The Ministry of Finance (MOF) announce that Dato’ Seri Dr. Awang Adek Hussin will retire as Chairman of the Securities Commission Malaysia (SC) effective 15 June 2024, in an official statement released today (June 13).
MOF announced that Dato’ Mohammad Faiz Azmi Mohammad Azmi has been appointed as the new SC Chairman for a term of three years, effective from 16 June 2024 until 15 June 2027. This appointment is in accordance with section 4(2) of the Securities Commission Act 1993 [Act 498].
Mohammad Faiz Azmi brings extensive expertise and experience in finance, capital markets, auditing, and financial management. Holding a Bachelor of Arts (Law) degree from Durham University and being a member of several professional bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW). He has previously served as the Executive Chairman of PwC Malaysia and Chairman of the Malaysian Accounting Standards Board (MASB). He has been a Member of the SC Board since 15 August 2023.
Given his wealth of experience, MOF is confident that he will contribute significantly towards ensuring SC achieves its goal of becoming a high-performing organisation.
“MOF expresses gratitude to Dato’ Seri Dr. Awang Adek for his service at SC and believes that his expertise and experience will continue to benefit the nation’s financial market,” said Datuk Seri Amir Hamzah Azizan, Minister of Finance II.
Under the leadership of Dr. Awang Adek, SC has overhauled two key capital market laws currently awaiting government approval and introduced the Social Exchange, a fundraising platform dedicated to projects with positive social impact through private funding and philanthropy to meet the needs of the less fortunate.
His other achievements include the investED Graduate Program to ensure a sustainable pool of industry professionals, the introduction of Maqasid al-Shariah principles for Islamic capital markets, and the launch of a strategic plan for SMEs and mid-sized companies.
