The Council of the Islamic Financial Services Board (IFSB) appointed Governor of the Central Bank of Egypt (CBE) Tarek Amer as its chairman for 2016. Amer will assume the chairmanship from the Governor of Bank Indonesia Agus D.W. Martowardojo, whose position will end by the end of December 2015.
Meanwhile, Governor of Central Bank of the Islamic Republic of Iran Valiollah Seif was appointed as IFSB’s Deputy Chairman in the same period.
The new appointments will take effect on 1 January 2016, according to IFSB’s statement that was published on their website. In light of the appointment, the 2016 Annual Meetings of IFSB will be hosted by CBE in Cairo, Egypt in April 2016.
IFSB is an international institution based in Kuala Lumpur, Malaysia. It was officially inaugurated on 3 November 2002 and started operations on 10 March 2003.
As of December 2015, the 189 members of IFSB comprise of 65 regulatory and supervisory authorities, eight international inter-governmental organisations, and 116 market players –financial institutions, professional firms, and industry associations – operating in 47 jurisdictions.
IFSB’s objectives include promoting the development of a prudent and transparent Islamic financial services industry, providing guidance on the effective supervision, and regulation of institutions offering Islamic financial products.
It also targets to liaise and cooperate with relevant organisations currently setting standards for the stability, the soundness of the international monetary and financial systems, and those of the member countries.
It also aims to encourage cooperation amongst member countries in developing IFSB to facilitate training and personnel development in skills in areas relevant to the effective regulation of the Islamic financial services industry and related markets.
It will undertake research on IFSB and publish studies and surveys, as well as establish a database of Islamic banks, financial institutions, and industry experts.