PETALING JAYA: The digital banking space could see the exit of another top executive, depending on the outcome of Bank Islam Malaysia Bhd
’s hunt for a new group chief executive officer (CEO).
A source told StarBiz that Bank Islam is considering Raja Datin Paduka Teh Maimunah Raja Abdul Aziz, the current CEO of AEON Bank, to succeed Datuk Mohd Muazzam Mohamed.
Muazzam’s last day of service was Dec 31, 2025, after helming Bank Islam as the group CEO for seven years.
“Raja Teh Maimunah is one of the candidates,” said a source.
It is worth noting that the appointment of the next Bank Islam chief will need Bank Negara Malaysia’s (BNM) blessing.
In recent times, the domestic digital banking space has seen CEOs of two digital banks – Rafiza Ghazali of KAF Digital Bank and Melvin Ooi of Ryt Bank – reportedly stepping down.
While KAF Digital Bank’s website still lists Rafiza as the CEO as of Jan 21, it has been reported that she has been appointed as Fasset’s managing director for consumer banking effective Feb 1.
Rafiza’s contract at KAF Digital Bank will end on Jan 31, 2026.
Dubai-based Fasset secured conditional approvals last October from Labuan Financial Services Authority to operate as an Islamic digital bank.
Meanwhile, in the case of Ryt Bank, it was reported that the company’s chief financial officer Wilson Soon will assume the role of acting CEO with Ooi stepping down
Ryt Bank is backed by YTL Digital Capital Sdn Bhd and Singapore-listed Sea Ltd, the parent of Shopee.
Bursa Malaysia-listed YTL Power International Bhd owns 53% of YTL Digital Capital after it disposed of a 47% stake in the unit for RM18.8mil in financial year 2025.
Interestingly, KAF Digital Bank and Ryt Bank were the last two digital banks to launch their service to the Malaysian public – specifically August 2025.
BNM had awarded licences to five digital lenders back in April 2022.
Two of them, AEON Bank and KAF Digital Bank, were Islamic digital banks. The other digital banks were Grab-backed GXBank and Boost Bank by Axiata and RHB.
