IFSB Council appoints new Chairperson for 2008, Membership increases to 150

• Dr. 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 members bringing its total membership to 150 organisations. The IFSB members now total 150 comprising 37 regulatory and supervisory authorities, 5 international inter-governmental organisations and 108 market players and professional firms operating in 31 jurisdictions.

Jeddah, November 23, 2007 – The Council of the Islamic Financial Services Board (IFSB) has resolved to appoint H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan as the Chairperson of the IFSB Council for a one year term effective 1st January 2008. The Council also appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the same 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 membership has continued to attract interest from international regulatory and supervisory institutions. In the same meeting, the Council also resolved to admit 13 new members to the IFSB bringing the total members to 150. The newly admitted members include Bank of Mauritius and Hong Kong Securities and Futures Commission, which joined as Associate Member and Observer Member, respectively. The Council also admitted 11 other new Observer Members from among the financial market players (see list below).

The IFSB members now total 150 comprising 37 regulatory and supervisory authorities, 5 international inter-governmental organisations and 108 market players and professional firms operating in 31 jurisdictions.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The IFSB is mandated to provide guidance on effective supervision and regulation that assist in enhancing the soundness and stability of the Islamic financial services industry. The continuous growth of the IFSB membership from organisations across multiple jurisdictions demonstrates the interest and appreciation of the industry in the work of the IFSB.”

He added that the IFSB looks forward to its member to participating in the working groups, responding to surveys, providing feedback on exposure drafts, and attending and participating in the various workshops and seminars.

The newly admitted members are:

Associate Member (1)

1. Bank of Mauritius, Mauritius

Observer Members (12)

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

The full list of 150 IFSB members can be seen on www.ifsb.org. Their roles and responsibilities (by category) can be found in the IFSB Articles of Agreement which is downloadable from the website.