Muhammad will take over from Dr Zeti Akthar Aziz who retires on April 30.

Zeti’s successor has a big shoe to fit, as her 16-year tenure as the governor is one decorated with accolades, including financial magazine Euromoney’s “Central Bank Governor of the Year” in 2005.

In 2011, she was even named as a possible candidate to head the International Monetary Fund.

Zeti will come to be known as the governor who injected much-needed discipline into the banking system, especially by executing a financial sector masterplan that has strengthened and deepened the industry. But change is at hand. The question of who will replace the 68-year-old Zeti as central bank chief has generated much debate.