Islamic Financial Services Board (IFSB) - IFSB Council appoints new Chairperson for 2008, Members access to 150

Dr. Shamshad Akhtar and Hamad Al-Sayari will accept Chairmanship of the IFSB in 2008Store this angel in big sizeDr. Shamshad Akhtar, Governor of the State Bank of Pakistan is appointed as the fifth Chairperson of the Islamic Financial Services Board (IFSB) Council.

• Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency is Deputy Chairperson.

• The IFSB admits 13 new associates bringing its absolute associates to 150 organisations. The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.

Jeddah, November 22, 2007 – The Council of the Islamic Financial Services Board (IFSB) has bound to accredit H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan as the Chairperson of the IFSB Council for a one year appellation able 1st January 2008. The Council aswell appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the aforementioned period.

Dr. Shamshad is the 5th Chairperson of the IFSB Council, and Karachi is hosting the IFSB General Assembly and Council Meetings in March 2008.

The IFSB associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In the aforementioned meeting, the Council aswell bound to accept 13 new associates to the IFSB bringing the absolute associates to 150. The anew accepted associates cover Bank of Mauritius and Hong Kong Securities and Futures Commission, which abutting as Associate Member and Observer Member, respectively. The Council aswell accepted 11 added new Observer Members from a allotment of the banking bazaar players (see account below).

The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The IFSB is allowable to accommodate advice on able administration and adjustment that abetment in acceptable the acumen and adherence of the Islamic banking casework industry. The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB.”

He added that the IFSB looks advanced to its affiliate to accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory and accommodating in the assorted workshops and seminars.

The anew accepted associates are:
Associate Member (1)
1. Bank of Mauritius, Mauritius
Observer Members (12)
2. Venture Capital Bank B.S.C (c), Bahrain
3. UM Financial Inc., Canada
4. Hong Kong Securities and Futures Commission, Hong Kong SAR
5. Sumitomo Mitsui Banking Corporation, Japan
6. Al Rajhi Banking and Investment Corporation (Malaysia) Bhd, Malaysia
7. First Habib Modaraba, Pakistan
8. Dubai Islamic Bank Pakistan Limited, Pakistan
9. The Islamic Bank of Asia, Singapore
10. Al Rowad Financial Services Co., Sudan
11. Bank Asya, Republic of Turkey
12. Dubai International Financial Exchange, United Arab Emirates
13. Dow Jones Indexes, United States of America

The abounding account of 150 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) can be begin in the IFSB Articles of Agreement which is downloadable from the website.

Siham Ismail
Marketing Communications
www.ifsb.org
email: siham@ifsb.org
tel: + 603 2698 4248 ext 119

Note to the Editor:
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was clearly inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international-standard ambience anatomy of authoritative and authoritative agencies that accept vested absorption in ensuring the acumen and adherence of the Islamic banking casework industry, which is authentic broadly to cover banking, basic bazaar and insurance. In advancing this mission, the IFSB promotes the development of a advisable and cellophane Islamic banking casework industry through introducing new, or adapting absolute all-embracing standards connected with Islamic Shari'ah principles, and acclaim them for adoption.

Chairmanship of the IFSB is on an anniversary rotational base from a allotment of Full associates as defined in the IFSB Articles of Agreement. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia is the accepted Chairperson, while Dr. Shamshad is Deputy. Their appellation ends December 2007.