KUALA LUMPUR – Danajamin Nasional Berhad (Danajamin) today announced that its Chief Executive Officer, Ahmad Zulqarnain Onn will be relinquishing his position to pursue a new role as Executive Director at Khazanah Nasional Berhad, effective May 1st, 2014.
Zulqarnain joined Danajamin as its inaugural CEO in August 2009 and has successfully led the company in its mandate of providing companies with access to the bond and sukuk market via its guarantee facility. To date, Danajamin has provided guarantees for bond and sukuk programmes worth up to RM6.7 billion.
“We thank Zulqarnain for his stewardship of Danajamin from its inception to being a recognised and respected financial institution within the capital markets. We understand and respect his desire for his new role at Khazanah and thank him for his leadership and contribution over the past five years. He has built a strong and talented management team which will ensure continuity of our strategies and plans,” said Dato’ Mohammed Hussein, Chairman, Danajamin.
The Board of Directors of Danajamin have activated a transition and succession plan and the appointment of Danajamin’s new CEO will be announced in due course.
Zulqarnain will work closely with Danajamin’s Board of Directors throughout the remainder of his tenure to ensure a smooth handover of responsibilities and operations.
Danajamin, the country’s first and only Financial Guarantee Insurer, was established by the Government to be a catalyst to stimulate and further develop the domestic bond and sukuk market. Danajamin’s objective is to provide financial guarantee, a credit enhancement, to bond/sukuk issuances to help viable companies raise long-term fixed rate financing from the bond/sukuk market. The bond/sukuk market is an important alternative source of financing, as it complements the banking sector. Its continuous development is critical in ensuring that Malaysian companies have several funding sources to finance their business expansion and investments.
A AAA-rated company, Danajamin is jointly owned by Minister of Finance Incorporated (50%) and Credit Guarantee Corporation Malaysia Berhad (50%). It has a paid-up capital of RM1 billion with another RM1 billion callable capital. Danajamin is licensed under the Insurance Act 1996, and is regulated and supervised by Bank Negara Malaysia.
For more information about Danajamin, its services as well as its leadership, kindly visit our website www.danajamin.com