Nazir Razak - Whats in a Name: Family, career and the heart of Malaysia

Dato Sri Nazir Razak is the chairman and founding partner of Ikhlas Capital, an ASEAN private equity firm. Prior to this he spent twenty-nine years at CIMB Group, where he spearheaded its transformation from a small Malaysian merchant bank to a leading ASEAN banking group.

Nazir holds a BSc from Bristol University (1988) and an MPhil from Cambridge University (1989). He was a Visiting Fellow at the Oxford Centre for Islamic Studies (2010) and at the Blavatnik School of Government, Oxford University (2019).

First published in 2021 by Nazir Razak

Copyright Nazir Razak 2021

The moral right of Nazir Razak to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988.

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or any information storage or retrieval system, without prior permission in writing from the publishers.

Hardback ISBN 978-1-913532-60-4
Trade paperback ISBN 978-1-913532-94-9

Also available as an ebook
ISBN 978-1-913532-61-1

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Cover design by kid-ethic
Project management by whitefox

To my mum, Rahah,
who passed away on 18 December 2020,
for her unconditional love and selfless
dedication to everything family.

This is a book that needed to be written and must be read by all Malaysians who care about the country. No one who has family disagreements could not be moved by the terrible choices one has to make between loyalty to family, honour and dedication to the nation. When one is a member of the family at the leadership and founding of Malaysia, these choices are fateful because they decide not just the direction of the family, but also the nation. I salute therefore Nazir Razak for writing what must be very painful to write, but necessary to explain why very difficult choices face the nation and each and every one of us. I commend this book not only for its lucid analysis, but also constructive ideas that recognise that it is in our inner strength and will to change and exchange ideas that we will forge a stronger nation.

Tan Sri Andrew Sheng, chairman, George Town Institute of Open and Advanced Studies, Wawasan Open University, Penang, and former chairman of the Securities and Futures Commission of Hong Kong

When a countrys most accomplished deal maker puts pen to paper, its most compelling passages would usually be the account of businesses built, pivotal deals struck and even grand scandals unfolding. Thrilling as these stories are, the books main contribution lies elsewhere; in Nazirs lifelong quest for the deeper truths and values left by his late father. When Tun Razak told his young son to jaga nama baik, Nazir rightly concludes that this means a duty to jaga yang baik, to uphold what is true and proper. Whats in a name? Quite a lot in fact: Mohamed Nazir linguistically means the good overseer or the good warner. In Malay and Muslim tradition, when parents name a child, it is both a name and a prayer. This book may just be a fulfilment of both. Malaysians would do well to give it serious consideration.

Tan Sri Azman Mokhtar, former managing director of Khazanah Nasional Berhad

I could not and would not put down Whats in a Name when I started reading it, and was riveted to its pages, reading it cover to cover in two days over Christmas Day and Boxing Day. It is a story of Malaysia, Tun Abdul Razak and Nazir Razak. I would recommend this book to anyone who is interested in Malaysia, its history, politics or economics. In fact, it should be compulsory reading in our universities. This book provides an intimate look and insight into key events which shaped Malaysia in the last fifty years. It is a book providing a glimpse of the past, present and future of Malaysia.

Dato Lim Chee Wee, senior partner of Lim Chee Wee Partnership and former Bar Council President

A gripping account of the emergence of the Malaysian financial sector into global prominence, from before the Asian Financial Crisis through the drama of 1MDB. Nazir Razak saw it all at first hand and relates the story with verve and a heartfelt plea for good governance as the solution for stability and growth. Not just a book for bankers, this is essential reading for anyone interested in the modern history of Malaysia. An outstanding book.

Professor Eugene Rogan, director of the Middle East Centre, University of Oxford, and author of The Arabs: A History

A three in one insight on the Razak family history, values and legacy. This book is a tour de force reference for corporate values and good governance. It provides a page-turning account of CIMBs success by design and brings to light the untold story behind 1MDB. A mesmerising read indeed.

Dato Hussamuddin Yaacub, publisher, SinarHarian/Karangkraf Group

Whats in a Name is a first-hand story of Malaysias fascinating development journey and the transformation of a small merchant bank to a major ASEAN financial institution. This book reflects on what it takes to build economies, societies and institutions that can take on the challenges of the future. At the same time, it highlights a few enduring lessons that context really matters when making decisions; even the best solutions dont last a lifetime; there is real power in diversity; first movers are not cautious, considered people; conduct matters far more than words, and hindsight is indeed twenty-twenty. Ultimately, this book is on the importance of legacy and the enormous responsibility borne by inheritors to recognise, preserve and enhance. An insightful read.

Joydeep Sengupta, senior partner, McKinsey and Company

Paradoxically, both poverty and privilege can be challenging. I suffered poverty. Nazir suffered privilege. And privilege can be more corrupting, undermining key values of determination and diligence, integrity and compassion. This elegantly written and charming book describes well how Nazir overcame it all while hewing faithfully to the values that his father, a great statesman, bequeathed to the family. This memoir provides invaluable insights into contemporary Malaysia. It will also play a critical role in the rejuvenation and revitalisation of Malaysian society.

Kishore Mahbubani, founding dean of the Lee Kuan Yew School of Public Policy, NUS, and the author of The ASEAN Miracle

I did not just read this book; I dived into it! As someone who served under Tun Razak, Nazirs excellent account of life in Seri Taman and description of his late father stirs vivid memories of a golden time of political leadership in the country. Nazirs stories about building CIMB are fascinating; his assessment of what ails our nation are astute and his ideas about the way forward must be given serious consideration despite being very challenging. Almost no one is as enthusiastic and determined as Nazir to put into reality his ideas for bringing Malaysia forward. This book deserves encouragement and support.

Tun Musa Hitam, former deputy prime minister, Malaysia

This splendid book gives you a seat in the cockpit, as one of the largest banks in Malaysia is built. The audacious deals and the setbacks make gripping reading. Nazir Razaks journey is both personal and national, and so too are the lessons he draws.

Professor Ngaire Woods, dean of the Blavatnik School of Government, University of Oxford

Whats in a name? Evidently, a lot. This book is about a family at the heart of the Malaysian project. It familiarises us with Tun Abdul Razak from the perspective of his youngest son. We learn of his childhood, his values and the challenges he faced. These values come to shape the life of Nazir Razak and end up getting him into direct conflict with another member of the Razak household, Najib Razak. But whats more than a name? Beyond being a story of legacy and family, it is a deep insight into corporate Malaysia through the lens of Nazir Razak in CIMB. As we follow his journey with CIMB and how theyve grown over the decades, we see the evolution of a corporate leader and his lessons learned. But we also learn about the many conflicts, powerplays and battles behind the scenes that only a few have known about. Fundamentally, these stories really tell us a tale of nation building. What we got right, where we went wrong and most importantly, how do we get back on track. A must read for all Malaysians.