State Bank of Pakistan (SBP) Governor Dr Reza Baqir has been appointed as the chairman of the Council of Islamic Financial Services Board (IFSB), Malaysia, for the year 2022, a news outlet reported on Friday.
According to the report, Baqir’s appointment was approved by the IFSB Council in its 39th meeting held on Thursday in Abu Dhabi, United Arab Emirates (UAE).
He had been serving earlier as the deputy chairman of the IFSB Council for the year 2021.
Dr Baqir will also be serving as the chairman of the IFSB General Assembly for the year 2022. The General Assembly is the representative body of all the members of the IFSB.
As per the report, Baqir said that he felt deeply honoured to assume the chairmanship of the Council of IFSB.
He thanked his fellow council members for placing their trust in him.
He also expressed his sincere gratitude to UAE Central Bank Governor Khaled Mohamed Balama Al Tameemi for leading the board for the year 2021 in an excellent manner.
He said that with the support of his fellow council members, he aspires to help IFSB realise its mandate and continue providing high-quality intellectual guidance to the global Islamic finance industry as envisaged in IFSB’s forward-looking and ambitious Strategic Performance Plan 2022-24.
He also pledged to transform IFSB as one of the most progressive and robust standard-setting bodies globally.
The IFSB Council is the senior executive and policymaking body of the IFSB. It consists of one representative each from a full member of the IFSB, comprising senior executives from leading regulatory and supervisory authorities on Islamic finance.
Currently, there are 187 members of the IFSB, which comprise 81 regulatory and supervisory authorities, 10 international inter-governmental organisations, and 96 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 57 jurisdictions.
The mandate of the Council, inter alia, is to formulate and approve the policies and strategies of the IFSB, approve and make by-laws of the IFSB and adopt and approve for issuance prudential and supervisory standards.
