Inaugural Council Meeting and General Assembly of the Islamic Financial Services Board

The Islamic Financial Services Board (IFSB) was established with the signing of the Articles of Agreement of the IFSB today, 3 November 2002 by the founding members comprising Bahrain Monetary Agency, Bank Indonesia, Bank Markazi Jomhouri Islami Iran, Central Bank of Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Saudi Arabian Monetary Agency, Bank of Sudan and Islamic Development Bank.

Following the establishment of the IFSB, the first Council meeting and General Assembly were convened this afternoon. H.E Dr. Syahril Sabirin, Governor of Bank Indonesia chaired the meeting as an alternate chairman in the absence of the first Chairman H.E Shaikh Ahmed Mohammed Al-Khalifa, Governor of Bahrain Monetary Agency. The following were discussed and approved:

1. The appointment of the Secretary-General of IFSB
   The Council approved the appointment of Professor Dr. Rifaat Ahmed Abdel Karim as the Secretary-General for a term of three years. Professor Dr Rifaat is currently the Secretary General of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) based in Bahrain.
2. The appointment of the members, Chairman and Deputy Chairman of the Technical Committee

   The Council appointed the following members to the Technical Committee for a term of 3 years:

   • Mr. Anwar Khalifa Ebrahim Al-Sadah
     Director, Financial Institutions Supervision
     Bahrain Monetary Agency
   • Dr. Muhammad Umer Chapra 
     Senior Researcher
     Islamic Research and Training Institute
   • Mr. Hamid Tehranfar 
     Director, Banking Studies and Regulation
     Bank Markazi Jomhouri Islami Iran
   • Mr. Ibrahim Ali
     Al-Qadhi Executive Director,
     Supervision Sector , Central Bank of Kuwait
   • Mr. Toufic Chambour
     Head of Foreign Affairs Department,
     Banque du Liban
   • Dato’ Mohd Razif Abdul Kadir
     Assistant Governor
     Bank Negara Malaysia
   • Mr. Mansur- Ur-Rehman Khan
     Executive Director (Banking)
     State Bank of Pakistan
   • Dr. Abdulrahman Al-Hamidy
     Director-General, Research and Statistics
     Saudi Arabian Monetary Agency
   • Mr. Ibrahim Adam Habib
     General Manager, General Administration for Banking Supervision
     Bank of Sudan

     The Council appointed Dato’ Mohd Razif bin Abd. Kadir, Assistant Governor, Bank Negara Malaysia, as the Chairman and Dr. Abdulrahman Al-Hamidy, Director General, Research and Statistics, Saudi Arabian Monetary Agency as the Deputy Chairman of the Technical Committee.
     
     

3. The membership annual subscription
   As recommended by the Council, the General Assembly approved the membership annual subscription as follows:

• Full member USD30,000
• Associate Member USD20,000; and
• Observer USD10,000

The Council also approved the By-laws of IFSB, which are the rules and procedures governing the operation of IFSB. H.E. Dr. Syahril Sabirin, Governor of Bank Indonesia, was elected as the Chairman and H.E. Dr. Mohsen Nourbakhsh as the Deputy Chairman at the next General Assembly. The General Assembly approved the application of the Central Bank of Qatar as a Full Member of the IFSB subject to completion of legal formalities.

Islamic Financial Services Board
Kuala Lumpur