In a statement, the local rating agency said Arshad succeeds Jamaludin Nasir, who will take on an advisory role until the end of his term in November this year.

Meanwhile, chairman Nik Norzrul Thani Nik Hassan Thani congratulated Arshad on his appointment.

“We look forward to his stewardship in bringing the MARC group to even greater heights.

“At the same time, we would also like to thank Jamaludin for his strong leadership and invaluable contributions to the growth and expansion of the company,” said Nik Norzrul.

Meanwhile, MARC said before this appointment, Arshad was president and CEO of the Export-Import Bank of Malaysia Bhd (EXIM Bank).

“He had also held various leadership and management roles at Bank Pembangunan Malaysia Bhd, Maybank Islamic Bhd, International Islamic Liquidity Management Corporation (IILM), Abu Dhabi’s Al Hilal Bank, Saudi Arabia’s Aayan Capital, and HSBC Amanah in the UAE, among others,” it said.