A new Big Three is poised to turn their nations into economic powerhouses

Ahmed Abdulkarim al-Kholifey, Murat Cetinkaya, and Muhammad Ibrahim have a lot in common. They are powerful decision-makers with a great deal of working experience in banking, regulations, the money market, and foreign exchange operations.

Their countries clearly put a lot of stock in their prowess in fixing economies—they were also recently elected to head the national finance machinery in their respective countries.

AHMED ABDULKARIM AL-KHOLIFEY

While economic concerns still mount in Saudi Arabia and oil prices continue to plunge worldwide, the Kingdom recently announced its grand Vision 2030 economic reforms to the world. 

But what was clearly missing was the involvement of an economic mastermind to drive the oil-rich kingdom to the glory envisioned by its royals.

In a quick move, King Salman appointed Ahmed Abdulkarim al-Kholifey last week as the head of the Saudi Arabian Monetary Agency (SAMA), replacing Fahad bin Abdullah al-Mubarak.

According to reports from Saudi Arabia, the new Governor has said that his priority is to maintain monetary stability and support the government’s Vision 2030 economic reforms.

Kholifey graduated with a master’s degree and PhD in business administration and economics in 2000 from Colorado State University in the United States.

He had served as SAMA’s deputy governor for research and international affairs since 2013.

He has also worked as a fellow researcher at the Bank for International Settlements in Basel, at the Ministry of Petroleum and Mineral Resources in Riyadh.

MURAT CETINKAYA 

The Turkish economy is not as rosy as some seem to think.

Banks are in a tough spot as bad loans and bankruptcies surge after years of growth supported by domestic consumption and credit.

Prices of essential commodities are rising, stocks are plunging, and investors worldwide have started to worry.

But Murat Cetinkaya, the new Governor of Turkey’s Central Bank, has vowed to fight it all.

Cetinkaya took charge in the last week of April as the first Islamic finance specialist to hold the position of Governor of the Central Bank of Turkey.

He has made it clear that price stability will be his priority, signaling his aim for a simpler and more transparent policy.

[RELATED STORY: Turkish central banker is a social scientist with roots in Islamic finance]

MUHAMMAD IBRAHIM

Muhammad Ibrahim, the new Governor of the Central Bank of Malaysia, was appointed in April, at a time when Prime Minister Najib Razak faces severe political pressure and the country faces its biggest economic challenges since the Asian financial crisis of 1998.

Under Muhammad’s leadership, the Central Bank is expected to continue to regulate and develop the financial services sector as well as advise the government in fostering the economy.

Muhammad had served as Deputy to former Central Bank Governor Zeti Akhtar Aziz since 2010, and he is also on the board of Petronas, Malyasia’s national oil company.

Muhammad holds a master’s degree from Harvard University and a postgraduate diploma in Islamic banking and finance from the International Islamic University Malaysia.