Ismail Ali – central bank governor who paid for his office newspaper

His unwavering commitment to honour and integrity set a high standard for public service

Ismail Ali - ASIA SCHOOL OF BUSINESS

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By Bharat Avalani

Recently, I attended the preliminary launch of the Tun Ismail Ali Center of Excellence in Monetary and Financial Economics at the Asia School of Business.

The centre is housed at the Asia School of Business, founded by Bank Negara Malaysia and MIT Sloan.

The event brought back memories of a lost era when honour and integrity reigned supreme.

Of all the leaders of Malaysia, the one I admire the most is the late Ismail Mohamed Ali, the first Malaysian governor of Bank Negara.

He helmed the central bank from 1962 to 1980, making him its longest-serving governor.

I had the privilege of meeting him when I was a management trainee at Lever Brothers. His reputation for being incorruptible was legendary, and his integrity was unquestionable.

It is fitting that Ismail’s legacy of shaping Malaysia’s financial landscape is being honoured and documented. Here are a few short anecdotes I heard from friends and his siblings.

He was known to take the office newspaper home and would leave the equivalent cost of the paper on his office table. His longtime secretary, May Wong, would then pass the money to human resources.

In another instance, a central bank delegation was returning to Malaysia after a conference in Japan. At the old Subang Airport, the delegates were exempted from the routine customs check upon arrival.

But Ismail instructed that the delegates’ bags be checked, and some of the officers in the delegation then had to pay duty on the items they had bought in Japan.

At the beginning of every month, Ismail, as central bank governor, would declare his financial status by sending his bank statements to the then finance minister, Tan Siew Sin.

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Ismail never allowed his name to be used as a guarantor for his siblings.

His life reminds us of the importance of responsibility and accountability, particularly from those entrusted with public funds.

Bharat Avalani is an accomplished marketer who has travelled to 74 countries on various assignments. A regular storyteller, he enjoys sharing tales drawn from his extensive travels.

The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.
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Gursharan Singh
Gursharan Singh
2 Feb 2025 7.22pm

He was a rare gem in Malaysian Central Bank history just like TS Ahmad Noordin was in Malaysian Audit Department History. Bless all