KUALA LUMPUR: The newly set-up financial guarantee insurer, Danajamin Nasional Bhd, aims to build a 90-member team with diverse skills in debt capital markets, rating, credit and risk evaluation.
“The large transaction values highlight the need for strong and dedicated teams to process and monitor the complex requirements of borrowers,’’ CEO Ahmad Zulqarnain Onn told StarBiz.
Danajamin is a regulated entity under the Insurance Act with the requirements of a small financial institution to be put in place.
Besides the basic legal, finance, secretarial and human resources functions, there will be two core teams dealing in underwriting and risk evaluation as well as processing applications.
By the end of this year, Danajamin will have recruited 50 team members. Zulqarnain takes the challenge seriously.
“It is like setting up a mini bank from ground zero,’’ he said. “It is an opportunity to start something which is fresh and beneficial to the economy.”
“With such amounts of public money at stake, we need to build a strong and professional team who will conduct themselves in a responsible manner at all times,’’ he added.
Danajamin is designed to be a permanent set-up even if, following its success, banks decide to re-enter the bank guarantee market.
“We need different types of risk takers to deepen the market,’’ Zulqarnain said. “We hope to be a catalyst for others to take on additional risk with sufficient filtering amd heightened risk assessment.’’
Even if the private market for bond guarantees takes over, Danajamin will still play its role in surveillance and remedial work as well as ensuring that payments are met under any circumstances.
To Zulqarnain, the job will always be exciting as “markets are constantly changing and evolving on a daily basis. We will also need to evolve.”
Zulqarnain graduated from Harvard University, with a bachelor of arts in economics.
Prior to his present position, he was chief corporate strategist at Affin Bank Bhd.
Zulqarnain, 37, started his career with UBS Warburg as an equity research analyst, recruited under UBS’s global graduate training programme.
Subsequently, he joined the corporate planning team in Pengurusan Danaharta Nasional Bhd, the debt resolution agency set up during the 1997 Asian financial crisis.
Zulqarnain then joined the investment banking team at CIMB, where he was seconded to the Corporate Debt Restructuring Committee as part of a five-man team under the ambit of Bank Negara.
His other positions include the director of Symphony House Bhd and executive director at Bolton Bhd. – By Yap Leng Kuen For Bank Negara statements click here
For Bank Negara statements click here
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