ISLAMABAD – State Bank of Pakistan (SBP) Governor Dr. Reza Baqir has been appointed to chair the Council of Islamic Financial Services Board (IFSB), Malaysia, for the year 2022.
Reports in local media said Baqir, who had been serving as the deputy chairman of the IFSB Council for the year 2021, got the new role after unanimous voting at its 39th meeting held in Abu Dhabi on Thursday.
Dr. Reza Baqir will also chair the IFSB General Assembly in 2022. Observer Members, Associate Members, and Full Members are all represented in the General Assembly of the IFSB.
According to an official handout issued by the Pakistan central bank, Baqir took over the position from his counterpart and was commended for leading the council in an ‘excellent manner’.
1/2 Governor SBP Dr. Reza Baqir @rezabaqir has been appointed as its Chairman by the Council of Islamic Financial Services Board, for 2022, in its 39th meeting in Abu Dhabi, UAE. The Council is the senior executive and policymaking body of IFSB. See PR: https://t.co/o86Qp3hJLI pic.twitter.com/z0QCb02QqC
— SBP (@StateBank_Pak) December 10, 2021
Raza while expressing deep gratitude and commended fellow council members for his appointment in the body that promotes the soundness and stability of the Islamic financial services industry, covering banking, capital market, and insurance.
Aiming to help IFSB fulfill its mandate and continue providing high-quality intellectual guidance to the global Islamic finance industry, Raza also expressed hope to do so with the support of his fellow Council Members, as envisioned in IFSB’s ambitious and forward-looking Strategic Performance Plan 2022-24.
The 188-member IFSB is counted among the key standard-setting bodies for Islamic finance around the world. It was formed in 2003 in Kuala Lumpur, Malaysia, and has so far issued 24 standards, seven guidance notes, and three technical notes for the Islamic financial services industry.
IFSB comprises 81 regulatory and supervisory authorities, 10 international inter-governmental organizations, and 96 market players operating in 57 jurisdictions.
The total worth of the Islamic Financial Services Industry [Islamic Banking, Islamic Capital Markets, and Takaful] is estimated to be at $2.7 trillion in 2020, per IFSB’s global Islamic financial services stability report 2021.
SECP becomes member of the Islamic Financial Services Board, Malaysia
Meanwhile, the State Bank of Pakistan has played an active role in achieving the objectives of the global body through representation on its various forums. There are five full-fledged Islamic banks and 17 conventional banks operating with standalone Islamic banking branches offering a wide array of Shariah-compliant financial solutions.
