Bank Islam chief economist suspended after predicting opposition win in upcoming election

Bank Islam chief economist suspended after predicting opposition
win in upcoming election
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Tuesday, 15 January 2013 16:42

KUALA LUMPUR (Jan 15): Bank Islam Malaysia Bhd has suspended itschief economist Azrul Azwar Ahmad Tajudin from his duties after he predicted the opposition would win in the upcoming general election.

In a text message to theedgemalaysia.com, Azrul Azwar confirmed a report by Political Studies for Change (KPRU – Kajian Politik untuk Perubahan) that he had been suspended from his job and risked losing his position at Bank Islam after predicting the outcome of the next general election in favour of Pakatan Rakyat.

In a statement on Tuesday, KPRU -- an independent think tank -- urged Bank Islam to lift the suspension "to protect the right to freedom of speech of its employees".

Bank Islam, in response to telephone calls from theedgemalaysia.com, said in a brief statement: "Based on the current policy of Bank Islam Malaysia, any staff irrespective of their position, including the management level, whom the bank has reasonable grounds to believe has breached the bank’s internal policy, will be suspended with full pay, to facilitate investigation."

The 13th general election must be called by April this year. Azrul Azwar recently said "there is a high possibility" that the opposition would win the general election at a public forum.

KPRU said in its statement: "Given that Bank Islam has moved away from the opinion expressed by Bank Islam’s chief economist Azrul Azwar, thus the suspension of Azrul is indeed an extreme action." It added that losing Azrul Azwar "will potentially affect the reputation and credibility of Bank Islam as one of the nation's financial institutions."

Azrul Azwar is said to have served as an analyst at Meridian Asset Management, RHB Bank, Malaysia Industrial Development Finance and Islamic Financial Services Board.