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Central Bank of UAE to Helm IFSB Chairmanship for 2021

Date posted: 10 December 2020

10 December 2020, Kuala Lumpur, Malaysia - The Council of the Islamic Financial Services Board (IFSB) today resolved to appoint its Chairperson and Deputy Chairperson for the year 2021. H.E. Abdulhamid M. Saeed Alahmadi, Governor of Central Bank of the United Arab Emirates will take over the Chairmanship of the IFSB, while H.E. Dr. Reza Baqir, Governor of the State Bank of Pakistan will be the Deputy Chairman. H.E. Abdulhamid M. Saeed Alahmadi will take over the chairmanship of the IFSB from H.E. Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia. The new appointments will take effect on 1 January 2021.

Brief profiles of the newly appointed Chairperson and Deputy Chairperson are as follows:

H.E. Abdulhamid M. Saeed Alahmadi was appointed as Governor of the Central Bank of the United Arab Emirates (CBUAE) on 2 April 2020.

H.E. Alahmadi’s experience spans approximately 38 years in the Banking and Finance industry, where he held significant positions in both government and private sectors. Prior to his appointment as Governor of the Central Bank of the UAE, His Excellency held senior executive positions, including his roles as Vice President at Citi Bank and Managing Director of First Gulf Bank PJSC, followed by his appointment as Chief Executive Officer of First Abu Dhabi Bank PJSC, as a result of the merger between First Gulf Bank PJSC and National Bank of Abu Dhabi PJSC in March 2017.

His Excellency has been sharing his expertise with numerous corporations in the UAE as a member of the executive board, including Abu Dhabi Investment Holding Company, First Abu Dhabi Bank PJSC, Mubadala Investment Company, and Sky News Arabia. 

H.E. Alahmadi holds a Bachelor of Arts degree in Business Administration, from the University of Arizona, USA.

H.E. Dr. Reza Baqir was appointed as the Governor of the State Bank of Pakistan by the President of Pakistan on 4 May 2019. H.E. Dr. Baqir has eighteen years of experience with the IMF and two years with the World Bank. His Excellency was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017. He also held positions as IMF Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Head of the IMF delegation to the Paris Club, Deputy Division Chief of the IMF’s Emerging Markets Division, IMF Resident Representative to the Philippines, and numerous other positions.

H.E. Dr. Baqir’s research has been published in top journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics. H.E. Dr. Baqir holds a Ph.D in Economics from the University of California at Berkeley and an A.B. (Magna cum Laude) in Economics from Harvard University.

The 37^th meeting of the IFSB Council, hosted by Bank Negara Malaysia was held on 10 December 2020 via online. The Council Meeting was chaired by H.E. Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia and Chairperson of the IFSB for 2020, attended by the Central Bank Governors, Deputy Governors, Heads of regulatory and supervisory authorities, senior representatives from among the Council and Full members of the IFSB, representing 21 countries and Islamic Development Bank.