Rafiza Ghazali appointed CEO of KAF’s Digital Islamic Bank

The Malaysian financial services group said Rafiza will initially be joining KAF Investment Bank as part of the digital bank project team pending the incorporation process of the digital bank entity

KAF Investment Bank Bhd has appointed Rafiza Ghazali as the chief executive officer (CEO) designate in leading its Digital Islamic Bank.

In a statement, the Malaysian financial services group said Rafiza will initially be joining KAF Investment Bank as part of the digital bank project team pending the incorporation process of the digital bank entity.

Deputy chief executive officer Thariq Usman Ahmad said the bank is pleased to have Rafiza to head its digital banking leadership team given her wealth of experience in both the private and public sectors.

Her extensive foundation in banking as well as her involvement in innovation, particularly with the Malaysian financial technology community, will be a huge asset in the building of KAF’s digital banking partnership platform, he said.

The consortium led by KAF Investment Bank is one of the five successful applicants to win the bids for the digital banking licenses in Malaysia. The consortium will be licensed under the Islamic Financial Services Act 2013 (IFSA).

Other members of the consortium include Malaysia-headquartered used car platform Carsome, two FinTech firms Jirnexu and MoneyMatch.

Rafiza has experience across the financial industry from Pengurusan Danaharta Nasional Bhd to RHB Investment Bank Bhd, where she oversaw information technology, investment operations, corporate planning, finance and treasury settlement.

She also served with central bank Bank Negara Malaysia, Thomson Reuters and Cagamas before her present role as Group CEO of Cradle Fund Sdn Bhd, where she was instrumental in leading its transformation into a startup ecosystem builder and the agency responsible for managing the development of the Malaysian Startup Ecosystem Roadmap, KAF said.

Rafiza’s appointment also came after Cradle Fund announced on Monday that she will step down as Group CEO and relinquish her role with effect from May 31 to pursue other opportunities.