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KARACHI: Governor State Bank of Pakistan Dr Reza Baqir has been appointed as the Chairman of the General Assembly of Islamic Financial Services Board (IFSB) for the year 2022. His appointment was approved by the IFSB General Assembly in its 19th meeting held on 9th June 2021.

The IFSB General Assembly is an apex representative body with 87 members including 81 regulatory and supervisory authorities, 10 international intergovernmental organizations and 96 market players which include financial institutions, professional firms, industry associations and stock exchanges operating in 57 jurisdictions.

Dr Reza Baqir is currently serving as the Deputy Chairman of the Council of IFSB, a senior executive and policy making body comprising heads of the regulatory and supervisory authorities on Islamic finance.

On the appointment as Chairman for the 20th General Assembly, Governor SBP expressed his gratitude to IFSB Council and General Assembly members for their expression of confidence on him to steer this august forum and resolved that IFSB would continue to serve as one of the leading standard setting bodies in Islamic finance at global level.

Adding further he said that standards developed by IFSB would help to augment the regulatory and prudential frameworks for Islamic finance globally.

Copyright Business Recorder, 2021

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