KUALA LUMPUR: Bursa Malaysia Bhd has appointed Datuk Fad’l Mohamed as its new CEO effective March 1 with the impending retirement of Datuk Muhamad Umar Swift, who has held the position since February 2019.
Bursa Malaysia chairman Tan Sri Abdul Wahid Omar said the immediate priority is ensuring a smooth and orderly leadership transition while following through on the strategic plan and business plan Muhamad Umar established as approved by the board.
“The plans are a collective decision for the stock exchange to move forward. And in particular, following through on our commitment to be a multiasset exchange,“ he told a press conference in conjunction with a media briefing on Bursa Malaysia’s 2024 financial results today.
Abdul Wahid stressed that as a public-listed company with a front-line regulatory role, Bursa Malaysia will continue to uphold its regulatory function, which will remain a key priority for the incoming CEO. “We will be having further conversations with Fad’l once he is on board. And whether there are other areas to be reprioritised, that’s something that we will discuss.”
Fad’l’s understanding of capital markets and investment banking sets him in solid stead to lead the exchange into the future, Abdul Wahid said. “We are confident that his expertise will drive continued growth and success for the exchange and the marketplace.”
Meanwhile, Muhamad Umar said Bursa Malaysia is targeting 60 initial public offerings in 2025 with a contribution of over RM40 billion.
He said that in FY24, the exchange laid the foundation for long-term growth, including the launch of the world’s first waqf-featured exchange-traded fund, reflecting its commitment to offering innovative investment options that benefit society.
“Building on this progress, we aim to further develop our Islamic Market with new syariah-compliant products and services while expanding the investor base for platforms such as the Bursa Gold Dinar. These efforts will create greater alignment between syariah investing and sustainable and responsible investment.”
Additionally, he said, to support the country’s transition towards a low carbon economy, it recently enabled Gold Standard carbon credits on Bursa Carbon Exchange and launched a secondary market for Bursa Malaysia RAM Capital Sdn Bhd’s fundraising and investment platform.
“The exchange will increase efforts in advocating ESG practices and climate action initiatives in 2025, as well as in building a vibrant and sustainable marketplace.”
The Securities Commission Malaysia is in concurrence with the appointment of the new CEO in accordance with Section 10 of the Capital Markets and Services Act 2007.
Fad’l, 57, has 30 years of experience in legal, capital markets and investment banking spheres. He is currently the managing director of group wholesale banking at RHB Bank Bhd and was previously CEO of Maybank Investment Bank.
He began his career as a lawyer at Messrs Rashid & Lee in 1991 before joining the Securities Commission in 1993. Thereafter, he moved to Dresdner Kleinwort Benson, an investment banking firm.
In 2004, Fad’l founded Maestro Capital Sdn Bhd, a licensed corporate finance adviser that advised on mergers and acquisitions, capital raising, and initial public offerings, until 2015, when he joined Maybank Investment Bank.
He holds a Masters in Business Administration from Imperial College London, UK, and a Bachelor of Laws (Honours) degree from the University of London, UK. In addition, he holds a certified diploma in accounting and finance from the Chartered Association of Certified Accountants and is a fellow chartered banker with the Asian Institute of Chartered Bankers.
Fad’l is also a certified expert in sustainable finance awarded by the Frankfurt School of Finance and Management.
On the earnings front, Bursa Malaysia reported a 15.7% increase in net profit for the fourth quarter ended Dec 31, 2024 (Q4’24) to RM68.9 million, compared with RM59.55 million in the same period last year, driven by improved performance in its securities and derivatives markets.
Revenue for Q4’24 rose 18.7% to RM185.91 million, up from RM156.68 million in Q4’23.
For the full year, Bursa Malaysia posted a 22.9% increase in net profit to RM310.12 million from RM252.38 million last year. Revenue increased 27.2% to RM784.30 million compared with RM616.49 million in the previous year.
Muhamad Umar commented that the ongoing global and local developments continue to drive investment flows, resulting in higher trading activity in the securities and derivatives markets and increased demand for its services.
