Pakistan on Thursday appointed Malik as successor to Inzamam-ul-Haq after a disastrous and tragic World Cup where they crashed out in the first-round following an upset three-wicket defeat against the first-timers Ireland.
The 25-year-old Malik's appointment is seen as a step towards the future, something Raja believed could only be good if the young leader is given strong support.
"On one side it is a good decision because he is gutsy and a team player but he can be emotional and temperamental because he has not been tested at the top level so he needs a strong system for support," Raja told AFP.
"I am a bit guarded as well, it's young leadership but it can only be good if you strengthen the system which must assure the young talent is not taken hostage by senior players."
Younis Khan, deputy to Inzamam, declined the offer for personal reasons while some senior players like the prolific batsman Mohammad Yousuf, all-rounder Abdul Razaq and dashing batsman Shahid Afridi were bypassed.
Ramiz, however, backed the decision of appointing a young captain.
"It is a right decision because every team is now looking four years ahead to give it a refreshing look and for me it is a chance worth taking and its now up to Malik to show his capabilities," said Raja, who played 57 Tests and 198 one-day internationals for Pakistan.
When asked would Malik be haunted for throwing a domestic Twenty20 match two years ago, Raja said the incident was mis-interpreted.
"It was a different scenario and was mis-interpreted. It wasn't a case of throwing a match and Malik would now realise how important it would be to keep emotions under control," said Raja, also a former chief-executive of the Pakistan Cricket Board.
Malik, incensed over a penalty for slow over-rate, admitted he conceded a match to knock out a rival team from the semi-final.
He was later banned from one Test and fined 75 percent of his two one-day matches fee.
Raja said Pakistan should take a leaf out of England book who disciplined Andrew Flintoff.
"Look how England disciplined Flintoff during the World Cup and have closed the doors of captaincy on him. It should be tight like that and any indiscipline should not be tolerated."
Malik was also late coach Bob Woolmer's first choice as the future captain and wanted the all-rounder to be groomed as a leader on the lines of South Africa's Graeme Smith.
"To me Malik has all the qualities of a shrewd leader. He has the mannerism and the guile to lead Pakistan but I would like him to adopt an approach like Smith," Woolmer said last year.