ISLAMABAD: Pakistan central bank governor Dr. Reza Baqir was appointed chairman of the Council of Islamic Financial Services Board (IFSB), Malaysia, for the year 2022 in a ceremony held in Abu Dhabi on Thursday.
According to an official handout issued by the State Bank of Pakistan (SBP) on Friday, Baqir took over the position from his counterpart in the United Arab Emirates and thanked him for leading the council "in an excellent manner."
The 188-member IFSB is counted among the main standard-setting bodies for Islamic finance around the world.
Established in 2003 in Kuala Lumpur, Malaysia, it has so far issued 24 standards, seven guidance notes and three technical notes for the Islamic financial services industry.
"Speaking on the occasion, Governor SBP said that he felt deeply honored to assume the Chairmanship of the Council of IFSB," said the official statement. "He thanked his fellow Council members for placing their trust in him. He also expressed his sincere gratitude to Mr. Khaled Mohamed Balama Al Tameemi – Governor Central Bank of UAE for leading the Council for the year 2021 in an excellent manner."
Pakistan central bank governor Dr. Reza Baqir is addressing a ceremony in Karachi, Pakistan, on November 14, 2021. (Photo courtesy: State Bank of Pakistan/File)
According to the IFSB's global Islamic financial services stability report, 2021, the total worth of the Islamic Financial Services Industry (Islamic Banking, Islamic Capital Markets and Takaful) was estimated at $2.70 trillion in 2020.
The S&P Global Ratings said in May the international Islamic finance industry was expected to grow 10 to 12 percent over 2021-2022 due to the issuance of Islamic bonds.
It added the industry continued to expand during the COVID-19 pandemic, though at a slower pace.
Information provided by the SBP said there were currently five full-fledged Islamic banks in Pakistan while 17 conventional banks were operating standalone Islamic banking branches to offer a wide range of Shariah-compliant financial solutions.
It added the market share of the Islamic banking industry assets and deposits in the overall banking sector of the country stood at 17 percent and 18.7 percent, respectively.
Pakistan's central bank governor told the ceremony in Abu Dhabi he wanted to provide "high-quality intellectual guidance to global Islamic finance industry" with the support of fellow council members.
"He also pledged to transform the IFSB as one of the most progressive and robust standard setting body globally," the handout said.
