actively listen, and uphold integrity in every decision.

Success transcends individual accomplishments; it encompasses your ability to positively influence others and contribute to the industry's advancement. Thus, maintain humility, remain eager to grow, and recognize the significance of perseverance and determination in your journey.

Amirul Nasir Abdul Rahim, CFO, Bank Muamalat

Amirul Nasir Abdul Rahim, serving as the CFO of Bank Muamalat, is a distinguished finance professional renowned for his strategic prowess and leadership acumen. With a prestigious ACCA qualification and extensive experience in prominent financial institutions, including CIMB Group and Ernst and Young, he brings a wealth of expertise to his role. Amirul is committed to driving financial excellence, innovation, and sustainable growth, exemplifying integrity and vision in the dynamic landscape of Islamic banking.